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      <regStreet1>125 South Mill Street</regStreet1>
      <regStreet2>Vine Center, Suite 100</regStreet2>
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      <regStateConditional regCountry="US" regState="US-KY"/>
      <regZipOrPostalCode>40507</regZipOrPostalCode>
      <regPhone>859-254-7741</regPhone>
      <seriesName>Tennessee Tax-Free Income Series</seriesName>
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      <repPdEnd>2026-06-30</repPdEnd>
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      <totLiabs>410134.710000000000</totLiabs>
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      <assetsInvested>0.000000000000</assetsInvested>
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        <name>BEDFORD CNTY TENN</name>
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      <invstOrSec>
        <name>COLLIERVILLE TENN</name>
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          <ticker value="CLV"/>
          <other otherDesc="Internal" value="194702ZD"/>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>DECATUR CNTY TENN</name>
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        <title>TN DCT 4 05/01/2042</title>
        <cusip>243091KX2</cusip>
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          <ticker value="DCT"/>
          <other otherDesc="Internal" value="243091KX"/>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>KNOX CNTY TENN</name>
        <lei>549300WT27UFXOLT2D56</lei>
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        <cusip>499513HR3</cusip>
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          <ticker value="KNO"/>
          <other otherDesc="Internal" value="499513HR"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>KNOXVILLE TENN</name>
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          <other otherDesc="Internal" value="499746P8"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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      </invstOrSec>
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        <name>KNOXVILLE TENN</name>
        <lei>5493002KM0TCCHHCDT47</lei>
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        <cusip>499746Z40</cusip>
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          <isin value="US499746Z406"/>
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          <other otherDesc="Internal" value="499746Z4"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>LA FOLLETTE TENN</name>
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        <title>TN LAFPWR 5 06/01/2045</title>
        <cusip>506837CM3</cusip>
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          <isin value="US506837CM31"/>
          <ticker value="LAFPWR"/>
          <other otherDesc="Internal" value="506837CM"/>
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        <balance>235000</balance>
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        <valUSD>246975.6</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>METROPOLITAN GOVT NASHVILLE &amp; DAVIDSON CNTY TENN</name>
        <lei>N/A</lei>
        <title>TN MET 4 07/01/2033</title>
        <cusip>592112SR8</cusip>
        <identifiers>
          <isin value="US592112SR83"/>
          <ticker value="MET"/>
          <other otherDesc="Internal" value="592112SR"/>
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        <balance>750000</balance>
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        <curCd>USD</curCd>
        <valUSD>758737.5</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>METROPOLITAN GOVT NASHVILLE &amp; DAVIDSON CNTY TENN</name>
        <lei>549300GW8FVQJ3DU6O10</lei>
        <title>TN MET 4 07/01/2034</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>SEVIERVILLE TENN</name>
        <lei>N/A</lei>
        <title>TN SVV 4 06/01/2044</title>
        <cusip>818274ZF2</cusip>
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          <isin value="US818274ZF24"/>
          <ticker value="SVV"/>
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        <curCd>USD</curCd>
        <valUSD>419711.6</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COLUMBIA TENN</name>
        <lei>N/A</lei>
        <title>TN COL 4 12/01/2043</title>
        <cusip>198558SE9</cusip>
        <identifiers>
          <isin value="US198558SE93"/>
          <ticker value="COL"/>
          <other otherDesc="Internal" value="198558SE"/>
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        <curCd>USD</curCd>
        <valUSD>972750</valUSD>
        <pctVal>1.9961315416</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>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COLUMBIA TENN</name>
        <lei>N/A</lei>
        <title>TN COL 4 12/01/2050</title>
        <cusip>198558SM1</cusip>
        <identifiers>
          <isin value="US198558SM10"/>
          <ticker value="COL"/>
          <other otherDesc="Internal" value="198558SM"/>
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        <curCd>USD</curCd>
        <valUSD>679882.5</valUSD>
        <pctVal>1.3951528171</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-01</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>HARRIMAN TENN</name>
        <lei>N/A</lei>
        <title>TN HAR 5 06/01/2028</title>
        <cusip>413720LN1</cusip>
        <identifiers>
          <isin value="US413720LN12"/>
          <ticker value="HAR"/>
          <other otherDesc="Internal" value="413720LN"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>104375</valUSD>
        <pctVal>0.2141827085</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MARYVILLE TENN</name>
        <lei>N/A</lei>
        <title>TN MAR 4 06/01/2029</title>
        <cusip>574531VR7</cusip>
        <identifiers>
          <isin value="US574531VR71"/>
          <ticker value="MAR"/>
          <other otherDesc="Internal" value="574531VR"/>
        </identifiers>
        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250380</valUSD>
        <pctVal>0.5137922543</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>SPRINGFIELD TENN</name>
        <lei>N/A</lei>
        <title>TN SPR 5 06/01/2027</title>
        <cusip>851392SR2</cusip>
        <identifiers>
          <isin value="US851392SR27"/>
          <ticker value="SPR"/>
          <other otherDesc="Internal" value="851392SR"/>
        </identifiers>
        <balance>245000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>252019.25</valUSD>
        <pctVal>0.5171560771</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>HAMBLEN CNTY TENN</name>
        <lei>N/A</lei>
        <title>TN HMB 4 05/01/2038</title>
        <cusip>406540TP9</cusip>
        <identifiers>
          <isin value="US406540TP97"/>
          <ticker value="HMB"/>
          <other otherDesc="Internal" value="406540TP"/>
        </identifiers>
        <balance>880000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>885649.6</valUSD>
        <pctVal>1.8173971744</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-05-01</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>HAMBLEN CNTY TENN</name>
        <lei>N/A</lei>
        <title>TN HMB 4 05/01/2039</title>
        <cusip>406540TQ7</cusip>
        <identifiers>
          <isin value="US406540TQ70"/>
          <ticker value="HMB"/>
          <other otherDesc="Internal" value="406540TQ"/>
        </identifiers>
        <balance>1250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1255337.5</valUSD>
        <pctVal>2.5760151931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-05-01</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>HAMBLEN CNTY TENN</name>
        <lei>N/A</lei>
        <title>TN HMB 4 05/01/2045</title>
        <cusip>406540TW4</cusip>
        <identifiers>
          <isin value="US406540TW49"/>
          <ticker value="HMB"/>
          <other otherDesc="Internal" value="406540TW"/>
        </identifiers>
        <balance>420000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>396370.8</valUSD>
        <pctVal>0.8133726611</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-01</maturityDt>
          <couponKind>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>NOLENSVILLE TOWN TENN</name>
        <lei>N/A</lei>
        <title>TN NOL 4 06/01/2041</title>
        <cusip>655309AT9</cusip>
        <identifiers>
          <isin value="US655309AT97"/>
          <ticker value="NOL"/>
          <other otherDesc="Internal" value="655309AT"/>
        </identifiers>
        <balance>400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>397732</valUSD>
        <pctVal>0.8161659114</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>NOLENSVILLE TOWN TENN</name>
        <lei>N/A</lei>
        <title>TN NOL 4 06/01/2042</title>
        <cusip>655309AU6</cusip>
        <identifiers>
          <isin value="US655309AU60"/>
          <ticker value="NOL"/>
          <other otherDesc="Internal" value="655309AU"/>
        </identifiers>
        <balance>600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>595734</valUSD>
        <pctVal>1.2224758960</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>SULLIVAN CNTY TENN</name>
        <lei>N/A</lei>
        <title>TN SUL 4 02/01/2043</title>
        <cusip>865287XU5</cusip>
        <identifiers>
          <isin value="US865287XU56"/>
          <ticker value="SUL"/>
          <other otherDesc="Internal" value="865287XU"/>
        </identifiers>
        <balance>1010000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>984558.1</valUSD>
        <pctVal>2.0203623520</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>MARYVILLE TENN</name>
        <lei>N/A</lei>
        <title>TN MAR 5 06/01/2026</title>
        <cusip>574531UU1</cusip>
        <identifiers>
          <isin value="US574531UU10"/>
          <ticker value="MAR"/>
          <other otherDesc="Internal" value="574531UU"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50211</valUSD>
        <pctVal>0.1030354776</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-01</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>MEMPHIS TENN</name>
        <lei>254900N4APYJWTAF5J46</lei>
        <title>TN MEM 5 10/01/2043</title>
        <cusip>5861454L5</cusip>
        <identifiers>
          <isin value="US5861454L53"/>
          <ticker value="MEM"/>
          <other otherDesc="Internal" value="5861454L"/>
        </identifiers>
        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>787837.5</valUSD>
        <pctVal>1.6166818642</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>SEVIERVILLE TENN</name>
        <lei>N/A</lei>
        <title>TN SVV 5 05/01/2028</title>
        <cusip>818274XW7</cusip>
        <identifiers>
          <isin value="US818274XW74"/>
          <ticker value="SVV"/>
          <other otherDesc="Internal" value="818274XW"/>
        </identifiers>
        <balance>125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>131146.25</valUSD>
        <pctVal>0.2691186494</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>MONTGOMERY CNTY TENN</name>
        <lei>N/A</lei>
        <title>TN MON 4 04/01/2037</title>
        <cusip>61366ABY2</cusip>
        <identifiers>
          <isin value="US61366ABY29"/>
          <ticker value="MON"/>
          <other otherDesc="Internal" value="61366ABY"/>
        </identifiers>
        <balance>1420000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1422215.2</valUSD>
        <pctVal>2.9184565610</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-01</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>MONTGOMERY CNTY TENN</name>
        <lei>N/A</lei>
        <title>TN MON 4 06/01/2040</title>
        <cusip>61366AKZ9</cusip>
        <identifiers>
          <isin value="US61366AKZ92"/>
          <ticker value="MON"/>
          <other otherDesc="Internal" value="61366AKZ"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>499980</valUSD>
        <pctVal>1.0259839097</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>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>WHITE CNTY TENN</name>
        <lei>N/A</lei>
        <title>TN WHI 4 06/01/2027</title>
        <cusip>963694HR8</cusip>
        <identifiers>
          <isin value="US963694HR85"/>
          <ticker value="WHI"/>
          <other otherDesc="Internal" value="963694HR"/>
        </identifiers>
        <balance>260000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>260114.4</valUSD>
        <pctVal>0.5337677289</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <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 CNTY TENN</name>
        <lei>549300N6BIU7YJ1ESV95</lei>
        <title>TN WIL 4 04/01/2039</title>
        <cusip>97217PNS4</cusip>
        <identifiers>
          <isin value="US97217PNS47"/>
          <ticker value="WIL"/>
          <other otherDesc="Internal" value="97217PNS"/>
        </identifiers>
        <balance>245000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>242062.45</valUSD>
        <pctVal>0.4967242267</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>LEXINGTON TENN</name>
        <lei>N/A</lei>
        <title>TN LEXPWR 4 08/01/2044</title>
        <cusip>529658EG7</cusip>
        <identifiers>
          <isin value="US529658EG76"/>
          <ticker value="LEXPWR"/>
          <other otherDesc="Internal" value="529658EG"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>476200</valUSD>
        <pctVal>0.9771861631</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>LA FOLLETTE TENN</name>
        <lei>N/A</lei>
        <title>TN LAFPWR 5 06/01/2045</title>
        <cusip>506837CM3</cusip>
        <identifiers>
          <isin value="US506837CM31"/>
          <ticker value="LAFPWR"/>
          <other otherDesc="Internal" value="545845DV"/>
        </identifiers>
        <balance>290000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>311895</valUSD>
        <pctVal>0.6400241040</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>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>LOUDON TENN</name>
        <lei>N/A</lei>
        <title>TN LOUWTR 5 03/01/2040</title>
        <cusip>545845DW6</cusip>
        <identifiers>
          <isin value="US545845DW69"/>
          <ticker value="LOUWTR"/>
          <other otherDesc="Internal" value="545845DW"/>
        </identifiers>
        <balance>355000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>379796.75</valUSD>
        <pctVal>0.7793618834</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-03-01</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>LOUDON TENN</name>
        <lei>N/A</lei>
        <title>TN LOUWTR 5 03/01/2041</title>
        <cusip>545845DX4</cusip>
        <identifiers>
          <isin value="US545845DX43"/>
          <ticker value="LOUWTR"/>
          <other otherDesc="Internal" value="545845DX"/>
        </identifiers>
        <balance>425000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>452557</valUSD>
        <pctVal>0.9286695472</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>LOUDON TENN</name>
        <lei>N/A</lei>
        <title>TN LOUWTR 4 03/01/2044</title>
        <cusip>545845EU9</cusip>
        <identifiers>
          <isin value="US545845EU94"/>
          <ticker value="LOUWTR"/>
          <other otherDesc="Internal" value="545845EU"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>961550</valUSD>
        <pctVal>1.9731485827</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-03-01</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>MARSHALL CNTY TENN</name>
        <lei>N/A</lei>
        <title>TN MRLWTR 5 06/01/2040</title>
        <cusip>572258AQ4</cusip>
        <identifiers>
          <isin value="US572258AQ49"/>
          <ticker value="MRLWTR"/>
          <other otherDesc="Internal" value="572258AQ"/>
        </identifiers>
        <balance>275000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>294379.25</valUSD>
        <pctVal>0.6040809109</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>MEMPHIS TENN</name>
        <lei>254900N4APYJWTAF5J46</lei>
        <title>TN MEMUTL 4 12/01/2034</title>
        <cusip>58616PAT5</cusip>
        <identifiers>
          <isin value="US58616PAT57"/>
          <ticker value="MEMUTL"/>
          <other otherDesc="Internal" value="58616PAT"/>
        </identifiers>
        <balance>775000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>778875</valUSD>
        <pctVal>1.5982903670</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-01</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>MEMPHIS TENN</name>
        <lei>254900N4APYJWTAF5J46</lei>
        <title>TN MEMUTL 4 12/01/2037</title>
        <cusip>58616PBR8</cusip>
        <identifiers>
          <isin value="US58616PBR82"/>
          <ticker value="MEMUTL"/>
          <other otherDesc="Internal" value="58616PBR"/>
        </identifiers>
        <balance>1310000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1315187.6</valUSD>
        <pctVal>2.6988305849</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-12-01</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>METROPOLITAN GOVT NASHVILLE &amp; DAVIDSON CNTY TENN</name>
        <lei>N/A</lei>
        <title>TN METPWR 5 05/15/2031</title>
        <cusip>592030K58</cusip>
        <identifiers>
          <isin value="US592030K585"/>
          <ticker value="METPWR"/>
          <other otherDesc="Internal" value="592030K5"/>
        </identifiers>
        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>102478</valUSD>
        <pctVal>0.2102899698</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>METROPOLITAN GOVT NASHVILLE &amp; DAVIDSON CNTY TENN</name>
        <lei>N/A</lei>
        <title>TN METPWR 5.25 05/15/2049</title>
        <cusip>592030R93</cusip>
        <identifiers>
          <isin value="US592030R937"/>
          <ticker value="METPWR"/>
          <other otherDesc="Internal" value="592030R9"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1056770</valUSD>
        <pctVal>2.1685447743</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>METROPOLITAN GOVT NASHVILLE &amp; DAVIDSON CNTY TENN</name>
        <lei>N/A</lei>
        <title>TN METUTL 4 07/01/2046</title>
        <cusip>5920982R7</cusip>
        <identifiers>
          <isin value="US5920982R78"/>
          <ticker value="METUTL"/>
          <other otherDesc="Internal" value="5920982R"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>940300</valUSD>
        <pctVal>1.9295425223</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>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>PORTLAND TENN</name>
        <lei>549300BJVHTFMLXPSJ79</lei>
        <title>TN PORUTL 4 04/01/2037</title>
        <cusip>736806BG4</cusip>
        <identifiers>
          <isin value="US736806BG48"/>
          <ticker value="PORUTL"/>
          <other otherDesc="Internal" value="736806BG"/>
        </identifiers>
        <balance>900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>900027</valUSD>
        <pctVal>1.8469003166</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-01</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>PORTLAND TENN</name>
        <lei>549300BJVHTFMLXPSJ79</lei>
        <title>TN PORUTL 4 04/01/2040</title>
        <cusip>736806BW9</cusip>
        <identifiers>
          <isin value="US736806BW97"/>
          <ticker value="PORUTL"/>
          <other otherDesc="Internal" value="736806BW"/>
        </identifiers>
        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>732690</valUSD>
        <pctVal>1.5035164423</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>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>PULASKI TENN</name>
        <lei>549300F5JLO4ZT59W364</lei>
        <title>TN PULPWR 4 06/01/2042</title>
        <cusip>745621FF4</cusip>
        <identifiers>
          <isin value="US745621FF49"/>
          <ticker value="PULPWR"/>
          <other otherDesc="Internal" value="745621FF"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>486610</valUSD>
        <pctVal>0.9985480025</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>WATAUGA RIV REGL WTR AUTH</name>
        <lei>N/A</lei>
        <title>TN WTAWTR 4 07/01/2037</title>
        <cusip>94109RAM5</cusip>
        <identifiers>
          <isin value="US94109RAM51"/>
          <ticker value="WTAWTR"/>
          <other otherDesc="Internal" value="94109RAM"/>
        </identifiers>
        <balance>1270000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1265377.2</valUSD>
        <pctVal>2.5966171585</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>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>WATTS BAR UTIL DIST TENN</name>
        <lei>N/A</lei>
        <title>TN WTSUTL 5 09/01/2045</title>
        <cusip>94274MCS0</cusip>
        <identifiers>
          <isin value="US94274MCS08"/>
          <ticker value="WTSUTL"/>
          <other otherDesc="Internal" value="94274MCS"/>
        </identifiers>
        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>210424</valUSD>
        <pctVal>0.4318005485</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>WEST KNOX UTIL DIST KNOX CNTY TENN</name>
        <lei>N/A</lei>
        <title>TN WESUTL 4 06/01/2046</title>
        <cusip>953564GW5</cusip>
        <identifiers>
          <isin value="US953564GW53"/>
          <ticker value="WESUTL"/>
          <other otherDesc="Internal" value="953564GW"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>944280</valUSD>
        <pctVal>1.9377096809</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>4.000000000000</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>WEST WILSON UTIL DIST TENN</name>
        <lei>549300WPXZ57G71KKH88</lei>
        <title>TN WWNWTR 5 06/01/2042</title>
        <cusip>956876LG9</cusip>
        <identifiers>
          <isin value="US956876LG94"/>
          <ticker value="WWNWTR"/>
          <other otherDesc="Internal" value="956876LG"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>530425</valUSD>
        <pctVal>1.0884585690</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>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>WEST WILSON UTIL DIST TENN</name>
        <lei>N/A</lei>
        <title>TN WWNWTR 5 06/01/2040</title>
        <cusip>956876LW4</cusip>
        <identifiers>
          <isin value="US956876LW45"/>
          <ticker value="WWNWTR"/>
          <other otherDesc="Internal" value="956876LW"/>
        </identifiers>
        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>219884</valUSD>
        <pctVal>0.4512129405</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>MEMPHIS-SHELBY CNTY TENN INDL DEV BRD</name>
        <lei>N/A</lei>
        <title>TN MEMDEV 5 11/01/2027</title>
        <cusip>586108AD4</cusip>
        <identifiers>
          <isin value="US586108AD46"/>
          <ticker value="MEMDEV"/>
          <other otherDesc="Internal" value="586108AD"/>
        </identifiers>
        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>202558</valUSD>
        <pctVal>0.4156591239</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>METROPOLITAN GOVT NASHVILLE &amp; DAVIDSON CNTY TENN HEALTH &amp; EDL FACS BRD MULTIFAMILY</name>
        <lei>N/A</lei>
        <title>TN METHSG 4.6 12/01/2044</title>
        <cusip>592113CN2</cusip>
        <identifiers>
          <isin value="US592113CN27"/>
          <ticker value="METHSG"/>
          <other otherDesc="Internal" value="592113CN"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>493190</valUSD>
        <pctVal>1.0120504909</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>4.600000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TENNESSEE HSG DEV AGY</name>
        <lei>N/A</lei>
        <title>TN TNSHSG 4.5 07/01/2043</title>
        <cusip>88046KCM6</cusip>
        <identifiers>
          <isin value="US88046KCM62"/>
          <ticker value="TNSHSG"/>
          <other otherDesc="Internal" value="88046KCM"/>
        </identifiers>
        <balance>1470000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1481069.1</valUSD>
        <pctVal>3.0392277006</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>4.500000000000</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>TENNESSEE HSG DEV AGY</name>
        <lei>N/A</lei>
        <title>TN TNSHSG 4.15 07/01/2038</title>
        <cusip>88046KEP7</cusip>
        <identifiers>
          <isin value="US88046KEP75"/>
          <ticker value="TNSHSG"/>
          <other otherDesc="Internal" value="88046KEP"/>
        </identifiers>
        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99995</valUSD>
        <pctVal>0.2051947299</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.150000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>METROPOLITAN NASHVILLE ARPT AUTH TENN</name>
        <lei>N/A</lei>
        <title>TN MNVAPT 5 07/01/2046</title>
        <cusip>592190RX2</cusip>
        <identifiers>
          <isin value="US592190RX24"/>
          <ticker value="MNVAPT"/>
          <other otherDesc="Internal" value="592190RX"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1051140</valUSD>
        <pctVal>2.1569917334</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>MET GOVT NASHVILLE &amp; DAVIDSON CNTY TENN H &amp; E FACS BRD</name>
        <lei>549300GW8FVQJ3DU6O10</lei>
        <title>TN METHGR 5 07/01/2035</title>
        <cusip>592041WF0</cusip>
        <identifiers>
          <isin value="US592041WF04"/>
          <ticker value="METHGR"/>
          <other otherDesc="Internal" value="592041WF"/>
        </identifiers>
        <balance>1595000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1599513.85</valUSD>
        <pctVal>3.2822822382</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</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>MET GOVT NASHVILLE &amp; DAVIDSON CNTY TENN H &amp; E FACS BRD</name>
        <lei>549300GW8FVQJ3DU6O10</lei>
        <title>TN METHGR 5 07/01/2040</title>
        <cusip>592041WG8</cusip>
        <identifiers>
          <isin value="US592041WG86"/>
          <ticker value="METHGR"/>
          <other otherDesc="Internal" value="592041WG"/>
        </identifiers>
        <balance>950000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>951729</valUSD>
        <pctVal>1.9529954006</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>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>SHELBY CNTY TENN HEALTH EDL &amp; HSG FACS BRD</name>
        <lei>5493000UVZ1EF2SIPO10</lei>
        <title>TN SHEMED 5 05/01/2036</title>
        <cusip>821697S83</cusip>
        <identifiers>
          <isin value="US821697S835"/>
          <ticker value="SHEMED"/>
          <other otherDesc="Internal" value="821697S8"/>
        </identifiers>
        <balance>1535000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1547494.9</valUSD>
        <pctVal>3.1755367570</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>CLARKSVILLE TENN</name>
        <lei>5493000GGEJLABLR8E68</lei>
        <title>TN CLAPWR 4.25 09/01/2040</title>
        <cusip>182494JQ8</cusip>
        <identifiers>
          <isin value="US182494JQ83"/>
          <ticker value="CLAPWR"/>
          <other otherDesc="Internal" value="182494JQ"/>
        </identifiers>
        <balance>475000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>482994.25</valUSD>
        <pctVal>0.9911283031</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>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>CLARKSVILLE TENN PUB BLDG AUTH</name>
        <lei>N/A</lei>
        <title>TN CLAFAC 4.5 02/01/2043</title>
        <cusip>182564BX1</cusip>
        <identifiers>
          <isin value="US182564BX12"/>
          <ticker value="CLAFAC"/>
          <other otherDesc="Internal" value="182564BX"/>
        </identifiers>
        <balance>630000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>636728.4</valUSD>
        <pctVal>1.3065984504</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>4.500000000000</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>DICKSON TENN</name>
        <lei>N/A</lei>
        <title>TN DICPWR 5 07/01/2043</title>
        <cusip>253507QS9</cusip>
        <identifiers>
          <isin value="US253507QS94"/>
          <ticker value="DICPWR"/>
          <other otherDesc="Internal" value="253507QS"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1066720</valUSD>
        <pctVal>2.1889626708</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>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>EASTSIDE UTIL DIST HAMILTON CNTY TENN</name>
        <lei>N/A</lei>
        <title>TN EASWTR 4 05/01/2045</title>
        <cusip>277807FP3</cusip>
        <identifiers>
          <isin value="US277807FP39"/>
          <ticker value="EASWTR"/>
          <other otherDesc="Internal" value="277807FP"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>471870</valUSD>
        <pctVal>0.9683007870</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-01</maturityDt>
          <couponKind>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>DICKSON TENN</name>
        <lei>N/A</lei>
        <title>TN DICPWR 5 07/01/2043</title>
        <cusip>253507QS9</cusip>
        <identifiers>
          <isin value="US253507QS94"/>
          <ticker value="DICPWR"/>
          <other otherDesc="Internal" value="354783AU"/>
        </identifiers>
        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250967.5</valUSD>
        <pctVal>0.5149978336</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>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>GALLATIN TENN</name>
        <lei>N/A</lei>
        <title>TN GALPWR 4 07/01/2043</title>
        <cusip>363753BL7</cusip>
        <identifiers>
          <isin value="US363753BL70"/>
          <ticker value="GALPWR"/>
          <other otherDesc="Internal" value="363753BL"/>
        </identifiers>
        <balance>785000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>755554.65</valUSD>
        <pctVal>1.5504358450</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>4.000000000000</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>GALLATIN TENN</name>
        <lei>N/A</lei>
        <title>TN GLTUTL 4 01/01/2042</title>
        <cusip>363754BP6</cusip>
        <identifiers>
          <isin value="US363754BP67"/>
          <ticker value="GLTUTL"/>
          <other otherDesc="Internal" value="363754BP"/>
        </identifiers>
        <balance>1155000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1132431.3</valUSD>
        <pctVal>2.3238055375</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-01</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>HALLSDALE-POWELL UTIL DIST KNOX CNTY TENN</name>
        <lei>N/A</lei>
        <title>TN HLPUTL 4 04/01/2028</title>
        <cusip>406313NC6</cusip>
        <identifiers>
          <isin value="US406313NC69"/>
          <ticker value="HLPUTL"/>
          <other otherDesc="Internal" value="406313NC"/>
        </identifiers>
        <balance>255000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>255048.45</valUSD>
        <pctVal>0.5233721467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>HALLSDALE-POWELL UTIL DIST KNOX CNTY TENN</name>
        <lei>N/A</lei>
        <title>TN HLPUTL 4 04/01/2035</title>
        <cusip>406313NF9</cusip>
        <identifiers>
          <isin value="US406313NF90"/>
          <ticker value="HLPUTL"/>
          <other otherDesc="Internal" value="406313NF"/>
        </identifiers>
        <balance>315000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>315012.6</valUSD>
        <pctVal>0.6464215748</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-04-01</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>HALLSDALE-POWELL UTIL DIST KNOX CNTY TENN</name>
        <lei>N/A</lei>
        <title>TN HLPUTL 4 04/01/2038</title>
        <cusip>406313NG7</cusip>
        <identifiers>
          <isin value="US406313NG73"/>
          <ticker value="HLPUTL"/>
          <other otherDesc="Internal" value="406313NG"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000100</valUSD>
        <pctVal>2.0522551064</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>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>HALLSDALE-POWELL UTIL DIST KNOX CNTY TENN</name>
        <lei>N/A</lei>
        <title>TN HLPUTL 4 04/01/2039</title>
        <cusip>406313NY8</cusip>
        <identifiers>
          <isin value="US406313NY89"/>
          <ticker value="HLPUTL"/>
          <other otherDesc="Internal" value="406313NY"/>
        </identifiers>
        <balance>700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>702555</valUSD>
        <pctVal>1.4416779185</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>HARPETH VY UTILS DIST TENN</name>
        <lei>549300J843AGEC2L3Y44</lei>
        <title>TN HPVUTL 4 09/01/2039</title>
        <cusip>413581QG7</cusip>
        <identifiers>
          <isin value="US413581QG71"/>
          <ticker value="HPVUTL"/>
          <other otherDesc="Internal" value="413581QG"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>505350</valUSD>
        <pctVal>1.0370034177</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-09-01</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>HARPETH VY UTILS DIST TENN</name>
        <lei>N/A</lei>
        <title>TN HPVUTL 4 09/01/2043</title>
        <cusip>413581SA8</cusip>
        <identifiers>
          <isin value="US413581SA83"/>
          <ticker value="HPVUTL"/>
          <other otherDesc="Internal" value="413581SA"/>
        </identifiers>
        <balance>1105000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1081872.35</valUSD>
        <pctVal>2.2200560492</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-09-01</maturityDt>
          <couponKind>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>JACKSON TENN ENERGY AUTH</name>
        <lei>N/A</lei>
        <title>TN JACUTL 5 06/01/2028</title>
        <cusip>46873MBF4</cusip>
        <identifiers>
          <isin value="US46873MBF41"/>
          <ticker value="JACUTL"/>
          <other otherDesc="Internal" value="46873MBF"/>
        </identifiers>
        <balance>150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>150232.5</valUSD>
        <pctVal>0.3082845868</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KNOX CHAPMAN TENN UTIL DIST</name>
        <lei>N/A</lei>
        <title>TN KNOWTR 4 01/01/2043</title>
        <cusip>499291GD8</cusip>
        <identifiers>
          <isin value="US499291GD84"/>
          <ticker value="KNOWTR"/>
          <other otherDesc="Internal" value="499291GD"/>
        </identifiers>
        <balance>535000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>520308.9</valUSD>
        <pctVal>1.0676998270</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-01-01</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>TENNESSEE HSG DEV AGY</name>
        <lei>N/A</lei>
        <title>TN TNSHSG 4.45 07/01/2043</title>
        <cusip>88046KEQ5</cusip>
        <identifiers>
          <isin value="US88046KEQ58"/>
          <ticker value="TNSHSG"/>
          <other otherDesc="Internal" value="88046KEQ"/>
        </identifiers>
        <balance>1780000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1744186.4</valUSD>
        <pctVal>3.5791575302</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>4.450000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHELBY CNTY TENN HEALTH EDL &amp; HSG FACS BRD</name>
        <lei>N/A</lei>
        <title>TN SHEMED 4 08/01/2027</title>
        <cusip>821697M89</cusip>
        <identifiers>
          <isin value="US821697M895"/>
          <ticker value="SHEMED"/>
          <other otherDesc="Internal" value="821697M8"/>
        </identifiers>
        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100075</valUSD>
        <pctVal>0.2053588939</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>SHELBY CNTY TENN HEALTH EDL &amp; HSG FACS BRD</name>
        <lei>N/A</lei>
        <title>TN SHEMED 4 08/01/2037</title>
        <cusip>821697V55</cusip>
        <identifiers>
          <isin value="US821697V557"/>
          <ticker value="SHEMED"/>
          <other otherDesc="Internal" value="821697V5"/>
        </identifiers>
        <balance>280000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>275226</valUSD>
        <pctVal>0.5647774862</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-01</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>SHELBY CNTY TENN HEALTH EDL &amp; HSG FACS BRD</name>
        <lei>N/A</lei>
        <title>TN SHEMED 4 08/01/2040</title>
        <cusip>821697V63</cusip>
        <identifiers>
          <isin value="US821697V631"/>
          <ticker value="SHEMED"/>
          <other otherDesc="Internal" value="821697V6"/>
        </identifiers>
        <balance>875000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>833560</valUSD>
        <pctVal>1.7105067158</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>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>
