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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>CHICAGO IL O'HA 5.25% 01/01/42</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CHICAGO IL O'HARE  5% 01/01/52</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CHICAGO IL O'HA 4.25% 01/01/47</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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        <name>CHICAGO IL WSTWTR  5% 01/01/41</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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      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO IL TRANSIT 4% 12/01/49</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO IL TRANSIT 5% 12/01/52</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CHICAGO IL TRANSIT 5% 12/01/37</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>CHICAGO IL TRAN 5.25% 12/01/51</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CHICAGO IL TRANS 5.5% 12/01/56</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-12-01</maturityDt>
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        <name>CHICAGO IL TRANSIT 5% 12/01/59</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CHICAGO IL WTRWKS  5% 11/01/44</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CHICAGO IL WTRWKS  5% 11/01/47</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CHICAGO IL WTRW 5.25% 11/01/61</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CHICAGO IL WTRWKS  5% 11/01/64</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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        <name>FAYETTE CNTY KY SC 4% 05/01/38</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FEDERAL HOME LOAN V/R 10/25/40</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FRETE 2022-ML 3.125% 09/25/36</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FRETE 2023-ML19  V/R 12/25/36</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FRETE 2023-ML20  V/R 08/25/40</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FRETE 2024-ML21  V/R 08/25/41</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FRETE 2024-ML23  V/R 04/25/42</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FRETE 2024-ML25  V/R 11/25/38</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FRETE 2024-ML26  V/R 12/25/38</name>
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        <name>FRETE 2025-ML29  V/R 01/25/43</name>
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        <name>FRETE 2025-ML30  V/R 07/25/42</name>
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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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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LEE CNTY FL ARPT  V/R 10/01/56</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LEE CNTY FL SCH 5.25% 08/01/47</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LEE CNTY FL INDL D 5% 11/15/44</name>
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        <name>LEE CNTY FL INDL D 5% 11/15/49</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LEE CNTY FL IND 5.25% 11/15/54</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LEE CNTY FL IN 4.125% 11/15/29</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LEE CNTY FL HSG F V/R 12/01/47</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LEE CNTY FL LOC 5.25% 08/01/49</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LEE CNTY FL INDL D 4% 04/01/37</name>
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        <name>LEE CNTY FL INDL  V/R 04/01/65</name>
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        <name>LEGACY DENTON PUB V/R 11/01/43</name>
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        <name>LEHIGH CNTY PA GEN 5% 08/15/36</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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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PENNSYLVANIA ST EC 4% 04/15/45</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>PENNSYLVANIA ST EC 4% 02/15/42</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>PENNSYLVANIA ST EC 4% 05/15/48</name>
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          <isin value="US70870JFM53"/>
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        <curCd>USD</curCd>
        <valUSD>1893077.30000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>PENNSYLVANIA ST EC 5% 03/15/50</name>
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        <curCd>USD</curCd>
        <valUSD>6165243.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>PENNSYLVANIA ST EC 4% 04/15/40</name>
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        <cusip>70870JJA7</cusip>
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          <isin value="US70870JJA79"/>
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        <curCd>USD</curCd>
        <valUSD>2460375.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>PENNSYLVANIA HG 2.45% 06/01/41</name>
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        <curCd>USD</curCd>
        <valUSD>54780.59000000</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>2041-06-01</maturityDt>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>5.00000000</annualizedRt>
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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>
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        <valUSD>3769458.00000000</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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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <valUSD>841916.25000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <curCd>USD</curCd>
        <valUSD>6496267.79000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <curCd>USD</curCd>
        <valUSD>1177981.70000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PENNSYLVANIA ST HS 3% 10/01/50</name>
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        <valUSD>1791017.08000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <valUSD>1320263.10000000</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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        <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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        <lei>5493003BRB67HF8ST418</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO ELE 5.25% 07/01/23</name>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO ELE 5.25% 07/01/24</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% 07/01/19</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO SAL 4.55% 07/01/40</name>
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          <isin value="US74529JPV16"/>
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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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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PUERTO RICO SALES  5% 07/01/58</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PUERTO RICO SALES ZCP 07/01/31</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PUERTO RICO SALES ZCP 07/01/46</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PUERTO RICO SA 4.329% 07/01/40</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PUERTO RICO SA 4.784% 07/01/58</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PURDUE UNIV IN UNI 5% 07/01/27</name>
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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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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>STOREY PARK FL 2.875% 06/15/31</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SUFFOLK REGL OFF-T 6% 12/01/53</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SUGAR LAND TX 5% 02/15/37</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>SUMMIT VIEW CD 5.625% 05/01/44</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>SWEETWATER CNTY  1.7% 07/15/26</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TACOMA WA ELEC SYS 4% 01/01/42</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TALLAHASSEE FL ENE 5% 10/01/28</name>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
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        <name>TEXAS ST PRIV ACTI 4% 06/30/33</name>
        <lei>N/A</lei>
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          <isin value="US882667BF49"/>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>TEXAS ST PRIV AC 5.5% 12/31/58</name>
        <lei>N/A</lei>
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        <cusip>882667BX5</cusip>
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          <isin value="US882667BX54"/>
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        <curCd>USD</curCd>
        <valUSD>7292855.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>TEXAS ST PRIV  5.375% 06/30/37</name>
        <lei>N/A</lei>
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        <cusip>882667CF3</cusip>
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          <isin value="US882667CF30"/>
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        <curCd>USD</curCd>
        <valUSD>1847811.00000000</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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      <invstOrSec>
        <name>TEXAS ST PRIV  5.375% 06/30/38</name>
        <lei>N/A</lei>
        <title>TEXAS ST PRIV ACTIVITY BOND SU REGD B/E AMT 5.37500000</title>
        <cusip>882667CG1</cusip>
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          <isin value="US882667CG13"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>TEXAS ST PRIV AC 5.5% 06/30/41</name>
        <lei>N/A</lei>
        <title>TEXAS ST PRIV ACTIVITY BOND SU REGD B/E AMT 5.50000000</title>
        <cusip>882667CK2</cusip>
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          <isin value="US882667CK25"/>
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        <curCd>USD</curCd>
        <valUSD>4391209.47000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>TEXAS ST PRIV AC 5.5% 06/30/43</name>
        <lei>N/A</lei>
        <title>TEXAS ST PRIV ACTIVITY BOND SU REGD B/E AMT 5.50000000</title>
        <cusip>882667CM8</cusip>
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          <isin value="US882667CM80"/>
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        <curCd>USD</curCd>
        <valUSD>2885619.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>TEXAS ST AFFORDAB V/R 07/01/44</name>
        <lei>N/A</lei>
        <title>TEXAS ST AFFORDABLE HSG CORP M REGD V/R B/E 3.75000000</title>
        <cusip>88271FFP3</cusip>
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          <isin value="US88271FFP36"/>
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        <balance>485000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>485000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>TEXAS ST AFFORDAB V/R 01/01/45</name>
        <lei>N/A</lei>
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        <cusip>88271FFR9</cusip>
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          <isin value="US88271FFR91"/>
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        <valUSD>566741.44000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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        <name>TEXAS ST 5% 10/01/26</name>
        <lei>549300X9CH74QB747L76</lei>
        <title>TEXAS ST REGD N/C B/E 5.00000000</title>
        <cusip>882723V48</cusip>
        <identifiers>
          <isin value="US882723V482"/>
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        <curCd>USD</curCd>
        <valUSD>1005818.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>TEXAS ST 5% 10/01/28</name>
        <lei>549300X9CH74QB747L76</lei>
        <title>TEXAS ST REGD N/C B/E 5.00000000</title>
        <cusip>8827242C0</cusip>
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          <isin value="US8827242C00"/>
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        <valUSD>4724997.31000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>TEXAS ST 5% 10/01/42</name>
        <lei>549300X9CH74QB747L76</lei>
        <title>TEXAS ST REGD B/E 5.00000000</title>
        <cusip>8827242L0</cusip>
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          <isin value="US8827242L09"/>
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        <valUSD>1287742.01000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>TEXAS ST 4% 08/01/30</name>
        <lei>549300X9CH74QB747L76</lei>
        <title>TEXAS ST REGD B/E 4.00000000</title>
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        <fairValLevel>2</fairValLevel>
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        <name>TEXAS ST 5% 10/01/42</name>
        <lei>549300X9CH74QB747L76</lei>
        <title>TEXAS ST REGD B/E 5.00000000</title>
        <cusip>882725DD3</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>TEXAS ST V/R 06/01/57</name>
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        <cusip>882725EG5</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>TEXAS ST DEPT OF 4.9% 07/01/45</name>
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        <cusip>882750G48</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>TEXAS ST DEPT OF H 3% 01/01/52</name>
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        <title>TEXAS ST DEPT OF HSG &amp; CMNTY A REGD B/E GNMA 3.00000000</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>TEXAS ST DEPT O 5.75% 01/01/53</name>
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        <title>TEXAS ST DEPT OF HSG &amp; CMNTY A REGD B/E GNMA CO 5.75000000</title>
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        <fairValLevel>2</fairValLevel>
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        <name>YAMHILL CNTY OR SC 4% 06/15/39</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>YAVAPAI CNTY AZ  1.3% 06/01/27</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>YONKERS NY 5% 11/15/38</name>
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    <signature>
      <ncom:dateSigned>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Six Circles Trust </ncom:nameOfApplicant>
      <ncom:signature>Tricia Larkin</ncom:signature>
      <ncom:signerName>Tricia Larkin</ncom:signerName>
      <ncom:title>Treasurer/Principal Financial Officer</ncom:title>
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  </formData>
</edgarSubmission>
