<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0000311101</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000012002</seriesId>
        <classId>C000032730</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Dupree Mutual Funds</regName>
      <regFileNumber>811-02918</regFileNumber>
      <regCik>0000311101</regCik>
      <regLei>549300S8YVGTJ1NMTW57</regLei>
      <regStreet1>125 South Mill Street</regStreet1>
      <regStreet2>Vine Center, Suite 100</regStreet2>
      <regCity>Lexington</regCity>
      <regStateConditional regCountry="US" regState="US-KY"/>
      <regZipOrPostalCode>40507</regZipOrPostalCode>
      <regPhone>859-254-7741</regPhone>
      <seriesName>North Carolina Tax-Free Income Series</seriesName>
      <seriesId>S000012002</seriesId>
      <seriesLei>549300L1B850MUN5FK63</seriesLei>
      <repPdEnd>2026-06-30</repPdEnd>
      <repPdDate>2026-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>105490233.620000000000</totAssets>
      <totLiabs>1156554.470000000000</totLiabs>
      <netAssets>104333679.150000000000</netAssets>
      <assetsAttrMiscSec>0.000000000000</assetsAttrMiscSec>
      <assetsInvested>0.000000000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.000000000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.000000000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.000000000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.000000000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.000000000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.000000000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.000000000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.000000000000</amtPayAftOneYrOther>
      <delayDeliv>0.000000000000</delayDeliv>
      <standByCommit>0.000000000000</standByCommit>
      <liquidPref>0.000000000000</liquidPref>
      <cshNotRptdInCorD>0.000000000000</cshNotRptdInCorD>
      <curMetrics>
        <curMetric>
          <curCd>USD</curCd>
          <intrstRtRiskdv01 period10Yr="36145.696236486845" period1Yr="3821.028399889083" period30Yr="16324.595048886017" period3Mon="218.092635677667" period5Yr="5634.116644510384"/>
          <intrstRtRiskdv100 period10Yr="3729161.577295687989" period1Yr="862608.553771134551" period30Yr="1525733.883723274724" period3Mon="221161.243423891921" period5Yr="1038253.525861176988"/>
        </curMetric>
      </curMetrics>
      <creditSprdRiskInvstGrade period10Yr="36651.181438273727" period1Yr="7744.299573998955" period30Yr="14902.104184559921" period3Mon="689.757603610365" period5Yr="10112.410155084649"/>
      <creditSprdRiskNonInvstGrade period10Yr="0.000000000000" period1Yr="224.711868141850" period30Yr="0.000000000000" period3Mon="0.000000000000" period5Yr="32.177051541352"/>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000032730" rtn1=".91" rtn2=".97" rtn3="-1.67"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="-99356.65" netUnrealizedAppr="774247.62"/>
        <othMon2 netRealizedGain="-163823.62" netUnrealizedAppr="949635.49"/>
        <othMon3 netRealizedGain="-50336.61" netUnrealizedAppr="-2036942.89"/>
      </returnInfo>
      <mon1Flow redemption="912938.04" reinvestment="0" sales="1534327.40"/>
      <mon2Flow redemption="1667539.30" reinvestment="0" sales="555573.32"/>
      <mon3Flow redemption="1468490.79" reinvestment="585524.65" sales="770224.42"/>
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>SURRY CNTY N C</name>
        <lei>N/A</lei>
        <title>NC SRRGEN 4 06/01/2036</title>
        <cusip>86888UBM0</cusip>
        <identifiers>
          <isin value="US86888UBM09"/>
          <ticker value="SRRGEN"/>
          <other otherDesc="Internal" value="86888UBM"/>
        </identifiers>
        <balance>590000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>593292.2</valUSD>
        <pctVal>0.5686487861</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SURRY CNTY N C</name>
        <lei>N/A</lei>
        <title>NC SRRGEN 4 06/01/2037</title>
        <cusip>86888UBN8</cusip>
        <identifiers>
          <isin value="US86888UBN81"/>
          <ticker value="SRRGEN"/>
          <other otherDesc="Internal" value="86888UBN"/>
        </identifiers>
        <balance>730000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>731474.6</valUSD>
        <pctVal>0.7010915420</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WAYNE CNTY N C</name>
        <lei>N/A</lei>
        <title>NC WAY 4 06/01/2034</title>
        <cusip>945863PZ5</cusip>
        <identifiers>
          <isin value="US945863PZ53"/>
          <ticker value="WAY"/>
          <other otherDesc="Internal" value="945863PZ"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1503330</valUSD>
        <pctVal>1.4408865979</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WILKES CNTY N C</name>
        <lei>N/A</lei>
        <title>NC WILGEN 5 06/01/2031</title>
        <cusip>968389AR7</cusip>
        <identifiers>
          <isin value="US968389AR73"/>
          <ticker value="WILGEN"/>
          <other otherDesc="Internal" value="968389AR"/>
        </identifiers>
        <balance>350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>350465.5</valUSD>
        <pctVal>0.3359083115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHARLOTTE N C</name>
        <lei>5493001QNY6JJFWHQ568</lei>
        <title>NC CHAAPT 4 07/01/2032</title>
        <cusip>161036NW4</cusip>
        <identifiers>
          <isin value="US161036NW47"/>
          <ticker value="CHAAPT"/>
          <other otherDesc="Internal" value="161036NW"/>
        </identifiers>
        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100932</valUSD>
        <pctVal>0.0967396155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHARLOTTE N C</name>
        <lei>5493001QNY6JJFWHQ568</lei>
        <title>NC CHAAPT 4 07/01/2036</title>
        <cusip>161036PA0</cusip>
        <identifiers>
          <isin value="US161036PA09"/>
          <ticker value="CHAAPT"/>
          <other otherDesc="Internal" value="161036PA"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>502280</valUSD>
        <pctVal>0.4814169347</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHARLOTTE N C</name>
        <lei>5493001QNY6JJFWHQ568</lei>
        <title>NC CHAAPT 5 07/01/2044</title>
        <cusip>161036VL9</cusip>
        <identifiers>
          <isin value="US161036VL99"/>
          <ticker value="CHAAPT"/>
          <other otherDesc="Internal" value="161036VL"/>
        </identifiers>
        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>264455</valUSD>
        <pctVal>0.2534704059</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHARLOTTE N C</name>
        <lei>N/A</lei>
        <title>NC CHAAPT 5 07/01/2048</title>
        <cusip>161036VM7</cusip>
        <identifiers>
          <isin value="US161036VM72"/>
          <ticker value="CHAAPT"/>
          <other otherDesc="Internal" value="161036VM"/>
        </identifiers>
        <balance>425000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>439853.75</valUSD>
        <pctVal>0.4215836665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHARLOTTE N C</name>
        <lei>N/A</lei>
        <title>NC CHAAPT 5 07/01/2045</title>
        <cusip>161036XH6</cusip>
        <identifiers>
          <isin value="US161036XH69"/>
          <ticker value="CHAAPT"/>
          <other otherDesc="Internal" value="161036XH"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>529975</valUSD>
        <pctVal>0.5079615751</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHARLOTTE-MECKLENBURG HOSP AUTH N C</name>
        <lei>549300XOH4JU704GMZ32</lei>
        <title>NC CHAMED 5 01/15/2039</title>
        <cusip>160853RT6</cusip>
        <identifiers>
          <isin value="US160853RT65"/>
          <ticker value="CHAMED"/>
          <other otherDesc="Internal" value="160853RT"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1502520</valUSD>
        <pctVal>1.4401102427</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHARLOTTE-MECKLENBURG HOSP AUTH N C</name>
        <lei>549300XOH4JU704GMZ32</lei>
        <title>NC CHAMED 5 01/15/2027</title>
        <cusip>160853TW7</cusip>
        <identifiers>
          <isin value="US160853TW76"/>
          <ticker value="CHAMED"/>
          <other otherDesc="Internal" value="160853TW"/>
        </identifiers>
        <balance>170000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>173105.9</valUSD>
        <pctVal>0.1659156481</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHARLOTTE N C</name>
        <lei>549300XOH4JU704GMZ32</lei>
        <title>NC CHAAPT 5 07/01/2045</title>
        <cusip>161036XH6</cusip>
        <identifiers>
          <isin value="US161036XH69"/>
          <ticker value="CHAAPT"/>
          <other otherDesc="Internal" value="160853UF"/>
        </identifiers>
        <balance>590000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>617771.3</valUSD>
        <pctVal>0.5921111045</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA MED CARE COMMN</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>NC NCSMED 5 06/01/2040</title>
        <cusip>65821DSM4</cusip>
        <identifiers>
          <isin value="US65821DSM47"/>
          <ticker value="NCSMED"/>
          <other otherDesc="Internal" value="65821DSM"/>
        </identifiers>
        <balance>1385000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1385207.75</valUSD>
        <pctVal>1.3276707591</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA MED CARE COMMN</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>NC NCSMED 4 06/01/2042</title>
        <cusip>65821DVK4</cusip>
        <identifiers>
          <isin value="US65821DVK44"/>
          <ticker value="NCSMED"/>
          <other otherDesc="Internal" value="65821DVK"/>
        </identifiers>
        <balance>1060000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1034040.6</valUSD>
        <pctVal>0.9910899418</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA MED CARE COMMN</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>NC NCSMED 4 07/01/2040</title>
        <cusip>65821DXH9</cusip>
        <identifiers>
          <isin value="US65821DXH96"/>
          <ticker value="NCSMED"/>
          <other otherDesc="Internal" value="65821DXH"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1001330</valUSD>
        <pctVal>0.9597380330</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA MED CARE COMMN</name>
        <lei>N/A</lei>
        <title>NC NCSMED 4 07/01/2049</title>
        <cusip>65821DXK2</cusip>
        <identifiers>
          <isin value="US65821DXK26"/>
          <ticker value="NCSMED"/>
          <other otherDesc="Internal" value="65821DXK"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>920180</valUSD>
        <pctVal>0.8819587381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIVERSITY N C HOSP CHAPEL HILL</name>
        <lei>N/A</lei>
        <title>NC UNCHGR 4 02/01/2046</title>
        <cusip>91471FBE4</cusip>
        <identifiers>
          <isin value="US91471FBE43"/>
          <ticker value="UNCHGR"/>
          <other otherDesc="Internal" value="91471FBE"/>
        </identifiers>
        <balance>455000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>425338.55</valUSD>
        <pctVal>0.4076713804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW HANOVER CNTY N C</name>
        <lei>N/A</lei>
        <title>NC HNVOBG 5 06/01/2029</title>
        <cusip>64480PEU9</cusip>
        <identifiers>
          <isin value="US64480PEU93"/>
          <ticker value="HNVOBG"/>
          <other otherDesc="Internal" value="64480PEU"/>
        </identifiers>
        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>107373</valUSD>
        <pctVal>0.1029130774</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GREENVILLE N C</name>
        <lei>N/A</lei>
        <title>NC GRV 4.25 03/01/2045</title>
        <cusip>396314BK1</cusip>
        <identifiers>
          <isin value="US396314BK16"/>
          <ticker value="GRV"/>
          <other otherDesc="Internal" value="396314BK"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>488535</valUSD>
        <pctVal>0.4682428569</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROCKY MOUNT N C</name>
        <lei>N/A</lei>
        <title>NC RKMOBL 4.5 05/01/2032</title>
        <cusip>774652AQ4</cusip>
        <identifiers>
          <isin value="US774652AQ43"/>
          <ticker value="RKMOBL"/>
          <other otherDesc="Internal" value="774652AQ"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1501215</valUSD>
        <pctVal>1.4388594481</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BUNCOMBE CNTY N C MET SEW DIST</name>
        <lei>254900U5AA2F4DQUFZ71</lei>
        <title>NC BUNUTL 5 07/01/2039</title>
        <cusip>120532KF2</cusip>
        <identifiers>
          <isin value="US120532KF20"/>
          <ticker value="BUNUTL"/>
          <other otherDesc="Internal" value="120532KF"/>
        </identifiers>
        <balance>550000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>550418</valUSD>
        <pctVal>0.5275554399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CARY N C</name>
        <lei>5493005EXXSJNCUZX878</lei>
        <title>NC CRYGEN 4 12/01/2028</title>
        <cusip>147056EB7</cusip>
        <identifiers>
          <isin value="US147056EB70"/>
          <ticker value="CRYGEN"/>
          <other otherDesc="Internal" value="147056EB"/>
        </identifiers>
        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>249997.5</valUSD>
        <pctVal>0.2396134230</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CARY N C</name>
        <lei>5493005EXXSJNCUZX878</lei>
        <title>NC CRYGEN 4 12/01/2042</title>
        <cusip>147056HC2</cusip>
        <identifiers>
          <isin value="US147056HC27"/>
          <ticker value="CRYGEN"/>
          <other otherDesc="Internal" value="147056HC"/>
        </identifiers>
        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>751410</valUSD>
        <pctVal>0.7201988908</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CLAYTON N C</name>
        <lei>N/A</lei>
        <title>NC CLAUTL 5 08/01/2040</title>
        <cusip>184383AR8</cusip>
        <identifiers>
          <isin value="US184383AR81"/>
          <ticker value="CLAUTL"/>
          <other otherDesc="Internal" value="184383AR"/>
        </identifiers>
        <balance>700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>751338</valUSD>
        <pctVal>0.7201298815</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DURHAM N C</name>
        <lei>N/A</lei>
        <title>NC DURUTL 4 08/01/2044</title>
        <cusip>266818DP5</cusip>
        <identifiers>
          <isin value="US266818DP56"/>
          <ticker value="DURUTL"/>
          <other otherDesc="Internal" value="266818DP"/>
        </identifiers>
        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>243017.5</valUSD>
        <pctVal>0.2329233494</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FUQUAY-VARINA N C</name>
        <lei>N/A</lei>
        <title>NC FQUUTL 5 04/01/2040</title>
        <cusip>36106QAX7</cusip>
        <identifiers>
          <isin value="US36106QAX79"/>
          <ticker value="FQUUTL"/>
          <other otherDesc="Internal" value="36106QAX"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000230</valUSD>
        <pctVal>0.9586837234</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FUQUAY-VARINA N C</name>
        <lei>N/A</lei>
        <title>NC FQUUTL 4 02/01/2044</title>
        <cusip>36106QCM9</cusip>
        <identifiers>
          <isin value="US36106QCM96"/>
          <ticker value="FQUUTL"/>
          <other otherDesc="Internal" value="36106QCM"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>964060</valUSD>
        <pctVal>0.9240161066</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SANFORD N C</name>
        <lei>N/A</lei>
        <title>NC SANGEN 4 06/01/2044</title>
        <cusip>800618CP3</cusip>
        <identifiers>
          <isin value="US800618CP30"/>
          <ticker value="SANGEN"/>
          <other otherDesc="Internal" value="800618CP"/>
        </identifiers>
        <balance>280000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>268788.8</valUSD>
        <pctVal>0.2576241940</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SANFORD N C</name>
        <lei>N/A</lei>
        <title>NC SANGEN 4 06/01/2043</title>
        <cusip>800618DJ6</cusip>
        <identifiers>
          <isin value="US800618DJ60"/>
          <ticker value="SANGEN"/>
          <other otherDesc="Internal" value="800618DJ"/>
        </identifiers>
        <balance>295000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>288527.7</valUSD>
        <pctVal>0.2765432048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SANFORD N C</name>
        <lei>N/A</lei>
        <title>NC SANGEN 4 06/01/2044</title>
        <cusip>800618DK3</cusip>
        <identifiers>
          <isin value="US800618DK34"/>
          <ticker value="SANGEN"/>
          <other otherDesc="Internal" value="800618DK"/>
        </identifiers>
        <balance>330000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>316786.8</valUSD>
        <pctVal>0.3036285144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SANFORD N C</name>
        <lei>N/A</lei>
        <title>NC SANGEN 4 06/01/2045</title>
        <cusip>800618DL1</cusip>
        <identifiers>
          <isin value="US800618DL17"/>
          <ticker value="SANGEN"/>
          <other otherDesc="Internal" value="800618DL"/>
        </identifiers>
        <balance>230000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>217304</valUSD>
        <pctVal>0.2082779039</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNION CNTY N C</name>
        <lei>5493007ESG9QHLUW6165</lei>
        <title>NC UNIGEN 4 06/01/2044</title>
        <cusip>906400FG6</cusip>
        <identifiers>
          <isin value="US906400FG68"/>
          <ticker value="UNIGEN"/>
          <other otherDesc="Internal" value="906400FG"/>
        </identifiers>
        <balance>335000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>321991.95</valUSD>
        <pctVal>0.3086174595</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GREENVILLE N C UTILS COMMN</name>
        <lei>5493007ESG9QHLUW6165</lei>
        <title>NC GRVUTL 4.12 12/01/2043</title>
        <cusip>396321EP2</cusip>
        <identifiers>
          <isin value="US396321EP27"/>
          <ticker value="GRVUTL"/>
          <other otherDesc="Internal" value="906400GE"/>
        </identifiers>
        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>181430</valUSD>
        <pctVal>0.1738939923</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WAKE CNTY N C INDL FACS &amp; POLLUTION CTL FING AUTH</name>
        <lei>N/A</lei>
        <title>NC WAKPOL 4 06/01/2041</title>
        <cusip>930868BX1</cusip>
        <identifiers>
          <isin value="US930868BX17"/>
          <ticker value="WAKPOL"/>
          <other otherDesc="Internal" value="930868BX"/>
        </identifiers>
        <balance>1260000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1207281.6</valUSD>
        <pctVal>1.1571350784</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA TPK AUTH</name>
        <lei>N/A</lei>
        <title>NC NCSTRN 5 01/01/2029</title>
        <cusip>65830RBH1</cusip>
        <identifiers>
          <isin value="US65830RBH12"/>
          <ticker value="NCSTRN"/>
          <other otherDesc="Internal" value="65830RBH"/>
        </identifiers>
        <balance>285000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>289312.05</valUSD>
        <pctVal>0.2772949755</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA TPK AUTH</name>
        <lei>N/A</lei>
        <title>NC NCSTRN 5 01/01/2036</title>
        <cusip>65830RCE7</cusip>
        <identifiers>
          <isin value="US65830RCE71"/>
          <ticker value="NCSTRN"/>
          <other otherDesc="Internal" value="65830RCE"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>518940</valUSD>
        <pctVal>0.4973849329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA TPK AUTH</name>
        <lei>N/A</lei>
        <title>NC NCSTRN 5 01/01/2038</title>
        <cusip>65830RCG2</cusip>
        <identifiers>
          <isin value="US65830RCG20"/>
          <ticker value="NCSTRN"/>
          <other otherDesc="Internal" value="65830RCG"/>
        </identifiers>
        <balance>2415000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2505200.25</valUSD>
        <pctVal>2.4011424407</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA TPK AUTH</name>
        <lei>N/A</lei>
        <title>NC NCSTRN 4 01/01/2039</title>
        <cusip>65830VAG5</cusip>
        <identifiers>
          <isin value="US65830VAG59"/>
          <ticker value="NCSTRN"/>
          <other otherDesc="Internal" value="65830VAG"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>501570</valUSD>
        <pctVal>0.4807364258</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HENDERSON CNTY N C</name>
        <lei>N/A</lei>
        <title>NC HENOBG 4.12 06/01/2046</title>
        <cusip>424898HN7</cusip>
        <identifiers>
          <isin value="US424898HN78"/>
          <ticker value="HENOBG"/>
          <other otherDesc="Internal" value="424898HN"/>
        </identifiers>
        <balance>150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>144321</valUSD>
        <pctVal>0.1383263786</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GREENSBORO N C</name>
        <lei>N/A</lei>
        <title>NC GREOBL 4 10/01/2044</title>
        <cusip>395476HA5</cusip>
        <identifiers>
          <isin value="US395476HA59"/>
          <ticker value="GREOBL"/>
          <other otherDesc="Internal" value="395476HA"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>486600</valUSD>
        <pctVal>0.4663882305</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MECKLENBURG CNTY N C</name>
        <lei>N/A</lei>
        <title>NC MEC 4 02/01/2044</title>
        <cusip>58400CCE5</cusip>
        <identifiers>
          <isin value="US58400CCE57"/>
          <ticker value="MEC"/>
          <other otherDesc="Internal" value="58400CCE"/>
        </identifiers>
        <balance>1195000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1171040.25</valUSD>
        <pctVal>1.1223990753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HENDERSON CNTY N C</name>
        <lei>549300Y5IY4G3QB69428</lei>
        <title>NC HENOBG 4.12 10/01/2045</title>
        <cusip>424898GS7</cusip>
        <identifiers>
          <isin value="US424898GS74"/>
          <ticker value="HENOBG"/>
          <other otherDesc="Internal" value="971697JE"/>
        </identifiers>
        <balance>370000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>324741.6</valUSD>
        <pctVal>0.3112528981</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MONROE N C</name>
        <lei>N/A</lei>
        <title>NC MONGEN 5 03/01/2028</title>
        <cusip>611199BG4</cusip>
        <identifiers>
          <isin value="US611199BG48"/>
          <ticker value="MONGEN"/>
          <other otherDesc="Internal" value="611199BG"/>
        </identifiers>
        <balance>95000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>95142.5</valUSD>
        <pctVal>0.0911905923</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MONROE N C</name>
        <lei>N/A</lei>
        <title>NC MONGEN 5 03/01/2029</title>
        <cusip>611199BH2</cusip>
        <identifiers>
          <isin value="US611199BH21"/>
          <ticker value="MONGEN"/>
          <other otherDesc="Internal" value="611199BH"/>
        </identifiers>
        <balance>195000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>195107.25</valUSD>
        <pctVal>0.1870031342</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CATAWBA CNTY N C</name>
        <lei>549300EWQJNN6JBILN37</lei>
        <title>NC CATGEN 4 04/01/2042</title>
        <cusip>149063DJ5</cusip>
        <identifiers>
          <isin value="US149063DJ54"/>
          <ticker value="CATGEN"/>
          <other otherDesc="Internal" value="149063DJ"/>
        </identifiers>
        <balance>420000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>415594.2</valUSD>
        <pctVal>0.3983317788</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CATAWBA CNTY N C</name>
        <lei>549300EWQJNN6JBILN37</lei>
        <title>NC CATGEN 4 04/01/2043</title>
        <cusip>149063DK2</cusip>
        <identifiers>
          <isin value="US149063DK28"/>
          <ticker value="CATGEN"/>
          <other otherDesc="Internal" value="149063DK"/>
        </identifiers>
        <balance>320000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>312659.2</valUSD>
        <pctVal>0.2996723614</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHATHAM CNTY N C</name>
        <lei>N/A</lei>
        <title>NC CHM 4 11/01/2036</title>
        <cusip>16207RDN4</cusip>
        <identifiers>
          <isin value="US16207RDN44"/>
          <ticker value="CHM"/>
          <other otherDesc="Internal" value="16207RDN"/>
        </identifiers>
        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>758055</valUSD>
        <pctVal>0.7265678793</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHATHAM CNTY N C</name>
        <lei>N/A</lei>
        <title>NC CHM 4 11/01/2037</title>
        <cusip>16207RDP9</cusip>
        <identifiers>
          <isin value="US16207RDP91"/>
          <ticker value="CHM"/>
          <other otherDesc="Internal" value="16207RDP"/>
        </identifiers>
        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2013140</valUSD>
        <pctVal>1.9295207611</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DUPLIN CNTY N C</name>
        <lei>N/A</lei>
        <title>NC DUPOBL 5 04/01/2027</title>
        <cusip>266122BF6</cusip>
        <identifiers>
          <isin value="US266122BF69"/>
          <ticker value="DUPOBL"/>
          <other otherDesc="Internal" value="266122BF"/>
        </identifiers>
        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>101125</valUSD>
        <pctVal>0.0969245989</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HARNETT CNTY N C</name>
        <lei>N/A</lei>
        <title>NC HARGEN 4.25 04/01/2044</title>
        <cusip>41333TCZ9</cusip>
        <identifiers>
          <isin value="US41333TCZ93"/>
          <ticker value="HARGEN"/>
          <other otherDesc="Internal" value="41333TCZ"/>
        </identifiers>
        <balance>650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>639554.5</valUSD>
        <pctVal>0.6129895018</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MACON CNTY N C</name>
        <lei>N/A</lei>
        <title>NC MACGEN 4 10/01/2043</title>
        <cusip>555645BL3</cusip>
        <identifiers>
          <isin value="US555645BL32"/>
          <ticker value="MACGEN"/>
          <other otherDesc="Internal" value="555645BL"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>487090</valUSD>
        <pctVal>0.4668578775</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MACON CNTY N C</name>
        <lei>N/A</lei>
        <title>NC MACGEN 4 10/01/2044</title>
        <cusip>555645BM1</cusip>
        <identifiers>
          <isin value="US555645BM15"/>
          <ticker value="MACGEN"/>
          <other otherDesc="Internal" value="555645BM"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>476080</valUSD>
        <pctVal>0.4563051968</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ORANGE CNTY N C</name>
        <lei>N/A</lei>
        <title>NC ORA 5 10/01/2042</title>
        <cusip>684566FH0</cusip>
        <identifiers>
          <isin value="US684566FH03"/>
          <ticker value="ORA"/>
          <other otherDesc="Internal" value="684566FH"/>
        </identifiers>
        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>273945</valUSD>
        <pctVal>0.2625662224</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ORANGE CNTY N C</name>
        <lei>549300NRI6XE7BEE9A08</lei>
        <title>NC ORA 5 10/01/2042</title>
        <cusip>684566FH0</cusip>
        <identifiers>
          <isin value="US684566FH03"/>
          <ticker value="ORA"/>
          <other otherDesc="Internal" value="724505DY"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>501945</valUSD>
        <pctVal>0.4810958495</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PITT CNTY N C</name>
        <lei>549300NRI6XE7BEE9A08</lei>
        <title>NC PIT 4 04/01/2034</title>
        <cusip>724505EB4</cusip>
        <identifiers>
          <isin value="US724505EB40"/>
          <ticker value="PIT"/>
          <other otherDesc="Internal" value="724505EB"/>
        </identifiers>
        <balance>550000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>550973.5</valUSD>
        <pctVal>0.5280878662</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RUTHERFORD CNTY N C</name>
        <lei>N/A</lei>
        <title>NC RUTGEN 5 03/01/2029</title>
        <cusip>783237AY6</cusip>
        <identifiers>
          <isin value="US783237AY63"/>
          <ticker value="RUTGEN"/>
          <other otherDesc="Internal" value="783237AY"/>
        </identifiers>
        <balance>175000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>186313.75</valUSD>
        <pctVal>0.1785748873</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAMPSON CNTY N C</name>
        <lei>N/A</lei>
        <title>NC SAM 5 09/01/2040</title>
        <cusip>79588VBR5</cusip>
        <identifiers>
          <isin value="US79588VBR50"/>
          <ticker value="SAM"/>
          <other otherDesc="Internal" value="79588VBR"/>
        </identifiers>
        <balance>1750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1776950</valUSD>
        <pctVal>1.7031413197</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCOTLAND CNTY N C</name>
        <lei>N/A</lei>
        <title>NC SCO 5 12/01/2027</title>
        <cusip>809323AK4</cusip>
        <identifiers>
          <isin value="US809323AK42"/>
          <ticker value="SCO"/>
          <other otherDesc="Internal" value="809323AK"/>
        </identifiers>
        <balance>140000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>145069.4</valUSD>
        <pctVal>0.1390436925</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCOTLAND CNTY N C</name>
        <lei>N/A</lei>
        <title>NC SCO 5 12/01/2026</title>
        <cusip>809323BC1</cusip>
        <identifiers>
          <isin value="US809323BC17"/>
          <ticker value="SCO"/>
          <other otherDesc="Internal" value="809323BC"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50739.5</valUSD>
        <pctVal>0.0486319474</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCOTLAND CNTY N C</name>
        <lei>N/A</lei>
        <title>NC SCO 4.5 12/01/2036</title>
        <cusip>809323BN7</cusip>
        <identifiers>
          <isin value="US809323BN71"/>
          <ticker value="SCO"/>
          <other otherDesc="Internal" value="809323BN"/>
        </identifiers>
        <balance>1170000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1179594</valUSD>
        <pctVal>1.1305975305</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA ST</name>
        <lei>N/A</lei>
        <title>NC NCSGEN 5 03/01/2029</title>
        <cusip>658268EP8</cusip>
        <identifiers>
          <isin value="US658268EP82"/>
          <ticker value="NCSGEN"/>
          <other otherDesc="Internal" value="658268EP"/>
        </identifiers>
        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>213744</valUSD>
        <pctVal>0.2048657746</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA ST</name>
        <lei>N/A</lei>
        <title>NC NCSGEN 5 05/01/2029</title>
        <cusip>65829QEY6</cusip>
        <identifiers>
          <isin value="US65829QEY61"/>
          <ticker value="NCSGEN"/>
          <other otherDesc="Internal" value="65829QEY"/>
        </identifiers>
        <balance>225000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>241380</valUSD>
        <pctVal>0.2313538658</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PITT CNTY N C</name>
        <lei>549300NRI6XE7BEE9A08</lei>
        <title>NC PIT 5 04/01/2027</title>
        <cusip>724505DU3</cusip>
        <identifiers>
          <isin value="US724505DU30"/>
          <ticker value="PIT"/>
          <other otherDesc="Internal" value="724505DU"/>
        </identifiers>
        <balance>495000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>500940</valUSD>
        <pctVal>0.4801325939</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WESTERN CAROLINA UNIV N C</name>
        <lei>N/A</lei>
        <title>NC WESHGR 5 06/01/2027</title>
        <cusip>957897JK8</cusip>
        <identifiers>
          <isin value="US957897JK87"/>
          <ticker value="WESHGR"/>
          <other otherDesc="Internal" value="957897JK"/>
        </identifiers>
        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250930</valUSD>
        <pctVal>0.2405071901</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHARLOTTE N C</name>
        <lei>5493001QNY6JJFWHQ568</lei>
        <title>NC CHACTF 5 06/01/2033</title>
        <cusip>161037G75</cusip>
        <identifiers>
          <isin value="US161037G753"/>
          <ticker value="CHACTF"/>
          <other otherDesc="Internal" value="161037G7"/>
        </identifiers>
        <balance>840000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>840596.4</valUSD>
        <pctVal>0.8056807800</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHARLOTTE N C</name>
        <lei>5493001QNY6JJFWHQ568</lei>
        <title>NC CHACTF 5 06/01/2034</title>
        <cusip>161037N93</cusip>
        <identifiers>
          <isin value="US161037N932"/>
          <ticker value="CHACTF"/>
          <other otherDesc="Internal" value="161037N9"/>
        </identifiers>
        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>750375</valUSD>
        <pctVal>0.7192068813</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA TPK AUTH</name>
        <lei>N/A</lei>
        <title>NC NCSTRN 5 01/01/2049</title>
        <cusip>65830RCT4</cusip>
        <identifiers>
          <isin value="US65830RCT41"/>
          <ticker value="NCSTRN"/>
          <other otherDesc="Internal" value="65830RCT"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>503870</valUSD>
        <pctVal>0.4829408913</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FUQUAY-VARINA N C</name>
        <lei>N/A</lei>
        <title>NC FQU 4 08/01/2042</title>
        <cusip>361050HX8</cusip>
        <identifiers>
          <isin value="US361050HX82"/>
          <ticker value="FQU"/>
          <other otherDesc="Internal" value="361050HX"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>502190</valUSD>
        <pctVal>0.4813306730</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WINSTON-SALEM N C</name>
        <lei>549300AUJB2WE4FMLE24</lei>
        <title>NC WIN 4 06/01/2043</title>
        <cusip>975673HT4</cusip>
        <identifiers>
          <isin value="US975673HT41"/>
          <ticker value="WIN"/>
          <other otherDesc="Internal" value="975673HT"/>
        </identifiers>
        <balance>1165000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1160642.9</valUSD>
        <pctVal>1.1124335971</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA TPK AUTH</name>
        <lei>N/A</lei>
        <title>NC NCSTRN 5 01/01/2049</title>
        <cusip>65830RCT4</cusip>
        <identifiers>
          <isin value="US65830RCT41"/>
          <ticker value="NCSTRN"/>
          <other otherDesc="Internal" value="79587WAX"/>
        </identifiers>
        <balance>920000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>920174.8</valUSD>
        <pctVal>0.8819537540</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BURLINGTON N C</name>
        <lei>N/A</lei>
        <title>NC BUR 4.5 08/01/2044</title>
        <cusip>121889TG4</cusip>
        <identifiers>
          <isin value="US121889TG43"/>
          <ticker value="BUR"/>
          <other otherDesc="Internal" value="121889TG"/>
        </identifiers>
        <balance>550000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>568183</valUSD>
        <pctVal>0.5445825400</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DURHAM CNTY N C</name>
        <lei>N/A</lei>
        <title>NC DUR 4 06/01/2036</title>
        <cusip>266705R53</cusip>
        <identifiers>
          <isin value="US266705R533"/>
          <ticker value="DUR"/>
          <other otherDesc="Internal" value="266705R5"/>
        </identifiers>
        <balance>225000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>228539.25</valUSD>
        <pctVal>0.2190464784</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RALEIGH N C</name>
        <lei>549300I7RPBIIRI16112</lei>
        <title>NC RAL 4 04/01/2043</title>
        <cusip>751091UJ6</cusip>
        <identifiers>
          <isin value="US751091UJ60"/>
          <ticker value="RAL"/>
          <other otherDesc="Internal" value="751091UJ"/>
        </identifiers>
        <balance>695000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>692449.35</valUSD>
        <pctVal>0.6636872730</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALAMANCE CNTY N C</name>
        <lei>N/A</lei>
        <title>NC ALA 4 05/01/2041</title>
        <cusip>010734VH1</cusip>
        <identifiers>
          <isin value="US010734VH16"/>
          <ticker value="ALA"/>
          <other otherDesc="Internal" value="010734VH"/>
        </identifiers>
        <balance>635000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>638035.3</valUSD>
        <pctVal>0.6115334044</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALAMANCE CNTY N C</name>
        <lei>N/A</lei>
        <title>NC ALA 4 05/01/2042</title>
        <cusip>010734VJ7</cusip>
        <identifiers>
          <isin value="US010734VJ71"/>
          <ticker value="ALA"/>
          <other otherDesc="Internal" value="010734VJ"/>
        </identifiers>
        <balance>305000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>303917.25</valUSD>
        <pctVal>0.2912935233</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PENDER CNTY N C</name>
        <lei>N/A</lei>
        <title>NC PEN 4 03/01/2045</title>
        <cusip>706711KK3</cusip>
        <identifiers>
          <isin value="US706711KK30"/>
          <ticker value="PEN"/>
          <other otherDesc="Internal" value="706711KK"/>
        </identifiers>
        <balance>1050000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1008157.5</valUSD>
        <pctVal>0.9662819410</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IREDELL CNTY N C</name>
        <lei>549300NE65QUOJ0ETV20</lei>
        <title>NC IRE 5 04/01/2026</title>
        <cusip>462668FQ2</cusip>
        <identifiers>
          <isin value="US462668FQ26"/>
          <ticker value="IRE"/>
          <other otherDesc="Internal" value="462668FQ"/>
        </identifiers>
        <balance>225000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>229455</valUSD>
        <pctVal>0.2199241912</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IREDELL CNTY N C</name>
        <lei>549300NE65QUOJ0ETV20</lei>
        <title>NC IRE 5 04/01/2027</title>
        <cusip>462668FR0</cusip>
        <identifiers>
          <isin value="US462668FR09"/>
          <ticker value="IRE"/>
          <other otherDesc="Internal" value="462668FR"/>
        </identifiers>
        <balance>325000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>325370.5</valUSD>
        <pctVal>0.3118556756</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW HANOVER CNTY N C</name>
        <lei>N/A</lei>
        <title>NC NHVMED 5 10/01/2028</title>
        <cusip>644804EZ5</cusip>
        <identifiers>
          <isin value="US644804EZ57"/>
          <ticker value="NHVMED"/>
          <other otherDesc="Internal" value="644804EZ"/>
        </identifiers>
        <balance>150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>155464.5</valUSD>
        <pctVal>0.1490070141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FUQUAY-VARINA N C</name>
        <lei>N/A</lei>
        <title>NC FQUUTL 4 06/01/2043</title>
        <cusip>36106QDF3</cusip>
        <identifiers>
          <isin value="US36106QDF37"/>
          <ticker value="FQUUTL"/>
          <other otherDesc="Internal" value="36106QDF"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>976860</valUSD>
        <pctVal>0.9362844366</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FUQUAY-VARINA N C</name>
        <lei>N/A</lei>
        <title>NC FQUUTL 4 06/01/2045</title>
        <cusip>36106QDH9</cusip>
        <identifiers>
          <isin value="US36106QDH92"/>
          <ticker value="FQUUTL"/>
          <other otherDesc="Internal" value="36106QDH"/>
        </identifiers>
        <balance>740000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>702822.4</valUSD>
        <pctVal>0.6736294605</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FUQUAY-VARINA N C</name>
        <lei>N/A</lei>
        <title>NC FQUUTL 4.12 06/01/2049</title>
        <cusip>36106QDJ5</cusip>
        <identifiers>
          <isin value="US36106QDJ58"/>
          <ticker value="FQUUTL"/>
          <other otherDesc="Internal" value="36106QDJ"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>931340</valUSD>
        <pctVal>0.8926551882</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GREENSBORO N C</name>
        <lei>N/A</lei>
        <title>NC GREGEN 4 06/01/2047</title>
        <cusip>395468KZ3</cusip>
        <identifiers>
          <isin value="US395468KZ30"/>
          <ticker value="GREGEN"/>
          <other otherDesc="Internal" value="395468KZ"/>
        </identifiers>
        <balance>355000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>331836.25</valUSD>
        <pctVal>0.3180528595</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JOHNSTON CNTY N C</name>
        <lei>N/A</lei>
        <title>NC JOHUTL 5 04/01/2043</title>
        <cusip>479357CG8</cusip>
        <identifiers>
          <isin value="US479357CG88"/>
          <ticker value="JOHUTL"/>
          <other otherDesc="Internal" value="396290DW"/>
        </identifiers>
        <balance>905000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>930656.75</valUSD>
        <pctVal>0.8920003182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GREENVILLE N C UTILS COMMN</name>
        <lei>N/A</lei>
        <title>NC GRVUTL 4.12 12/01/2043</title>
        <cusip>396321EP2</cusip>
        <identifiers>
          <isin value="US396321EP27"/>
          <ticker value="GRVUTL"/>
          <other otherDesc="Internal" value="396321EP"/>
        </identifiers>
        <balance>460000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>455137.8</valUSD>
        <pctVal>0.4362328672</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GREENVILLE N C UTILS COMMN</name>
        <lei>N/A</lei>
        <title>NC GRVUTL 5 09/01/2049</title>
        <cusip>396321FP1</cusip>
        <identifiers>
          <isin value="US396321FP18"/>
          <ticker value="GRVUTL"/>
          <other otherDesc="Internal" value="396321FP"/>
        </identifiers>
        <balance>1250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1298475</valUSD>
        <pctVal>1.2445406034</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HENDERSONVILLE N C</name>
        <lei>N/A</lei>
        <title>NC HNDUTL 4.5 06/01/2043</title>
        <cusip>42538PAQ0</cusip>
        <identifiers>
          <isin value="US42538PAQ00"/>
          <ticker value="HNDUTL"/>
          <other otherDesc="Internal" value="42538PAQ"/>
        </identifiers>
        <balance>550000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>567066.5</valUSD>
        <pctVal>0.5435124158</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOLLY SPRINGS N C</name>
        <lei>N/A</lei>
        <title>NC HSPGEN 4 11/01/2044</title>
        <cusip>436084AU1</cusip>
        <identifiers>
          <isin value="US436084AU17"/>
          <ticker value="HSPGEN"/>
          <other otherDesc="Internal" value="436084AU"/>
        </identifiers>
        <balance>1165000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1113355.55</valUSD>
        <pctVal>1.0671104087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOLLY SPRINGS N C</name>
        <lei>N/A</lei>
        <title>NC HSPGEN 5 11/01/2047</title>
        <cusip>436084BS5</cusip>
        <identifiers>
          <isin value="US436084BS51"/>
          <ticker value="HSPGEN"/>
          <other otherDesc="Internal" value="436084BS"/>
        </identifiers>
        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>263440</valUSD>
        <pctVal>0.2524975656</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GREENVILLE N C UTILS COMMN</name>
        <lei>5493003J6KNUY7E7SF98</lei>
        <title>NC GRVUTL 5 09/01/2049</title>
        <cusip>396321FP1</cusip>
        <identifiers>
          <isin value="US396321FP18"/>
          <ticker value="GRVUTL"/>
          <other otherDesc="Internal" value="479357BL"/>
        </identifiers>
        <balance>300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>294192</valUSD>
        <pctVal>0.2819722283</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JOHNSTON CNTY N C</name>
        <lei>5493003J6KNUY7E7SF98</lei>
        <title>NC JOHUTL 4 04/01/2044</title>
        <cusip>479357BM6</cusip>
        <identifiers>
          <isin value="US479357BM65"/>
          <ticker value="JOHUTL"/>
          <other otherDesc="Internal" value="479357BM"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>482550</valUSD>
        <pctVal>0.4625064542</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JOHNSTON CNTY N C</name>
        <lei>N/A</lei>
        <title>NC JOHUTL 5 04/01/2043</title>
        <cusip>479357CG8</cusip>
        <identifiers>
          <isin value="US479357CG88"/>
          <ticker value="JOHUTL"/>
          <other otherDesc="Internal" value="479357CG"/>
        </identifiers>
        <balance>310000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>333463.9</valUSD>
        <pctVal>0.3196129023</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LINCOLN CNTY N C</name>
        <lei>N/A</lei>
        <title>NC LINUTL 3 08/01/2038</title>
        <cusip>53334CBR9</cusip>
        <identifiers>
          <isin value="US53334CBR97"/>
          <ticker value="LINUTL"/>
          <other otherDesc="Internal" value="53334CBR"/>
        </identifiers>
        <balance>160000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>143811.2</valUSD>
        <pctVal>0.1378377540</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LINCOLN CNTY N C</name>
        <lei>N/A</lei>
        <title>NC LINUTL 3 08/01/2039</title>
        <cusip>53334CBS7</cusip>
        <identifiers>
          <isin value="US53334CBS70"/>
          <ticker value="LINUTL"/>
          <other otherDesc="Internal" value="53334CBS"/>
        </identifiers>
        <balance>340000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>301542.6</valUSD>
        <pctVal>0.2890175085</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LINCOLN CNTY N C</name>
        <lei>N/A</lei>
        <title>NC LINUTL 3 08/01/2040</title>
        <cusip>53334CBT5</cusip>
        <identifiers>
          <isin value="US53334CBT53"/>
          <ticker value="LINUTL"/>
          <other otherDesc="Internal" value="53334CBT"/>
        </identifiers>
        <balance>265000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>229964.35</valUSD>
        <pctVal>0.2204123845</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LINCOLN CNTY N C</name>
        <lei>N/A</lei>
        <title>NC LINUTL 3 08/01/2041</title>
        <cusip>53334CBU2</cusip>
        <identifiers>
          <isin value="US53334CBU27"/>
          <ticker value="LINUTL"/>
          <other otherDesc="Internal" value="53334CBU"/>
        </identifiers>
        <balance>240000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>205466.4</valUSD>
        <pctVal>0.1969319990</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MARTIN CNTY N C</name>
        <lei>N/A</lei>
        <title>NC MRTOBL 4.75 06/01/2034</title>
        <cusip>573252AR4</cusip>
        <identifiers>
          <isin value="US573252AR42"/>
          <ticker value="MRTOBL"/>
          <other otherDesc="Internal" value="573252AR"/>
        </identifiers>
        <balance>1150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1151265</valUSD>
        <pctVal>1.1034452244</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MEBANE N C</name>
        <lei>N/A</lei>
        <title>NC MEBUTL 4 08/01/2044</title>
        <cusip>583445AT8</cusip>
        <identifiers>
          <isin value="US583445AT88"/>
          <ticker value="MEBUTL"/>
          <other otherDesc="Internal" value="583445AT"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>478635</valUSD>
        <pctVal>0.4587540705</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>APPALACHIAN ST UNIV N C</name>
        <lei>N/A</lei>
        <title>NC ASUHGR 4 10/01/2030</title>
        <cusip>037777XX2</cusip>
        <identifiers>
          <isin value="US037777XX23"/>
          <ticker value="ASUHGR"/>
          <other otherDesc="Internal" value="037777XX"/>
        </identifiers>
        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>203060</valUSD>
        <pctVal>0.1946255530</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>APPALACHIAN ST UNIV N C</name>
        <lei>N/A</lei>
        <title>NC ASUHGR 4 05/01/2033</title>
        <cusip>037777YR4</cusip>
        <identifiers>
          <isin value="US037777YR46"/>
          <ticker value="ASUHGR"/>
          <other otherDesc="Internal" value="037777YR"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>505975</valUSD>
        <pctVal>0.4849584565</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>APPALACHIAN ST UNIV N C</name>
        <lei>N/A</lei>
        <title>NC ASUHGR 5 05/01/2036</title>
        <cusip>037777YU7</cusip>
        <identifiers>
          <isin value="US037777YU74"/>
          <ticker value="ASUHGR"/>
          <other otherDesc="Internal" value="037777YU"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1035770</valUSD>
        <pctVal>0.9927475082</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA ST UNIV N C</name>
        <lei>N/A</lei>
        <title>NC NCSHGR 4 10/01/2045</title>
        <cusip>658289P31</cusip>
        <identifiers>
          <isin value="US658289P314"/>
          <ticker value="NCSHGR"/>
          <other otherDesc="Internal" value="658289P3"/>
        </identifiers>
        <balance>590000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>560057.5</valUSD>
        <pctVal>0.5367945467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIVERSITY N C</name>
        <lei>N/A</lei>
        <title>NC UNCHGR 4 10/01/2037</title>
        <cusip>914716H40</cusip>
        <identifiers>
          <isin value="US914716H404"/>
          <ticker value="UNCHGR"/>
          <other otherDesc="Internal" value="914716H4"/>
        </identifiers>
        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>747945</valUSD>
        <pctVal>0.7168778156</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIVERSITY N C</name>
        <lei>N/A</lei>
        <title>NC UNCHGR 5 10/01/2042</title>
        <cusip>914716H65</cusip>
        <identifiers>
          <isin value="US914716H651"/>
          <ticker value="UNCHGR"/>
          <other otherDesc="Internal" value="914716H6"/>
        </identifiers>
        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>254517.5</valUSD>
        <pctVal>0.2439456771</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIVERSITY N C</name>
        <lei>N/A</lei>
        <title>NC UNCHGR 4 10/01/2035</title>
        <cusip>914716K79</cusip>
        <identifiers>
          <isin value="US914716K796"/>
          <ticker value="UNCHGR"/>
          <other otherDesc="Internal" value="914716K7"/>
        </identifiers>
        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>251630</valUSD>
        <pctVal>0.2411781143</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIVERSITY N C</name>
        <lei>N/A</lei>
        <title>NC UNCHGR 4 10/01/2036</title>
        <cusip>914716K87</cusip>
        <identifiers>
          <isin value="US914716K879"/>
          <ticker value="UNCHGR"/>
          <other otherDesc="Internal" value="914716K8"/>
        </identifiers>
        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250867.5</valUSD>
        <pctVal>0.2404472861</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA HSG FIN AGY</name>
        <lei>N/A</lei>
        <title>NC NCSHSG 4 07/01/2039</title>
        <cusip>65820BAY2</cusip>
        <identifiers>
          <isin value="US65820BAY20"/>
          <ticker value="NCSHSG"/>
          <other otherDesc="Internal" value="914719VA"/>
        </identifiers>
        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>756457.5</valUSD>
        <pctVal>0.7250367342</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA HSG FIN AGY</name>
        <lei>N/A</lei>
        <title>NC NCSHSG 4.35 01/01/2044</title>
        <cusip>65820BAZ9</cusip>
        <identifiers>
          <isin value="US65820BAZ94"/>
          <ticker value="NCSHSG"/>
          <other otherDesc="Internal" value="914719VB"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>503440</valUSD>
        <pctVal>0.4825287521</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.350000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIVERSITY N C GREENSBORO</name>
        <lei>N/A</lei>
        <title>NC UNCHGR 5 04/01/2038</title>
        <cusip>914719WZ8</cusip>
        <identifiers>
          <isin value="US914719WZ80"/>
          <ticker value="UNCHGR"/>
          <other otherDesc="Internal" value="914719WZ"/>
        </identifiers>
        <balance>425000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>439373.5</valUSD>
        <pctVal>0.4211233646</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA HSG FIN AGY</name>
        <lei>N/A</lei>
        <title>NC NCSHSG 4.55 07/01/2045</title>
        <cusip>65821FKY1</cusip>
        <identifiers>
          <isin value="US65821FKY15"/>
          <ticker value="NCSHSG"/>
          <other otherDesc="Internal" value="9147208R"/>
        </identifiers>
        <balance>30000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30025.5</valUSD>
        <pctVal>0.0287783391</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.550000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIVERSITY N C</name>
        <lei>N/A</lei>
        <title>NC UNCHGR 4 04/01/2039</title>
        <cusip>914722RH8</cusip>
        <identifiers>
          <isin value="US914722RH84"/>
          <ticker value="UNCHGR"/>
          <other otherDesc="Internal" value="914722RH"/>
        </identifiers>
        <balance>1380000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1378606.2</valUSD>
        <pctVal>1.3213434159</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIVERSITY N C</name>
        <lei>N/A</lei>
        <title>NC UNCHGR 5 10/01/2026</title>
        <cusip>914722SA2</cusip>
        <identifiers>
          <isin value="US914722SA23"/>
          <ticker value="UNCHGR"/>
          <other otherDesc="Internal" value="914722SA"/>
        </identifiers>
        <balance>300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>303750</valUSD>
        <pctVal>0.2911332203</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIVERSITY N C</name>
        <lei>N/A</lei>
        <title>NC UNCHGR 5 06/01/2033</title>
        <cusip>91472TAR5</cusip>
        <identifiers>
          <isin value="US91472TAR59"/>
          <ticker value="UNCHGR"/>
          <other otherDesc="Internal" value="91472TAR"/>
        </identifiers>
        <balance>550000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>550660</valUSD>
        <pctVal>0.5277873880</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIVERSITY N C</name>
        <lei>N/A</lei>
        <title>NC UNCHGR 4 06/01/2029</title>
        <cusip>91472TBC7</cusip>
        <identifiers>
          <isin value="US91472TBC71"/>
          <ticker value="UNCHGR"/>
          <other otherDesc="Internal" value="91472TBC"/>
        </identifiers>
        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>751170</valUSD>
        <pctVal>0.7199688596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIVERSITY N C</name>
        <lei>N/A</lei>
        <title>NC UNCHGR 4 06/01/2030</title>
        <cusip>91472TBD5</cusip>
        <identifiers>
          <isin value="US91472TBD54"/>
          <ticker value="UNCHGR"/>
          <other otherDesc="Internal" value="91472TBD"/>
        </identifiers>
        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>200214</valUSD>
        <pctVal>0.1918977665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIVERSITY N C</name>
        <lei>N/A</lei>
        <title>NC UNCHGR 4 06/01/2034</title>
        <cusip>91472TBH6</cusip>
        <identifiers>
          <isin value="US91472TBH68"/>
          <ticker value="UNCHGR"/>
          <other otherDesc="Internal" value="91472TBH"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>500360</valUSD>
        <pctVal>0.4795766852</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WESTERN CAROLINA UNIV N C</name>
        <lei>N/A</lei>
        <title>NC WESHGR 5 10/01/2045</title>
        <cusip>957897HP9</cusip>
        <identifiers>
          <isin value="US957897HP92"/>
          <ticker value="WESHGR"/>
          <other otherDesc="Internal" value="957897HP"/>
        </identifiers>
        <balance>825000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>825371.25</valUSD>
        <pctVal>0.7910880329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WARREN CNTY N C</name>
        <lei>N/A</lei>
        <title>NC WAR 5 06/01/2027</title>
        <cusip>935079AM5</cusip>
        <identifiers>
          <isin value="US935079AM56"/>
          <ticker value="WAR"/>
          <other otherDesc="Internal" value="935079AM"/>
        </identifiers>
        <balance>160000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>160227.2</valUSD>
        <pctVal>0.1535718871</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MISSISSIPPI ST UNIV EDL BLDG CORP</name>
        <lei>N/A</lei>
        <title>MS MSUFAC 4 08/01/2043</title>
        <cusip>605699RW9</cusip>
        <identifiers>
          <isin value="US605699RW96"/>
          <ticker value="MSUFAC"/>
          <other otherDesc="Internal" value="206447CG"/>
        </identifiers>
        <balance>300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>292413</valUSD>
        <pctVal>0.2802671222</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DURHAM N C</name>
        <lei>N/A</lei>
        <title>NC DUR 4 04/01/2036</title>
        <cusip>26678PFG0</cusip>
        <identifiers>
          <isin value="US26678PFG00"/>
          <ticker value="DUR"/>
          <other otherDesc="Internal" value="26678PFG"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1009380</valUSD>
        <pctVal>0.9674536623</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HENDERSON CNTY N C</name>
        <lei>N/A</lei>
        <title>NC HENOBG 4.12 10/01/2045</title>
        <cusip>424898GS7</cusip>
        <identifiers>
          <isin value="US424898GS74"/>
          <ticker value="HENOBG"/>
          <other otherDesc="Internal" value="424898GS"/>
        </identifiers>
        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>242655</valUSD>
        <pctVal>0.2325759064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW HANOVER CNTY N C</name>
        <lei>549300TDDH9O6TH23823</lei>
        <title>NC NHVMED 5 10/01/2034</title>
        <cusip>644804FF8</cusip>
        <identifiers>
          <isin value="US644804FF84"/>
          <ticker value="NHVMED"/>
          <other otherDesc="Internal" value="644804FF"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1554645</valUSD>
        <pctVal>1.4900701410</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHARLOTTE N C</name>
        <lei>5493001QNY6JJFWHQ568</lei>
        <title>NC CHAAPT 5 07/01/2036</title>
        <cusip>161036MF2</cusip>
        <identifiers>
          <isin value="US161036MF23"/>
          <ticker value="CHAAPT"/>
          <other otherDesc="Internal" value="161036MF"/>
        </identifiers>
        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>255272.5</valUSD>
        <pctVal>0.2446693168</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHARLOTTE N C</name>
        <lei>5493001QNY6JJFWHQ568</lei>
        <title>NC CHAAPT 5 07/01/2037</title>
        <cusip>161036MG0</cusip>
        <identifiers>
          <isin value="US161036MG06"/>
          <ticker value="CHAAPT"/>
          <other otherDesc="Internal" value="161036MG"/>
        </identifiers>
        <balance>700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>713559</valUSD>
        <pctVal>0.6839200973</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHARLOTTE N C</name>
        <lei>5493001QNY6JJFWHQ568</lei>
        <title>NC CHAAPT 5 07/01/2042</title>
        <cusip>161036MH8</cusip>
        <identifiers>
          <isin value="US161036MH88"/>
          <ticker value="CHAAPT"/>
          <other otherDesc="Internal" value="161036MH"/>
        </identifiers>
        <balance>1325000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1343020</valUSD>
        <pctVal>1.2872353500</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA MUN PWR AGY NO 1</name>
        <lei>549300N3Q65G1ODRFX75</lei>
        <title>NC NCMPWR 5 01/01/2028</title>
        <cusip>658203X33</cusip>
        <identifiers>
          <isin value="US658203X335"/>
          <ticker value="NCMPWR"/>
          <other otherDesc="Internal" value="658203X3"/>
        </identifiers>
        <balance>125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>125508.75</valUSD>
        <pctVal>0.1202955278</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA MUN PWR AGY NO 1</name>
        <lei>549300N3Q65G1ODRFX75</lei>
        <title>NC NCMPWR 5 01/01/2032</title>
        <cusip>658203X66</cusip>
        <identifiers>
          <isin value="US658203X665"/>
          <ticker value="NCMPWR"/>
          <other otherDesc="Internal" value="658203X6"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>500210</valUSD>
        <pctVal>0.4794329157</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ONSLOW N C WTR &amp; SWR AUTH</name>
        <lei>N/A</lei>
        <title>NC ONSUTL 4 12/01/2049</title>
        <cusip>682852ER5</cusip>
        <identifiers>
          <isin value="US682852ER58"/>
          <ticker value="ONSUTL"/>
          <other otherDesc="Internal" value="682852ER"/>
        </identifiers>
        <balance>375000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>336742.5</valUSD>
        <pctVal>0.3227553200</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JOHNSTON CNTY N C</name>
        <lei>N/A</lei>
        <title>NC JOHUTL 5 04/01/2043</title>
        <cusip>479357CG8</cusip>
        <identifiers>
          <isin value="US479357CG88"/>
          <ticker value="JOHUTL"/>
          <other otherDesc="Internal" value="795375CP"/>
        </identifiers>
        <balance>540000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>554925.6</valUSD>
        <pctVal>0.5318758090</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WILMINGTON N C STORM WTR FEE</name>
        <lei>549300Y5IY4G3QB69428</lei>
        <title>NC WMGWTR 5 06/01/2035</title>
        <cusip>971724BV0</cusip>
        <identifiers>
          <isin value="US971724BV09"/>
          <ticker value="WMGWTR"/>
          <other otherDesc="Internal" value="971724BV"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>500585</valUSD>
        <pctVal>0.4797923394</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WILSON N C</name>
        <lei>549300D35O04YBG64T16</lei>
        <title>NC WLSGEN 4 10/01/2042</title>
        <cusip>972335AS2</cusip>
        <identifiers>
          <isin value="US972335AS20"/>
          <ticker value="WLSGEN"/>
          <other otherDesc="Internal" value="972335AS"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>492865</valUSD>
        <pctVal>0.4723930029</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BUNCOMBE CNTY N C</name>
        <lei>N/A</lei>
        <title>NC BUNOBL 5 06/01/2044</title>
        <cusip>120525JW1</cusip>
        <identifiers>
          <isin value="US120525JW13"/>
          <ticker value="BUNOBL"/>
          <other otherDesc="Internal" value="120525JW"/>
        </identifiers>
        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>267437.5</valUSD>
        <pctVal>0.2563290226</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CABARRUS CNTY N C</name>
        <lei>549300HVGPJDNBDPZV71</lei>
        <title>NC CAB 4 06/01/2034</title>
        <cusip>12677RCT2</cusip>
        <identifiers>
          <isin value="US12677RCT23"/>
          <ticker value="CAB"/>
          <other otherDesc="Internal" value="12677RCT"/>
        </identifiers>
        <balance>795000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>802838.7</valUSD>
        <pctVal>0.7694914112</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HENDERSON CNTY N C</name>
        <lei>N/A</lei>
        <title>NC HENOBG 4 06/01/2034</title>
        <cusip>424898EA8</cusip>
        <identifiers>
          <isin value="US424898EA84"/>
          <ticker value="HENOBG"/>
          <other otherDesc="Internal" value="424898EA"/>
        </identifiers>
        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>203610</valUSD>
        <pctVal>0.1951527078</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA HSG FIN AGY</name>
        <lei>EC4EE0PS5OP5O69B5C39</lei>
        <title>NC NCSHSG 4.9 07/01/2043</title>
        <cusip>6582074C6</cusip>
        <identifiers>
          <isin value="US6582074C63"/>
          <ticker value="NCSHSG"/>
          <other otherDesc="Internal" value="6582074C"/>
        </identifiers>
        <balance>1475000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1494691.25</valUSD>
        <pctVal>1.4326066733</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.900000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA HSG FIN AGY</name>
        <lei>EC4EE0PS5OP5O69B5C39</lei>
        <title>NC NCSHSG 5 07/01/2046</title>
        <cusip>6582074D4</cusip>
        <identifiers>
          <isin value="US6582074D47"/>
          <ticker value="NCSHSG"/>
          <other otherDesc="Internal" value="6582074D"/>
        </identifiers>
        <balance>2350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2369904.5</valUSD>
        <pctVal>2.2714664328</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA HSG FIN AGY</name>
        <lei>EC4EE0PS5OP5O69B5C39</lei>
        <title>NC NCSHSG 4.38 07/01/2044</title>
        <cusip>6582076J9</cusip>
        <identifiers>
          <isin value="US6582076J98"/>
          <ticker value="NCSHSG"/>
          <other otherDesc="Internal" value="6582076J"/>
        </identifiers>
        <balance>2435000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2433344.2</valUSD>
        <pctVal>2.3322710555</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA HSG FIN AGY</name>
        <lei>EC4EE0PS5OP5O69B5C39</lei>
        <title>NC NCSHSG 4.35 07/01/2043</title>
        <cusip>658207X26</cusip>
        <identifiers>
          <isin value="US658207X260"/>
          <ticker value="NCSHSG"/>
          <other otherDesc="Internal" value="658207X2"/>
        </identifiers>
        <balance>870000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>863692.5</valUSD>
        <pctVal>0.8278175437</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.350000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA HSG FIN AGY</name>
        <lei>N/A</lei>
        <title>NC NCSHSG 4 07/01/2039</title>
        <cusip>65820BAY2</cusip>
        <identifiers>
          <isin value="US65820BAY20"/>
          <ticker value="NCSHSG"/>
          <other otherDesc="Internal" value="65820BAY"/>
        </identifiers>
        <balance>425000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>417256.5</valUSD>
        <pctVal>0.3999250323</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA HSG FIN AGY</name>
        <lei>N/A</lei>
        <title>NC NCSHSG 4.35 01/01/2044</title>
        <cusip>65820BAZ9</cusip>
        <identifiers>
          <isin value="US65820BAZ94"/>
          <ticker value="NCSHSG"/>
          <other otherDesc="Internal" value="65820BAZ"/>
        </identifiers>
        <balance>970000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>970543.2</valUSD>
        <pctVal>0.9302300158</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.350000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA HSG FIN AGY</name>
        <lei>N/A</lei>
        <title>NC NCSHSG 4.55 07/01/2045</title>
        <cusip>65821FKY1</cusip>
        <identifiers>
          <isin value="US65821FKY15"/>
          <ticker value="NCSHSG"/>
          <other otherDesc="Internal" value="65821FKY"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>494910</valUSD>
        <pctVal>0.4743530603</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.550000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA ST</name>
        <lei>N/A</lei>
        <title>NC NCSGEN 5 03/01/2029</title>
        <cusip>658268EA1</cusip>
        <identifiers>
          <isin value="US658268EA14"/>
          <ticker value="NCSGEN"/>
          <other otherDesc="Internal" value="658268EA"/>
        </identifiers>
        <balance>20000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21374.4</valUSD>
        <pctVal>0.0204865775</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WESTERN CAROLINA UNIV N C</name>
        <lei>N/A</lei>
        <title>NC WESHGR 5 10/01/2035</title>
        <cusip>957897KM2</cusip>
        <identifiers>
          <isin value="US957897KM25"/>
          <ticker value="WESHGR"/>
          <other otherDesc="Internal" value="957897KM"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1029900</valUSD>
        <pctVal>0.9871213288</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WESTERN CAROLINA UNIV N C</name>
        <lei>5493004DU2QADMVXVR58</lei>
        <title>NC WESHGR 5 10/01/2043</title>
        <cusip>957897KR1</cusip>
        <identifiers>
          <isin value="US957897KR12"/>
          <ticker value="WESHGR"/>
          <other otherDesc="Internal" value="957897KR"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1015960</valUSD>
        <pctVal>0.9737603507</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WESTERN CAROLINA UNIV N C</name>
        <lei>N/A</lei>
        <title>NC WESHGR 4.38 04/01/2045</title>
        <cusip>957897NG2</cusip>
        <identifiers>
          <isin value="US957897NG20"/>
          <ticker value="WESHGR"/>
          <other otherDesc="Internal" value="957897NG"/>
        </identifiers>
        <balance>600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>604218</valUSD>
        <pctVal>0.5791207642</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WESTERN CAROLINA UNIV N C</name>
        <lei>N/A</lei>
        <title>NC WESHGR 4.5 04/01/2048</title>
        <cusip>957897NK3</cusip>
        <identifiers>
          <isin value="US957897NK32"/>
          <ticker value="WESHGR"/>
          <other otherDesc="Internal" value="957897NK"/>
        </identifiers>
        <balance>600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>596682</valUSD>
        <pctVal>0.5718977849</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOLLY SPRINGS N C</name>
        <lei>N/A</lei>
        <title>NC HSPGEN 4.12 10/01/2041</title>
        <cusip>436088BZ0</cusip>
        <identifiers>
          <isin value="US436088BZ09"/>
          <ticker value="HSPGEN"/>
          <other otherDesc="Internal" value="436088BZ"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>507905</valUSD>
        <pctVal>0.4868082906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOLLY SPRINGS N C</name>
        <lei>N/A</lei>
        <title>NC HSPGEN 4.25 10/01/2043</title>
        <cusip>436088CA4</cusip>
        <identifiers>
          <isin value="US436088CA49"/>
          <ticker value="HSPGEN"/>
          <other otherDesc="Internal" value="436088CA"/>
        </identifiers>
        <balance>365000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>369682.95</valUSD>
        <pctVal>0.3543275316</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KANNAPOLIS N C</name>
        <lei>N/A</lei>
        <title>NC KANGEN 5 04/01/2032</title>
        <cusip>484580BE4</cusip>
        <identifiers>
          <isin value="US484580BE49"/>
          <ticker value="KANGEN"/>
          <other otherDesc="Internal" value="484580BE"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>500510</valUSD>
        <pctVal>0.4797204547</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MECKLENBURG CNTY N C</name>
        <lei>N/A</lei>
        <title>NC MEC 4 02/01/2043</title>
        <cusip>58400CCD7</cusip>
        <identifiers>
          <isin value="US58400CCD74"/>
          <ticker value="MEC"/>
          <other otherDesc="Internal" value="58400CCD"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>496345</valUSD>
        <pctVal>0.4757284551</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HENDERSON CNTY N C</name>
        <lei>N/A</lei>
        <title>NC HENOBG 4.12 10/01/2045</title>
        <cusip>424898GS7</cusip>
        <identifiers>
          <isin value="US424898GS74"/>
          <ticker value="HENOBG"/>
          <other otherDesc="Internal" value="617762CG"/>
        </identifiers>
        <balance>350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>310786</valUSD>
        <pctVal>0.2978769679</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW HANOVER CNTY N C</name>
        <lei>N/A</lei>
        <title>NC HNVOBG 4 10/01/2044</title>
        <cusip>64480PHT9</cusip>
        <identifiers>
          <isin value="US64480PHT93"/>
          <ticker value="HNVOBG"/>
          <other otherDesc="Internal" value="64480PHT"/>
        </identifiers>
        <balance>1080000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1048345.2</valUSD>
        <pctVal>1.0048003756</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PENDER CNTY N C</name>
        <lei>N/A</lei>
        <title>NC PEN 4 04/01/2044</title>
        <cusip>706716DV6</cusip>
        <identifiers>
          <isin value="US706716DV64"/>
          <ticker value="PEN"/>
          <other otherDesc="Internal" value="706716DV"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>956620</valUSD>
        <pctVal>0.9168851399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PERSON CNTY N C</name>
        <lei>N/A</lei>
        <title>NC PERGEN 4 12/01/2044</title>
        <cusip>71534TBQ4</cusip>
        <identifiers>
          <isin value="US71534TBQ40"/>
          <ticker value="PERGEN"/>
          <other otherDesc="Internal" value="71534TBQ"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>955530</valUSD>
        <pctVal>0.9158404149</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SURRY CNTY N C</name>
        <lei>N/A</lei>
        <title>NC SRRGEN 3 10/01/2038</title>
        <cusip>86888UCG2</cusip>
        <identifiers>
          <isin value="US86888UCG22"/>
          <ticker value="SRRGEN"/>
          <other otherDesc="Internal" value="86888UCG"/>
        </identifiers>
        <balance>395000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>349622.4</valUSD>
        <pctVal>0.3351002312</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SURRY CNTY N C</name>
        <lei>N/A</lei>
        <title>NC SRRGEN 3 10/01/2041</title>
        <cusip>86888UCK3</cusip>
        <identifiers>
          <isin value="US86888UCK34"/>
          <ticker value="SRRGEN"/>
          <other otherDesc="Internal" value="86888UCK"/>
        </identifiers>
        <balance>635000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>535228.8</valUSD>
        <pctVal>0.5129971495</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THOMASVILLE N C</name>
        <lei>N/A</lei>
        <title>NC THO 4 05/01/2036</title>
        <cusip>884708AR9</cusip>
        <identifiers>
          <isin value="US884708AR92"/>
          <ticker value="THO"/>
          <other otherDesc="Internal" value="884708AR"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>503765</valUSD>
        <pctVal>0.4828402526</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WINSTON-SALEM N C</name>
        <lei>N/A</lei>
        <title>NC WIN 5 06/01/2043</title>
        <cusip>975680HF9</cusip>
        <identifiers>
          <isin value="US975680HF97"/>
          <ticker value="WIN"/>
          <other otherDesc="Internal" value="975680HF"/>
        </identifiers>
        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>269607.5</valUSD>
        <pctVal>0.2584088879</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASHEVILLE N C</name>
        <lei>N/A</lei>
        <title>NC ASHGEN 3 04/01/2041</title>
        <cusip>044037CB3</cusip>
        <identifiers>
          <isin value="US044037CB34"/>
          <ticker value="ASHGEN"/>
          <other otherDesc="Internal" value="044037CB"/>
        </identifiers>
        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>217880</valUSD>
        <pctVal>0.2088299788</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MONROE N C</name>
        <lei>N/A</lei>
        <title>NC MONGEN 4 03/01/2033</title>
        <cusip>611199AS9</cusip>
        <identifiers>
          <isin value="US611199AS94"/>
          <ticker value="MONGEN"/>
          <other otherDesc="Internal" value="611199AS"/>
        </identifiers>
        <balance>255000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>255084.15</valUSD>
        <pctVal>0.2444887903</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MONROE N C</name>
        <lei>N/A</lei>
        <title>NC MONGEN 5 03/01/2039</title>
        <cusip>611199AW0</cusip>
        <identifiers>
          <isin value="US611199AW07"/>
          <ticker value="MONGEN"/>
          <other otherDesc="Internal" value="611199AW"/>
        </identifiers>
        <balance>1250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1250600</valUSD>
        <pctVal>1.1986541740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA ST</name>
        <lei>N/A</lei>
        <title>NC NCSGEN 5 05/01/2028</title>
        <cusip>65829QCX0</cusip>
        <identifiers>
          <isin value="US65829QCX07"/>
          <ticker value="NCSGEN"/>
          <other otherDesc="Internal" value="65829QCX"/>
        </identifiers>
        <balance>125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>128235</valUSD>
        <pctVal>0.1229085383</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAMPSON CNTY N C</name>
        <lei>N/A</lei>
        <title>NC SAM 5 09/01/2026</title>
        <cusip>79588VBE4</cusip>
        <identifiers>
          <isin value="US79588VBE48"/>
          <ticker value="SAM"/>
          <other otherDesc="Internal" value="79588VBE"/>
        </identifiers>
        <balance>210000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>211900.5</valUSD>
        <pctVal>0.2030988476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAMPSON CNTY N C</name>
        <lei>N/A</lei>
        <title>NC SAM 4 09/01/2036</title>
        <cusip>79588VBP9</cusip>
        <identifiers>
          <isin value="US79588VBP94"/>
          <ticker value="SAM"/>
          <other otherDesc="Internal" value="79588VBP"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000520</valUSD>
        <pctVal>0.9589616777</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAMPSON CNTY N C</name>
        <lei>N/A</lei>
        <title>NC SAM 4 09/01/2037</title>
        <cusip>79588VBQ7</cusip>
        <identifiers>
          <isin value="US79588VBQ77"/>
          <ticker value="SAM"/>
          <other otherDesc="Internal" value="79588VBQ"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>498170</valUSD>
        <pctVal>0.4774776506</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASHE CNTY N C</name>
        <lei>N/A</lei>
        <title>NC ASE 4.12 06/01/2044</title>
        <cusip>043891AU4</cusip>
        <identifiers>
          <isin value="US043891AU48"/>
          <ticker value="ASE"/>
          <other otherDesc="Internal" value="043891AU"/>
        </identifiers>
        <balance>650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>637338</valUSD>
        <pctVal>0.6108650679</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRUNSWICK CNTY N C</name>
        <lei>N/A</lei>
        <title>NC BRU 5 06/01/2031</title>
        <cusip>117073BP0</cusip>
        <identifiers>
          <isin value="US117073BP04"/>
          <ticker value="BRU"/>
          <other otherDesc="Internal" value="117073BP"/>
        </identifiers>
        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250275</valUSD>
        <pctVal>0.2398793966</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BUNCOMBE CNTY N C</name>
        <lei>N/A</lei>
        <title>NC BUNOBL 4 06/01/2036</title>
        <cusip>120525HJ2</cusip>
        <identifiers>
          <isin value="US120525HJ20"/>
          <ticker value="BUNOBL"/>
          <other otherDesc="Internal" value="120525HJ"/>
        </identifiers>
        <balance>125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>127642.5</valUSD>
        <pctVal>0.1223406488</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CABARRUS CNTY N C</name>
        <lei>549300HVGPJDNBDPZV71</lei>
        <title>NC CAB 4 06/01/2035</title>
        <cusip>12677RCU9</cusip>
        <identifiers>
          <isin value="US12677RCU95"/>
          <ticker value="CAB"/>
          <other otherDesc="Internal" value="12677RCU"/>
        </identifiers>
        <balance>1650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1661352</valUSD>
        <pctVal>1.5923448819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-04-20</ncom:dateSigned>
      <ncom:nameOfApplicant>Dupree Mutual Funds</ncom:nameOfApplicant>
      <ncom:signature>Michelle Dragoo</ncom:signature>
      <ncom:signerName>Michelle Dragoo</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
