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          <ccc>XXXXXXXX</ccc>
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      <regZipOrPostalCode>60603</regZipOrPostalCode>
      <regPhone>800-595-9111</regPhone>
      <seriesName>Tax-Advantaged Ultra-Short Fixed Income Fund</seriesName>
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      <totLiabs>121628484.340000000000</totLiabs>
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      <assetsInvested>0.000000000000</assetsInvested>
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        <name>MACON-BIBB COUNTY HOU VAR</name>
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        <name>SAVANNAH HOUSING AUTH VAR</name>
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          <isin value="US804837BR28"/>
          <ticker value="SAVMFH"/>
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        <name>WISCONSIN HEALTH &amp; 5.00%</name>
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      <invstOrSec>
        <name>UNIVERSITY OF COLORAD VAR</name>
        <lei>549300V9VTO8HF8HW723</lei>
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          <ticker value="UCOHGR"/>
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        <balance>4510000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4494074.74</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>2051-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </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>4686042.42</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>2027-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.050000000000</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>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"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1027240.3</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>5.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1172684.14</valUSD>
        <pctVal>0.0405828576</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>520622</valUSD>
        <pctVal>0.0180170668</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>5.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <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>4521591.16</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>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>1030000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1033483.46</valUSD>
        <pctVal>0.0357655661</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>3.050000000000</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>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1023752.4</valUSD>
        <pctVal>0.0354288051</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>895679.88</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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>1084935.65</valUSD>
        <pctVal>0.0375461623</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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"/>
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        <balance>340000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>346877.86</valUSD>
        <pctVal>0.0120043363</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TOWN OF GILBERT AZ 3.00%</name>
        <lei>N/A</lei>
        <title>TOWN OF GILBERT AZ 3.00%</title>
        <cusip>375280KR4</cusip>
        <identifiers>
          <isin value="US375280KR46"/>
          <ticker value="GBT"/>
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        <balance>3020000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3024127.13</valUSD>
        <pctVal>0.1046553940</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>3.000000000000</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>CLIFTON HIGHER EDUC 4.00%</name>
        <lei>N/A</lei>
        <title>CLIFTON HIGHER EDUC 4.00%</title>
        <cusip>187145GW1</cusip>
        <identifiers>
          <isin value="US187145GW15"/>
          <ticker value="CLIEDU"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1010108.4</valUSD>
        <pctVal>0.0349566298</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <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>3062886.6</valUSD>
        <pctVal>0.1059967356</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <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>7274813.13</valUSD>
        <pctVal>0.2517580782</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>3.684000000000</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>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>2381217.18</valUSD>
        <pctVal>0.0824063313</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>8473716.3</valUSD>
        <pctVal>0.2932482928</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>2.970000000000</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>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>
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        <curCd>USD</curCd>
        <valUSD>4997597</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </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"/>
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        <balance>10960000</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>2052-08-01</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NATIONWIDE BLDG. SOCI FRN</name>
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        <cusip>63861VAG2</cusip>
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          <isin value="US63861VAG23"/>
          <ticker value="NWIDE"/>
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        <balance>4300000</balance>
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        <curCd>USD</curCd>
        <valUSD>4318053.12</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ALLEGHENY COUNTY HOSP FRN</name>
        <lei>54930046B973R604OG22</lei>
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        <cusip>01728A5V4</cusip>
        <identifiers>
          <isin value="US01728A5V46"/>
          <ticker value="ALLMED"/>
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        <balance>40000000</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>
        <debtSec>
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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>22098718.2</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>2061-05-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA COMMUNITY VAR</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNITY VAR</title>
        <cusip>13013JCS3</cusip>
        <identifiers>
          <isin value="US13013JCS33"/>
          <ticker value="CCEDEV"/>
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        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2612158</valUSD>
        <pctVal>0.0903984565</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>5.500000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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"/>
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        <balance>3400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3410479.48</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>2045-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.625000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OHIO STATE UNIVERSITY VAR</name>
        <lei>JFC10ZULKO4X2E3HBY86</lei>
        <title>OHIO STATE UNIVERSITY VAR</title>
        <cusip>677632N98</cusip>
        <identifiers>
          <isin value="US677632N986"/>
          <ticker value="OHSHGR"/>
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        <balance>25000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25000000</valUSD>
        <pctVal>0.8651702582</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.650000000000</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>3150280.2</valUSD>
        <pctVal>0.1090211494</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>5.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>2134171.14</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>5.000000000000</annualizedRt>
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        <securityLending>
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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>1750426.65</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>2028-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.300000000000</annualizedRt>
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      <invstOrSec>
        <name>KUBOTA CREDIT OWNER 4.61%</name>
        <lei>N/A</lei>
        <title>KUBOTA CREDIT OWNER 4.61%</title>
        <cusip>50117FAB7</cusip>
        <identifiers>
          <isin value="US50117FAB76"/>
          <ticker value="KCOT"/>
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        <balance>1472916.48</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1474820.52</valUSD>
        <pctVal>0.0510388340</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.610000000000</annualizedRt>
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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>
        <identifiers>
          <isin value="US8371515X38"/>
          <ticker value="SCSUTL"/>
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        <balance>4395000</balance>
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        <curCd>USD</curCd>
        <valUSD>4434974.72</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>5.000000000000</annualizedRt>
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        <name>ALBUQUERQUE MUNICIP 5.00%</name>
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        <title>ALBUQUERQUE MUNICIP 5.00%</title>
        <cusip>013595ZN6</cusip>
        <identifiers>
          <isin value="US013595ZN65"/>
          <ticker value="ALBSCD"/>
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        <balance>2150000</balance>
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        <curCd>USD</curCd>
        <valUSD>2153510.09</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>5.000000000000</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>19166371.34</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>4.000000000000</annualizedRt>
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        <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>3041738.7</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
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      <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>3357861.14</valUSD>
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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>5.000000000000</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <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>817207TE3</cusip>
        <identifiers>
          <isin value="US817207TE35"/>
          <ticker value="SNVSCD"/>
        </identifiers>
        <balance>925000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>940537.13</valUSD>
        <pctVal>0.0325489901</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>2374840.35</valUSD>
        <pctVal>0.0821856495</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INDIANAPOLIS LOCAL 5.00%</name>
        <lei>549300LX8ESJHDSESB87</lei>
        <title>INDIANAPOLIS LOCAL 5.00%</title>
        <cusip>45528UD81</cusip>
        <identifiers>
          <isin value="US45528UD819"/>
          <ticker value="INPGEN"/>
        </identifiers>
        <balance>6325000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6522836.51</valUSD>
        <pctVal>0.2257345659</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>1368955.64</valUSD>
        <pctVal>0.0473751882</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>3100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3247221.79</valUSD>
        <pctVal>0.1123759886</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITY OF AUSTIN TX A 5.00%</name>
        <lei>IW10PQVTU7HKS3JMW253</lei>
        <title>CITY OF AUSTIN TX A 5.00%</title>
        <cusip>052398HY3</cusip>
        <identifiers>
          <isin value="US052398HY38"/>
          <ticker value="AUSAPT"/>
        </identifiers>
        <balance>900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>906349.59</valUSD>
        <pctVal>0.0313658684</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FLORIDA HOUSING FIN. VAR</name>
        <lei>549300W0PCIJCI0JCF10</lei>
        <title>FLORIDA HOUSING FIN. VAR</title>
        <cusip>34074HHS4</cusip>
        <identifiers>
          <isin value="US34074HHS40"/>
          <ticker value="FLSMFH"/>
        </identifiers>
        <balance>9325000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9352665.41</valUSD>
        <pctVal>0.3236659179</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>Variable</couponKind>
          <annualizedRt>3.200000000000</annualizedRt>
          <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>796965.05</valUSD>
        <pctVal>0.0275804183</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>1203924.48</valUSD>
        <pctVal>0.0416639861</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>3.150000000000</annualizedRt>
          <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>3094035.91</valUSD>
        <pctVal>0.1070747139</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>2.800000000000</annualizedRt>
          <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>1198709.16</valUSD>
        <pctVal>0.0414835005</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>2.800000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC FIN. AUTHORI 5.00%</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>PUBLIC FIN. AUTHORI 5.00%</title>
        <cusip>74443DMR9</cusip>
        <identifiers>
          <isin value="US74443DMR97"/>
          <ticker value="PUBFIN"/>
        </identifiers>
        <balance>550000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>563996.46</valUSD>
        <pctVal>0.0195181185</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MICHIGAN STATE HOUSIN VAR</name>
        <lei>549300NSWW1HVXE93T03</lei>
        <title>MICHIGAN STATE HOUSIN VAR</title>
        <cusip>59465FAP5</cusip>
        <identifiers>
          <isin value="US59465FAP53"/>
          <ticker value="MISMFH"/>
        </identifiers>
        <balance>1565000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1563916.39</valUSD>
        <pctVal>0.0541221579</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>2.670000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MONTANA BOARD OF HOUS VAR</name>
        <lei>N/A</lei>
        <title>MONTANA BOARD OF HOUS VAR</title>
        <cusip>61212VBB2</cusip>
        <identifiers>
          <isin value="US61212VBB27"/>
          <ticker value="MTSHSG"/>
        </identifiers>
        <balance>2150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2153517.62</valUSD>
        <pctVal>0.0745263758</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.050000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOUTHERN CALIFORNIA 5.00%</name>
        <lei>5493003B5TD5FWUKMD34</lei>
        <title>SOUTHERN CALIFORNIA 5.00%</title>
        <cusip>842469DT2</cusip>
        <identifiers>
          <isin value="US842469DT29"/>
          <ticker value="STNPWR"/>
        </identifiers>
        <balance>1600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1696655.68</valUSD>
        <pctVal>0.0587158413</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COLORADO HEALTH FAC 5.00%</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
        <title>COLORADO HEALTH FAC 5.00%</title>
        <cusip>19648FF90</cusip>
        <identifiers>
          <isin value="US19648FF904"/>
          <ticker value="COSMED"/>
        </identifiers>
        <balance>1225000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1235733.08</valUSD>
        <pctVal>0.0427647803</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INDIANA FIN. AUTHOR 5.00%</name>
        <lei>549300PS0PAS7NDSSI20</lei>
        <title>INDIANA FIN. AUTHOR 5.00%</title>
        <cusip>45505KEB2</cusip>
        <identifiers>
          <isin value="US45505KEB26"/>
          <ticker value="INSUTL"/>
        </identifiers>
        <balance>7750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7966207.18</valUSD>
        <pctVal>0.2756850209</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UTAH MUNICIPAL POWE 5.00%</name>
        <lei>549300ZRZ5YVJ6KNNV32</lei>
        <title>UTAH MUNICIPAL POWE 5.00%</title>
        <cusip>91756TBA8</cusip>
        <identifiers>
          <isin value="US91756TBA88"/>
          <ticker value="UTSPWR"/>
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        <balance>1250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1333637.75</valUSD>
        <pctVal>0.0461529487</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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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>STATE PUBLIC SCHOOL 5.00%</name>
        <lei>N/A</lei>
        <title>STATE PUBLIC SCHOOL 5.00%</title>
        <cusip>85732NEL5</cusip>
        <identifiers>
          <isin value="US85732NEL55"/>
          <ticker value="STTHGR"/>
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        <balance>1010000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1032418.36</valUSD>
        <pctVal>0.0357287064</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COUNTY OF HAMILTON 5.00%</name>
        <lei>549300TO1E3N4E4YIO28</lei>
        <title>COUNTY OF HAMILTON 5.00%</title>
        <cusip>40727TDQ4</cusip>
        <identifiers>
          <isin value="US40727TDQ40"/>
          <ticker value="HAMMED"/>
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        <balance>220000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>228881.55</valUSD>
        <pctVal>0.0079208604</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BRISTOL WARREN REGI 4.00%</name>
        <lei>N/A</lei>
        <title>BRISTOL WARREN REGI 4.00%</title>
        <cusip>110377DR6</cusip>
        <identifiers>
          <isin value="US110377DR65"/>
          <ticker value="BRISCD"/>
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        <balance>6160000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6223325.42</valUSD>
        <pctVal>0.2153694424</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HARRIS COUNTY CULTU 5.00%</name>
        <lei>N/A</lei>
        <title>HARRIS COUNTY CULTU 5.00%</title>
        <cusip>414009UF5</cusip>
        <identifiers>
          <isin value="US414009UF52"/>
          <ticker value="HAREDU"/>
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        <balance>2680000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2851268.88</valUSD>
        <pctVal>0.0986733213</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY OF BROCKTON MA 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF BROCKTON MA 5.00%</title>
        <cusip>111746MD2</cusip>
        <identifiers>
          <isin value="US111746MD21"/>
          <ticker value="BRO"/>
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        <balance>6145000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6182320.43</valUSD>
        <pctVal>0.2139503905</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GRAND PRAIRIE INDEP 5.00%</name>
        <lei>N/A</lei>
        <title>GRAND PRAIRIE INDEP 5.00%</title>
        <cusip>386155JB2</cusip>
        <identifiers>
          <isin value="US386155JB20"/>
          <ticker value="GRASCD"/>
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        <balance>4095000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4331048.9</valUSD>
        <pctVal>0.1498837878</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY OF ST LOUIS MO 5.00%</name>
        <lei>5493004O38W8EYGEZ656</lei>
        <title>CITY OF ST LOUIS MO 5.00%</title>
        <cusip>791638F79</cusip>
        <identifiers>
          <isin value="US791638F790"/>
          <ticker value="STLAPT"/>
        </identifiers>
        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2552405.5</valUSD>
        <pctVal>0.0883306130</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WISCONSIN HEALTH &amp; ED VAR</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>WISCONSIN HEALTH &amp; ED VAR</title>
        <cusip>97712JEF6</cusip>
        <identifiers>
          <isin value="US97712JEF66"/>
          <ticker value="WISMED"/>
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        <balance>2595000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2596459.69</valUSD>
        <pctVal>0.0898551880</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>38005000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>39653052.62</valUSD>
        <pctVal>1.3722656709</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SOUTHEAST ENERGY AUTH VAR</name>
        <lei>25490090A3RLJHITY273</lei>
        <title>SOUTHEAST ENERGY AUTH VAR</title>
        <cusip>84136FAH0</cusip>
        <identifiers>
          <isin value="US84136FAH01"/>
          <ticker value="SEEPWR"/>
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        <balance>23950000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24328996.78</valUSD>
        <pctVal>0.8419489770</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>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>14570000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15216081.88</valUSD>
        <pctVal>0.5265800595</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>5170000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5345589.74</valUSD>
        <pctVal>0.1849938102</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>475296.88</valUSD>
        <pctVal>0.0164485090</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>3.550000000000</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>19648FPE8</cusip>
        <identifiers>
          <isin value="US19648FPE87"/>
          <ticker value="COSMED"/>
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        <balance>1010000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1038269.09</valUSD>
        <pctVal>0.0359311815</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MARICOPA 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"/>
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        <balance>1830000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1830000</valUSD>
        <pctVal>0.0633304629</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>3796301.38</valUSD>
        <pctVal>0.1313778818</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>1561512.6</valUSD>
        <pctVal>0.0540389704</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>535116.28</valUSD>
        <pctVal>0.0185186676</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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>2905380.35</valUSD>
        <pctVal>0.1005459467</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>5116467.5</valUSD>
        <pctVal>0.1770646203</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1760221.14</valUSD>
        <pctVal>0.0609156391</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>7227774.5</valUSD>
        <pctVal>0.2501302212</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>1577868.75</valUSD>
        <pctVal>0.0546050046</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>4495147.2</valUSD>
        <pctVal>0.1555627065</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>2.950000000000</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>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>24357974.24</valUSD>
        <pctVal>0.8429517945</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>4.043000000000</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="2345759.660000000000"/>
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      </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>1516395.5</valUSD>
        <pctVal>0.0524776114</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PAGAYA AI DEBT GRA 4.497%</name>
        <lei>N/A</lei>
        <title>PAGAYA AI DEBT GRA 4.497%</title>
        <cusip>69549BAB4</cusip>
        <identifiers>
          <isin value="US69549BAB45"/>
          <ticker value="PAID"/>
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        <balance>1424451.18</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1414548.25</valUSD>
        <pctVal>0.0489530030</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>4.497000000000</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>052398JA3</cusip>
        <identifiers>
          <isin value="US052398JA34"/>
          <ticker value="AUSAPT"/>
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        <balance>1525000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1596545.99</valUSD>
        <pctVal>0.0552513643</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LOS ANGELES DEPT. O 5.00%</name>
        <lei>549300S8NXV6YU61GG95</lei>
        <title>LOS ANGELES DEPT. O 5.00%</title>
        <cusip>544525Z84</cusip>
        <identifiers>
          <isin value="US544525Z847"/>
          <ticker value="LOSUTL"/>
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        <balance>2675000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2739098.62</valUSD>
        <pctVal>0.0947914664</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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>1363852.23</valUSD>
        <pctVal>0.0471985754</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WISCONSIN HEALTH &amp; 5.00%</name>
        <lei>549300ISNGXS0VHGVD41</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>1039610.4</valUSD>
        <pctVal>0.0359775999</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>3300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3298178.07</valUSD>
        <pctVal>0.1141394229</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>2.875000000000</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>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>997702.2</valUSD>
        <pctVal>0.0345272908</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>2.800000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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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>13013JCT1</cusip>
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          <isin value="US13013JCT16"/>
          <ticker value="CCEDEV"/>
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        <curCd>USD</curCd>
        <valUSD>1020849.6</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MICHIGAN STATE HOSP 5.00%</name>
        <lei>54930011MIBQ2P7ZNM19</lei>
        <title>MICHIGAN STATE HOSP 5.00%</title>
        <cusip>59465HYE0</cusip>
        <identifiers>
          <isin value="US59465HYE07"/>
          <ticker value="MISMED"/>
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        <balance>295000</balance>
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        <curCd>USD</curCd>
        <valUSD>307134.41</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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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>
        <cusip>838736ZL3</cusip>
        <identifiers>
          <isin value="US838736ZL34"/>
          <ticker value="SLYSCD"/>
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        <balance>850000</balance>
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        <curCd>USD</curCd>
        <valUSD>904137.01</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>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>115065E83</cusip>
        <identifiers>
          <isin value="US115065E830"/>
          <ticker value="BROEDU"/>
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        <balance>7710000</balance>
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        <curCd>USD</curCd>
        <valUSD>7894979.09</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>5.000000000000</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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2497160.66</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>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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"/>
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        <balance>350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>350268.35</valUSD>
        <pctVal>0.0121216704</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>5.425000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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>414487.91</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>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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>979299.01</valUSD>
        <pctVal>0.0338904151</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>.0000108</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>BLACK BELT ENERGY G 5.00%</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>BLACK BELT ENERGY G 5.00%</title>
        <cusip>09182THL4</cusip>
        <identifiers>
          <isin value="US09182THL44"/>
          <ticker value="BBEUTL"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1034666</valUSD>
        <pctVal>0.0358064900</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ILLINOIS FIN. AUTHO 2.55%</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>ILLINOIS FIN. AUTHO 2.55%</title>
        <cusip>45203UAQ6</cusip>
        <identifiers>
          <isin value="US45203UAQ67"/>
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        <balance>12000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11995422</valUSD>
        <pctVal>0.4151232939</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.550000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COLUMBUS-FRANKLIN COU VAR</name>
        <lei>549300NX3ODQN2ETOO82</lei>
        <title>COLUMBUS-FRANKLIN COU VAR</title>
        <cusip>19910XAW6</cusip>
        <identifiers>
          <isin value="US19910XAW65"/>
          <ticker value="COLMFH"/>
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        <balance>1700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1708727.8</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>2044-06-01</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>PARISH OF ST JOHN THE VAR</name>
        <lei>1FRVQX2CRLGC1XLP5727</lei>
        <title>PARISH OF ST JOHN THE VAR</title>
        <cusip>79020FBC9</cusip>
        <identifiers>
          <isin value="US79020FBC95"/>
          <ticker value="SJBCTF"/>
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        <balance>9120000</balance>
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        <curCd>USD</curCd>
        <valUSD>9137860.61</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>2037-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
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      <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"/>
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        <balance>7170000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7207443.89</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>2027-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>MORGAN COUNTY SCHOO 3.00%</name>
        <lei>N/A</lei>
        <title>MORGAN COUNTY SCHOO 3.00%</title>
        <cusip>617307DT7</cusip>
        <identifiers>
          <isin value="US617307DT70"/>
          <ticker value="MORSCD"/>
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        <balance>3200000</balance>
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        <curCd>USD</curCd>
        <valUSD>3197931.52</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</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>5444954E1</cusip>
        <identifiers>
          <isin value="US5444954E11"/>
          <ticker value="LOSUTL"/>
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        <balance>1930000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1930000</valUSD>
        <pctVal>0.0667911439</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <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>
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        <curCd>USD</curCd>
        <valUSD>8704400.3</valUSD>
        <pctVal>0.3012315302</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>5444957D0</cusip>
        <identifiers>
          <isin value="US5444957D01"/>
          <ticker value="LOSUTL"/>
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        <balance>2225000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2279649.78</valUSD>
        <pctVal>0.0788914075</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>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>NEW JERSEY ECONOMIC 5.25%</name>
        <lei>5493006JS6QWDVU4R678</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MICHIGAN FIN. AUTHORI VAR</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BLACK BELT ENERGY GAS FRN</name>
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        <name>BLACK BELT ENERGY GAS FRN</name>
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        <name>BLACK BELT ENERGY GAS VAR</name>
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      <invstOrSec>
        <name>STATE OF ILLINOIS 5.00%</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>NEW JERSEY TURNPIKE 5.00%</name>
        <lei>5493005YN67D71KSMI84</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>COUNTY OF MIAMI-DAD 5.00%</name>
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        <balance>4100000</balance>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CITY OF TUCSON AZ 5.00%</name>
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          <isin value="US898711X840"/>
          <ticker value="TUC"/>
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        <balance>6460000</balance>
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        <curCd>USD</curCd>
        <valUSD>6630956.15</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>MUNICIPAL ELEC. AUT 5.00%</name>
        <lei>JA0WNILDDF2KUPS83B16</lei>
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        <cusip>626207U85</cusip>
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          <ticker value="MELPWR"/>
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        <balance>9040000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>DUVAL COUNTY PUBLIC 5.00%</name>
        <lei>254900RS6MO5WEO2WC42</lei>
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          <isin value="US267169HM58"/>
          <ticker value="DUVEDU"/>
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        <balance>2850000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
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        <name>LAKE COUNTY SCHOOL 5.00%</name>
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          <ticker value="LAKEDU"/>
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        <valUSD>1184150.95</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <name>WASHINGTON &amp; MULTNO 5.00%</name>
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          <ticker value="WASSCD"/>
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        <curCd>USD</curCd>
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        <name>MULTNOMAH COUNTY SC 5.00%</name>
        <lei>N/A</lei>
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        <cusip>625574QE1</cusip>
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        <balance>695000</balance>
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        <curCd>USD</curCd>
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        <name>COUNTY OF ECTOR TX 5.00%</name>
        <lei>N/A</lei>
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          <ticker value="ECT"/>
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        <curCd>USD</curCd>
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        <name>MICHIGAN FIN. AUTHO 5.00%</name>
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        <name>HARRIS COUNTY FLOOD 5.00%</name>
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        <balance>13500000</balance>
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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>57585BNH7</cusip>
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          <isin value="US57585BNH77"/>
          <ticker value="MASDEV"/>
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        <curCd>USD</curCd>
        <valUSD>2500000</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>2026-07-01</maturityDt>
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        <securityLending>
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      <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>
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        <curCd>USD</curCd>
        <valUSD>515898.4</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>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <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>4042685.39</balance>
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        <curCd>USD</curCd>
        <valUSD>4009353.85</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-03-15</maturityDt>
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          <annualizedRt>4.750000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>
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          <isin value="US18347AKS95"/>
          <ticker value="CLASCD"/>
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        <balance>2150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2203542.96</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>4.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>
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          <isin value="US11506KHD63"/>
          <ticker value="BROTRN"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1002844.8</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>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SOUTHEAST ENERGY AU 5.00%</name>
        <lei>25490090A3RLJHITY273</lei>
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        <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>5210765</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>5.000000000000</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>
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        <curCd>USD</curCd>
        <valUSD>1155832.87</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>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SNOHOMISH COUNTY SC 5.00%</name>
        <lei>N/A</lei>
        <title>SNOHOMISH COUNTY SC 5.00%</title>
        <cusip>833221WY6</cusip>
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          <isin value="US833221WY68"/>
          <ticker value="SNOSCD"/>
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        <balance>2525000</balance>
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        <curCd>USD</curCd>
        <valUSD>2551036.54</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>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LEE COUNTY SCHOOL B 5.00%</name>
        <lei>54930014H67DITNA1Q29</lei>
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        <cusip>523494SK9</cusip>
        <identifiers>
          <isin value="US523494SK91"/>
          <ticker value="LEEEDU"/>
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        <balance>5350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5612856.2</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
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      <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>1504721.1</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>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>TULSA COUNTY INDL. 5.00%</name>
        <lei>549300WEYXBXLGN1E271</lei>
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        <cusip>89952PHX6</cusip>
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          <isin value="US89952PHX69"/>
          <ticker value="TULEDU"/>
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        <balance>550000</balance>
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        <curCd>USD</curCd>
        <valUSD>563722.72</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>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>KANE COUNTY COMMUNI 5.00%</name>
        <lei>N/A</lei>
        <title>KANE COUNTY COMMUNI 5.00%</title>
        <cusip>484026NQ8</cusip>
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          <isin value="US484026NQ84"/>
          <ticker value="KANSCD"/>
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        <balance>2725000</balance>
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        <curCd>USD</curCd>
        <valUSD>2818486.3</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>2028-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <name>NEW YORK CITY TRANS 5.00%</name>
        <lei>5493003476LG35QAKM08</lei>
        <title>NEW YORK CITY TRANS 5.00%</title>
        <cusip>64972JB23</cusip>
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          <isin value="US64972JB234"/>
          <ticker value="NYCGEN"/>
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        <balance>2500000</balance>
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        <curCd>USD</curCd>
        <valUSD>2645407.25</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>COUNTY OF HAYS TX 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF HAYS TX 5.00%</title>
        <cusip>421020Y44</cusip>
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          <isin value="US421020Y444"/>
          <ticker value="HAY"/>
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        <balance>635000</balance>
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        <curCd>USD</curCd>
        <valUSD>673200.14</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <name>SAUDI ARABIAN OIL C 4.00%</name>
        <lei>5586006WD91QHB7J4X50</lei>
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        <cusip>80415RAB7</cusip>
        <identifiers>
          <isin value="US80415RAB78"/>
          <ticker value="ARAMCO"/>
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        <balance>5620000</balance>
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        <curCd>USD</curCd>
        <valUSD>5522282.25</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
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      <invstOrSec>
        <name>LUBBOCK HOUSING FIN. VAR</name>
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          <isin value="US549211BE95"/>
          <ticker value="LUBMFH"/>
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        <balance>1500000</balance>
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        <curCd>USD</curCd>
        <valUSD>1497275.85</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Variable</couponKind>
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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>
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        <curCd>USD</curCd>
        <valUSD>450085.41</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>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>2750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2729886.78</valUSD>
        <pctVal>0.0944726740</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>2.650000000000</annualizedRt>
          <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 PUBLIC SCHOOL 5.00%</name>
        <lei>N/A</lei>
        <title>STATE PUBLIC SCHOOL 5.00%</title>
        <cusip>85732NEM3</cusip>
        <identifiers>
          <isin value="US85732NEM39"/>
          <ticker value="STTHGR"/>
        </identifiers>
        <balance>1080000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1125927</valUSD>
        <pctVal>0.0389647421</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RICHMOND REDEVELOPMEN VAR</name>
        <lei>N/A</lei>
        <title>RICHMOND REDEVELOPMEN VAR</title>
        <cusip>76543PBD9</cusip>
        <identifiers>
          <isin value="US76543PBD96"/>
          <ticker value="RICHSG"/>
        </identifiers>
        <balance>1355000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1359291.29</valUSD>
        <pctVal>0.0470407359</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>3.050000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DEVELOPMENT AUTHORI 5.00%</name>
        <lei>N/A</lei>
        <title>DEVELOPMENT AUTHORI 5.00%</title>
        <cusip>190778JX9</cusip>
        <identifiers>
          <isin value="US190778JX92"/>
          <ticker value="COBDEV"/>
        </identifiers>
        <balance>445000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>454580.36</valUSD>
        <pctVal>0.0157315763</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALBUQUERQUE MUNICIP 5.00%</name>
        <lei>N/A</lei>
        <title>ALBUQUERQUE MUNICIP 5.00%</title>
        <cusip>013595B28</cusip>
        <identifiers>
          <isin value="US013595B280"/>
          <ticker value="ALBSCD"/>
        </identifiers>
        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2504081.5</valUSD>
        <pctVal>0.0866582735</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>16735000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16646053.48</valUSD>
        <pctVal>0.5760668155</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>2.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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"/>
        </identifiers>
        <balance>11705000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11849216.13</valUSD>
        <pctVal>0.4100635751</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>4035000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4035000</valUSD>
        <pctVal>0.1396384797</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHARLOTTE-MECKLENBURG VAR</name>
        <lei>549300XOH4JU704GMZ32</lei>
        <title>CHARLOTTE-MECKLENBURG VAR</title>
        <cusip>160853VF1</cusip>
        <identifiers>
          <isin value="US160853VF16"/>
          <ticker value="CHAMED"/>
        </identifiers>
        <balance>5860000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5887938.14</valUSD>
        <pctVal>0.2037627584</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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"/>
        </identifiers>
        <balance>2800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2803537.21</valUSD>
        <pctVal>0.0970214805</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.3961364</annualizedRt>
          <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 FINAN FRN</name>
        <lei>35380028MYWPB6AUO129</lei>
        <title>SUMITOMO MITSUI FINAN FRN</title>
        <cusip>86562MCL2</cusip>
        <identifiers>
          <isin value="US86562MCL28"/>
          <ticker value="SUMIBK"/>
        </identifiers>
        <balance>9880000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9912791.82</valUSD>
        <pctVal>0.3430501063</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-14</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.5088416</annualizedRt>
          <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 FRN</name>
        <lei>549300SISI6N1C6S3136</lei>
        <title>MINNESOTA MUNICIPAL G FRN</title>
        <cusip>60406UAN7</cusip>
        <identifiers>
          <isin value="US60406UAN72"/>
          <ticker value="MGAUTL"/>
        </identifiers>
        <balance>40000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>40014796</valUSD>
        <pctVal>1.3847844555</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>3.425400000000</annualizedRt>
          <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>602366YK6</cusip>
        <identifiers>
          <isin value="US602366YK66"/>
          <ticker value="MLW"/>
        </identifiers>
        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2593835</valUSD>
        <pctVal>0.0897643559</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COUNTY OF ALLEN OH HO VAR</name>
        <lei>N/A</lei>
        <title>COUNTY OF ALLEN OH HO VAR</title>
        <cusip>01757LGZ3</cusip>
        <identifiers>
          <isin value="US01757LGZ31"/>
          <ticker value="ALLMED"/>
        </identifiers>
        <balance>3855000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3942732.09</valUSD>
        <pctVal>0.1364453816</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>1375000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1375000</valUSD>
        <pctVal>0.0475843642</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>10355491</valUSD>
        <pctVal>0.3583705129</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5023274.5</valUSD>
        <pctVal>0.1738395078</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>4.940000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK STATE HOUSIN VAR</name>
        <lei>5493000LS7KCDB02O506</lei>
        <title>NEW YORK STATE HOUSIN VAR</title>
        <cusip>64987JY47</cusip>
        <identifiers>
          <isin value="US64987JY473"/>
          <ticker value="NYSHSG"/>
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        <balance>4000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4011395.6</valUSD>
        <pctVal>0.1388216067</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.600000000000</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 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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>913861.26</valUSD>
        <pctVal>0.0316258233</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>1844778.45</valUSD>
        <pctVal>0.0638418979</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>720347.25</valUSD>
        <pctVal>0.0249289207</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2604698.5</valUSD>
        <pctVal>0.0901403069</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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>765701.55</valUSD>
        <pctVal>0.0264984883</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>2764386.87</valUSD>
        <pctVal>0.0956666121</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>2.950000000000</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>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>2386603.79</valUSD>
        <pctVal>0.0825927447</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>5.008000000000</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>1465247.84</valUSD>
        <pctVal>0.0507075541</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY OF PENSACOLA F 5.00%</name>
        <lei>549300Y7HMDKHDFTZ042</lei>
        <title>CITY OF PENSACOLA F 5.00%</title>
        <cusip>709427EM6</cusip>
        <identifiers>
          <isin value="US709427EM68"/>
          <ticker value="PENAPT"/>
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        <balance>1180000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1233409.87</valUSD>
        <pctVal>0.0426843814</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ILLINOIS HOUSING DEV. VAR</name>
        <lei>54930053Z6M9JVHBQZ16</lei>
        <title>ILLINOIS HOUSING DEV. VAR</title>
        <cusip>45203LFU2</cusip>
        <identifiers>
          <isin value="US45203LFU26"/>
          <ticker value="ILSMFH"/>
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        <balance>2200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2206873.68</valUSD>
        <pctVal>0.0763728589</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>3.150000000000</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>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"/>
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        <balance>3450000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3463525.04</valUSD>
        <pctVal>0.1198615541</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>3.150000000000</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>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"/>
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        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4933414.8</valUSD>
        <pctVal>0.1707297502</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>4.250000000000</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>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"/>
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        <balance>3500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3456931.31</valUSD>
        <pctVal>0.1196333662</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>4.108000000000</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>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4932649.2</valUSD>
        <pctVal>0.1707032553</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5823311.62</valUSD>
        <pctVal>0.2015262407</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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>4870000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4999176.26</valUSD>
        <pctVal>0.1730055446</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>1535000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1633630.2</valUSD>
        <pctVal>0.0565347305</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIVERSITY OF SOUTH 5.00%</name>
        <lei>549300U394SOV3NGG049</lei>
        <title>UNIVERSITY OF SOUTH 5.00%</title>
        <cusip>914845QE5</cusip>
        <identifiers>
          <isin value="US914845QE56"/>
          <ticker value="USOHGR"/>
        </identifiers>
        <balance>1225000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1234123.8</valUSD>
        <pctVal>0.0427090883</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STATE OF CONNECTICU 5.00%</name>
        <lei>5493007GRO6CU0IKP741</lei>
        <title>STATE OF CONNECTICU 5.00%</title>
        <cusip>20772KM97</cusip>
        <identifiers>
          <isin value="US20772KM970"/>
          <ticker value="CTS"/>
        </identifiers>
        <balance>3040000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3202965.58</valUSD>
        <pctVal>0.1108444223</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DEVELOPMENT AUTHORI 5.00%</name>
        <lei>N/A</lei>
        <title>DEVELOPMENT AUTHORI 5.00%</title>
        <cusip>190778JY7</cusip>
        <identifiers>
          <isin value="US190778JY75"/>
          <ticker value="COBDEV"/>
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        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>781602.38</valUSD>
        <pctVal>0.0270487653</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>POLK COUNTY HOUSING F VAR</name>
        <lei>N/A</lei>
        <title>POLK COUNTY HOUSING F VAR</title>
        <cusip>731903BQ2</cusip>
        <identifiers>
          <isin value="US731903BQ23"/>
          <ticker value="POKMFH"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1501480.8</valUSD>
        <pctVal>0.0519614613</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>2.900000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ILLINOIS FIN. AUTHO 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>3143472.9</valUSD>
        <pctVal>0.1087855704</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>METROPOLITAN TRANSPOR FRN</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>METROPOLITAN TRANSPOR FRN</title>
        <cusip>59261AL96</cusip>
        <identifiers>
          <isin value="US59261AL963"/>
          <ticker value="MTATRN"/>
        </identifiers>
        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>199666.52</valUSD>
        <pctVal>0.0069098214</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>Floating</couponKind>
          <annualizedRt>2.855400000000</annualizedRt>
          <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. AUTHORI VAR</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>MICHIGAN FIN. AUTHORI VAR</title>
        <cusip>59447T2Y8</cusip>
        <identifiers>
          <isin value="US59447T2Y85"/>
          <ticker value="MISFIN"/>
        </identifiers>
        <balance>2905000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3023216.36</valUSD>
        <pctVal>0.1046238751</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>3915000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3984417.65</valUSD>
        <pctVal>0.1378879859</pctVal>
        <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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>7073782.1</valUSD>
        <pctVal>0.2448010354</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>4.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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"/>
        </identifiers>
        <balance>14100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14515694.79</valUSD>
        <pctVal>0.5023418964</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000000</valUSD>
        <pctVal>0.0346068103</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>3.800000000000</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 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"/>
        </identifiers>
        <balance>1585000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1589363.98</valUSD>
        <pctVal>0.0550028178</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>3530000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3545245.93</valUSD>
        <pctVal>0.1226896535</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>4.3111836</annualizedRt>
          <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 JACKSONVILL 5.00%</name>
        <lei>549300XQE0JVN9WV0J40</lei>
        <title>CITY OF JACKSONVILL 5.00%</title>
        <cusip>469487QC9</cusip>
        <identifiers>
          <isin value="US469487QC98"/>
          <ticker value="JAC"/>
        </identifiers>
        <balance>8650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8703540.04</valUSD>
        <pctVal>0.3012017593</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>3452976.43</valUSD>
        <pctVal>0.1194965004</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>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>10000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10000895</valUSD>
        <pctVal>0.3460990764</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.300000000000</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>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8259421.77</valUSD>
        <pctVal>0.2858322426</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>12936851.43</valUSD>
        <pctVal>0.4477031637</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>
          <annualizedRt>4.5005112</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 JOINT MUNI 5.00%</name>
        <lei>N/A</lei>
        <title>MISSOURI JOINT MUNI 5.00%</title>
        <cusip>606092PY4</cusip>
        <identifiers>
          <isin value="US606092PY48"/>
          <ticker value="MOSPWR"/>
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        <balance>3885000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3918391.19</valUSD>
        <pctVal>0.1356030207</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SCHOOL DISTRICT OF 5.00%</name>
        <lei>5493006KVNQDJ1D0OD92</lei>
        <title>SCHOOL DISTRICT OF 5.00%</title>
        <cusip>115065E26</cusip>
        <identifiers>
          <isin value="US115065E269"/>
          <ticker value="BROEDU"/>
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        <balance>6710000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7023565.01</valUSD>
        <pctVal>0.2430631821</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2056727.6</valUSD>
        <pctVal>0.0711767819</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DISTRICT OF COLUMBI 5.00%</name>
        <lei>549300OT2FIJQJ5PSH71</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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>807453.37</valUSD>
        <pctVal>0.0279433856</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>3520000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3687362.98</valUSD>
        <pctVal>0.1276078713</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>10000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10506304</valUSD>
        <pctVal>0.3635896698</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ILLINOIS MUNICIPAL 5.00%</name>
        <lei>N/A</lei>
        <title>ILLINOIS MUNICIPAL 5.00%</title>
        <cusip>452024JH6</cusip>
        <identifiers>
          <isin value="US452024JH64"/>
          <ticker value="ILSPWR"/>
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        <balance>9450000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9805950.32</valUSD>
        <pctVal>0.3393526628</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>4150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4144661.03</valUSD>
        <pctVal>0.1434334981</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>2.950000000000</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>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>6662135.31</valUSD>
        <pctVal>0.2305552530</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>4.883000000000</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>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>4192939.2</valUSD>
        <pctVal>0.1451042516</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>5.500000000000</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>4895000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4895717.12</valUSD>
        <pctVal>0.1694251538</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>3.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <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"/>
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        <balance>375000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>375000</valUSD>
        <pctVal>0.0129775539</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ILLINOIS HOUSING DEV. VAR</name>
        <lei>54930053Z6M9JVHBQZ16</lei>
        <title>ILLINOIS HOUSING DEV. VAR</title>
        <cusip>45203LFT5</cusip>
        <identifiers>
          <isin value="US45203LFT52"/>
          <ticker value="ILSMFH"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1505087.85</valUSD>
        <pctVal>0.0520862898</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>3.150000000000</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 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>1229507.06</valUSD>
        <pctVal>0.0425493176</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CLEVELAND COUNTY IN 4.00%</name>
        <lei>N/A</lei>
        <title>CLEVELAND COUNTY IN 4.00%</title>
        <cusip>186072UB8</cusip>
        <identifiers>
          <isin value="US186072UB86"/>
          <ticker value="CLESCD"/>
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        <balance>680000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>702999.5</valUSD>
        <pctVal>0.0243285704</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>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>2669400.16</valUSD>
        <pctVal>0.0923794250</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>2.750000000000</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>METROPOLITAN GOV. N 5.00%</name>
        <lei>N/A</lei>
        <title>METROPOLITAN GOV. N 5.00%</title>
        <cusip>592041A49</cusip>
        <identifiers>
          <isin value="US592041A492"/>
          <ticker value="METHGR"/>
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        <balance>16365000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17323633.88</valUSD>
        <pctVal>0.5995157119</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALAMO AREA HOUSING FI VAR</name>
        <lei>N/A</lei>
        <title>ALAMO AREA HOUSING FI VAR</title>
        <cusip>011414AC3</cusip>
        <identifiers>
          <isin value="US011414AC37"/>
          <ticker value="ALAMFH"/>
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        <balance>1765000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1766953.5</valUSD>
        <pctVal>0.0611486246</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRUNSWICK COUNTY INDL VAR</name>
        <lei>N/A</lei>
        <title>BRUNSWICK COUNTY INDL VAR</title>
        <cusip>117081AA7</cusip>
        <identifiers>
          <isin value="US117081AA77"/>
          <ticker value="BRUMFH"/>
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        <balance>575000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>576317.9</valUSD>
        <pctVal>0.0199445243</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>3.150000000000</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>KANSAS DEV. FIN. AUTH VAR</name>
        <lei>549300WTL7BL8KBDPR87</lei>
        <title>KANSAS DEV. FIN. AUTH VAR</title>
        <cusip>48542TBT6</cusip>
        <identifiers>
          <isin value="US48542TBT60"/>
          <ticker value="KSSMFH"/>
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        <balance>2300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2309401.94</valUSD>
        <pctVal>0.0799210349</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.050000000000</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>DEL MAR COLLEGE DIS 5.00%</name>
        <lei>N/A</lei>
        <title>DEL MAR COLLEGE DIS 5.00%</title>
        <cusip>245176KQ4</cusip>
        <identifiers>
          <isin value="US245176KQ49"/>
          <ticker value="DMRHGR"/>
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        <balance>1710000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1795361.83</valUSD>
        <pctVal>0.0621317463</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>5.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY OF JERSEY CITY 4.00%</name>
        <lei>N/A</lei>
        <title>CITY OF JERSEY CITY 4.00%</title>
        <cusip>476576WY5</cusip>
        <identifiers>
          <isin value="US476576WY59"/>
          <ticker value="JER"/>
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        <balance>5555000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5622705.45</valUSD>
        <pctVal>0.1945839010</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4510270.82</valUSD>
        <pctVal>0.1560860868</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5000000</valUSD>
        <pctVal>0.1730340516</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LOS ANGELES DEPT. O 5.00%</name>
        <lei>549300S8NXV6YU61GG95</lei>
        <title>LOS ANGELES DEPT. O 5.00%</title>
        <cusip>5444954F8</cusip>
        <identifiers>
          <isin value="US5444954F85"/>
          <ticker value="LOSUTL"/>
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        <balance>3040000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3114667.57</valUSD>
        <pctVal>0.1077887098</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>4400833.83</valUSD>
        <pctVal>0.1522988216</pctVal>
        <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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>4719710.96</valUSD>
        <pctVal>0.1633341420</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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>10998755.9</valUSD>
        <pctVal>0.3806318593</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>2.9280008</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>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4217511.77</valUSD>
        <pctVal>0.1459546299</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.875000000000</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 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"/>
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        <balance>3090000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3120815.64</valUSD>
        <pctVal>0.1080014749</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>3865000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3872621.01</valUSD>
        <pctVal>0.1340190608</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>6855000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6864208.32</valUSD>
        <pctVal>0.2375483554</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>DEVELOPMENT AUTHORITY VAR</name>
        <lei>D981X4Z4RWS7PDMJUZ03</lei>
        <title>DEVELOPMENT AUTHORITY VAR</title>
        <cusip>121342QL6</cusip>
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          <isin value="US121342QL65"/>
          <ticker value="BURPOL"/>
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        <curCd>USD</curCd>
        <valUSD>3811390.12</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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          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <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>
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        <curCd>USD</curCd>
        <valUSD>5563992.74</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>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>HCA INC 5.00%</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA INC 5.00%</title>
        <cusip>404119CY3</cusip>
        <identifiers>
          <isin value="US404119CY34"/>
          <ticker value="HCA"/>
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        <balance>3470000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3489267.59</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>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1565389.8</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>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PALM BEACH COUNTY S 5.00%</name>
        <lei>549300J36FX8PM8L7086</lei>
        <title>PALM BEACH COUNTY S 5.00%</title>
        <cusip>696550L83</cusip>
        <identifiers>
          <isin value="US696550L833"/>
          <ticker value="PALEDU"/>
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        <balance>4675000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4799265.24</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>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4736074.77</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>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CITY OF ALBUQUERQUE 5.00%</name>
        <lei>549300MV7H0GASZUCG39</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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1715000</valUSD>
        <pctVal>0.0593506797</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>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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>1306366.98</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>5.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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"/>
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        <balance>5225000</balance>
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        <curCd>USD</curCd>
        <valUSD>5276339.28</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>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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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>817572.91</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>2027-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
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        <name>FLORIDA HOUSING FIN. VAR</name>
        <lei>549300W0PCIJCI0JCF10</lei>
        <title>FLORIDA HOUSING FIN. VAR</title>
        <cusip>34073JVF3</cusip>
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          <isin value="US34073JVF38"/>
          <ticker value="FLSMFH"/>
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        <balance>6000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6002182.8</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>2043-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
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        <name>MASSACHUSETTS DEV. 5.00%</name>
        <lei>549300UZSVMFXJK08K70</lei>
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        <cusip>57585BNJ3</cusip>
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          <isin value="US57585BNJ34"/>
          <ticker value="MASDEV"/>
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        <balance>1400000</balance>
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        <curCd>USD</curCd>
        <valUSD>1433393.08</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>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <name>SANTANDER UK GRP. HLD F2F</name>
        <lei>549300F5XIFGNNW4CF72</lei>
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        <cusip>80281LAX3</cusip>
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          <isin value="US80281LAX38"/>
          <ticker value="SANUK"/>
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        <balance>4800000</balance>
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        <curCd>USD</curCd>
        <valUSD>4749713.18</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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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>
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          <isin value="US11506KHE47"/>
          <ticker value="BROTRN"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
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          <couponKind>Fixed</couponKind>
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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>
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          <ticker value="NJSMFH"/>
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        <curCd>USD</curCd>
        <valUSD>15803472.44</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>INDIANA FIN. AUTHOR 5.00%</name>
        <lei>549300PS0PAS7NDSSI20</lei>
        <title>INDIANA FIN. AUTHOR 5.00%</title>
        <cusip>45506EQE6</cusip>
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          <isin value="US45506EQE67"/>
          <ticker value="INSFIN"/>
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        <balance>6290000</balance>
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        <curCd>USD</curCd>
        <valUSD>6630673.32</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITY OF SHREVEPORT 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF SHREVEPORT 5.00%</title>
        <cusip>825485XW0</cusip>
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          <isin value="US825485XW09"/>
          <ticker value="SHRUTL"/>
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        <balance>1350000</balance>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GOLDMAN SACHS GRP. IN F2F</name>
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        <cusip>38145GAP5</cusip>
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          <isin value="US38145GAP54"/>
          <ticker value="GS"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUBLIC FIN. AUTHORI 5.00%</name>
        <lei>5493004S6D3NA627K012</lei>
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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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      <invstOrSec>
        <name>WISCONSIN HEALTH &amp; 5.00%</name>
        <lei>549300ISNGXS0VHGVD41</lei>
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        <cusip>97712D6L5</cusip>
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          <isin value="US97712D6L57"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MANATEE COUNTY SCHO 5.00%</name>
        <lei>N/A</lei>
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        <cusip>56185NHH4</cusip>
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          <isin value="US56185NHH44"/>
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        <fairValLevel>2</fairValLevel>
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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>
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          <isin value="US56035DBH44"/>
          <ticker value="MAIUTL"/>
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        <curCd>USD</curCd>
        <valUSD>2591349.6</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>STATE OF OHIO 5.00%</name>
        <lei>5493005LEB5E170OMX59</lei>
        <title>STATE OF OHIO 5.00%</title>
        <cusip>67756CHE1</cusip>
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          <isin value="US67756CHE12"/>
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        <balance>12800000</balance>
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        <curCd>USD</curCd>
        <valUSD>13523001.6</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>2029-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HEMPSTEAD TOWN LOCA 5.00%</name>
        <lei>N/A</lei>
        <title>HEMPSTEAD TOWN LOCA 5.00%</title>
        <cusip>424682MU3</cusip>
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          <isin value="US424682MU31"/>
          <ticker value="HMVDEV"/>
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        <balance>905000</balance>
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        <curCd>USD</curCd>
        <valUSD>928329.81</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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          <couponKind>Fixed</couponKind>
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        <name>BLACK BELT ENERGY G 5.00%</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>BLACK BELT ENERGY G 5.00%</title>
        <cusip>09182THU4</cusip>
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          <ticker value="BBEUTL"/>
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        <curCd>USD</curCd>
        <valUSD>2238776.29</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>5.000000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>CALIFORNIA HOUSING FI VAR</name>
        <lei>549300BOPCVLBA552Z14</lei>
        <title>CALIFORNIA HOUSING FI VAR</title>
        <cusip>13034DCD4</cusip>
        <identifiers>
          <isin value="US13034DCD49"/>
          <ticker value="CASMFH"/>
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        <balance>1810000</balance>
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        <curCd>USD</curCd>
        <valUSD>1813207.5</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CITY OF MANHATTAN K 4.00%</name>
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        <curCd>USD</curCd>
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        <name>SANTA FE PUBLIC SCH 5.00%</name>
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          <ticker value="SFESCD"/>
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        <curCd>USD</curCd>
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        <name>OKLAHOMA CITY PUBLI 5.00%</name>
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          <ticker value="OKCGEN"/>
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        <curCd>USD</curCd>
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        <name>DEVELOPMENT AUTHORI 5.00%</name>
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          <isin value="US190778JZ41"/>
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        <name>CITY OF SALT LAKE C 5.00%</name>
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        <cusip>795576GY7</cusip>
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          <ticker value="SALAPT"/>
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        <name>LOS ANGELES DEPT. O 5.00%</name>
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          <ticker value="LOSUTL"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WAYNE COUNTY AIRPOR 5.00%</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>HEALTH &amp; EDUCATIONAL VAR</name>
        <lei>549300IWTBCMX5JB3277</lei>
        <title>HEALTH &amp; EDUCATIONAL VAR</title>
        <cusip>60637ATR3</cusip>
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          <isin value="US60637ATR31"/>
          <ticker value="MOSMED"/>
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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>
      <invstOrSec>
        <name>COUNTY OF CLARK DEP 5.00%</name>
        <lei>N/A</lei>
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        <cusip>18085PSV7</cusip>
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          <isin value="US18085PSV75"/>
          <ticker value="CLAAPT"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CITY OF MILWAUKEE W 5.00%</name>
        <lei>N/A</lei>
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        <cusip>602366H33</cusip>
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          <ticker value="MLW"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SOUTHEAST ENERGY AUTH VAR</name>
        <lei>25490090A3RLJHITY273</lei>
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        <cusip>84136FBB2</cusip>
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          <isin value="US84136FBB22"/>
          <ticker value="SEEPWR"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA COMMUNITY VAR</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNITY VAR</title>
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          <isin value="US13013JBJ43"/>
          <ticker value="CCEDEV"/>
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        <balance>8725000</balance>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>METROPOLITAN WASHIN 5.00%</name>
        <lei>7HERAVJJLN8J1DZ6AZ19</lei>
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          <isin value="US592647ML22"/>
          <ticker value="METAPT"/>
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        <balance>3500000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CITY OF TULSA OK 3.00%</name>
        <lei>N/A</lei>
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          <isin value="US899645J301"/>
          <ticker value="TUL"/>
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        <balance>3000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3001997.1</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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          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
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        <securityLending>
          <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>
        <identifiers>
          <isin value="US186054JY94"/>
          <ticker value="CLESCD"/>
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        <balance>7440000</balance>
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        <curCd>USD</curCd>
        <valUSD>7597103.78</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>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
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        <securityLending>
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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>
        <identifiers>
          <isin value="US45506EMR17"/>
          <ticker value="INSFIN"/>
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        <balance>2710000</balance>
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        <curCd>USD</curCd>
        <valUSD>2817226.3</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>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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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>
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        <curCd>USD</curCd>
        <valUSD>2273702.73</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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      <invstOrSec>
        <name>CITY OF HOUSTON TX 5.00%</name>
        <lei>549300C64URYS0WQQY42</lei>
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        <cusip>442349JA5</cusip>
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          <isin value="US442349JA52"/>
          <ticker value="HOUAPT"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1558959.45</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CITY OF PEARLAND TX 5.00%</name>
        <lei>549300UYAWZP0LF3EF82</lei>
        <title>CITY OF PEARLAND TX 5.00%</title>
        <cusip>704865ZA5</cusip>
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          <ticker value="PEA"/>
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        <balance>2605000</balance>
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        <curCd>USD</curCd>
        <valUSD>2710314.42</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>LOWER COLORADO RIVE 5.00%</name>
        <lei>549300QJFPW2NNBYR215</lei>
        <title>LOWER COLORADO RIVE 5.00%</title>
        <cusip>54811BS44</cusip>
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          <isin value="US54811BS443"/>
          <ticker value="LWCGEN"/>
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        <balance>2500000</balance>
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        <curCd>USD</curCd>
        <valUSD>2611278</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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        <name>MISSOURI JOINT MUNI 5.00%</name>
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          <ticker value="MOSPWR"/>
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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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        <name>NOBLESVILLE SCHOOLS 6.00%</name>
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        <title>NOBLESVILLE SCHOOLS 6.00%</title>
        <cusip>655165DM7</cusip>
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          <isin value="US655165DM78"/>
          <ticker value="NOBSCD"/>
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        <balance>1345000</balance>
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        <curCd>USD</curCd>
        <valUSD>1413061.44</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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BANK OF MONTREAL F2F</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>BANK OF MONTREAL F2F</title>
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          <ticker value="BMO"/>
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        <balance>16600000</balance>
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        <curCd>USD</curCd>
        <valUSD>16508113.52</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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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>
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          <isin value="US11506KHF12"/>
          <ticker value="BROTRN"/>
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        <balance>2125000</balance>
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        <curCd>USD</curCd>
        <valUSD>2204831.15</valUSD>
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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>5.000000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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>865000</valUSD>
        <pctVal>0.0299348909</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>5.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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"/>
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        <balance>395000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>401053.85</valUSD>
        <pctVal>0.0138791945</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>5.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA HOUSIN VAR</name>
        <lei>EC4EE0PS5OP5O69B5C39</lei>
        <title>NORTH CAROLINA HOUSIN VAR</title>
        <cusip>65821BAP0</cusip>
        <identifiers>
          <isin value="US65821BAP04"/>
          <ticker value="NCSMFH"/>
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        <balance>7000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7007773.5</valUSD>
        <pctVal>0.2425166883</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>3.150000000000</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>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>1102596.22</valUSD>
        <pctVal>0.0381573383</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>5.000000000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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>4039405.21</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>5.000000000000</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>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>1746633.18</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>2029-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.800000000000</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>MOBILE COUNTY BOARD 5.00%</name>
        <lei>N/A</lei>
        <title>MOBILE COUNTY BOARD 5.00%</title>
        <cusip>607298BS4</cusip>
        <identifiers>
          <isin value="US607298BS42"/>
          <ticker value="MOBSCD"/>
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        <balance>1015000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1073397.72</valUSD>
        <pctVal>0.0371468713</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>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LOWER COLORADO RIVE 5.00%</name>
        <lei>549300QJFPW2NNBYR215</lei>
        <title>LOWER COLORADO RIVE 5.00%</title>
        <cusip>54811BV57</cusip>
        <identifiers>
          <isin value="US54811BV579"/>
          <ticker value="LWCGEN"/>
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        <balance>3210000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3416682.59</valUSD>
        <pctVal>0.1182404863</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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>1155886.9</valUSD>
        <pctVal>0.0400015587</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>2119971.61</valUSD>
        <pctVal>0.0733654554</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>2.750000000000</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>2397508.13</valUSD>
        <pctVal>0.0829701091</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2141970.93</valUSD>
        <pctVal>0.0741267817</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PORT AUTHORITY OF N 5.00%</name>
        <lei>54930006MR4KZ4W74Z83</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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15403289.72</valUSD>
        <pctVal>0.5330587258</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1193176</valUSD>
        <pctVal>0.0412920155</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1579429.35</valUSD>
        <pctVal>0.0546590119</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COUNTY OF COOK IL S 5.00%</name>
        <lei>5493004UMR7OX4YITE10</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>1052980.6</valUSD>
        <pctVal>0.0364402999</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>722385.5</valUSD>
        <pctVal>0.0249994580</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO O HARE INTL 5.00%</name>
        <lei>N/A</lei>
        <title>CHICAGO O HARE INTL 5.00%</title>
        <cusip>167591BQ8</cusip>
        <identifiers>
          <isin value="US167591BQ84"/>
          <ticker value="CHITRN"/>
        </identifiers>
        <balance>5465000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5783482.17</valUSD>
        <pctVal>0.2001478705</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>3030759.9</valUSD>
        <pctVal>0.1048849330</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>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>18028288.94</valUSD>
        <pctVal>0.6239015759</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>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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>3019010.7</valUSD>
        <pctVal>0.1044783307</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>3.500000000000</annualizedRt>
          <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>6921620.46</valUSD>
        <pctVal>0.2395352064</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>3.350000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>USF FINC. CORP 5.00%</name>
        <lei>549300P9Y92T23EMUI42</lei>
        <title>USF FINC. CORP 5.00%</title>
        <cusip>90343SBK0</cusip>
        <identifiers>
          <isin value="US90343SBK06"/>
          <ticker value="USFFIN"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1023452.9</valUSD>
        <pctVal>0.0354184404</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FLORIDA HOUSING FIN. VAR</name>
        <lei>549300W0PCIJCI0JCF10</lei>
        <title>FLORIDA HOUSING FIN. VAR</title>
        <cusip>34074HHW5</cusip>
        <identifiers>
          <isin value="US34074HHW51"/>
          <ticker value="FLSMFH"/>
        </identifiers>
        <balance>1675000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1678408.63</valUSD>
        <pctVal>0.0580843691</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>Variable</couponKind>
          <annualizedRt>3.100000000000</annualizedRt>
          <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>7765073.75</valUSD>
        <pctVal>0.2687244344</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>3.150000000000</annualizedRt>
          <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"/>
        </identifiers>
        <balance>2860000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2957922.97</valUSD>
        <pctVal>0.1023642792</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1050630.4</valUSD>
        <pctVal>0.0363589670</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>660000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>677142.51</valUSD>
        <pctVal>0.0234337424</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>2432464.24</valUSD>
        <pctVal>0.0841798286</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>1010000</valUSD>
        <pctVal>0.0349528784</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>29991588</valUSD>
        <pctVal>1.0379131973</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>3.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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"/>
        </identifiers>
        <balance>10880000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11073039.49</valUSD>
        <pctVal>0.3832025774</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>13855000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13897148.3</valUSD>
        <pctVal>0.4809359753</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>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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"/>
        </identifiers>
        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2613156.5</valUSD>
        <pctVal>0.0904330114</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CITY OF PLANO TX 5.00%</name>
        <lei>N/A</lei>
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          <isin value="US727177ZF74"/>
          <ticker value="PNO"/>
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        <curCd>USD</curCd>
        <valUSD>3341988.33</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PARISH OF ST JOHN THE VAR</name>
        <lei>1FRVQX2CRLGC1XLP5727</lei>
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          <ticker value="SJBCTF"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-06-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ALASKA HOUSING FIN. 5.00%</name>
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        <cusip>011839XJ1</cusip>
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          <isin value="US011839XJ14"/>
          <ticker value="AKSHSG"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CITY OF LOS ANGELES 5.00%</name>
        <lei>N/A</lei>
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          <isin value="US5444452H15"/>
          <ticker value="LOSAPT"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-15</maturityDt>
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          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>CITY OF EL PASO TX 5.00%</name>
        <lei>N/A</lei>
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        <cusip>283735AB4</cusip>
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          <isin value="US283735AB43"/>
          <ticker value="ELP"/>
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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>2027-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <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"/>
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        <balance>3920000</balance>
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        <curCd>USD</curCd>
        <valUSD>4044350.63</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>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <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"/>
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        <balance>2230000</balance>
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        <curCd>USD</curCd>
        <valUSD>2291379.41</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>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <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>
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        <curCd>USD</curCd>
        <valUSD>1906854.63</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.150000000000</annualizedRt>
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        <name>MICHIGAN FIN. AUTH ADJ</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>MICHIGAN FIN. AUTH ADJ</title>
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          <ticker value="MISFIN"/>
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        <balance>11495000</balance>
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        <curCd>USD</curCd>
        <valUSD>11476004.51</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>MAINE MUNICIPAL BD. 5.00%</name>
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          <ticker value="MEMBBK"/>
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        <curCd>USD</curCd>
        <valUSD>2223344.67</valUSD>
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        <name>CHICAGO TRANSIT AUT 5.00%</name>
        <lei>549300CB8XLRGIPN3E12</lei>
        <title>CHICAGO TRANSIT AUT 5.00%</title>
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          <ticker value="CHITRN"/>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PARK CREEK METROPOL 5.00%</name>
        <lei>N/A</lei>
        <title>PARK CREEK METROPOL 5.00%</title>
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          <ticker value="PKCGEN"/>
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          <couponKind>Fixed</couponKind>
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        <name>NEW JERSEY HOUSING 2.95%</name>
        <lei>5493002ONULJL0FIGU24</lei>
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        <cusip>64610ABG9</cusip>
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          <ticker value="NJSMFH"/>
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          <couponKind>Fixed</couponKind>
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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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          <ticker value="DENAPT"/>
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        <curCd>USD</curCd>
        <valUSD>3988533.52</valUSD>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>CITY OF FARMINGTON NM VAR</name>
        <lei>5493000GWMTI2L4AZA61</lei>
        <title>CITY OF FARMINGTON NM VAR</title>
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          <ticker value="FARPOL"/>
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        <balance>2500000</balance>
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        <curCd>USD</curCd>
        <valUSD>2554001.25</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Variable</couponKind>
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      <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"/>
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        <balance>2500000</balance>
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        <curCd>USD</curCd>
        <valUSD>2498601.25</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>AMERICAN HONDA FIN. 4.25%</name>
        <lei>B6Q2VFHD1797Q7NZ3E43</lei>
        <title>AMERICAN HONDA FIN. 4.25%</title>
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          <isin value="US02665WGK18"/>
          <ticker value="HNDA"/>
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        <balance>10000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9927524.5</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>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.250000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </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"/>
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        <balance>890000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>913164.39</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>2027-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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"/>
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        <balance>3635000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3639584.1</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>2054-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.200000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <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>445047QD8</cusip>
        <identifiers>
          <isin value="US445047QD82"/>
          <ticker value="HUMSCD"/>
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        <balance>1350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1403168.94</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>5.000000000000</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>
      <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>2920000</valUSD>
        <pctVal>0.1010518862</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>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </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"/>
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        <balance>365000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>376549.22</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>2028-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>2405000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2434484.82</valUSD>
        <pctVal>0.0842497544</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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"/>
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        <balance>700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>731835.09</valUSD>
        <pctVal>0.0253264782</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>1830000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1877468.92</valUSD>
        <pctVal>0.0649732108</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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>1187722.79</valUSD>
        <pctVal>0.0411032973</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>527602.64</valUSD>
        <pctVal>0.0182586445</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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>4009467.08</valUSD>
        <pctVal>0.1387548668</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>4.000000000000</annualizedRt>
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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>IW10PQVTU7HKS3JMW253</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>3680311.25</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>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <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>1031846.69</valUSD>
        <pctVal>0.0357089227</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <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>525185.66</valUSD>
        <pctVal>0.0181750005</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHARLOTTE-MECKLENBURG VAR</name>
        <lei>549300XOH4JU704GMZ32</lei>
        <title>CHARLOTTE-MECKLENBURG VAR</title>
        <cusip>160853VE4</cusip>
        <identifiers>
          <isin value="US160853VE41"/>
          <ticker value="CHAMED"/>
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        <balance>9420000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9920568.44</valUSD>
        <pctVal>0.3433192303</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>2906984.42</valUSD>
        <pctVal>0.1006014584</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HILLSBOROUGH COUNTY H VAR</name>
        <lei>5493003JJ1KK4FWWU787</lei>
        <title>HILLSBOROUGH COUNTY H VAR</title>
        <cusip>43232EDJ5</cusip>
        <identifiers>
          <isin value="US43232EDJ55"/>
          <ticker value="HILMFH"/>
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        <balance>5050000</balance>
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        <curCd>USD</curCd>
        <valUSD>5041507.92</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>2044-11-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <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>4447265.84</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>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>
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          <isin value="US984392FY14"/>
          <ticker value="YAKSCD"/>
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        <balance>1605000</balance>
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        <curCd>USD</curCd>
        <valUSD>1660635.4</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>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LOUISIANA LOCAL GOV 5.00%</name>
        <lei>5493004WIZ1HV87IVF85</lei>
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        <cusip>54628C4A7</cusip>
        <identifiers>
          <isin value="US54628C4A79"/>
          <ticker value="LASFAC"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1021638</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>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NOBLESVILLE SCHOOLS 6.00%</name>
        <lei>N/A</lei>
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        <cusip>655165DN5</cusip>
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          <isin value="US655165DN51"/>
          <ticker value="NOBSCD"/>
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        <balance>1635000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1743259.89</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>6.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAN FRANCISCO CITY 5.00%</name>
        <lei>54930055TIDYHNDP4F84</lei>
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        <cusip>79766DVC0</cusip>
        <identifiers>
          <isin value="US79766DVC00"/>
          <ticker value="SFOAPT"/>
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        <balance>2300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2386833.74</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>5.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITY OF ST CLOUD MN 5.00%</name>
        <lei>549300IOO80ICGIWAU74</lei>
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        <cusip>78916VEZ9</cusip>
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          <isin value="US78916VEZ94"/>
          <ticker value="SUDMED"/>
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        <balance>2145000</balance>
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        <curCd>USD</curCd>
        <valUSD>2274980.35</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>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UTAH MUNICIPAL POWE 5.00%</name>
        <lei>549300ZRZ5YVJ6KNNV32</lei>
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        <cusip>91756TAZ4</cusip>
        <identifiers>
          <isin value="US91756TAZ49"/>
          <ticker value="UTSPWR"/>
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        <balance>595000</balance>
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        <curCd>USD</curCd>
        <valUSD>623351.04</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>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HUMBLE INDEPENDENT 5.00%</name>
        <lei>N/A</lei>
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        <cusip>445047QE6</cusip>
        <identifiers>
          <isin value="US445047QE65"/>
          <ticker value="HUMSCD"/>
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        <balance>2040000</balance>
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        <curCd>USD</curCd>
        <valUSD>2161157.03</valUSD>
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        <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>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MINNESOTA MUNICIPAL G VAR</name>
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        <cusip>60406UAM9</cusip>
        <identifiers>
          <isin value="US60406UAM99"/>
          <ticker value="MGAUTL"/>
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        <balance>5875000</balance>
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        <curCd>USD</curCd>
        <valUSD>5954204.99</valUSD>
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        <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>4.000000000000</annualizedRt>
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      <invstOrSec>
        <name>METROPOLITAN TRANSP 5.00%</name>
        <lei>5493000TKYODLXADQD60</lei>
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          <isin value="US59261AWY99"/>
          <ticker value="MTATRN"/>
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        <balance>2675000</balance>
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        <curCd>USD</curCd>
        <valUSD>2766184.33</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>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>STATE OF ILLINOIS 5.00%</name>
        <lei>54930048FV8RWPR02D67</lei>
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        <identifiers>
          <isin value="US452153LL18"/>
          <ticker value="ILS"/>
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        <balance>7000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7039076.8</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</maturityDt>
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          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>PORTAGE PUBLIC SCHO 5.50%</name>
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        <title>PORTAGE PUBLIC SCHO 5.50%</title>
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          <isin value="US735779QB90"/>
          <ticker value="PORSCD"/>
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        <balance>3160000</balance>
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        <curCd>USD</curCd>
        <valUSD>3189039.45</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.500000000000</annualizedRt>
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        <name>IPS MULTI-SCHOOL BL 4.00%</name>
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        <cusip>46263RNS0</cusip>
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          <isin value="US46263RNS03"/>
          <ticker value="IPSEDU"/>
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        <balance>7200000</balance>
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        <curCd>USD</curCd>
        <valUSD>7304357.52</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.000000000000</annualizedRt>
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      <invstOrSec>
        <name>CITY OF HOUSTON TX 5.00%</name>
        <lei>549300C64URYS0WQQY42</lei>
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          <isin value="US442332CR18"/>
          <ticker value="HOU"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1042096.4</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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      <invstOrSec>
        <name>WYANDOTTE COUNTY-KA 4.00%</name>
        <lei>N/A</lei>
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          <isin value="US98267ADF30"/>
          <ticker value="WYAGEN"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>COLLIN COUNTY COMMU 5.00%</name>
        <lei>N/A</lei>
        <title>COLLIN COUNTY COMMU 5.00%</title>
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          <isin value="US194742FL12"/>
          <ticker value="CLNHGR"/>
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        <balance>5580000</balance>
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        <curCd>USD</curCd>
        <valUSD>5733254.14</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>2027-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITY OF CHICAGO IL 5.00%</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
        <title>CITY OF CHICAGO IL 5.00%</title>
        <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>2324201.98</valUSD>
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        <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>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4394777.64</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>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.900000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <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>98972LPW5</cusip>
        <identifiers>
          <isin value="US98972LPW53"/>
          <ticker value="ZIOEDU"/>
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        <balance>1400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1417239.18</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>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>
      <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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1050554.8</valUSD>
        <pctVal>0.0363563507</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>5.000000000000</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>CALIFORNIA MUNICIPAL VAR</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPAL VAR</title>
        <cusip>130483KM1</cusip>
        <identifiers>
          <isin value="US130483KM11"/>
          <ticker value="CASMFH"/>
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        <balance>2280000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2284358.45</valUSD>
        <pctVal>0.0790543596</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>2.950000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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>1254427.03</valUSD>
        <pctVal>0.0434117183</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MINNESOTA HOUSING F 2.85%</name>
        <lei>549300R89XDTQBK4GE22</lei>
        <title>MINNESOTA HOUSING F 2.85%</title>
        <cusip>60416UG33</cusip>
        <identifiers>
          <isin value="US60416UG331"/>
          <ticker value="MNSHSG"/>
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        <balance>2265000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2263467.05</valUSD>
        <pctVal>0.0783313749</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>2.850000000000</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 ST CLOUD MN 5.00%</name>
        <lei>549300IOO80ICGIWAU74</lei>
        <title>CITY OF ST CLOUD MN 5.00%</title>
        <cusip>78916VEY2</cusip>
        <identifiers>
          <isin value="US78916VEY20"/>
          <ticker value="SUDMED"/>
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        <balance>4625000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4813934.49</valUSD>
        <pctVal>0.1665949178</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITY OF RUSTON LA S 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF RUSTON LA S 5.00%</title>
        <cusip>783116AW6</cusip>
        <identifiers>
          <isin value="US783116AW61"/>
          <ticker value="RUSGEN"/>
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        <balance>920000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>938248.94</valUSD>
        <pctVal>0.0324698031</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PORTAGE PUBLIC SCHO 5.50%</name>
        <lei>N/A</lei>
        <title>PORTAGE PUBLIC SCHO 5.50%</title>
        <cusip>735779QC7</cusip>
        <identifiers>
          <isin value="US735779QC73"/>
          <ticker value="PORSCD"/>
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        <balance>1165000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1210198.04</valUSD>
        <pctVal>0.0418810940</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>5.500000000000</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>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>5628442.05</valUSD>
        <pctVal>0.1947824265</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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>2639424.52</valUSD>
        <pctVal>0.0913420637</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>508623.75</valUSD>
        <pctVal>0.0176018456</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>6.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <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"/>
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        <balance>1100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1130463.51</valUSD>
        <pctVal>0.0391217363</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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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>1541045.7</valUSD>
        <pctVal>0.0533306762</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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>522744.75</valUSD>
        <pctVal>0.0180905284</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FINNEY COUNTY UNIFI 5.00%</name>
        <lei>N/A</lei>
        <title>FINNEY COUNTY UNIFI 5.00%</title>
        <cusip>318045PC9</cusip>
        <identifiers>
          <isin value="US318045PC93"/>
          <ticker value="FNNSCD"/>
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        <balance>1230000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1262405.46</valUSD>
        <pctVal>0.0436878263</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SCHOOL BOARD OF MIA 5.00%</name>
        <lei>N/A</lei>
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        <cusip>59333MX75</cusip>
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          <isin value="US59333MX754"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PASCO COUNTY SCHOOL 5.00%</name>
        <lei>549300NYEDMC7IDJPE68</lei>
        <title>PASCO COUNTY SCHOOL 5.00%</title>
        <cusip>702528NK2</cusip>
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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>2028-08-01</maturityDt>
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      <invstOrSec>
        <name>CITY OF SPRINGFIELD 5.00%</name>
        <lei>N/A</lei>
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        <cusip>851039GT8</cusip>
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          <isin value="US851039GT85"/>
          <ticker value="SPRGEN"/>
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        <balance>1220000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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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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        <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>
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          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ROANOKE ECONOMIC DE 5.00%</name>
        <lei>549300P5QQORJY0U4T83</lei>
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        <cusip>770082CF0</cusip>
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          <isin value="US770082CF00"/>
          <ticker value="ROADEV"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
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      <invstOrSec>
        <name>OAK RIDGE HOUSING AUT VAR</name>
        <lei>N/A</lei>
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        <cusip>67178HAA5</cusip>
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          <isin value="US67178HAA59"/>
          <ticker value="ORHMFH"/>
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        <curCd>USD</curCd>
        <valUSD>4497112.64</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-12-01</maturityDt>
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      <invstOrSec>
        <name>CIVICVENTURES/AK 5.00%</name>
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          <isin value="US178860CA82"/>
          <ticker value="CIV"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>HEALTH &amp; EDUCATIONA 5.00%</name>
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        <cusip>60637AXV9</cusip>
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          <ticker value="MOSMED"/>
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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>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>ALASKA INDL. DEV. &amp; 5.00%</name>
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          <ticker value="AKSDEV"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>SANTANDER MTGE. AS 5.545%</name>
        <lei>N/A</lei>
        <title>SANTANDER MTGE. AS 5.545%</title>
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          <isin value="US80262BAA89"/>
          <ticker value="SAN"/>
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        <curCd>USD</curCd>
        <valUSD>4448407.54</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CIVICVENTURES/AK 5.00%</name>
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          <isin value="US178860BZ43"/>
          <ticker value="CIV"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>SALT VERDE FINL. CO 5.25%</name>
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          <ticker value="SLTPWR"/>
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        <curCd>USD</curCd>
        <valUSD>3854758.5</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>COUNTY OF EL PASO T 5.00%</name>
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          <ticker value="ELP"/>
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      <invstOrSec>
        <name>POLK COUNTY HOUSING F VAR</name>
        <lei>N/A</lei>
        <title>POLK COUNTY HOUSING F VAR</title>
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      <invstOrSec>
        <name>COUNTY OF ESSEX NJ 4.00%</name>
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          <ticker value="ESS"/>
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        <name>DENTON INDEPENDENT 5.00%</name>
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          <ticker value="DNNSCD"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <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>20085874.4</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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FINNEY COUNTY UNIFI 5.00%</name>
        <lei>N/A</lei>
        <title>FINNEY COUNTY UNIFI 5.00%</title>
        <cusip>318045PD7</cusip>
        <identifiers>
          <isin value="US318045PD76"/>
          <ticker value="FNNSCD"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1571412</valUSD>
        <pctVal>0.0543815570</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3037995.9</valUSD>
        <pctVal>0.1051353479</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>3029813.38</valUSD>
        <pctVal>0.1048521770</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>6.250000000000</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 SPRINGFIELD 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF SPRINGFIELD 5.00%</title>
        <cusip>851039GS0</cusip>
        <identifiers>
          <isin value="US851039GS03"/>
          <ticker value="SPRGEN"/>
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        <balance>2275000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2322236.74</valUSD>
        <pctVal>0.0803652064</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2223207.35</valUSD>
        <pctVal>0.0769381151</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>1351048.68</valUSD>
        <pctVal>0.0467554854</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2664861.18</valUSD>
        <pctVal>0.0922223454</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>3220000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3256611.72</valUSD>
        <pctVal>0.1127009441</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>1370638.7</valUSD>
        <pctVal>0.0474334335</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>6.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY OF GLENDALE AZ 5.00%</name>
        <lei>5493002BC35ZY7XRQ949</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>3000000</valUSD>
        <pctVal>0.1038204310</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>1015463.7</valUSD>
        <pctVal>0.0351419597</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>12259350.96</valUSD>
        <pctVal>0.4242570334</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>4.450000000000</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>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>
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        <curCd>USD</curCd>
        <valUSD>654513.88</valUSD>
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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>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW JERSEY HEALTH C 5.00%</name>
        <lei>N/A</lei>
        <title>NEW JERSEY HEALTH C 5.00%</title>
        <cusip>645790VA1</cusip>
        <identifiers>
          <isin value="US645790VA17"/>
          <ticker value="NJSMED"/>
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        <balance>6730000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7172091.01</valUSD>
        <pctVal>0.2482031932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITY OF RUSTON LA S 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF RUSTON LA S 5.00%</title>
        <cusip>783116AY2</cusip>
        <identifiers>
          <isin value="US783116AY28"/>
          <ticker value="RUSGEN"/>
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        <balance>400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>423239.84</valUSD>
        <pctVal>0.0146469809</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>CITY OF MOORHEAD MN 4.00%</name>
        <lei>N/A</lei>
        <title>CITY OF MOORHEAD MN 4.00%</title>
        <cusip>616142WS0</cusip>
        <identifiers>
          <isin value="US616142WS04"/>
          <ticker value="MOO"/>
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        <balance>18845000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19030832.43</valUSD>
        <pctVal>0.6585964083</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>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>2725000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2856053.43</valUSD>
        <pctVal>0.0988388993</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>STATE OF OHIO 5.00%</name>
        <lei>5493005LEB5E170OMX59</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>2181921.84</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>2027-01-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </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"/>
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        <balance>9990000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10009642.34</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>4.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </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"/>
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        <balance>2240000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2244827.2</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>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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"/>
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        <balance>6460000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6468264.28</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>2026-07-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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"/>
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        <balance>11600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12202352.04</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>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>2630000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2707173.93</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>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>1565000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1634660.03</valUSD>
        <pctVal>0.0565703696</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>STATE OF RHODE ISLA 5.00%</name>
        <lei>549300TK0QTLW5HQGC62</lei>
        <title>STATE OF RHODE ISLA 5.00%</title>
        <cusip>762223RF4</cusip>
        <identifiers>
          <isin value="US762223RF42"/>
          <ticker value="RIS"/>
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        <balance>1040000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1042006.47</valUSD>
        <pctVal>0.0360605203</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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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>409456.48</valUSD>
        <pctVal>0.0141699827</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5209394</valUSD>
        <pctVal>0.1802805101</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NORTH CAROLINA MEDI 5.00%</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>NORTH CAROLINA MEDI 5.00%</title>
        <cusip>65821DZD6</cusip>
        <identifiers>
          <isin value="US65821DZD64"/>
          <ticker value="NCSMED"/>
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        <balance>1750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1787225.48</valUSD>
        <pctVal>0.0618501732</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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"/>
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        <balance>2100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2143964.34</valUSD>
        <pctVal>0.0741957673</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>5.000000000000</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>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3645472.87</valUSD>
        <pctVal>0.1261581882</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>STATE OF OHIO 5.00%</name>
        <lei>5493005LEB5E170OMX59</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>6433333.3</valUSD>
        <pctVal>0.2226371453</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3542632.38</valUSD>
        <pctVal>0.1225992068</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <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>700892.05</valUSD>
        <pctVal>0.0242556382</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <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"/>
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        <balance>1210000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1243816.96</valUSD>
        <pctVal>0.0430445376</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NORTH CAROLINA MEDI 5.00%</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>NORTH CAROLINA MEDI 5.00%</title>
        <cusip>65821DZE4</cusip>
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          <isin value="US65821DZE48"/>
          <ticker value="NCSMED"/>
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        <balance>2115000</balance>
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        <curCd>USD</curCd>
        <valUSD>2211278.82</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>2028-06-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <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>
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        <curCd>USD</curCd>
        <valUSD>3292114.29</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>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>564931.02</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>2027-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <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>1273826.74</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>2026-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>6563122.45</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <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>5.140000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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>4652117.93</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>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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"/>
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        <balance>1250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1312663.75</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>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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>4747760.93</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>2027-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
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        <securityLending>
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      <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>2988760.2</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>2043-09-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.800000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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"/>
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        <balance>1120000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1158178.11</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>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <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>801366.54</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>HEMPSTEAD TOWN LOCA 5.00%</name>
        <lei>N/A</lei>
        <title>HEMPSTEAD TOWN LOCA 5.00%</title>
        <cusip>424682MT6</cusip>
        <identifiers>
          <isin value="US424682MT67"/>
          <ticker value="HMVDEV"/>
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        <balance>2615000</balance>
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        <curCd>USD</curCd>
        <valUSD>2627044.17</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>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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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>09182THV2</cusip>
        <identifiers>
          <isin value="US09182THV26"/>
          <ticker value="BBEUTL"/>
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        <balance>2960000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3068191.26</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>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>TEXAS STATE UNIVERS 5.00%</name>
        <lei>N/A</lei>
        <title>TEXAS STATE UNIVERS 5.00%</title>
        <cusip>88278PM43</cusip>
        <identifiers>
          <isin value="US88278PM430"/>
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        <balance>3500000</balance>
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        <curCd>USD</curCd>
        <valUSD>3655328.95</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>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>CITY OF CHICAGO IL 5.00%</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
        <title>CITY OF CHICAGO IL 5.00%</title>
        <cusip>1677362P1</cusip>
        <identifiers>
          <isin value="US1677362P13"/>
          <ticker value="CHIWTR"/>
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        <balance>12000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12330171.6</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>PARK CREEK METROPOL 5.00%</name>
        <lei>N/A</lei>
        <title>PARK CREEK METROPOL 5.00%</title>
        <cusip>700385BN6</cusip>
        <identifiers>
          <isin value="US700385BN69"/>
          <ticker value="PKCGEN"/>
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        <balance>700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>706808.27</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITY OF AUSTIN TX A 5.00%</name>
        <lei>IW10PQVTU7HKS3JMW253</lei>
        <title>CITY OF AUSTIN TX A 5.00%</title>
        <cusip>052398KT0</cusip>
        <identifiers>
          <isin value="US052398KT06"/>
          <ticker value="AUSAPT"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1046915.4</valUSD>
        <pctVal>0.0362304027</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MICHIGAN FIN. AUTHO 5.00%</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>MICHIGAN FIN. AUTHO 5.00%</title>
        <cusip>59447UAG5</cusip>
        <identifiers>
          <isin value="US59447UAG58"/>
          <ticker value="MISFIN"/>
        </identifiers>
        <balance>2645000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2771031.08</valUSD>
        <pctVal>0.0958965470</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>31828830.86</valUSD>
        <pctVal>1.1014943125</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>2.750000000000</annualizedRt>
          <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 MANHATTAN K 4.00%</name>
        <lei>N/A</lei>
        <title>CITY OF MANHATTAN K 4.00%</title>
        <cusip>562895YT3</cusip>
        <identifiers>
          <isin value="US562895YT30"/>
          <ticker value="MAN"/>
        </identifiers>
        <balance>1485000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1502263.27</valUSD>
        <pctVal>0.0519885400</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>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITY OF GEORGETOWN 5.00%</name>
        <lei>549300BSO7ULYERIVM97</lei>
        <title>CITY OF GEORGETOWN 5.00%</title>
        <cusip>3730642L7</cusip>
        <identifiers>
          <isin value="US3730642L71"/>
          <ticker value="GGTUTL"/>
        </identifiers>
        <balance>3400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3634066.88</valUSD>
        <pctVal>0.1257634632</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DEL MAR COLLEGE DIS 5.00%</name>
        <lei>N/A</lei>
        <title>DEL MAR COLLEGE DIS 5.00%</title>
        <cusip>245176KR2</cusip>
        <identifiers>
          <isin value="US245176KR22"/>
        </identifiers>
        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2138864.2</valUSD>
        <pctVal>0.0740192677</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>6908914.8</valUSD>
        <pctVal>0.2390955040</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>4167517.6</valUSD>
        <pctVal>0.1442244911</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INDUSTRIAL DEV. AUTHO VAR</name>
        <lei>549300QDTQ25545R4K19</lei>
        <title>INDUSTRIAL DEV. AUTHO VAR</title>
        <cusip>721779LM6</cusip>
        <identifiers>
          <isin value="US721779LM68"/>
          <ticker value="PIMMFH"/>
        </identifiers>
        <balance>7595000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7556759.18</valUSD>
        <pctVal>0.2615153316</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.710000000000</annualizedRt>
          <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 WASHIN 5.00%</name>
        <lei>7HERAVJJLN8J1DZ6AZ19</lei>
        <title>METROPOLITAN WASHIN 5.00%</title>
        <cusip>592647JX0</cusip>
        <identifiers>
          <isin value="US592647JX07"/>
          <ticker value="METAPT"/>
        </identifiers>
        <balance>2940000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3075690.41</valUSD>
        <pctVal>0.1064398346</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>5184471.55</valUSD>
        <pctVal>0.1794180236</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>4000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4199391.6</valUSD>
        <pctVal>0.1453275486</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>4130000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4341023.59</valUSD>
        <pctVal>0.1502289800</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GARFIELD COUNTY EDU 5.00%</name>
        <lei>N/A</lei>
        <title>GARFIELD COUNTY EDU 5.00%</title>
        <cusip>365716AS8</cusip>
        <identifiers>
          <isin value="US365716AS83"/>
          <ticker value="GAREDU"/>
        </identifiers>
        <balance>945000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>947813.55</valUSD>
        <pctVal>0.0328008038</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>2655000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2763559.76</valUSD>
        <pctVal>0.0956379884</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STATE OF ILLINOIS 5.25%</name>
        <lei>54930048FV8RWPR02D67</lei>
        <title>STATE OF ILLINOIS 5.25%</title>
        <cusip>452153NN5</cusip>
        <identifiers>
          <isin value="US452153NN55"/>
          <ticker value="ILS"/>
        </identifiers>
        <balance>23415000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24629575.86</valUSD>
        <pctVal>0.8523510602</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>5.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA COMMUNIT 5.00%</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNIT 5.00%</title>
        <cusip>13013JGS9</cusip>
        <identifiers>
          <isin value="US13013JGS96"/>
          <ticker value="CCEDEV"/>
        </identifiers>
        <balance>1750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1804114.9</valUSD>
        <pctVal>0.0624346622</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3007864.8</valUSD>
        <pctVal>0.1040926066</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>3.600000000000</annualizedRt>
          <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>21222188</valUSD>
        <pctVal>0.7344322348</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>4513463.55</valUSD>
        <pctVal>0.1561965770</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>3.250000000000</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>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"/>
        </identifiers>
        <balance>4000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4083741.6</valUSD>
        <pctVal>0.1413252710</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>4025000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4208051.77</valUSD>
        <pctVal>0.1456272495</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>1200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1243862.88</valUSD>
        <pctVal>0.0430461268</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY OF SPRINGFIELD 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF SPRINGFIELD 5.00%</title>
        <cusip>850578TX3</cusip>
        <identifiers>
          <isin value="US850578TX34"/>
          <ticker value="SPRPWR"/>
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        <balance>3220000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3266975.94</valUSD>
        <pctVal>0.1130596167</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OKLAHOMA COUNTY IND 3.25%</name>
        <lei>549300D7PJYDAPA3JL50</lei>
        <title>OKLAHOMA COUNTY IND 3.25%</title>
        <cusip>678705TN4</cusip>
        <identifiers>
          <isin value="US678705TN45"/>
          <ticker value="OKSSCD"/>
        </identifiers>
        <balance>17375000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17425267.61</valUSD>
        <pctVal>0.6030329311</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>3.250000000000</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 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>1036595.1</valUSD>
        <pctVal>0.0358732500</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>3693518.69</valUSD>
        <pctVal>0.1278209007</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SALT VERDE FINL. CO 5.25%</name>
        <lei>549300VEWOZY6TQOIF03</lei>
        <title>SALT VERDE FINL. CO 5.25%</title>
        <cusip>79575EAP3</cusip>
        <identifiers>
          <isin value="US79575EAP34"/>
          <ticker value="SLTPWR"/>
        </identifiers>
        <balance>9485000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9888435.94</valUSD>
        <pctVal>0.3422072270</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>5.250000000000</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 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"/>
        </identifiers>
        <balance>5565000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5788690.74</valUSD>
        <pctVal>0.2003281225</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>5835000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6130239.91</valUSD>
        <pctVal>0.2121480498</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>2513830.88</valUSD>
        <pctVal>0.0869956685</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>3.150000000000</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>549300ISNGXS0VHGVD41</lei>
        <title>WISCONSIN HEALTH &amp; 5.00%</title>
        <cusip>97712JPS6</cusip>
        <identifiers>
          <isin value="US97712JPS68"/>
          <ticker value="WISMED"/>
        </identifiers>
        <balance>1220000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1243386.42</valUSD>
        <pctVal>0.0430296380</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>427846.62</valUSD>
        <pctVal>0.0148064068</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>1560000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1604700.86</valUSD>
        <pctVal>0.0555335783</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>5782756.6</valUSD>
        <pctVal>0.2001227608</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>3.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </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"/>
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        <balance>9300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9183735.31</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.150000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ARKANSAS DEV. FIN. AU VAR</name>
        <lei>N/A</lei>
        <title>ARKANSAS DEV. FIN. AU VAR</title>
        <cusip>041083J23</cusip>
        <identifiers>
          <isin value="US041083J237"/>
          <ticker value="ARSSFH"/>
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        <balance>4725000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4725118.6</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>2057-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.875000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH F 5.00%</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA HEALTH F 5.00%</title>
        <cusip>13032UT40</cusip>
        <identifiers>
          <isin value="US13032UT402"/>
          <ticker value="CASMED"/>
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        <balance>10200000</balance>
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        <curCd>USD</curCd>
        <valUSD>10671782.64</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>2028-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LANCASTER INDEPENDE 5.00%</name>
        <lei>N/A</lei>
        <title>LANCASTER INDEPENDE 5.00%</title>
        <cusip>514462T59</cusip>
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          <isin value="US514462T594"/>
          <ticker value="LANSCD"/>
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        <balance>980000</balance>
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        <curCd>USD</curCd>
        <valUSD>994055.85</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>
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          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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"/>
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        <balance>9480000</balance>
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        <curCd>USD</curCd>
        <valUSD>9963300.83</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>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MARICOPA COUNTY IND 5.00%</name>
        <lei>N/A</lei>
        <title>MARICOPA COUNTY IND 5.00%</title>
        <cusip>56682HDZ9</cusip>
        <identifiers>
          <isin value="US56682HDZ91"/>
          <ticker value="MARDEV"/>
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        <balance>4000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4207092.8</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>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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>
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        <curCd>USD</curCd>
        <valUSD>9860347.5</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>2029-01-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>
        <identifiers>
          <isin value="US607298BQ85"/>
          <ticker value="MOBSCD"/>
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        <balance>715000</balance>
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        <curCd>USD</curCd>
        <valUSD>725907.33</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>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <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"/>
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        <balance>6250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6547056.25</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>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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"/>
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        <balance>260000</balance>
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        <curCd>USD</curCd>
        <valUSD>271253.29</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>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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>
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        <curCd>USD</curCd>
        <valUSD>1804181.89</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>2038-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <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>
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        <curCd>USD</curCd>
        <valUSD>1277835.25</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>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>
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        <curCd>USD</curCd>
        <valUSD>5008612</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>2044-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.050000000000</annualizedRt>
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      <invstOrSec>
        <name>HEMPSTEAD TOWN LOCA 5.00%</name>
        <lei>N/A</lei>
        <title>HEMPSTEAD TOWN LOCA 5.00%</title>
        <cusip>424682MV1</cusip>
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          <isin value="US424682MV14"/>
          <ticker value="HMVDEV"/>
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        <balance>935000</balance>
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        <curCd>USD</curCd>
        <valUSD>972549.69</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ILLINOIS FIN. AUTHO 2.50%</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>ILLINOIS FIN. AUTHO 2.50%</title>
        <cusip>45203UAR4</cusip>
        <identifiers>
          <isin value="US45203UAR41"/>
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        <balance>6950000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6946969.11</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>2026-10-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.500000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TEXAS WOMAN S UNIVE 5.00%</name>
        <lei>N/A</lei>
        <title>TEXAS WOMAN S UNIVE 5.00%</title>
        <cusip>882874MZ0</cusip>
        <identifiers>
          <isin value="US882874MZ09"/>
          <ticker value="TWUHGR"/>
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        <balance>1210000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1289196.44</valUSD>
        <pctVal>0.0446149767</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PENNSYLVANIA TURNPI 5.00%</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>PENNSYLVANIA TURNPI 5.00%</title>
        <cusip>709225UP9</cusip>
        <identifiers>
          <isin value="US709225UP93"/>
          <ticker value="PASTRN"/>
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        <balance>2410000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2463914.83</valUSD>
        <pctVal>0.0852682332</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>09182THT7</cusip>
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          <isin value="US09182THT79"/>
          <ticker value="BBEUTL"/>
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        <balance>310000</balance>
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        <curCd>USD</curCd>
        <valUSD>314305.34</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SANTA FE PUBLIC SCH 5.00%</name>
        <lei>54930082JUO16DJWGD91</lei>
        <title>SANTA FE PUBLIC SCH 5.00%</title>
        <cusip>802088RV8</cusip>
        <identifiers>
          <isin value="US802088RV81"/>
          <ticker value="SFESCD"/>
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        <balance>6550000</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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      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK CITY TRANS 5.00%</name>
        <lei>5493003476LG35QAKM08</lei>
        <title>NEW YORK CITY TRANS 5.00%</title>
        <cusip>64972JD54</cusip>
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          <isin value="US64972JD545"/>
          <ticker value="NYCGEN"/>
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        <balance>4195000</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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>KENTUCKY STATE PROP 5.00%</name>
        <lei>N/A</lei>
        <title>KENTUCKY STATE PROP 5.00%</title>
        <cusip>49151HBT2</cusip>
        <identifiers>
          <isin value="US49151HBT23"/>
          <ticker value="KYSFAC"/>
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        <balance>6500000</balance>
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        <curCd>USD</curCd>
        <valUSD>6755760.7</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>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CITY OF LOS ANGELES 5.00%</name>
        <lei>549300E7TO710PTXPJ65</lei>
        <title>CITY OF LOS ANGELES 5.00%</title>
        <cusip>544351TF6</cusip>
        <identifiers>
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          <ticker value="LOS"/>
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        <balance>13585000</balance>
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        <curCd>USD</curCd>
        <valUSD>13876145.57</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>2027-06-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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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>167593YY2</cusip>
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          <isin value="US167593YY28"/>
          <ticker value="CHITRN"/>
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        <balance>2290000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2317413.82</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>2028-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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>1883029.16</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>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PORT AUTHORITY OF N 5.00%</name>
        <lei>54930006MR4KZ4W74Z83</lei>
        <title>PORT AUTHORITY OF N 5.00%</title>
        <cusip>73358XRA2</cusip>
        <identifiers>
          <isin value="US73358XRA27"/>
          <ticker value="PORTRN"/>
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        <balance>3750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3859716.38</valUSD>
        <pctVal>0.1335724727</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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      <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>1705231.28</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>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <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>
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        <curCd>USD</curCd>
        <valUSD>1053216.6</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>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <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"/>
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        <balance>1385000</balance>
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        <curCd>USD</curCd>
        <valUSD>1416739.08</valUSD>
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        <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>5.000000000000</annualizedRt>
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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>79623PTQ8</cusip>
        <identifiers>
          <isin value="US79623PTQ80"/>
          <ticker value="SAN"/>
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        <balance>5240000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5452401.3</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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      <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>2734998.91</valUSD>
        <pctVal>0.0946495885</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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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>
        <identifiers>
          <isin value="US79623PUL74"/>
          <ticker value="SAN"/>
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        <balance>2325000</balance>
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        <curCd>USD</curCd>
        <valUSD>2419242.95</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>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <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>362386.76</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <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>83755VU93</cusip>
        <identifiers>
          <isin value="US83755VU938"/>
          <ticker value="SDSMED"/>
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        <balance>915000</balance>
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        <curCd>USD</curCd>
        <valUSD>940003.75</valUSD>
        <pctVal>0.0325305315</pctVal>
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        <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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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          <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>45528VDZ9</cusip>
        <identifiers>
          <isin value="US45528VDZ94"/>
          <ticker value="INPBBK"/>
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        <balance>780000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>790438.04</valUSD>
        <pctVal>0.0273545393</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>COUNTY OF FORT BEND 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF FORT BEND 5.00%</title>
        <cusip>346766Z50</cusip>
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          <isin value="US346766Z508"/>
          <ticker value="FOR"/>
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        <balance>2765000</balance>
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        <curCd>USD</curCd>
        <valUSD>2807696.3</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>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </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"/>
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        <balance>1535000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1560034.62</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1222058.9</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>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CITY OF PHILADELPHI 5.00%</name>
        <lei>549300IVFOPB4AG7UL47</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>895164.37</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>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>
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        <curCd>USD</curCd>
        <valUSD>3744223.88</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>2027-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.900000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>
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          <isin value="US346766T998"/>
          <ticker value="FOR"/>
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        <balance>865000</balance>
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        <curCd>USD</curCd>
        <valUSD>899681.74</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>79623PTM7</cusip>
        <identifiers>
          <isin value="US79623PTM76"/>
          <ticker value="SAN"/>
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        <balance>6350000</balance>
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        <curCd>USD</curCd>
        <valUSD>6607394.71</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>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>STATE OF ILLINOIS S 5.00%</name>
        <lei>54930048FV8RWPR02D67</lei>
        <title>STATE OF ILLINOIS S 5.00%</title>
        <cusip>452227WQ0</cusip>
        <identifiers>
          <isin value="US452227WQ04"/>
          <ticker value="ILSGEN"/>
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        <balance>3965000</balance>
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        <curCd>USD</curCd>
        <valUSD>4210981.07</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>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
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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>19758260.85</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19758260.85</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <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>283735AQ1</cusip>
        <identifiers>
          <isin value="US283735AQ12"/>
          <ticker value="ELP"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1540240.2</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>2027-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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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>
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          <ticker value="ELP"/>
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        <balance>3450000</balance>
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        <curCd>USD</curCd>
        <valUSD>3621545.04</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>STATE OF ILLINOIS S 5.00%</name>
        <lei>54930048FV8RWPR02D67</lei>
        <title>STATE OF ILLINOIS S 5.00%</title>
        <cusip>452227WN7</cusip>
        <identifiers>
          <isin value="US452227WN72"/>
          <ticker value="ILSGEN"/>
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        <balance>2250000</balance>
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        <curCd>USD</curCd>
        <valUSD>2301955.88</valUSD>
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        <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>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>TIPPECANOE SCHOOL C 5.00%</name>
        <lei>N/A</lei>
        <title>TIPPECANOE SCHOOL C 5.00%</title>
        <cusip>887870FP3</cusip>
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          <isin value="US887870FP37"/>
          <ticker value="TIPSCD"/>
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        <balance>1250000</balance>
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        <curCd>USD</curCd>
        <valUSD>1293565.25</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <name>BLACK BELT ENERGY G 5.00%</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>BLACK BELT ENERGY G 5.00%</title>
        <cusip>09182TKF3</cusip>
        <identifiers>
          <isin value="US09182TKF39"/>
          <ticker value="BBEUTL"/>
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        <balance>750000</balance>
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        <curCd>USD</curCd>
        <valUSD>765865.5</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>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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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>
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        <curCd>USD</curCd>
        <valUSD>1750000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>249182TR7</cusip>
        <identifiers>
          <isin value="US249182TR76"/>
          <ticker value="DENAPT"/>
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        <balance>15560000</balance>
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        <curCd>USD</curCd>
        <valUSD>15690697.78</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>2026-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MINNESOTA RURAL WA 2.875%</name>
        <lei>N/A</lei>
        <title>MINNESOTA RURAL WA 2.875%</title>
        <cusip>60411PBF7</cusip>
        <identifiers>
          <isin value="US60411PBF71"/>
          <ticker value="MNSWTR"/>
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        <balance>8500000</balance>
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        <curCd>USD</curCd>
        <valUSD>8502572.1</valUSD>
        <pctVal>0.2942469000</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>2.875000000000</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>TIPPECANOE SCHOOL C 5.00%</name>
        <lei>N/A</lei>
        <title>TIPPECANOE SCHOOL C 5.00%</title>
        <cusip>887870FN8</cusip>
        <identifiers>
          <isin value="US887870FN88"/>
          <ticker value="TIPSCD"/>
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        <balance>1250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1279810.63</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>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </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"/>
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        <balance>600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>601090.56</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>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.800000000000</annualizedRt>
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        <securityLending>
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      <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>5616848.07</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5480908.55</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.500000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>STATE OF ILLINOIS S 5.00%</name>
        <lei>54930048FV8RWPR02D67</lei>
        <title>STATE OF ILLINOIS S 5.00%</title>
        <cusip>452227WP2</cusip>
        <identifiers>
          <isin value="US452227WP21"/>
          <ticker value="ILSGEN"/>
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        <balance>4000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4185754.4</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>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITY OF PHILADELPHI 5.00%</name>
        <lei>549300IVFOPB4AG7UL47</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>1021857.8</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>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <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>11408553.19</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>2027-09-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.3884396</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>PORT AUTHORITY OF N 5.00%</name>
        <lei>54930006MR4KZ4W74Z83</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>7306635.44</valUSD>
        <pctVal>0.2528593468</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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>1334834.56</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>5.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PUTNAM COUNTY SCHOO 5.00%</name>
        <lei>N/A</lei>
        <title>PUTNAM COUNTY SCHOO 5.00%</title>
        <cusip>746547FE3</cusip>
        <identifiers>
          <isin value="US746547FE31"/>
          <ticker value="PUTSCD"/>
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        <balance>1685000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1761056.01</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>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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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>5877141.44</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>3.250000000000</annualizedRt>
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        <securityLending>
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        <name>PENNSYLVANIA ECONOM 5.00%</name>
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        <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>2719626.48</valUSD>
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        <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>5.000000000000</annualizedRt>
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        <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>
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        <curCd>USD</curCd>
        <valUSD>2030179.6</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>5.000000000000</annualizedRt>
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        <name>COUNTY OF EL PASO T 5.00%</name>
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        <title>COUNTY OF EL PASO T 5.00%</title>
        <cusip>2834975X9</cusip>
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          <isin value="US2834975X91"/>
          <ticker value="ELP"/>
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        <balance>4000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4011112.8</valUSD>
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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>5.000000000000</annualizedRt>
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        <name>NORTH CAROLINA MUNI 5.00%</name>
        <lei>549300N3Q65G1ODRFX75</lei>
        <title>NORTH CAROLINA MUNI 5.00%</title>
        <cusip>6582036E9</cusip>
        <identifiers>
          <isin value="US6582036E92"/>
          <ticker value="NCMPWR"/>
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        <balance>14910000</balance>
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        <curCd>USD</curCd>
        <valUSD>15733289.94</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <name>PERMANENT UNIVERSIT 5.00%</name>
        <lei>N/A</lei>
        <title>PERMANENT UNIVERSIT 5.00%</title>
        <cusip>882118AC6</cusip>
        <identifiers>
          <isin value="US882118AC63"/>
          <ticker value="TAMHGR"/>
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        <balance>15970000</balance>
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        <curCd>USD</curCd>
        <valUSD>17049027.42</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <name>MICHIGAN FIN. AUTHO 5.00%</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>MICHIGAN FIN. AUTHO 5.00%</title>
        <cusip>59447TMD2</cusip>
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          <isin value="US59447TMD27"/>
          <ticker value="MISFIN"/>
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        <balance>2785000</balance>
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        <curCd>USD</curCd>
        <valUSD>2806620.23</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>5.000000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <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"/>
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        <balance>19150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19382948.26</valUSD>
        <pctVal>0.6707820140</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>4.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </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"/>
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        <balance>7270000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7247818.5</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>2045-05-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.920000000000</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>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"/>
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        <balance>8840000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9009640.48</valUSD>
        <pctVal>0.3117949192</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>5.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>8415000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8748470.46</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>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </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"/>
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        <balance>1360000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1363541.44</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>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PENNSYLVANIA ECONOM 5.00%</name>
        <lei>N/A</lei>
        <title>PENNSYLVANIA ECONOM 5.00%</title>
        <cusip>70870JAN8</cusip>
        <identifiers>
          <isin value="US70870JAN81"/>
          <ticker value="PASMED"/>
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        <balance>4270000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4393130.57</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>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>
      <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>3424527.96</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>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY OF RUSTON LA S 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF RUSTON LA S 5.00%</title>
        <cusip>783116AX4</cusip>
        <identifiers>
          <isin value="US783116AX45"/>
          <ticker value="RUSGEN"/>
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        <balance>1390000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1446988.05</valUSD>
        <pctVal>0.0500756410</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>INDIANA FIN. AUTHORIT FRN</name>
        <lei>549300PS0PAS7NDSSI20</lei>
        <title>INDIANA FIN. AUTHORIT FRN</title>
        <cusip>45506EDH3</cusip>
        <identifiers>
          <isin value="US45506EDH36"/>
          <ticker value="INSFIN"/>
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        <balance>5975000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5959810.95</valUSD>
        <pctVal>0.2062500471</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>2.970000000000</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>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"/>
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        <balance>300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>303846.69</valUSD>
        <pctVal>0.0105151648</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>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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>1651015.04</valUSD>
        <pctVal>0.0571363643</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>12435000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12527813.6</valUSD>
        <pctVal>0.4335476691</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PEFA INC VAR</name>
        <lei>549300RSE249DJNRHY07</lei>
        <title>PEFA INC VAR</title>
        <cusip>70556CAB0</cusip>
        <identifiers>
          <isin value="US70556CAB00"/>
          <ticker value="PEFUTL"/>
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        <balance>11645000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11686005.54</valUSD>
        <pctVal>0.4044153772</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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>9189259.16</valUSD>
        <pctVal>0.3180109488</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>544532CS1</cusip>
        <identifiers>
          <isin value="US544532CS18"/>
          <ticker value="LOSUTL"/>
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        <balance>6270000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6270000</valUSD>
        <pctVal>0.2169847008</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MARICOPA COUNTY INDL. VAR</name>
        <lei>N/A</lei>
        <title>MARICOPA COUNTY INDL. VAR</title>
        <cusip>56682HDV8</cusip>
        <identifiers>
          <isin value="US56682HDV87"/>
          <ticker value="MARDEV"/>
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        <balance>10000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10344285</valUSD>
        <pctVal>0.3579827090</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>5.000000000000</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>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2892487.25</valUSD>
        <pctVal>0.1000997576</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>6.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COUNTY OF ESSEX NJ 4.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF ESSEX NJ 4.00%</title>
        <cusip>2968045R4</cusip>
        <identifiers>
          <isin value="US2968045R42"/>
          <ticker value="ESS"/>
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        <balance>11595000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11751876.87</valUSD>
        <pctVal>0.4066949738</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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>7617111.75</valUSD>
        <pctVal>0.2636039416</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>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOUTHEAST ENERGY AU 5.00%</name>
        <lei>25490090A3RLJHITY273</lei>
        <title>SOUTHEAST ENERGY AU 5.00%</title>
        <cusip>84136HAM5</cusip>
        <identifiers>
          <isin value="US84136HAM51"/>
          <ticker value="SEEPWR"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>513219.3</valUSD>
        <pctVal>0.0177608830</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PENNSYLVANIA ECONOM 5.00%</name>
        <lei>N/A</lei>
        <title>PENNSYLVANIA ECONOM 5.00%</title>
        <cusip>70870JHC5</cusip>
        <identifiers>
          <isin value="US70870JHC53"/>
          <ticker value="PASMED"/>
        </identifiers>
        <balance>3500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3627965.6</valUSD>
        <pctVal>0.1255523174</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>2278445.17</valUSD>
        <pctVal>0.0788497198</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>2.125000000000</annualizedRt>
          <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>5444952C7</cusip>
        <identifiers>
          <isin value="US5444952C72"/>
          <ticker value="LOSUTL"/>
        </identifiers>
        <balance>3180000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3218182.9</valUSD>
        <pctVal>0.1113710452</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>1150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1161685.04</valUSD>
        <pctVal>0.0402022138</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>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MID-BAY BRIDGE AUTH 5.00%</name>
        <lei>N/A</lei>
        <title>MID-BAY BRIDGE AUTH 5.00%</title>
        <cusip>342814ED8</cusip>
        <identifiers>
          <isin value="US342814ED86"/>
          <ticker value="FLSTRN"/>
        </identifiers>
        <balance>1700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1745473.13</valUSD>
        <pctVal>0.0604052575</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>6930182.53</valUSD>
        <pctVal>0.2398315123</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>351905.21</valUSD>
        <pctVal>0.0121783169</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>1850000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1832405.95</valUSD>
        <pctVal>0.0634137252</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>2.650000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <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>2479053.75</valUSD>
        <pctVal>0.0857921429</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>2.650000000000</annualizedRt>
          <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>895393.71</valUSD>
        <pctVal>0.0309867203</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>2.680000000000</annualizedRt>
          <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>1084982.01</valUSD>
        <pctVal>0.0375477666</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOS ANGELES DEPT. O 5.00%</name>
        <lei>549300S8NXV6YU61GG95</lei>
        <title>LOS ANGELES DEPT. O 5.00%</title>
        <cusip>544532GJ7</cusip>
        <identifiers>
          <isin value="US544532GJ72"/>
          <ticker value="LOSUTL"/>
        </identifiers>
        <balance>1990000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1990000</valUSD>
        <pctVal>0.0688675526</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>3653039.2</valUSD>
        <pctVal>0.1264200347</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>1654165.31</valUSD>
        <pctVal>0.0572453851</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>2529130</valUSD>
        <pctVal>0.0875251222</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>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </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>
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          <isin value="US662523X611"/>
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        <balance>6000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6292833.6</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>2028-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MICHIGAN STATE HOSP 5.00%</name>
        <lei>54930011MIBQ2P7ZNM19</lei>
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        <cusip>59465HXS0</cusip>
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          <isin value="US59465HXS02"/>
          <ticker value="MISMED"/>
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        <balance>500000</balance>
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        <curCd>USD</curCd>
        <valUSD>529512.25</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>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </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>
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          <isin value="US523470GF33"/>
          <ticker value="LEEAPT"/>
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        <balance>3525000</balance>
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        <curCd>USD</curCd>
        <valUSD>3618061.76</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>2027-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FORT WAYNE COMMUNIT 5.00%</name>
        <lei>N/A</lei>
        <title>FORT WAYNE COMMUNIT 5.00%</title>
        <cusip>349244HK2</cusip>
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          <isin value="US349244HK22"/>
          <ticker value="FORSCD"/>
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        <balance>725000</balance>
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        <curCd>USD</curCd>
        <valUSD>750045.56</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>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <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>78764YFQ5</cusip>
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          <isin value="US78764YFQ52"/>
          <ticker value="STSWTR"/>
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        <balance>765000</balance>
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        <curCd>USD</curCd>
        <valUSD>790348.2</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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>
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        <curCd>USD</curCd>
        <valUSD>6854165.41</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>2027-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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>6312745.27</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>2026-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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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>3265608.45</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>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>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"/>
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        <balance>1565000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1616983.82</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>641667SA9</cusip>
        <identifiers>
          <isin value="US641667SA94"/>
          <ticker value="NEWEDU"/>
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        <balance>1725000</balance>
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        <curCd>USD</curCd>
        <valUSD>1765781.07</valUSD>
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        <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>5.000000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>CUMBERLAND COUNTY IND VAR</name>
        <lei>N/A</lei>
        <title>CUMBERLAND COUNTY IND VAR</title>
        <cusip>230589AB9</cusip>
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          <isin value="US230589AB90"/>
          <ticker value="CUMPOL"/>
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        <balance>20500000</balance>
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        <curCd>USD</curCd>
        <valUSD>20485440.9</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>2027-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.125000000000</annualizedRt>
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        <name>WASHINGTON HEALTH C 5.00%</name>
        <lei>549300ZVPWQIL3N5TL85</lei>
        <title>WASHINGTON HEALTH C 5.00%</title>
        <cusip>93978HD36</cusip>
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          <isin value="US93978HD368"/>
          <ticker value="WASMED"/>
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        <balance>790000</balance>
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        <curCd>USD</curCd>
        <valUSD>809775.04</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>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <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>
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        <curCd>USD</curCd>
        <valUSD>422296.36</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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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>78764YFR3</cusip>
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          <isin value="US78764YFR36"/>
          <ticker value="STSWTR"/>
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        <balance>870000</balance>
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        <curCd>USD</curCd>
        <valUSD>917652.42</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>5.000000000000</annualizedRt>
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        <name>BOARD OF REGENTS OF 2.40%</name>
        <lei>TEHUYFNKZR6XVWLGEU86</lei>
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        <balance>6330000</balance>
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        <curCd>USD</curCd>
        <valUSD>6329952.53</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.400000000000</annualizedRt>
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      <invstOrSec>
        <name>DALLAS FORT WORTH I 5.00%</name>
        <lei>N/A</lei>
        <title>DALLAS FORT WORTH I 5.00%</title>
        <cusip>23503CFP7</cusip>
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          <isin value="US23503CFP77"/>
          <ticker value="DALAPT"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1047868.4</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>2028-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
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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>
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        <curCd>USD</curCd>
        <valUSD>1076713.92</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>2028-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COLORADO HEALTH FACIL VAR</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
        <title>COLORADO HEALTH FACIL VAR</title>
        <cusip>19648FVL5</cusip>
        <identifiers>
          <isin value="US19648FVL56"/>
          <ticker value="COSMED"/>
        </identifiers>
        <balance>14170000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14835702.35</valUSD>
        <pctVal>0.5134163373</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>1945000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1985554.61</valUSD>
        <pctVal>0.0687137118</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3155780.7</valUSD>
        <pctVal>0.1092115041</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>8200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8532383.72</valUSD>
        <pctVal>0.2952785850</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>4825609.03</valUSD>
        <pctVal>0.1669989364</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>2.920000000000</annualizedRt>
          <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>549300JZVUPNWP77SP29</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>1668975.14</valUSD>
        <pctVal>0.0577579061</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>2.650000000000</annualizedRt>
          <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>3602702.95</valUSD>
        <pctVal>0.1246780577</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>795000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>802875.11</valUSD>
        <pctVal>0.0277849466</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>2608798.09</valUSD>
        <pctVal>0.0902821807</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>3.125000000000</annualizedRt>
          <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>1523522.58</valUSD>
        <pctVal>0.0527242570</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>2.900000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HUNTINGTON NATL. BANK F2F</name>
        <lei>2WHM8VNJH63UN14OL754</lei>
        <title>HUNTINGTON NATL. BANK F2F</title>
        <cusip>44644MAK7</cusip>
        <identifiers>
          <isin value="US44644MAK71"/>
          <ticker value="HBAN"/>
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        <balance>7400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7414668.58</valUSD>
        <pctVal>0.2565980292</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.871000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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"/>
        </identifiers>
        <balance>7750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8114001.23</valUSD>
        <pctVal>0.2807997016</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>1775447.87</valUSD>
        <pctVal>0.0614425877</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>2002466.6</valUSD>
        <pctVal>0.0692989818</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>4.500000000000</annualizedRt>
          <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>2513673.69</valUSD>
        <pctVal>0.0869902286</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>1600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1589636.64</valUSD>
        <pctVal>0.0550122537</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>2.650000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1020156.9</valUSD>
        <pctVal>0.0353043763</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MULTNOMAH COUNTY SC 5.00%</name>
        <lei>N/A</lei>
        <title>MULTNOMAH COUNTY SC 5.00%</title>
        <cusip>625574QD3</cusip>
        <identifiers>
          <isin value="US625574QD31"/>
          <ticker value="MULSCD"/>
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        <balance>4680000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4783923.61</valUSD>
        <pctVal>0.1655563370</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>4961968.63</valUSD>
        <pctVal>0.1717179072</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>678305.68</valUSD>
        <pctVal>0.0234739960</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>2245335.9</valUSD>
        <pctVal>0.0777039136</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>3.150000000000</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>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>799672.43</valUSD>
        <pctVal>0.0276741121</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>303595.38</valUSD>
        <pctVal>0.0105064677</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>2780000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2774550.64</valUSD>
        <pctVal>0.0960183477</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>2.600000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC 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>5440244.92</valUSD>
        <pctVal>0.1882695241</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>6.250000000000</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>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>11217997.84</valUSD>
        <pctVal>0.3882191235</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>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>21034587.2</valUSD>
        <pctVal>0.7279399695</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>5.500000000000</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>WORLD OMNI AUTO REC 4.86%</name>
        <lei>N/A</lei>
        <title>WORLD OMNI AUTO REC 4.86%</title>
        <cusip>98164RAD8</cusip>
        <identifiers>
          <isin value="US98164RAD89"/>
          <ticker value="WOART"/>
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        <balance>1493848.88</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1498486.53</valUSD>
        <pctVal>0.0518578391</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.860000000000</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 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>3661538.65</valUSD>
        <pctVal>0.1267141736</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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>8178970.4</valUSD>
        <pctVal>0.2830480773</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NEW ALBANY-FLOYD CO 5.00%</name>
        <lei>N/A</lei>
        <title>NEW ALBANY-FLOYD CO 5.00%</title>
        <cusip>641667RY8</cusip>
        <identifiers>
          <isin value="US641667RY89"/>
          <ticker value="NEWEDU"/>
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        <balance>1490000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1491139.7</valUSD>
        <pctVal>0.0516035888</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BOROUGH OF NORTH SL 5.00%</name>
        <lei>N/A</lei>
        <title>BOROUGH OF NORTH SL 5.00%</title>
        <cusip>662523X53</cusip>
        <identifiers>
          <isin value="US662523X538"/>
          <ticker value="NOR"/>
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        <balance>4100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4201650.89</valUSD>
        <pctVal>0.1454057354</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>827701.21</valUSD>
        <pctVal>0.0286440988</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>367100.14</valUSD>
        <pctVal>0.0127041649</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RHODE ISLAND INFRA. 5.00%</name>
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      <invstOrSec>
        <name>ST CHARLES COUNTY P 5.00%</name>
        <lei>54930038VJHZW7PR1R14</lei>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>SANTANDER HLDGS. USA FRN</name>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Floating</couponKind>
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        <name>HYUNDAI CAP. AMERIC 5.25%</name>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>CNH EQUIP. TST. 202 4.77%</name>
        <lei>N/A</lei>
        <title>CNH EQUIP. TST. 202 4.77%</title>
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        <identifiers>
          <isin value="US18978FAC05"/>
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        <balance>648493.17</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>AERCAP IRELAND CAP. 6.45%</name>
        <lei>549300TI38531ODB1G63</lei>
        <title>AERCAP IRELAND CAP. 6.45%</title>
        <cusip>00774MBG9</cusip>
        <identifiers>
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          <ticker value="AER"/>
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        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5063779.95</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>HSBC HLDGS. PLC FRN</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC HLDGS. PLC FRN</title>
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          <isin value="US404280ET24"/>
          <ticker value="HSBC"/>
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        <curCd>USD</curCd>
        <valUSD>6034448.22</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <name>BMW US CAP. LLC FRN</name>
        <lei>KK5MZM9DIXLXZL9DZL15</lei>
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        <cusip>05565EDE2</cusip>
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          <ticker value="BMW"/>
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        <balance>1700000</balance>
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        <curCd>USD</curCd>
        <valUSD>1705036.06</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.3208496</annualizedRt>
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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>
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        <curCd>USD</curCd>
        <valUSD>14353438.15</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.550000000000</annualizedRt>
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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>9938184.4</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DEUTSCHE BANK AG/NEW F2F</name>
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        <cusip>251526CU1</cusip>
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          <ticker value="DB"/>
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        <balance>20809000</balance>
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        <curCd>USD</curCd>
        <valUSD>21767237.39</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.819000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>DEUTSCHE BANK AG/NEW FRN</name>
        <lei>N/A</lei>
        <title>DEUTSCHE BANK AG/NEW FRN</title>
        <cusip>251526CN7</cusip>
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          <isin value="US251526CN70"/>
          <ticker value="DB"/>
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        <balance>7500000</balance>
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        <curCd>USD</curCd>
        <valUSD>7510209.08</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>OBX 2026-NQM8 TRUS 5.297%</name>
        <lei>2549007DTHVTGCMU8X03</lei>
        <title>OBX 2026-NQM8 TRUS 5.297%</title>
        <cusip>67124UAC7</cusip>
        <identifiers>
          <isin value="US67124UAC71"/>
          <ticker value="OBX"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1987883.4</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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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>5037865.75</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.400000000000</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>3171823.5</balance>
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        <curCd>USD</curCd>
        <valUSD>3181213.05</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.800000000000</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>
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          <isin value="US30168JAF03"/>
          <ticker value="EART"/>
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        <balance>2300000</balance>
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        <curCd>USD</curCd>
        <valUSD>2335912.89</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.890000000000</annualizedRt>
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        <securityLending>
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          <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>569069.95</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>570791.33</valUSD>
        <pctVal>0.0197532673</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>4.920000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JEFFERSON EXCHANGE A FRN</name>
        <lei>2549006S3H8CIXYC2W43</lei>
        <title>JEFFERSON EXCHANGE A FRN</title>
        <cusip>47405HAB0</cusip>
        <identifiers>
          <isin value="US47405HAB06"/>
          <ticker value="JEFFEX"/>
        </identifiers>
        <balance>6400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6400000</valUSD>
        <pctVal>0.2214835861</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.7199997</annualizedRt>
          <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>5711702.5</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5711702.5</valUSD>
        <pctVal>0.1976638051</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="5711702.500000000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
