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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>OHIO CNTY WV CNTY COMMISSION S</name>
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        <name>W DELAWARE CNTY IA CMNTY SCH D</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>COMAL CNTY TX WTR CONTROL &amp; IM</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HARRIS CNTY TX MUNI UTILITY DI</name>
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        <fairValLevel>2</fairValLevel>
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          <isin value="US39160CAQ06"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>MADISON CNTY IL CMNTY UNIT SCH</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>MORNINGSTAR RANCH MUNI UTIL DI</name>
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          <isin value="US61771KDY73"/>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>ALLEGHENY CNTY PA ARPT AUTH AR</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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          <isin value="US837151U492"/>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>DAVENPORT IA CMNTY SCH DISTS S</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>UNIV OF SOUTH ALABAMA AL UNIV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SONTERRA TX MUNI UTILITY DIST</name>
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        <fairValLevel>2</fairValLevel>
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        <name>COMAL CNTY TX WTR CONTROL &amp; IM</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ARLINGTON TX HGR EDU FIN CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VIROQUA WI AREA SCH DIST</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>ALASKA ST RAILROAD CORP CRUISE</name>
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          <isin value="US01176AAU79"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-10-01</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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        <name>CHICAGO IL BRD OF EDU DEDICATE</name>
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          <isin value="US167510BM78"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>796879.80000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>HARRIS CNTY TX MUNI UTILITY DI</name>
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        <title>Harris County Municipal Utility District No 489</title>
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          <isin value="US41423LCZ76"/>
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        <balance>575000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>453629.63000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-09-01</maturityDt>
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          <annualizedRt>2.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>CONNECTICUT ST HLTH &amp; EDUCTNL</name>
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        <cusip>20775DN81</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-07-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>SANGAMON CNTY IL SCH DIST #186</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>MONTGOMERY CNTY TX MUNI UTILIT</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>OAK GROVE CA SCH DIST</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-06-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>HALIFAX FL HOSP MED CTR</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>TWIN RIVERS CA UNIF SCH DIST</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DENTON TX INDEP SCH DIST</name>
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        <title>Denton Independent School District</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>MOUNT HOUSTON ROAD TX MUNI UTI</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MAINE HLTH &amp; HGR EDUCTNL FACS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LAZY NINE TX MUNI UTILITY DIST</name>
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          <isin value="US52109HKK85"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA CMNTY CHOICE FING A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GRAND RAPIDS MI PUBLIC SCHS</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>IDAHO ST HSG &amp; FIN ASSN NONPRO</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>CUYAHOGA CNTY OH HOSP REVENUE</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>S WSTRN IL DEV AUTH REV</name>
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        <curCd>USD</curCd>
        <valUSD>2961932.94000000</valUSD>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-12-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>HALIFAX FL HOSP MED CTR</name>
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          <isin value="US405815LQ29"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CASTLE OAKS CO MET DIST #3</name>
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          <isin value="US14846XAP15"/>
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        <fairValLevel>2</fairValLevel>
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        <name>WASHINGTON CA UNIF SCH DIST YO</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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        <name>CHICAGO IL BRD OF EDU DEDICATE</name>
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        <title>Chicago Board of Education Dedicated Capital Improvement Tax</title>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>LAZY NINE TX MUNI UTILITY DIST</name>
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        <title>Lazy Nine Municipal Utility District No 1B</title>
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          <isin value="US52109HQB23"/>
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        <fairValLevel>2</fairValLevel>
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        <name>SHAWANO WI ELEC SYS REVENUE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GREAT LAKES MI WTR AUTH WTR SP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WAYNE CNTY MI ARPT AUTH REVENU</name>
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          <isin value="US944514L227"/>
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        <fairValLevel>2</fairValLevel>
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        <name>OMAHA NE ARPT AUTH</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BURBANK GLENDALE PASADENA CA A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>KENTUCKY ST MUNI ENERGY AGY PW</name>
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          <isin value="US491499AU37"/>
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        <fairValLevel>2</fairValLevel>
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        <name>NEW YORK ST DORM AUTH REVENUES</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>WILLIAMSON CNTY TX MUNI UTILIT</name>
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          <isin value="US97001TCP49"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-08-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WILL CNTY IL SCH DIST #114 MAN</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RIVER ISLANDS CA PUBLIC FING A</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-09-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>HEBER UT LIGHT &amp; PWR COMPANY E</name>
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        <title>Heber Light &amp; Power Co</title>
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          <isin value="US42249TEB17"/>
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        <curCd>USD</curCd>
        <valUSD>1029578.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-12-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>BALTIC SD SCH DIST #49-1</name>
        <lei>N/A</lei>
        <title>Baltic School District No 49-1</title>
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          <isin value="US058827EZ53"/>
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        <balance>3080000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3237241.39000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-12-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>LA SALLE CNTY IL CMNTY UNIT SC</name>
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        <title>La Salle County Community Unit School District No 2 Serena</title>
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          <isin value="US504396HF25"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-10-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>CLARK CNTY NV SCH DIST</name>
        <lei>N/A</lei>
        <title>Clark County School District</title>
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        <valUSD>1387352.36000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</maturityDt>
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          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>PENNSYLVANIA ST TURNPIKE COMMI</name>
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        <title>Pennsylvania Turnpike Commission</title>
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          <isin value="US709224Q284"/>
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        <curCd>USD</curCd>
        <valUSD>1663945.47000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>SAN MATEO CALIF SPL TAX</name>
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          <isin value="US79901PCX42"/>
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        <valUSD>5009537.12000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-09-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>INDIANA ST HSG &amp; CMNTY DEV AUT</name>
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        <title>Indiana Housing &amp; Community Development Authority</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-07-01</maturityDt>
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        <name>MONROE WI SCH DIST</name>
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        <title>Monroe School District/WI</title>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-03-01</maturityDt>
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        <name>CARMEL IN WTRWKS REVENUE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NEW YORK ST CONVENTION CENTER</name>
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        <title>New York Convention Center Development Corp</title>
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        <fairValLevel>2</fairValLevel>
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        <title>Washington State Housing Finance Commission</title>
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        <fairValLevel>2</fairValLevel>
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        <name>WEST VIRGINIA ST ECON DEV AUTH</name>
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        <title>West Virginia Economic Development Authority</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <title>Idaho Housing &amp; Finance Association</title>
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        <fairValLevel>2</fairValLevel>
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        <name>GEORGETOWN TX INDEP SCH DIST</name>
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          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FORT BEND CNTY TX MUNI UTIL DI</name>
        <lei>N/A</lei>
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          <isin value="US34683LHW90"/>
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        <curCd>USD</curCd>
        <valUSD>441899.98000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO IL TRANSIT AUTH SALES</name>
        <lei>N/A</lei>
        <title>Chicago Transit Authority Sales Tax Receipts Fund</title>
        <cusip>16772PCF1</cusip>
        <identifiers>
          <isin value="US16772PCF18"/>
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        <balance>4700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4276768.76000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>ALABAMA ST UNIV REVENUE</name>
        <lei>549300JCR3DWTI08FS98</lei>
        <title>Alabama State University</title>
        <cusip>010632QN0</cusip>
        <identifiers>
          <isin value="US010632QN00"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2167210.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>SHAWANO WI ELEC SYS REVENUE</name>
        <lei>N/A</lei>
        <title>City of Shawano WI Electric System Revenue</title>
        <cusip>820418AC5</cusip>
        <identifiers>
          <isin value="US820418AC52"/>
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        <balance>1655000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1807353.67000000</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>2031-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>OHIO ST PRIVATE ACTIVITY REVEN</name>
        <lei>5493005LEB5E170OMX59</lei>
        <title>State of Ohio</title>
        <cusip>67759YAH0</cusip>
        <identifiers>
          <isin value="US67759YAH09"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1002041.60000000</valUSD>
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        <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>5.00000000</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>VIRIDIAN TX MUNI MGMT DIST</name>
        <lei>N/A</lei>
        <title>Viridian Municipal Management District</title>
        <cusip>92823PKL9</cusip>
        <identifiers>
          <isin value="US92823PKL93"/>
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        <balance>895000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>781460.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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>SANGAMON &amp; CHRISTIAN CNTYS IL</name>
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        <title>Sangamon &amp; Christian Counties Community Unit School District No 3A Rochester</title>
        <cusip>800722GT1</cusip>
        <identifiers>
          <isin value="US800722GT19"/>
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        <balance>1590000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1677567.18000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>WISCONSIN CENTER DIST WI TAX R</name>
        <lei>N/A</lei>
        <title>Wisconsin Center District</title>
        <cusip>976595FU7</cusip>
        <identifiers>
          <isin value="US976595FU76"/>
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        <balance>5265000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2087261.87000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-12-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA CMNTY CHOICE FING A</name>
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        <title>California Community Choice Financing Authority</title>
        <cusip>13013JHL3</cusip>
        <identifiers>
          <isin value="US13013JHL35"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2000257.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.90200000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HARRIS CNTY TX MUNI UTILITY DI</name>
        <lei>N/A</lei>
        <title>Harris County Municipal Utility District No 490</title>
        <cusip>41430ECZ4</cusip>
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          <isin value="US41430ECZ43"/>
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        <balance>855000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>867752.33000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>SAVANNAH GEORGIA CONVENTION CT</name>
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        <title>Savannah Georgia Convention Center Authority</title>
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          <isin value="US804828AX97"/>
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        <balance>2400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2558360.88000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JOLIET IL</name>
        <lei>N/A</lei>
        <title>City of Joliet IL</title>
        <cusip>479754NR0</cusip>
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          <isin value="US479754NR08"/>
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        <balance>3750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4031347.13000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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        <name>PENNSYLVANIA ST ECON DEV FING</name>
        <lei>N/A</lei>
        <title>Pennsylvania Economic Development Financing Authority</title>
        <cusip>70868YAT6</cusip>
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          <isin value="US70868YAT64"/>
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        <balance>3625000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3909639.71000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>OSCEOLA CNTY FL TRANSPRTN REVE</name>
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          <isin value="US688031FL21"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-10-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>LAFAYETTE LA UTILITIES REVENUE</name>
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        <title>City of Lafayette LA Utilities Revenue</title>
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          <isin value="US506498C933"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1588998.75000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SHAWANO WI ELEC SYS REVENUE</name>
        <lei>N/A</lei>
        <title>City of Shawano WI Electric System Revenue</title>
        <cusip>820418AF8</cusip>
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          <isin value="US820418AF83"/>
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        <balance>1015000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1032710.74000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SALES TAX SECURITIZATION CORP</name>
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        <title>Sales Tax Securitization Corp</title>
        <cusip>79467BCX1</cusip>
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          <isin value="US79467BCX10"/>
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        <balance>1200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1265514.84000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DELAWARE ST HLTH FACS AUTH REV</name>
        <lei>549300RXU7M05ZYSJG42</lei>
        <title>Delaware State Health Facilities Authority</title>
        <cusip>246388VT6</cusip>
        <identifiers>
          <isin value="US246388VT60"/>
        </identifiers>
        <balance>3650000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3834793.66000000</valUSD>
        <pctVal>1.012408161791</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
        <lei>N/A</lei>
        <title>New York Transportation Development Corp</title>
        <cusip>650116AV8</cusip>
        <identifiers>
          <isin value="US650116AV89"/>
        </identifiers>
        <balance>1925000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1925069.88000000</valUSD>
        <pctVal>0.508229811387</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHREVEPORT LA</name>
        <lei>N/A</lei>
        <title>City of Shreveport LA</title>
        <cusip>8254346M0</cusip>
        <identifiers>
          <isin value="US8254346M00"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1540998.00000000</valUSD>
        <pctVal>0.406832568014</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAGINAW MI WTR SPLY SYS REVENU</name>
        <lei>N/A</lei>
        <title>City of Saginaw MI Water Supply System Revenue</title>
        <cusip>786795DA9</cusip>
        <identifiers>
          <isin value="US786795DA99"/>
        </identifiers>
        <balance>1070000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1077730.86000000</valUSD>
        <pctVal>0.284527308537</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>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-03-25</ncom:dateSigned>
      <ncom:nameOfApplicant>New York Life Investments Active ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>Adefolahan Oyefeso</ncom:signature>
      <ncom:signerName>Adefolahan Oyefeso</ncom:signerName>
      <ncom:title>Director and Vice President, IndexIQ</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
