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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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        <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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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FRETE 2024-ML27  V/R 08/25/41</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FRETE 2025-ML28  V/R 11/25/42</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FRETE 2025-ML30  V/R 07/25/42</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FRETE 2025-ML31  V/R 06/25/42</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FRETE 2025-ML32  V/R 03/25/42</name>
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        <name>FRETE 2026-ML33  V/R 10/25/40</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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        <name>INDIANA ST FIN A 1.4% 08/01/29</name>
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        <fairValLevel>2</fairValLevel>
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        <cusip>45505NAL8</cusip>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>INDIANA ST HSG &amp; C 3% 01/01/52</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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        <name>INDIANA ST FIN AUT 4% 11/15/41</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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        <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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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>LAS VEGAS NV REDEV 5% 06/15/45</name>
        <lei>N/A</lei>
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        <valUSD>540004.70000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>LAS VEGAS NV SPL I 5% 12/01/35</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>115076.98000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>LAS VEGAS NV S 4.125% 06/01/50</name>
        <lei>N/A</lei>
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          <isin value="US51778CAS52"/>
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        <valUSD>538627.82000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>LAS VEGAS NV SPL I 4% 06/01/39</name>
        <lei>N/A</lei>
        <title>LAS VEGAS NV SPL IMPT DIST #81 REGD B/E 4.00000000</title>
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        <curCd>USD</curCd>
        <valUSD>398097.17000000</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>2039-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>LAS VEGAS NV SPL I 4% 06/01/49</name>
        <lei>N/A</lei>
        <title>LAS VEGAS NV SPL IMPT DIST #81 REGD B/E 4.00000000</title>
        <cusip>51778UAT3</cusip>
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          <isin value="US51778UAT34"/>
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        <balance>1490000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1304584.40000000</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>2049-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>LAS VEGAS NV SP 4.75% 12/01/40</name>
        <lei>N/A</lei>
        <title>LAS VEGAS NV SPL IMPT DIST #81 REGD B/E 4.75000000</title>
        <cusip>51778VAN4</cusip>
        <identifiers>
          <isin value="US51778VAN47"/>
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        <balance>825000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>836961.02000000</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>2040-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>LAS VEGAS NV SPL I 5% 12/01/49</name>
        <lei>N/A</lei>
        <title>LAS VEGAS NV SPL IMPT DIST #81 REGD B/E 5.00000000</title>
        <cusip>51778VAQ7</cusip>
        <identifiers>
          <isin value="US51778VAQ77"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1260212.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>LAS VEGAS NV SPL I 4% 06/01/50</name>
        <lei>N/A</lei>
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          <isin value="US51778WAS17"/>
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        <curCd>USD</curCd>
        <valUSD>422867.37000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>LAS VEGAS NV SPL I 3% 06/01/41</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>501624.32000000</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>2041-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>LAS VEGAS NV S 3.125% 06/01/46</name>
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          <isin value="US51779AAP49"/>
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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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        <name>LAS VEGAS NV S 3.125% 06/01/51</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LAS VEGAS NV SPL A 6% 06/01/53</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LAS VEGAS NV SP 5.25% 12/01/47</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LAS VEGAS NV SPL 5.5% 12/01/53</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LAS VEGAS NV SPL 4.5% 12/01/29</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LAS VEGAS NV SPL I 5% 12/01/54</name>
        <lei>N/A</lei>
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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>LAS VEGAS NV SPL I 5% 06/01/40</name>
        <lei>N/A</lei>
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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>NFA 2026-2 A2 V/R 04/20/43</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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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <valUSD>855701.32000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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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>PALM COAST PAR 5.125% 05/01/51</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>PALMETTO RIDGE C 4.1% 05/01/31</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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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>PENNSYLVANIA ST EC 5% 12/31/26</name>
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        <cusip>70869PJT5</cusip>
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        <valUSD>500606.95000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-31</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>PENNSYLVANIA ST EC 5% 12/31/38</name>
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        <cusip>70869PJY4</cusip>
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        <valUSD>4751719.03000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>PENNSYLVANIA ST EC 4% 07/01/33</name>
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        <cusip>70869PNH6</cusip>
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        <valUSD>545881.09000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>PENNSYLVANIA ST EC 4% 07/01/46</name>
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        <cusip>70869PNK9</cusip>
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          <isin value="US70869PNK92"/>
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        <curCd>USD</curCd>
        <valUSD>575275.43000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>PENNSYLVANIA ST 5.25% 07/01/49</name>
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        <cusip>70869PPB7</cusip>
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          <isin value="US70869PPB75"/>
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        <balance>2065000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2106248.38000000</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>2049-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>PENNSYLVANIA ST 5.25% 07/01/46</name>
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        <cusip>70869PPE1</cusip>
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        <curCd>USD</curCd>
        <valUSD>1089308.39000000</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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          <maturityDt>2046-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>PENNSYLVANIA ST EC 3% 10/15/46</name>
        <lei>N/A</lei>
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        <cusip>70870JDH8</cusip>
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          <isin value="US70870JDH86"/>
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        <curCd>USD</curCd>
        <valUSD>156024.62000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>PENNSYLVANIA HG 2.45% 06/01/41</name>
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        <cusip>70878CAF2</cusip>
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        <curCd>USD</curCd>
        <valUSD>173471.88000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-06-01</maturityDt>
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        <cusip>70878CAN5</cusip>
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        <valUSD>1144592.48000000</valUSD>
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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>PENNSYLVANIA H 4.125% 06/01/45</name>
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        <valUSD>300484.42000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>PENNSYLVANIA HG 4.75% 06/01/46</name>
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        <cusip>70878CBS3</cusip>
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        <curCd>USD</curCd>
        <valUSD>886657.68000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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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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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PINELLAS CNTY FL I 5% 07/01/39</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PINERY CDD FL  5.875% 05/01/56</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PLANO TX SPL A 4.375% 09/15/51</name>
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          <isin value="US727220AB17"/>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>PLAZA AT NOAHS ARK 3% 05/01/30</name>
        <lei>N/A</lei>
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          <isin value="US72813LAM19"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>PLAZA CO MET DIST  5% 12/01/40</name>
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        <fairValLevel>2</fairValLevel>
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        <name>POINT PHASE 1  5.875% 03/01/45</name>
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          <isin value="US73058EAB39"/>
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        <fairValLevel>2</fairValLevel>
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        <name>POINT PHASE 1  6.125% 03/01/55</name>
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        <fairValLevel>2</fairValLevel>
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        <name>POINT PHASE 1 PUB  0% 03/01/55</name>
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        <name>POLK CNTY FL INDL  5% 01/01/55</name>
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      <invstOrSec>
        <name>POLK CNTY OR HOS 5.5% 07/01/50</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO ELEC  V/R 07/01/25</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO ELE 5.25% 07/01/28</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWRR REGD B/E 5.25000000</title>
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          <isin value="US74526QS458"/>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO ELEC P 5% 07/01/32</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWRR REGD B/E 5.00000000</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO ELEC 5.5% 07/01/18</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO ELE 5.75% 07/01/36</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWRR REGD B/E 5.75000000</title>
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          <isin value="US74526QV254"/>
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        <valUSD>114750.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO ELEC P 5% 07/01/28</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <cusip>74526QVC3</cusip>
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          <isin value="US74526QVC31"/>
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        <valUSD>130050.00000000</valUSD>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO ELE 5.25% 07/01/33</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <cusip>74526QVD1</cusip>
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          <isin value="US74526QVD14"/>
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        <balance>135000.00000000</balance>
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        <valUSD>103275.00000000</valUSD>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO ELEC 5.5% 07/01/38</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO ELE 5.25% 07/01/40</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO EL 4.625% 07/01/25</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PUERTO RICO ELE 5.25% 07/01/35</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO ELE 5.25% 07/01/27</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PUERTO RICO ELE 5.75% 07/01/36</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO ELEC 3.7% 07/01/17</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PUERTO RICO ELE 4.25% 07/01/18</name>
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        <curCd>USD</curCd>
        <valUSD>19125.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <name>PUERTO RICO ELE 5.25% 07/01/29</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO EL 4.625% 07/01/25</name>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO ELEC 4.8% 07/01/28</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO ELEC P 5% 07/01/27</name>
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        <curCd>USD</curCd>
        <valUSD>344250.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO ELEC P 5% 07/01/21</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWR REGD B/E 5.00000000</title>
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        <identifiers>
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        <curCd>USD</curCd>
        <valUSD>107100.00000000</valUSD>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PUERTO RICO ELE 5.25% 07/01/27</name>
        <lei>5493003BRB67HF8ST418</lei>
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          <isin value="US74526QYY24"/>
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        <curCd>USD</curCd>
        <valUSD>371025.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO ELE 5.25% 07/01/28</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWRR REGD B/E 5.25000000</title>
        <cusip>74526QYZ9</cusip>
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          <isin value="US74526QYZ98"/>
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        <curCd>USD</curCd>
        <valUSD>225675.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO ELE 4.75% 07/01/33</name>
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        <title>PUERTO RICO ELEC PWR AUTH PWRR REGD OID B/E NATL 4.75000000</title>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO ELE 5.25% 07/01/26</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO EL 3.625% 07/01/21</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO ELEC P 5% 07/01/21</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PUERTO RICO ELEC P 5% 07/01/22</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PUERTO RICO ELE 6.05% 07/01/32</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PUERTO RICO ELE 5.05% 07/01/42</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO ELEC 4.5% 07/01/23</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PUERTO RICO ELEC 4.8% 07/01/29</name>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PUERTO RICO ELEC P 5% 07/01/20</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO ELEC P 5% 07/01/42</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO ELE 5.25% 07/01/26</name>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO ELEC 5.5% 07/01/20</name>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO ELEC P 7% 07/01/40</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWRR REGD OID B/E 7.00000000</title>
        <cusip>74526YFF7</cusip>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PUERTO RICO ELE 7.25% 07/01/30</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWRR REGD B/E 7.25000000</title>
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        <identifiers>
          <isin value="US74526YFH36"/>
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        <balance>5300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4074375.00000000</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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      <invstOrSec>
        <name>PUERTO RICO ELEC P 0% 07/01/30</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWR REGD N/C B/E 0.00000000</title>
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          <isin value="US74526YLM56"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>PUERTO RICO ELEC P 0% 07/01/30</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>PUERTO RICO INDL 4.5% 10/01/29</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PUERTO RICO IN 4.125% 10/01/27</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PUERTO RICO SAL 4.55% 07/01/40</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PUERTO RICO SAL 4.75% 07/01/53</name>
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        <name>PUERTO RICO SALES ZCP 07/01/31</name>
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        <name>PUERTO RICO SALES ZCP 07/01/46</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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        <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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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>WYANDOTTE CNTY  4.75% 03/01/41</name>
        <lei>N/A</lei>
        <title>WYANDOTTE CNTY KS KANSAS CITY REGD OID B/E 4.75000000</title>
        <cusip>98267VDP5</cusip>
        <identifiers>
          <isin value="US98267VDP58"/>
        </identifiers>
        <balance>775000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>769624.76000000</valUSD>
        <pctVal>0.011969222549</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</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>WYANDOTTE CNTY K 5.5% 03/01/46</name>
        <lei>N/A</lei>
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        <cusip>98267VDQ3</cusip>
        <identifiers>
          <isin value="US98267VDQ32"/>
        </identifiers>
        <balance>1210000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1223770.41000000</valUSD>
        <pctVal>0.019032106486</pctVal>
        <payoffProfile>Long</payoffProfile>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WYANDOTTE CNTY/ 5.25% 03/01/46</name>
        <lei>N/A</lei>
        <title>WYANDOTTE CNTY/KANSAS CITY KS REGD OID B/E 5.25000000</title>
        <cusip>982707AB7</cusip>
        <identifiers>
          <isin value="US982707AB77"/>
        </identifiers>
        <balance>315000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>312837.05000000</valUSD>
        <pctVal>0.004865249232</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-03-01</maturityDt>
          <couponKind>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>YONKERS NY ECON DE 4% 10/15/29</name>
        <lei>N/A</lei>
        <title>YONKERS NY ECON DEV CORP EDUCT REGD N/C B/E 4.00000000</title>
        <cusip>98608MAD3</cusip>
        <identifiers>
          <isin value="US98608MAD39"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>158799.33000000</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>2029-10-15</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>
      <invstOrSec>
        <name>YONKERS NY ECON DE 5% 10/15/39</name>
        <lei>N/A</lei>
        <title>YONKERS NY ECON DEV CORP EDUCT REGD B/E 5.00000000</title>
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        <identifiers>
          <isin value="US98608MAE12"/>
        </identifiers>
        <balance>315000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>315241.61000000</valUSD>
        <pctVal>0.004902645007</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-10-15</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>BL TRAIN HOLD WT EX 12/1/2035</name>
        <lei>N/A</lei>
        <title>BL TRAIN HOLDINGS WEST________  WARRANTS EXP 12/1/2035 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="EWB26974"/>
        </identifiers>
        <balance>50370.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>BL TRAIN HOLDINGS WEST</issuerName>
                <issueTitle>BL TRAIN HOLDINGS WEST</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>0.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2035-12-01</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>0.00000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Bridge Builder Trust</ncom:nameOfApplicant>
      <ncom:signature>Aaron Masek</ncom:signature>
      <ncom:signerName>Aaron Masek</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
