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      <regCity>NEW YORK</regCity>
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      <regZipOrPostalCode>10001</regZipOrPostalCode>
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        <name>Puerto Rico Electric Power Authority</name>
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        <lei>25490090A3RLJHITY273</lei>
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      <invstOrSec>
        <name>Virginia College Building Authority</name>
        <lei>N/A</lei>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
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        <cusip>74448UAA6</cusip>
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      <invstOrSec>
        <name>US Bank Trust Co NA</name>
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        <name>LCH Ltd.</name>
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      <invstOrSec>
        <name>Chesterfield County Economic Development Authority</name>
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      <invstOrSec>
        <name>LCH Ltd.</name>
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      <invstOrSec>
        <name>Richmond Redevelopment &amp; Housing Authority</name>
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        <title>RICHMOND VA REDEV &amp; HSG AUTH REVENUE</title>
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          <isin value="US765411AB99"/>
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      <invstOrSec>
        <name>Virginia Commonwealth University Health System Authority</name>
        <lei>07ROV40HIZGU2Q6OXJ58</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: BS30759   IRS USD R V 12MUSCPI IS30760 CCP INFLATION ZERO / Short: BS30759   IRS USD P F  2.45000 BS30759 CCP INFLATION ZERO</title>
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      <invstOrSec>
        <name>Metropolitan Washington Airports Authority Aviation Revenue</name>
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        <title>MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE</title>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Envirml Ctl Facs Fing Auth</name>
        <lei>549300YJRISCG6HQ4512</lei>
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          <isin value="US74527EFR45"/>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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        <cusip>74529JRH0</cusip>
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          <isin value="US74529JRH04"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Roanoke Economic Development Authority</name>
        <lei>549300P5QQORJY0U4T83</lei>
        <title>ROANOKE VA ECON DEV AUTH HOSPREVENUE</title>
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          <isin value="US770082BV68"/>
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        <balance>1550000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
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        <fairValLevel>2</fairValLevel>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Virginia College Building Authority</name>
        <lei>N/A</lei>
        <title>VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE</title>
        <cusip>9277817M0</cusip>
        <identifiers>
          <isin value="US9277817M00"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>765152.50000000</valUSD>
        <pctVal>0.390410922339</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>5.00000000</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>Virginia Small Business Financing Authority</name>
        <lei>N/A</lei>
        <title>VIRGINIA ST SMALL BUSINESS FING AUTH ENVIRONMENTAL FACS REVE</title>
        <cusip>92810RAC1</cusip>
        <identifiers>
          <isin value="US92810RAC16"/>
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        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4002722.80000000</valUSD>
        <pctVal>2.042346722016</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-11-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Guam Department of Education</name>
        <lei>N/A</lei>
        <title>GUAM GOVT DEPT OF EDU COPS</title>
        <cusip>40065AAH8</cusip>
        <identifiers>
          <isin value="US40065AAH86"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>963441.60000000</valUSD>
        <pctVal>0.491585825931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Puerto Rico Commonwealth Aqueduct &amp; Sewer Authority</name>
        <lei>N/A</lei>
        <title>PUERTO RICO CMWLTH AQUEDUCT &amp; SWR AUTH REVENUE</title>
        <cusip>745160SH5</cusip>
        <identifiers>
          <isin value="US745160SH56"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>257712.18000000</valUSD>
        <pctVal>0.131494897934</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>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
        <lei>N/A</lei>
        <title>PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE</title>
        <cusip>74529JPX7</cusip>
        <identifiers>
          <isin value="US74529JPX71"/>
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        <balance>955000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>873327.73000000</valUSD>
        <pctVal>0.445606182524</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AES PUERTO RICO LP</name>
        <lei>54930031FSLPC1L9X341</lei>
        <title>AES PUERTO RICO LP</title>
        <cusip>00810HAA0</cusip>
        <identifiers>
          <isin value="US00810HAA05"/>
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        <balance>6689.46000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6488.78000000</valUSD>
        <pctVal>0.003310830958</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-04</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>11.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Lexington Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>LEXINGTON VA INDL DEV AUTH RSDL CARE FAC REVENUE</title>
        <cusip>52976BBV7</cusip>
        <identifiers>
          <isin value="US52976BBV71"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1502605.65000000</valUSD>
        <pctVal>0.766688546046</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>AES GUAYAMA HOLDINGS PFD</name>
        <lei>N/A</lei>
        <title>AES GUAYAMA HOLDINGS PFD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="902EAHII3"/>
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        <balance>8437.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24551.67000000</valUSD>
        <pctVal>0.012527228401</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Antonio B Won Pat International Airport Authority</name>
        <lei>N/A</lei>
        <title>GUAM INTERNATIONAL ARPT AUTH</title>
        <cusip>40064RFX2</cusip>
        <identifiers>
          <isin value="US40064RFX26"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1019048.60000000</valUSD>
        <pctVal>0.519958706055</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>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fairfax County Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>FAIRFAX CNTY VA INDL DEV AUTH HLTH CARE REVENUE</title>
        <cusip>30382VAT3</cusip>
        <identifiers>
          <isin value="US30382VAT35"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1835514.80000000</valUSD>
        <pctVal>0.936551897871</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: SS31TF6   IRS USD R F  4.08200 IS31TF6 CCPOIS / Short: SS31TF6   IRS USD P V 00MSOFR IS31TG7 CCPOIS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IS31TF6"/>
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        <balance>1100000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>36019.55000000</valUSD>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
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              <counterpartyName>LCH Ltd.</counterpartyName>
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                <issuerName>N/A</issuerName>
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                  <other otherDesc="N/A" value="N/A"/>
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            <swapFlag>Y</swapFlag>
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            <unrealizedAppr>36019.55000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>American Samoa Economic Development Authority</name>
        <lei>N/A</lei>
        <title>AMERICAN SAMOA AS ECON DEV AUTH GEN REVENUE</title>
        <cusip>02936TAG6</cusip>
        <identifiers>
          <isin value="US02936TAG67"/>
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        <balance>420000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>443255.44000000</valUSD>
        <pctVal>0.226166372275</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Metropolitan Washington Airports Authority Dulles Toll Road Revenue</name>
        <lei>N/A</lei>
        <title>MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE</title>
        <cusip>592643BQ2</cusip>
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          <isin value="US592643BQ24"/>
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        <balance>4300000.00000000</balance>
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        <valUSD>4505378.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-10-01</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Citibank NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>Long: IS1WUB4   IRS USD R V 01MMUNIP IS1WUC5 VANILLA / Short: IS1WUB4   IRS USD P F  1.12500 IS1WUB4 VANILLA</title>
        <cusip>000000000</cusip>
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              <counterpartyName>Citibank NA</counterpartyName>
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      <invstOrSec>
        <name>James City County Economic Development Authority</name>
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        <title>JAMES CITY CNTY VA ECON DEV AUTH RSDL CARE FAC REVENUE</title>
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          <isin value="US47029WED56"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Virginia Small Business Financing Authority</name>
        <lei>N/A</lei>
        <title>VIRGINIA SMALL BUSINESS FING AUTH PRIV ACTIVITY REVENUE SR</title>
        <cusip>928097AC8</cusip>
        <identifiers>
          <isin value="US928097AC85"/>
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        <balance>3350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3124273.32000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2052-12-31</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Roanoke Economic Development Authority</name>
        <lei>549300P5QQORJY0U4T83</lei>
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        <cusip>770080AT6</cusip>
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          <isin value="US770080AT65"/>
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        <balance>1535000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1504235.22000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Envirml Ctl Facs Fing Auth</name>
        <lei>549300YJRISCG6HQ4512</lei>
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        <cusip>74527EFW3</cusip>
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          <isin value="US74527EFW30"/>
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        <balance>295000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>255761.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Chesapeake Bay Bridge &amp; Tunnel District</name>
        <lei>549300JGWE66ZSSOYN09</lei>
        <title>CHESAPEAKE BAY VA BRIDGE &amp; TUNNEL DIST REVENUE</title>
        <cusip>16514PAD1</cusip>
        <identifiers>
          <isin value="US16514PAD15"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3915733.20000000</valUSD>
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        <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>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Virginia Small Business Financing Authority</name>
        <lei>N/A</lei>
        <title>VIRGINIA ST SMALL BUSINESS FING AUTH HLTHCARE FACS REVENUE</title>
        <cusip>928105BZ7</cusip>
        <identifiers>
          <isin value="US928105BZ79"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2934946.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Tarrant County Cultural Education Facilities Finance Corp</name>
        <lei>549300ROY505NVTMMI25</lei>
        <title>TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU</title>
        <cusip>87638REV5</cusip>
        <identifiers>
          <isin value="US87638REV50"/>
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        <balance>940899.76000000</balance>
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        <curCd>USD</curCd>
        <valUSD>0.01000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Virginia Public Building Authority</name>
        <lei>N/A</lei>
        <title>VIRGINIA ST PUB BLDG AUTH PUBLIC FACS REVENUE</title>
        <cusip>928173EE9</cusip>
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          <isin value="US928173EE94"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2146903.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Black Belt Energy Gas District</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE</title>
        <cusip>09182TEC7</cusip>
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          <isin value="US09182TEC71"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1064905.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-10-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Virginia Small Business Financing Authority</name>
        <lei>N/A</lei>
        <title>VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE</title>
        <cusip>928104PH5</cusip>
        <identifiers>
          <isin value="US928104PH50"/>
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        <balance>4580000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4756271.38000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Virginia Small Business Financing Authority</name>
        <lei>N/A</lei>
        <title>VIRGINIA ST SMALL BUSINESS FING AUTH RSDL FAC CARE REVENUE</title>
        <cusip>928103AX8</cusip>
        <identifiers>
          <isin value="US928103AX82"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1812407.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fairfax County Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>FAIRFAX CNTY VA INDL DEV AUTH REVENUE</title>
        <cusip>303823MW5</cusip>
        <identifiers>
          <isin value="US303823MW50"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1305014.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tobacco Settlement Financing Corp/VA</name>
        <lei>N/A</lei>
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        <cusip>88880NAU3</cusip>
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          <isin value="US88880NAU37"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1662628.40000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Black Belt Energy Gas District</name>
        <lei>549300I8V0Z68JQCB679</lei>
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        <cusip>09182TAW7</cusip>
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          <isin value="US09182TAW71"/>
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        <balance>1000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-12-01</maturityDt>
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        <name>University of Virginia</name>
        <lei>N/A</lei>
        <title>UNIV OF VIRGINIA VA UNIV REVENUES</title>
        <cusip>915217XF5</cusip>
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          <isin value="US915217XF53"/>
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          <maturityDt>2050-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25600000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Hampton Roads Sanitation District</name>
        <lei>N/A</lei>
        <title>HAMPTON ROADS VA SANTN DIST WSTWTR REVENUE</title>
        <cusip>409327MW0</cusip>
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          <isin value="US409327MW07"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2026-07-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Virginia Public Building Authority</name>
        <lei>N/A</lei>
        <title>VIRGINIA ST PUB BLDG AUTH PUBLIC FACS REVENUE</title>
        <cusip>928173CX9</cusip>
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          <isin value="US928173CX93"/>
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        <balance>2000000.00000000</balance>
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      <invstOrSec>
        <name>Virginia Small Business Financing Authority</name>
        <lei>N/A</lei>
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        <cusip>928104NY0</cusip>
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          <isin value="US928104NY02"/>
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        <balance>4825000.00000000</balance>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Rockingham County Economic Development Authority</name>
        <lei>N/A</lei>
        <title>ROCKINGHAM CNTY VA ECON DEV AUTH RSDL CARE FACS REVENUE</title>
        <cusip>773455AR1</cusip>
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          <isin value="US773455AR19"/>
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        <balance>1000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
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        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IS30FB1"/>
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        <balance>6790000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-68366.81000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="2.53100000"/>
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            <terminationDt>2030-10-15</terminationDt>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <notionalAmt>6790000.00000000</notionalAmt>
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            <unrealizedAppr>-68366.81000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Metropolitan Washington Airports Authority Aviation Revenue</name>
        <lei>7HERAVJJLN8J1DZ6AZ19</lei>
        <title>MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE</title>
        <cusip>592647FM8</cusip>
        <identifiers>
          <isin value="US592647FM87"/>
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        <balance>2330000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2358516.87000000</valUSD>
        <pctVal>1.203408139645</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>City of Reno NV</name>
        <lei>549300M4R5WWSUWY8D52</lei>
        <title>RENO NV SALES TAX REVENUE</title>
        <cusip>759861EJ2</cusip>
        <identifiers>
          <isin value="US759861EJ20"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>73730.90000000</valUSD>
        <pctVal>0.037620407270</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Metropolitan Pier &amp; Exposition Authority</name>
        <lei>254900I3VDCQ58UGBR15</lei>
        <title>MET PIER &amp; EXPOSITION AUTH IL REVENUE</title>
        <cusip>592250BR4</cusip>
        <identifiers>
          <isin value="US592250BR43"/>
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        <balance>2200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2164051.34000000</valUSD>
        <pctVal>1.104184171965</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Virginia Port Authority</name>
        <lei>N/A</lei>
        <title>VIRGINIA ST PORT AUTH PORT FAC REVENUE</title>
        <cusip>928077JL1</cusip>
        <identifiers>
          <isin value="US928077JL14"/>
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        <balance>4160000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4231491.68000000</valUSD>
        <pctVal>2.159073609065</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>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Virginia College Building Authority</name>
        <lei>N/A</lei>
        <title>VIRGINIA CLG BLDG AUTH EDUCTNL FACS REVENUE</title>
        <cusip>92778FKN2</cusip>
        <identifiers>
          <isin value="US92778FKN23"/>
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        <balance>3125000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3007786.88000000</valUSD>
        <pctVal>1.534691254385</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>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Black Belt Energy Gas District</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE</title>
        <cusip>09182TEN3</cusip>
        <identifiers>
          <isin value="US09182TEN37"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1054053.70000000</valUSD>
        <pctVal>0.537819685895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Metropolitan Washington Airports Authority Aviation Revenue</name>
        <lei>N/A</lei>
        <title>MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE</title>
        <cusip>592647PD7</cusip>
        <identifiers>
          <isin value="US592647PD78"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>988264.80000000</valUSD>
        <pctVal>0.504251599627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>City of Richmond VA Public Utility Revenue</name>
        <lei>N/A</lei>
        <title>RICHMOND VA PUBLIC UTILITY REVENUE</title>
        <cusip>765433KM8</cusip>
        <identifiers>
          <isin value="US765433KM80"/>
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        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4037776.40000000</valUSD>
        <pctVal>2.060232448465</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Virginia Resources Authority</name>
        <lei>N/A</lei>
        <title>VIRGINIA ST RESOURCES AUTH INFRASTRUCTURE REVENUE</title>
        <cusip>92818L4T6</cusip>
        <identifiers>
          <isin value="US92818L4T62"/>
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        <balance>20000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20029.11000000</valUSD>
        <pctVal>0.010219640279</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: BS309H5   IRS USD R V 12MUSCPI IS309I6 CCPINFLATIONZERO / Short: BS309H5   IRS USD P F  2.51600 IS309H5 CCPINFLATIONZERO</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IS309H5"/>
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        <balance>4420000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>50721.98000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>LCH Ltd.</counterpartyName>
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                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
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                  <other otherDesc="N/A" value="N/A"/>
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            <unrealizedAppr>50721.98000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Cherry Hill Community Development Authority</name>
        <lei>N/A</lei>
        <title>CHERRY HILL VA CMNTY DEV AUTHSPL ASSMNT</title>
        <cusip>164631AC7</cusip>
        <identifiers>
          <isin value="US164631AC72"/>
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        <balance>585000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>585148.82000000</valUSD>
        <pctVal>0.298565959755</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Hampton Roads Transportation Accountability Commission</name>
        <lei>N/A</lei>
        <title>HAMPTON ROADS VA TRANSPRTN ACCOUNTABILITY COMMISSION REVENUE</title>
        <cusip>40934TAL7</cusip>
        <identifiers>
          <isin value="US40934TAL70"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4255561.20000000</valUSD>
        <pctVal>2.171354825559</pctVal>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Align Affordable Housing Bond Fund LP</name>
        <lei>549300B2I0LUTCXK9B86</lei>
        <title>ALIGN CAP SER 2022-1 TRUST VIRGINIA</title>
        <cusip>01630QAA6</cusip>
        <identifiers>
          <isin value="US01630QAA67"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>899568.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-08-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.66000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Virginia Beach Development Authority</name>
        <lei>N/A</lei>
        <title>VIRGINIA BEACH VA DEV AUTH RSDL CARE FAC REVENUE</title>
        <cusip>92774NBC3</cusip>
        <identifiers>
          <isin value="US92774NBC39"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>538902.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Washington Metropolitan Area Transit Authority Dedicated Revenue</name>
        <lei>N/A</lei>
        <title>WASHINGTON DC MET AREA TRANSIT AUTH DEDICATED REVENUE</title>
        <cusip>93878YDZ9</cusip>
        <identifiers>
          <isin value="US93878YDZ97"/>
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        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4081247.20000000</valUSD>
        <pctVal>2.082412961661</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Envirml Ctl Facs Fing Auth</name>
        <lei>549300YJRISCG6HQ4512</lei>
        <title>PUERTO RICO INDL TOURIST EDUCTNL MED &amp; ENVRNMNTL CONTROL FAC</title>
        <cusip>74528LAA9</cusip>
        <identifiers>
          <isin value="US74528LAA98"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>441895.72000000</valUSD>
        <pctVal>0.225472589611</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</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>Metropolitan Washington Airports Authority Aviation Revenue</name>
        <lei>N/A</lei>
        <title>MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE</title>
        <cusip>592647MW8</cusip>
        <identifiers>
          <isin value="US592647MW86"/>
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        <balance>2250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2333415.38000000</valUSD>
        <pctVal>1.190600371438</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>5.00000000</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>Virginia Small Business Financing Authority</name>
        <lei>N/A</lei>
        <title>VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE</title>
        <cusip>928104LZ9</cusip>
        <identifiers>
          <isin value="US928104LZ94"/>
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        <balance>4125000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4133688.08000000</valUSD>
        <pctVal>2.109170362740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Henrico County Economic Development Authority</name>
        <lei>N/A</lei>
        <title>HENRICO CNTY VA ECON DEV AUTH HLTH FACS REVENUE</title>
        <cusip>42605XAB4</cusip>
        <identifiers>
          <isin value="US42605XAB47"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1986461.00000000</valUSD>
        <pctVal>1.013570590439</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Winchester Economic Development Authority</name>
        <lei>N/A</lei>
        <title>WINCHESTER VA ECON DEV AUTH HOSP REVENUE</title>
        <cusip>973121BR6</cusip>
        <identifiers>
          <isin value="US973121BR67"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1505686.35000000</valUSD>
        <pctVal>0.768260440444</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Roanoke Economic Development Authority</name>
        <lei>549300P5QQORJY0U4T83</lei>
        <title>ROANOKE VA ECON DEV AUTH EDUCTNL FACS REVENUE</title>
        <cusip>770080AN9</cusip>
        <identifiers>
          <isin value="US770080AN95"/>
        </identifiers>
        <balance>1125000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1141544.93000000</valUSD>
        <pctVal>0.582461155146</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>PUERTO RICO CMWLTH</title>
        <cusip>74514L3T2</cusip>
        <identifiers>
          <isin value="US74514L3T29"/>
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        <balance>16700.69000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10479.68000000</valUSD>
        <pctVal>0.005347145222</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Envirml Ctl Facs Fing Auth</name>
        <lei>549300YJRISCG6HQ4512</lei>
        <title>PUERTO RICO INDL TOURIST EDUCTNL MED &amp; ENVRNMNTL CONTROL FAC</title>
        <cusip>74527EFU7</cusip>
        <identifiers>
          <isin value="US74527EFU73"/>
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        <balance>275000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>247996.68000000</valUSD>
        <pctVal>0.126537667427</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>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Virginia Small Business Financing Authority</name>
        <lei>N/A</lei>
        <title>VIRGINIA ST SMALL BUSINESS FING AUTH SOL WST DISP FAC REVENU</title>
        <cusip>928106AQ6</cusip>
        <identifiers>
          <isin value="US928106AQ62"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>934976.20000000</valUSD>
        <pctVal>0.477061658437</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-01-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Black Belt Energy Gas District</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE</title>
        <cusip>09182TDU8</cusip>
        <identifiers>
          <isin value="US09182TDU88"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1069222.20000000</valUSD>
        <pctVal>0.545559251636</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Lynchburg Economic Development Authority</name>
        <lei>N/A</lei>
        <title>LYNCHBURG VA ECON DEV AUTH HOSP REVENUE</title>
        <cusip>55123TAS1</cusip>
        <identifiers>
          <isin value="US55123TAS15"/>
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        <balance>1750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1695214.85000000</valUSD>
        <pctVal>0.864965341094</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Norfolk Airport Authority/VA</name>
        <lei>N/A</lei>
        <title>NORFOLK VA ARPT AUTH REVENUE</title>
        <cusip>655857EJ5</cusip>
        <identifiers>
          <isin value="US655857EJ59"/>
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        <balance>2870000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2887886.41000000</valUSD>
        <pctVal>1.473513315240</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>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Metropolitan Washington Airports Authority Aviation Revenue</name>
        <lei>N/A</lei>
        <title>MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE</title>
        <cusip>592647HR5</cusip>
        <identifiers>
          <isin value="US592647HR56"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1934415.60000000</valUSD>
        <pctVal>0.987014978823</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>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Washington Metropolitan Area Transit Authority</name>
        <lei>549300ADKOK76HQMJS30</lei>
        <title>WASHINGTON DC MET AREA TRANSIT AUTH GROSS REVENUE</title>
        <cusip>938782ET2</cusip>
        <identifiers>
          <isin value="US938782ET24"/>
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        <balance>1145000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1188762.01000000</valUSD>
        <pctVal>0.606553167853</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Texas Municipal Gas Acquisition &amp; Supply Corp V</name>
        <lei>254900XZ4J30QIJO9G03</lei>
        <title>TEXAS ST MUNI GAS ACQUISITION &amp; SPLY CORP V GAS SPLY REVENUE</title>
        <cusip>88256RAK2</cusip>
        <identifiers>
          <isin value="US88256RAK23"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1063844.50000000</valUSD>
        <pctVal>0.542815337427</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Territory of Guam</name>
        <lei>N/A</lei>
        <title>GUAM GOVT</title>
        <cusip>40065BCQ4</cusip>
        <identifiers>
          <isin value="US40065BCQ41"/>
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        <balance>170000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>178326.72000000</valUSD>
        <pctVal>0.090989311585</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Envirml Ctl Facs Fing Auth</name>
        <lei>549300YJRISCG6HQ4512</lei>
        <title>PUERTO RICO INDL TOURIST EDUCTNL MED &amp; ENVRNMNTL CONTROL FAC</title>
        <cusip>74528KAA1</cusip>
        <identifiers>
          <isin value="US74528KAA16"/>
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        <balance>50294.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50112.95000000</valUSD>
        <pctVal>0.025569599564</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Virginia Small Business Financing Authority</name>
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        <name>M-S-R Energy Authority</name>
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      <invstOrSec>
        <name>Rockingham County Economic Development Authority</name>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Envirml Ctl Facs Fing Auth</name>
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        <name>Hampton Roads Sanitation District</name>
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        <name>New Hope Cultural Education Facilities Finance Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LCH Ltd.</name>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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        <name>Winchester Economic Development Authority</name>
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        <name>Alliance Bernstein</name>
        <lei>5493006YWHO7MNK2U579</lei>
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        <name>James City County Economic Development Authority</name>
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        <name>Virginia College Building Authority</name>
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        <name>Virginia Small Business Financing Authority</name>
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        <name>Virginia Small Business Financing Authority</name>
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        <name>Bristol Industrial Development Board</name>
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        <name>Virginia College Building Authority</name>
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        <title>VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE 21ST CENTURY</title>
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        <name>Suffolk Economic Development Authority</name>
        <lei>N/A</lei>
        <title>SUFFOLK VA ECON DEV AUTH RETMNT FACS REVENUE</title>
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      <invstOrSec>
        <name>Pend Oreille County Public Utility District No 1 Box Canyon</name>
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        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <name>Henrico County Economic Development Authority</name>
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          <couponKind>Fixed</couponKind>
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        <name>Southeast Energy Authority A Cooperative District</name>
        <lei>25490090A3RLJHITY273</lei>
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        <name>Washington Metropolitan Area Transit Authority Dedicated Revenue</name>
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        <name>LCH Ltd.</name>
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        <name>LCH Ltd.</name>
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        <title>Long: BS33Q40   IRS USD R V 00MSOFR IS33Q51 CCPOIS / Short: BS33Q40   IRS USD P F  3.77000 IS33Q40 CCPOIS</title>
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      <invstOrSec>
        <name>Arlington County Industrial Development Authority</name>
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        <name>Puerto Rico Commonwealth Aqueduct &amp; Sewer Authority</name>
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        <name>Virginia Resources Authority</name>
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        <name>LCH Ltd.</name>
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        <name>Antonio B Won Pat International Airport Authority</name>
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        <name>LCH Ltd.</name>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="17487.53000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="4.05900000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Secured Overnight Financing Rate" floatingRtSpread="0.00000000" pmntAmt="-18711.24000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="12"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2031-07-31</terminationDt>
            <upfrontPmnt>439.39000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>4700000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>160429.75000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Territory of Guam</name>
        <lei>N/A</lei>
        <title>GUAM GOVT HOTEL OCCUPANCY TAX REVENUE</title>
        <cusip>40065KAU7</cusip>
        <identifiers>
          <isin value="US40065KAU79"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1563534.75000000</valUSD>
        <pctVal>0.797776971070</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>County of Fairfax VA</name>
        <lei>N/A</lei>
        <title>FAIRFAX CNTY VA</title>
        <cusip>30382AMZ2</cusip>
        <identifiers>
          <isin value="US30382AMZ20"/>
        </identifiers>
        <balance>4445000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4276659.85000000</valUSD>
        <pctVal>2.182120187244</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>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Roanoke Economic Development Authority</name>
        <lei>549300P5QQORJY0U4T83</lei>
        <title>ROANOKE VA ECON DEV AUTH HOSPREVENUE</title>
        <cusip>770082BT1</cusip>
        <identifiers>
          <isin value="US770082BT13"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1004049.90000000</valUSD>
        <pctVal>0.512305778957</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>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Guam Power Authority</name>
        <lei>549300IPOV320QCKW060</lei>
        <title>GUAM PWR AUTH REVENUE</title>
        <cusip>400653JH5</cusip>
        <identifiers>
          <isin value="US400653JH53"/>
        </identifiers>
        <balance>1630000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1651522.36000000</valUSD>
        <pctVal>0.842671712935</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>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Texas Municipal Gas Acquisition &amp; Supply Corp IV</name>
        <lei>549300PTUE847QDBBW22</lei>
        <title>TEXAS ST MUNI GAS ACQUISITION&amp; SPLY CORP IV</title>
        <cusip>88256PAG5</cusip>
        <identifiers>
          <isin value="US88256PAG54"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1066649.00000000</valUSD>
        <pctVal>0.544246303713</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-01-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.50000000</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 Washington Airports Authority Dulles Toll Road Revenue</name>
        <lei>N/A</lei>
        <title>MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE</title>
        <cusip>592643CX6</cusip>
        <identifiers>
          <isin value="US592643CX65"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1570747.65000000</valUSD>
        <pctVal>0.801457276554</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>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Salt Verde Financial Corp</name>
        <lei>549300VEWOZY6TQOIF03</lei>
        <title>SALT VERDE AZ FINANCIAL CORP SENIOR GAS REVENUE</title>
        <cusip>79575EAS7</cusip>
        <identifiers>
          <isin value="US79575EAS72"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1045119.30000000</valUSD>
        <pctVal>0.533261003352</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>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Southeast Alabama Gas Supply District/The</name>
        <lei>549300BL04JIB2GJZ178</lei>
        <title>S E ALABAMA ST GAS SPLY DIST GAS SPLY REVENUE</title>
        <cusip>84131TBT8</cusip>
        <identifiers>
          <isin value="US84131TBT88"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1064319.30000000</valUSD>
        <pctVal>0.543057599075</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>Floating</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rockingham County Economic Development Authority</name>
        <lei>N/A</lei>
        <title>ROCKINGHAM CNTY VA ECON DEV AUTH FACS REVENUE</title>
        <cusip>77345QAA2</cusip>
        <identifiers>
          <isin value="US77345QAA22"/>
        </identifiers>
        <balance>1265000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>934000.35000000</valUSD>
        <pctVal>0.476563741357</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Metropolitan Washington Airports Authority Aviation Revenue</name>
        <lei>N/A</lei>
        <title>MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE</title>
        <cusip>592647KM2</cusip>
        <identifiers>
          <isin value="US592647KM23"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4925664.50000000</valUSD>
        <pctVal>2.513267904868</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Metropolitan Washington Airports Authority Dulles Toll Road Revenue</name>
        <lei>N/A</lei>
        <title>MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE</title>
        <cusip>592643BF6</cusip>
        <identifiers>
          <isin value="US592643BF68"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2929253.00000000</valUSD>
        <pctVal>1.494620177671</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>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="If the fund holds Capital Contingent Convertible Notes, conversion to an issuing bank's common stock occurs should its capital fall beneath a specified threshold. The conversion of debt to equity will rebalance the issuer's debt to equity ratio, but as this amount is not known until the contingent event's occurrence, question c.9.f.iv will be represented as 1." noteItem="C.9.f.iv"/>
      <explntrNote note="If the RIC is part of the securities lending authorization agreement and has engaged in securities lending, the cash collateral will be adjusted on the next business day to maintain the required collateral amount." noteItem="C.12.a"/>
      <explntrNote note="For the applicable funds using IBOR rates, IBORs are undergoing a change as regulators and industry groups have recommended that firms consider adoption of alternative, overnight risk-free rates (RFRs). Floating rate swap terms reflected as Libors may be using the RFR to calculate the actual rate" noteItem="C.11.f.i.2"/>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>

      <explntrNote note="Please see notes to financial statements or N-PORT part F for a glossary of swap paid and received terms." noteItem="C.11.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-09-30</ncom:dateSigned>
      <ncom:nameOfApplicant>AB MUNICIPAL INCOME FUND II</ncom:nameOfApplicant>
      <ncom:signature>Stephen Woetzel</ncom:signature>
      <ncom:signerName>Stephen Woetzel</ncom:signerName>
      <ncom:title>Controller</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
