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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>UNIVERSITY VA UNIV REVS</name>
        <lei>N/A</lei>
        <title>UNIVERSITY OF VIRGINIA</title>
        <cusip>915217WP4</cusip>
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          <isin value="US915217WP45"/>
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        <curCd>USD</curCd>
        <valUSD>4155386.96000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GREATER RICHMOND CONVENTION CTR AUTH VA HOTEL TAX REV</name>
        <lei>N/A</lei>
        <title>GREATER RICHMOND CONVENTION CENTER AUTHORITY</title>
        <cusip>392329CU0</cusip>
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          <isin value="US392329CU07"/>
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        <curCd>USD</curCd>
        <valUSD>1515800.87000000</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>2032-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LOUDOUN CNTY VA ECONOMIC DEV AUTH PUB FAC LEASE REV</name>
        <lei>N/A</lei>
        <title>LOUDOUN COUNTY ECONOMIC DEVELOPMENT AUTHORITY</title>
        <cusip>54589SAT1</cusip>
        <identifiers>
          <isin value="US54589SAT15"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>800000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ROCKINGHAM CNTY VA ECONOMIC DEV AUTH RESIDENTIAL CARE FACS REV</name>
        <lei>N/A</lei>
        <title>ROCKINGHAM CNTY VA ECON DEV AUTH RSDL CARE FACS RE</title>
        <cusip>773455AR1</cusip>
        <identifiers>
          <isin value="US773455AR19"/>
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        <balance>4180000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4337765.74000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VIRGINIA ST HSG DEV AUTH</name>
        <lei>N/A</lei>
        <title>VIRGINIA HOUSING DEVELOPMENT AUTHORITY</title>
        <cusip>92812WBV5</cusip>
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          <isin value="US92812WBV54"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1285485.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.95000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SALEM VA ECONOMIC DEV AUTH EDL FACS REV</name>
        <lei>N/A</lei>
        <title>SALEM ECONOMIC DEVELOPMENT AUTHORITY</title>
        <cusip>794565AU5</cusip>
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          <isin value="US794565AU58"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>244448.40000000</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>2038-04-01</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>
      <invstOrSec>
        <name>LYNCHBURG VA ECONOMIC DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>LYNCHBURG ECONOMIC DEVELOPMENT AUTHORITY</title>
        <cusip>55123TBM3</cusip>
        <identifiers>
          <isin value="US55123TBM36"/>
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        <balance>1320000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1334877.69000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-01</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>
      <invstOrSec>
        <name>VIRGINIA COMWLTH UNIV REV</name>
        <lei>N/A</lei>
        <title>VIRGINIA COMMONWEALTH UNIVERSITY</title>
        <cusip>92778REZ6</cusip>
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          <isin value="US92778REZ64"/>
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        <balance>2475000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2419518.12000000</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>2048-05-01</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>
      <invstOrSec>
        <name>WISE CNTY VA INDL DEV AUTH SOLID WASTE &amp; SEW DISP REV</name>
        <lei>N/A</lei>
        <title>WISE CNTY YA INDL DEV AUTH SOL WST SEWAGE DISP R</title>
        <cusip>977228AE5</cusip>
        <identifiers>
          <isin value="US977228AE58"/>
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        <balance>2500000.00000000</balance>
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        <valUSD>2421947.48000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>VIRGINIA COLLEGE BLDG AUTH VA EDL FACS REV</name>
        <lei>N/A</lei>
        <title>VIRGINIA COLLEGE BUILDING AUTHORITY</title>
        <cusip>92778FKK8</cusip>
        <identifiers>
          <isin value="US92778FKK83"/>
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        <balance>300000.00000000</balance>
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        <valUSD>312980.78000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VIRGINIA COLLEGE BLDG AUTH VA EDL FACS REV</name>
        <lei>N/A</lei>
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          <isin value="US92778FJM68"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-01-15</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ROANOKE VA ECONOMIC DEV AUTH EDL FACS REV</name>
        <lei>N/A</lei>
        <title>ROANOKE ECONOMIC DEVELOPMENT AUTHORITY</title>
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          <isin value="US770080AR00"/>
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        <fairValLevel>2</fairValLevel>
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        <name>PRINCE WILLIAM CNTY VA INDL DEV AUTH RESIDENTIAL CARE FAC REV</name>
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          <isin value="US741756CC25"/>
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        <name>VIRGINIA COLLEGE BLDG AUTH VA EDL FACS REV</name>
        <lei>N/A</lei>
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          <isin value="US92778FKF98"/>
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        <name>CHESAPEAKE BAY BRDG &amp; TUNL DIST VA REV</name>
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        <title>CHESAPEAKE BAY BRIDGE TUNNEL DISTRICT</title>
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        <name>VIRGINIA ST RES AUTH INFRASTRUCTURE REV</name>
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        <name>VIRGINIA BEACH VA DEV AUTH RESIDENTIAL CARE FAC REV</name>
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        <name>GUAM GOVT BUSINESS PRIVILEGE TAX REV</name>
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        <name>ROANOKE VA ECONOMIC DEV AUTH HOSP REV</name>
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        <name>VIRGINIA COMWLTH UNIV HEALTH SYS AUTH REV</name>
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        <name>HENRICO CNTY VA ECONOMIC DEV AUTH RESIDENTIAL CARE FAC REV</name>
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        <name>ARLINGTON CNTY VA INDL DEV AUTH REV</name>
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        <name>VIRGINIA SMALL BUSINESS FING AUTH HEALTHCARE FACS REV</name>
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      <invstOrSec>
        <name>SALEM VA ECONOMIC DEV AUTH EDL FACS REV</name>
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      </invstOrSec>
      <invstOrSec>
        <name>VIRGINIA SMALL BUSINESS FING AUTH REV</name>
        <lei>N/A</lei>
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          <isin value="US928104NC81"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>LEXINGTON VA INDL DEV AUTH RESIDENTIAL CARE FAC REV</name>
        <lei>N/A</lei>
        <title>LEXINGTON INDUSTRIAL DEVELOPMENT AUTHORITY</title>
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          <isin value="US52976BBW54"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>LEWISTOWN COMM CTR CMNTY DEV AUTH VA REV</name>
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        <title>LEWISTOWN COMMERCE CENTER COMMUNITY DEVELOPMENT AU</title>
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          <isin value="US528734AH95"/>
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        <curCd>USD</curCd>
        <valUSD>474986.08000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-03-01</maturityDt>
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          <annualizedRt>6.05000000</annualizedRt>
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        <name>GUAM GOVT BUSINESS PRIVILEGE TAX REV</name>
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          <isin value="US40065NCP06"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>TOBACCO SETTLEMENT FING CORP VA</name>
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          <isin value="US88880NAU37"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>METROPOLITAN WASH D C ARPTS AUTH DULLES TOLL RD REV</name>
        <lei>N/A</lei>
        <title>METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES</title>
        <cusip>592643DJ6</cusip>
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          <isin value="US592643DJ62"/>
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        <valUSD>1405613.25000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-10-01</maturityDt>
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      <invstOrSec>
        <name>LEWISTOWN COMM CTR CMNTY DEV AUTH VA REV</name>
        <lei>N/A</lei>
        <title>LEWISTOWN COMMERCE CENTER COMMUNITY DEVELOPMENT AU</title>
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          <isin value="US528734AJ51"/>
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        <balance>630000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>569020.95000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-03-01</maturityDt>
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          <annualizedRt>6.05000000</annualizedRt>
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      <invstOrSec>
        <name>METROPOLITAN WASH D C ARPTS AUTH DULLES TOLL RD REV</name>
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          <isin value="US592643CV00"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>LYNCHBURG VA ECONOMIC DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
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          <isin value="US55123TBS06"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-01-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>GUAM PWR AUTH REV</name>
        <lei>N/A</lei>
        <title>GUAM POWER AUTHORITY</title>
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          <isin value="US400653KG51"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2041-10-01</maturityDt>
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        <name>JAMES CITY CNTY VA ECONOMIC DEV AUTH RESIDENTIAL CARE FAC REV</name>
        <lei>N/A</lei>
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          <isin value="US47029WEF05"/>
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        <name>VIRGINIA ST RES AUTH INFRASTRUCTURE REV</name>
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        <name>GUAM PWR AUTH REV</name>
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          <isin value="US400653LE94"/>
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        <name>CHESAPEAKE BAY BRDG &amp; TUNL DIST VA REV</name>
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        <name>VIRGINIA COLLEGE BLDG AUTH VA EDL FACS REV</name>
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        <name>SALEM VA ECONOMIC DEV AUTH EDL FACS REV</name>
        <lei>N/A</lei>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>METROPOLITAN WASH D C ARPTS AUTH ARPT SYS REV</name>
        <lei>N/A</lei>
        <title>METROPOLITAN WASHINGTON AIRPORTS AUTHORITY AVIATIO</title>
        <cusip>592647ME8</cusip>
        <identifiers>
          <isin value="US592647ME88"/>
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        <balance>2175000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2200164.36000000</valUSD>
        <pctVal>0.415983550036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</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>HENRICO CNTY VA ECONOMIC DEV AUTH RESIDENTIAL CARE FAC REV</name>
        <lei>N/A</lei>
        <title>HENRICO COUNTY ECONOMIC DEVELOPMENT AUTHORITY</title>
        <cusip>42605QHM8</cusip>
        <identifiers>
          <isin value="US42605QHM87"/>
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        <balance>945000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1011270.62000000</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>2047-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOUDOUN CNTY VA ECONOMIC DEV AUTH PUB FAC LEASE REV</name>
        <lei>N/A</lei>
        <title>LOUDOUN COUNTY ECONOMIC DEVELOPMENT AUTHORITY</title>
        <cusip>54589SAV6</cusip>
        <identifiers>
          <isin value="US54589SAV60"/>
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        <balance>805000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>805000.00000000</valUSD>
        <pctVal>0.152200791844</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>CHESAPEAKE BAY BRDG &amp; TUNL DIST VA REV</name>
        <lei>N/A</lei>
        <title>CHESAPEAKE BAY BRIDGE TUNNEL DISTRICT</title>
        <cusip>16514PAE9</cusip>
        <identifiers>
          <isin value="US16514PAE97"/>
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        <balance>3435000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3463344.93000000</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>2051-07-01</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 COLLEGE BLDG AUTH VA EDL FACS REV</name>
        <lei>N/A</lei>
        <title>VIRGINIA COLLEGE BUILDING AUTHORITY</title>
        <cusip>92778FKM4</cusip>
        <identifiers>
          <isin value="US92778FKM40"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>317249.68000000</valUSD>
        <pctVal>0.059982177029</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>JAMES CITY CNTY VA ECONOMIC DEV AUTH RESIDENTIAL CARE FAC REV</name>
        <lei>N/A</lei>
        <title>JAMES CITY COUNTY ECONOMIC DEVELOPMENT AUTHORITY</title>
        <cusip>47029WDR5</cusip>
        <identifiers>
          <isin value="US47029WDR51"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>880461.35000000</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>2047-06-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VIRGINIA ST HSG DEV AUTH</name>
        <lei>N/A</lei>
        <title>VIRGINIA HOUSING DEVELOPMENT AUTHORITY</title>
        <cusip>92812WBW3</cusip>
        <identifiers>
          <isin value="US92812WBW38"/>
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        <balance>665000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>563529.36000000</valUSD>
        <pctVal>0.106546105365</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.05000000</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>GUAM GOVT HOTEL OCCUPANCY TAX REV</name>
        <lei>N/A</lei>
        <title>TERRITORY OF GUAM</title>
        <cusip>40065KAQ6</cusip>
        <identifiers>
          <isin value="US40065KAQ67"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>206877.99000000</valUSD>
        <pctVal>0.039114278128</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>FRONT ROYAL &amp; WARREN CNTY VA INDL DEV AUTH REV</name>
        <lei>N/A</lei>
        <title>FRONT ROYAL WARREN COUNTY INDUSTRIAL DEVELOPMENT</title>
        <cusip>359023CY2</cusip>
        <identifiers>
          <isin value="US359023CY27"/>
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        <balance>7000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7001336.23000000</valUSD>
        <pctVal>1.323737786551</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-01-01</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>RICHMOND VA PUB UTIL REV</name>
        <lei>N/A</lei>
        <title>CITY OF RICHMOND VA PUBLIC UTILITY REVENUE</title>
        <cusip>765433KR7</cusip>
        <identifiers>
          <isin value="US765433KR77"/>
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        <balance>6000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6009380.94000000</valUSD>
        <pctVal>1.136189487654</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-01-15</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>HAMPTON RDS TRANSN ACCOUNTABILITY COMMN VA HAMPTON RDS TRANSN FD REV</name>
        <lei>N/A</lei>
        <title>HAMPTON ROADS TRANSPORTATION ACCOUNTABILITY COMMIS</title>
        <cusip>409328BR1</cusip>
        <identifiers>
          <isin value="US409328BR14"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4975492.85000000</valUSD>
        <pctVal>0.940712983336</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-07-01</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>LEWISTOWN COMM CTR CMNTY DEV AUTH VA REV</name>
        <lei>N/A</lei>
        <title>LEWISTOWN COMMERCE CENTER COMMUNITY DEVELOPMENT AU</title>
        <cusip>528734AK2</cusip>
        <identifiers>
          <isin value="US528734AK25"/>
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        <balance>2598517.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1105409.16000000</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>2054-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.05000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JAMES CITY CNTY VA ECONOMIC DEV AUTH RESIDENTIAL CARE FAC REV</name>
        <lei>N/A</lei>
        <title>JAMES CITY COUNTY ECONOMIC DEVELOPMENT AUTHORITY</title>
        <cusip>47029WED5</cusip>
        <identifiers>
          <isin value="US47029WED56"/>
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        <balance>9905000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8811286.14000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WASHINGTON D C MET AREA TRAN AUTH DEDICATED REV</name>
        <lei>N/A</lei>
        <title>WASHINGTON METROPOLITAN AREA TRANSIT AUTHORITY</title>
        <cusip>93878YAU3</cusip>
        <identifiers>
          <isin value="US93878YAU38"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2501894.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-07-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PRINCE WILLIAM CNTY VA INDL DEV AUTH RESIDENTIAL CARE FAC REV</name>
        <lei>N/A</lei>
        <title>PRINCE WILLIAM COUNTY INDUSTRIAL DEVELOPMENT AUTHO</title>
        <cusip>741756CB4</cusip>
        <identifiers>
          <isin value="US741756CB42"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>996656.65000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WESTERN VA REGL JAIL AUTH VA REGL JAIL FAC REV</name>
        <lei>N/A</lei>
        <title>WSTRN VA REGL JAIL AUTH REGL JAIL FACS REVENUE</title>
        <cusip>95984REB2</cusip>
        <identifiers>
          <isin value="US95984REB24"/>
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        <balance>1540000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1572307.91000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>VIRGINIA BEACH VA DEV AUTH RESIDENTIAL CARE FAC REV</name>
        <lei>N/A</lei>
        <title>VIRGINIA BEACH DEVELOPMENT AUTHORITY</title>
        <cusip>92774NAW0</cusip>
        <identifiers>
          <isin value="US92774NAW02"/>
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        <balance>3250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3307032.46000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      </invstOrSec>
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        <name>VIRGINIA ST HSG DEV AUTH COMWLTH MTG</name>
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      </invstOrSec>
      <invstOrSec>
        <name>VIRGINIA COLLEGE BLDG AUTH VA EDL FACS REV</name>
        <lei>N/A</lei>
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          <isin value="US92778FJL85"/>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>VIRGINIA ST HSG DEV AUTH</name>
        <lei>N/A</lei>
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      </invstOrSec>
      <invstOrSec>
        <name>VIRGINIA ST HSG DEV AUTH</name>
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          <isin value="US92812VJP22"/>
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        <curCd>USD</curCd>
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          <maturityDt>2046-05-01</maturityDt>
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          <annualizedRt>3.60000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>GUAM PWR AUTH REV</name>
        <lei>N/A</lei>
        <title>GUAM POWER AUTHORITY</title>
        <cusip>400653JL6</cusip>
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          <isin value="US400653JL65"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>VIRGINIA COLLEGE BLDG AUTH VA EDL FACS REV</name>
        <lei>N/A</lei>
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        <cusip>92778FAX1</cusip>
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          <isin value="US92778FAX15"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-01-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FAIRFAX CNTY VA INDL DEV AUTH REV</name>
        <lei>N/A</lei>
        <title>FAIRFAX COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY</title>
        <cusip>303823MW5</cusip>
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          <isin value="US303823MW50"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1487308.16000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-05-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>GUAM PWR AUTH REV</name>
        <lei>N/A</lei>
        <title>GUAM POWER AUTHORITY</title>
        <cusip>400653LF6</cusip>
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          <isin value="US400653LF69"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>241532.62000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FAIRFAX CNTY VA SWR REV</name>
        <lei>N/A</lei>
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          <isin value="US303867ME26"/>
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        <balance>10000000.00000000</balance>
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        <valUSD>10060105.90000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>RADFORD VA INDL DEV AUTH MULTIFAMILY HSG REV</name>
        <lei>N/A</lei>
        <title>RADFORD INDUSTRIAL DEVELOPMENT AUTHORITY</title>
        <cusip>750218AQ2</cusip>
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          <isin value="US750218AQ24"/>
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        <valUSD>3955226.62000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-15</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>VIRGINIA COLLEGE BLDG AUTH VA EDL FACS REV</name>
        <lei>N/A</lei>
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        <cusip>92778FKJ1</cusip>
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          <isin value="US92778FKJ11"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-01</maturityDt>
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      <invstOrSec>
        <name>VIRGINIA ST HSG DEV AUTH</name>
        <lei>N/A</lei>
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        <cusip>92812VP67</cusip>
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          <isin value="US92812VP670"/>
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        <name>STAFFORD CNTY VA ECONOMIC DEV AUTH HOSP FACS REV</name>
        <lei>N/A</lei>
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          <isin value="US852431BL80"/>
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        <name>BRISTOL VA INDL DEV AUTH LEASE REV</name>
        <lei>N/A</lei>
        <title>BRISTOL INDUSTRIAL DEVELOPMENT AUTHORITY</title>
        <cusip>110363AN8</cusip>
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          <isin value="US110363AN84"/>
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        <invCountry>US</invCountry>

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          <maturityDt>2053-11-01</maturityDt>
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        <name>CHESAPEAKE VA HOSP AUTH HOSP FAC REV</name>
        <lei>N/A</lei>
        <title>CHESAPEAKE VA HOSPITAL AUTHORITY HOSPITATLITY REV</title>
        <cusip>16532VBQ6</cusip>
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          <isin value="US16532VBQ68"/>
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      <invstOrSec>
        <name>HENRICO CNTY VA ECONOMIC DEV AUTH RESIDENTIAL CARE FAC REV</name>
        <lei>N/A</lei>
        <title>HENRICO COUNTY ECONOMIC DEVELOPMENT AUTHORITY</title>
        <cusip>42605QEA7</cusip>
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          <isin value="US42605QEA76"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-01</maturityDt>
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        <name>LYNCHBURG VA ECONOMIC DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
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          <isin value="US55123TBP66"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-01-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GUAM GOVT HOTEL OCCUPANCY TAX REV</name>
        <lei>N/A</lei>
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        <name>RAPPAHANNOCK VA REGL JAIL AUTH REGL JAIL FAC REV</name>
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        <lei>N/A</lei>
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        <name>ARLINGTON CNTY VA INDL DEV AUTH HOSP FAC REV</name>
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        <name>WESTERN VA REGL JAIL AUTH VA REGL JAIL FAC REV</name>
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        <lei>N/A</lei>
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        <name>VIRGINIA BEACH VA DEV AUTH RESIDENTIAL CARE FAC REV</name>
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        <name>MARQUIS CMNTY DEV AUTH VA REV</name>
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        <name>AMHERST VA INDL DEV AUTH REV</name>
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        <name>ALEXANDRIA VA INDL DEV AUTH EDL FACS REV</name>
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        <name>LOUDOUN CNTY VA INDL DEV AUTH REV</name>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.80000000</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>VIRGINIA COMWLTH TRANSN BRD TRANSN REV</name>
        <lei>N/A</lei>
        <title>VIRGINIA COMMONWEALTH TRANSPORTATION BOARD</title>
        <cusip>927793C72</cusip>
        <identifiers>
          <isin value="US927793C722"/>
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        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10044075.00000000</valUSD>
        <pctVal>1.899026296078</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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VIRGINIA ST RES AUTH INFRASTRUCTURE REV</name>
        <lei>N/A</lei>
        <title>VIRGINIA RESOURCES AUTHORITY</title>
        <cusip>92818NM88</cusip>
        <identifiers>
          <isin value="US92818NM887"/>
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        <balance>1040000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1051134.67000000</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>2047-11-01</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>PETERSBURG VA</name>
        <lei>N/A</lei>
        <title>CITY OF PETERSBURG VA</title>
        <cusip>716298RW6</cusip>
        <identifiers>
          <isin value="US716298RW62"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1025221.02000000</valUSD>
        <pctVal>0.193837827403</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HENRICO CNTY VA ECONOMIC DEV AUTH RESIDENTIAL CARE FAC REV</name>
        <lei>N/A</lei>
        <title>HENRICO COUNTY ECONOMIC DEVELOPMENT AUTHORITY</title>
        <cusip>42605QHK2</cusip>
        <identifiers>
          <isin value="US42605QHK22"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1083160.02000000</valUSD>
        <pctVal>0.204792313960</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>HENRICO CNTY VA ECONOMIC DEV AUTH RESIDENTIAL CARE FAC REV</name>
        <lei>N/A</lei>
        <title>HENRICO COUNTY ECONOMIC DEVELOPMENT AUTHORITY</title>
        <cusip>42605QGE7</cusip>
        <identifiers>
          <isin value="US42605QGE70"/>
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        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2570404.05000000</valUSD>
        <pctVal>0.485984511515</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>LYNCHBURG VA ECONOMIC DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>LYNCHBURG ECONOMIC DEVELOPMENT AUTHORITY</title>
        <cusip>55123TAU6</cusip>
        <identifiers>
          <isin value="US55123TAU60"/>
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        <balance>2300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2300000.00000000</valUSD>
        <pctVal>0.434859405269</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>Variable</couponKind>
          <annualizedRt>3.15000000</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>PRINCE EDWARD CNTY VA INDL DEV AUTH EDL FACS REV</name>
        <lei>N/A</lei>
        <title>PRINCE EDWARD COUNTY INDUSTRIAL DEVELOPMENT AUTHOR</title>
        <cusip>741654BR7</cusip>
        <identifiers>
          <isin value="US741654BR71"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3184916.85000000</valUSD>
        <pctVal>0.602170020531</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-09-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HENRICO CNTY VA ECONOMIC DEV AUTH RESIDENTIAL CARE FAC REV</name>
        <lei>N/A</lei>
        <title>HENRICO CNTY VA ECON DEV AUTH RSDL CARE FAC REVENU</title>
        <cusip>42605QGZ0</cusip>
        <identifiers>
          <isin value="US42605QGZ00"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1426367.46000000</valUSD>
        <pctVal>0.269682306674</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>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>GUAM GOVT HOTEL OCCUPANCY TAX REV</name>
        <lei>N/A</lei>
        <title>TERRITORY OF GUAM</title>
        <cusip>40065KAU7</cusip>
        <identifiers>
          <isin value="US40065KAU79"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2116063.38000000</valUSD>
        <pctVal>0.400082636060</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VIRGINIA ST HSG DEV AUTH</name>
        <lei>N/A</lei>
        <title>VIRGINIA HOUSING DEVELOPMENT AUTHORITY</title>
        <cusip>92812VH66</cusip>
        <identifiers>
          <isin value="US92812VH669"/>
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        <balance>1640000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1155769.83000000</valUSD>
        <pctVal>0.218520600392</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.65000000</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>CAPITAL REGION ARPT COMMN VA ARPT REV</name>
        <lei>N/A</lei>
        <title>CAPITAL REGION AIRPORT COMMISSION</title>
        <cusip>140442FW9</cusip>
        <identifiers>
          <isin value="US140442FW98"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>751185.15000000</valUSD>
        <pctVal>0.142026055467</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>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WINCHESTER VA ECONOMIC DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>WINCHESTER ECONOMIC DEVELOPMENT AUTHORITY</title>
        <cusip>973121BN5</cusip>
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          <isin value="US973121BN53"/>
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        <balance>3250000.00000000</balance>
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        <valUSD>3279154.09000000</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>2044-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CHARLES CITY CNTY VA ECONOMIC DEV AUTH SOLID WASTE DISP REV</name>
        <lei>N/A</lei>
        <title>CHARLES CITY COUNTY ECONOMIC DEVELOPMENT AUTHORITY</title>
        <cusip>15976RAC2</cusip>
        <identifiers>
          <isin value="US15976RAC25"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9832021.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FARMVILLE VA INDL DEV AUTH EDL FACS REV</name>
        <lei>N/A</lei>
        <title>FARMVILLE INDUSTRIAL DEVELOPMENT AUTHORITY</title>
        <cusip>311617BF0</cusip>
        <identifiers>
          <isin value="US311617BF08"/>
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        <balance>5900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6373298.18000000</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>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MONTGOMERY CNTY VA ECONOMIC DEV AUTH REV</name>
        <lei>N/A</lei>
        <title>MONTGOMERY COUNTY ECONOMIC DEVELOPMENT AUTHORITY</title>
        <cusip>613741KH9</cusip>
        <identifiers>
          <isin value="US613741KH94"/>
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        <balance>1750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1782952.15000000</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>2038-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GUAM GOVT BUSINESS PRIVILEGE TAX REV</name>
        <lei>N/A</lei>
        <title>TERRITORY OF GUAM</title>
        <cusip>40065NCR6</cusip>
        <identifiers>
          <isin value="US40065NCR61"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>986424.94000000</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>2042-01-01</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>
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      </invstOrSec>
      <invstOrSec>
        <name>VIRGINIA SMALL BUSINESS FING AUTH REV</name>
        <lei>N/A</lei>
        <title>VIRGINIA SMALL BUSINESS FINANCING AUTHORITY</title>
        <cusip>928104NB0</cusip>
        <identifiers>
          <isin value="US928104NB09"/>
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        <balance>2800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2698874.92000000</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>2045-01-01</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>VIRGINIA COLLEGE BLDG AUTH VA EDL FACS REV</name>
        <lei>N/A</lei>
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          <isin value="US92778FKN23"/>
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        <curCd>USD</curCd>
        <valUSD>895259.87000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>MARQUIS CMNTY DEV AUTH VA REV</name>
        <lei>N/A</lei>
        <title>MARQUIS COMMUNITY DEVELOPMENT AUTHORITY OF YORK CO</title>
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          <isin value="US57161CAE84"/>
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        <curCd>USD</curCd>
        <valUSD>5389.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>WESTERN VA REGL JAIL AUTH VA REGL JAIL FAC REV</name>
        <lei>N/A</lei>
        <title>WSTRN VA REGL JAIL AUTH REGL JAIL FACS REVENUE</title>
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          <isin value="US95984RDU14"/>
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        <valUSD>1044805.91000000</valUSD>
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      <invstOrSec>
        <name>RICHMOND VA PUB UTIL REV</name>
        <lei>N/A</lei>
        <title>RICHMOND VA PUBLIC UTILITY REVENUE</title>
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          <isin value="US765433LK16"/>
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        <curCd>USD</curCd>
        <valUSD>2236191.17000000</valUSD>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>STAFFORD CNTY VA ECONOMIC DEV AUTH HOSP FACS REV</name>
        <lei>N/A</lei>
        <title>STAFFORD COUNTY ECONOMIC DEVELOPMENT AUTHORITY</title>
        <cusip>852431BM6</cusip>
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          <isin value="US852431BM63"/>
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        <curCd>USD</curCd>
        <valUSD>6288272.66000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>VIRGINIA COMMLTH TRANSN BRD FED TRANSN GRNT ANTIC REV</name>
        <lei>N/A</lei>
        <title>VIRGINIA COMMONWEALTH TRANSPORTATION BOARD</title>
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          <isin value="US92778UCM09"/>
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        <valUSD>3536027.07000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>CHESAPEAKE VA HOSP AUTH HOSP FAC REV</name>
        <lei>N/A</lei>
        <title>CHESAPEAKE VA HOSPITAL AUTHORITY HOSPITATLITY REV</title>
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          <isin value="US16532VBR42"/>
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        <curCd>USD</curCd>
        <valUSD>3912200.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VIRGINIA ST RES AUTH INFRASTRUCTURE REV</name>
        <lei>N/A</lei>
        <title>VIRGINIA RESOURCES AUTHORITY</title>
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          <isin value="US92818NM705"/>
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        <curCd>USD</curCd>
        <valUSD>1478459.39000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>VIRGINIA COLLEGE BLDG AUTH VA EDL FACS REV</name>
        <lei>N/A</lei>
        <title>VIRGINIA COLLEGE BUILDING AUTHORITY</title>
        <cusip>92778FAS2</cusip>
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          <isin value="US92778FAS20"/>
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        <balance>545000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>547761.55000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>VIRGINIA COLLEGE BLDG AUTH VA EDL FACS REV</name>
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          <isin value="US92778FKL66"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>NORFOLK VA ECONOMIC DEV AUTH HOSP FACS REV</name>
        <lei>N/A</lei>
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          <isin value="US65588TAT60"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>VIRGINIA COMWLTH UNIV REV</name>
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          <isin value="US92778REY99"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-11-01</maturityDt>
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        <name>CHESAPEAKE BAY BRDG &amp; TUNL COMMN VA DIST REV</name>
        <lei>N/A</lei>
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        <cusip>165141CB6</cusip>
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          <isin value="US165141CB63"/>
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          <maturityDt>2025-07-01</maturityDt>
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        <name>LEXINGTON VA INDL DEV AUTH RESIDENTIAL CARE FAC REV</name>
        <lei>N/A</lei>
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          <isin value="US52976BBV71"/>
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        <name>LOUDOUN CNTY VA ECONOMIC DEV AUTH PUB FAC LEASE REV</name>
        <lei>N/A</lei>
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          <isin value="US54589SAS32"/>
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        <name>NORFOLK VA ARPT AUTH REV</name>
        <lei>N/A</lei>
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          <isin value="US655857EJ59"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-07-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>WASHINGTON D C MET AREA TRAN AUTH GROSS REV</name>
        <lei>N/A</lei>
        <title>WASHINGTON METROPOLITAN AREA TRANSIT AUTHORITY</title>
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          <isin value="US938782FT15"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PRINCE EDWARD CNTY VA INDL DEV AUTH EDL FACS REV</name>
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      <invstOrSec>
        <name>VIRGINIA SMALL BUSINESS FING AUTH RESIDENTIAL CARE FAC REV</name>
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      <invstOrSec>
        <name>SALEM VA ECONOMIC DEV AUTH EDL FACS REV</name>
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          <isin value="US794565AY70"/>
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        <name>VIRGINIA ST RES AUTH INFRASTRUCTURE REV</name>
        <lei>N/A</lei>
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          <isin value="US92818PMU48"/>
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          <maturityDt>2047-11-01</maturityDt>
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        <name>ROANOKE VA ECONOMIC DEV AUTH EDL FACS REV</name>
        <lei>N/A</lei>
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          <isin value="US770080AU39"/>
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        <valUSD>4149193.49000000</valUSD>
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      <invstOrSec>
        <name>METROPOLITAN WASH D C ARPTS AUTH ARPT SYS REV</name>
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        <title>METROPOLITAN WASHINGTON AIRPORTS AUTHORITY AVIATIO</title>
        <cusip>592647NF4</cusip>
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          <isin value="US592647NF45"/>
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      <invstOrSec>
        <name>VIRGINIA COMWLTH TRANSN BRD TRANSN REV</name>
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        <title>VIRGINIA COMMONWEALTH TRANSPORTATION BOARD</title>
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          <isin value="US927793E629"/>
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        <valUSD>2029135.28000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VIRGINIA COLLEGE BLDG AUTH VA EDL FACS REV</name>
        <lei>N/A</lei>
        <title>VIRGINIA COLLEGE BUILDING AUTHORITY</title>
        <cusip>92778FAQ6</cusip>
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          <isin value="US92778FAQ63"/>
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        <balance>965000.00000000</balance>
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        <valUSD>973882.32000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>ROANOKE VA ECONOMIC DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>ROANOKE ECONOMIC DEVELOPMENT AUTHORITY</title>
        <cusip>770082CA1</cusip>
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          <isin value="US770082CA13"/>
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        <balance>5000000.00000000</balance>
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        <valUSD>4946440.90000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>LOUDOUN CNTY VA ECONOMIC DEV AUTH PUB FAC LEASE REV</name>
        <lei>N/A</lei>
        <title>LOUDOUN COUNTY ECONOMIC DEVELOPMENT AUTHORITY</title>
        <cusip>54589SAU8</cusip>
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          <isin value="US54589SAU87"/>
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        <valUSD>775000.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>VIRGINIA ST HSG DEV AUTH COMWLTH MTG</name>
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          <isin value="US92812U6L70"/>
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          <maturityDt>2054-10-01</maturityDt>
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          <annualizedRt>4.60000000</annualizedRt>
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        <name>GUAM GOVT LTD OBLIG REV</name>
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          <isin value="US40065HDV96"/>
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        <name>MONTGOMERY CNTY VA ECONOMIC DEV AUTH REV</name>
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        <name>VIRGINIA ST RES AUTH INFRASTRUCTURE REV</name>
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        <name>GUAM PORT AUTH PORT REV</name>
        <lei>N/A</lei>
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          <isin value="US400652AA19"/>
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        <name>HENRICO CNTY VA ECONOMIC DEV AUTH RESIDENTIAL CARE FAC REV</name>
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        <title>HENRICO CNTY VA ECON DEV AUTH RSDL CARE FAC REVENU</title>
        <cusip>42605QGY3</cusip>
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        <name>LYNCHBURG VA ECONOMIC DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
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          <isin value="US55123TAS15"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GUAM GOVT HOTEL OCCUPANCY TAX REV</name>
        <lei>N/A</lei>
        <title>TERRITORY OF GUAM</title>
        <cusip>40065KAS2</cusip>
        <identifiers>
          <isin value="US40065KAS24"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>263619.08000000</valUSD>
        <pctVal>0.049842276672</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-01</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>CHESAPEAKE VA TOLL RD REV</name>
        <lei>N/A</lei>
        <title>CITY OF CHESAPEAKE VA CHESAPEAKE EXPRESSWAY TOLL R</title>
        <cusip>16532RAR4</cusip>
        <identifiers>
          <isin value="US16532RAR49"/>
        </identifiers>
        <balance>6520000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6857535.05000000</valUSD>
        <pctVal>1.296549397155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SALEM VA ECONOMIC DEV AUTH EDL FACS REV</name>
        <lei>N/A</lei>
        <title>SALEM VA ECON DEV AUTH EDUCTNL FACS REVENUE</title>
        <cusip>794565AX9</cusip>
        <identifiers>
          <isin value="US794565AX97"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>692554.15000000</valUSD>
        <pctVal>0.130940732950</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>VIRGINIA SMALL BUSINESS FING AUTH RESIDENTIAL CARE FAC REV</name>
        <lei>N/A</lei>
        <title>VIRGINIA SMALL BUSINESS FINANCING AUTHORITY</title>
        <cusip>928103AU4</cusip>
        <identifiers>
          <isin value="US928103AU44"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3656111.76000000</valUSD>
        <pctVal>0.691258515457</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-12-01</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>FAIRFAX CNTY VA ECONOMIC DEV AUTH METRORAIL PKG SYS PROJ REV</name>
        <lei>N/A</lei>
        <title>FAIRFAX COUNTY ECONOMIC DEVELOPMENT AUTHORITY</title>
        <cusip>30384AAU4</cusip>
        <identifiers>
          <isin value="US30384AAU43"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4120150.16000000</valUSD>
        <pctVal>0.778993933999</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-04-01</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>AMHERST VA INDL DEV AUTH REV</name>
        <lei>N/A</lei>
        <title>AMHERST INDUSTRIAL DEVELOPMENT AUTHORITY VA</title>
        <cusip>031489BX4</cusip>
        <identifiers>
          <isin value="US031489BX47"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1977304.54000000</valUSD>
        <pctVal>0.373847598391</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GUAM GOVT WTRWKS AUTH WTR &amp; WASTEWTR SYS REV</name>
        <lei>N/A</lei>
        <title>GUAM GOVT WTRWKS AUTH WTR WSTWTR SYS REVENUE</title>
        <cusip>40065FDF8</cusip>
        <identifiers>
          <isin value="US40065FDF80"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1040838.39000000</valUSD>
        <pctVal>0.196790592720</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-01-01</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>VIRGINIA COLLEGE BLDG AUTH VA EDL FACS REV</name>
        <lei>N/A</lei>
        <title>VIRGINIA COLLEGE BUILDING AUTHORITY</title>
        <cusip>92778FAT0</cusip>
        <identifiers>
          <isin value="US92778FAT03"/>
        </identifiers>
        <balance>650000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>652539.06000000</valUSD>
        <pctVal>0.123375107628</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VIRGINIA SMALL BUSINESS FING AUTH ENVIRONMENTAL FACS REV</name>
        <lei>N/A</lei>
        <title>VIRGINIA SMALL BUSINESS FINANCING AUTHORITY</title>
        <cusip>92810RAC1</cusip>
        <identifiers>
          <isin value="US92810RAC16"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1501261.26000000</valUSD>
        <pctVal>0.283842425512</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>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>VIRGINIA ST HSG DEV AUTH</name>
        <lei>N/A</lei>
        <title>VIRGINIA HOUSING DEVELOPMENT AUTHORITY</title>
        <cusip>92812WVQ4</cusip>
        <identifiers>
          <isin value="US92812WVQ40"/>
        </identifiers>
        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>812252.07000000</valUSD>
        <pctVal>0.153571935690</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LEXINGTON VA INDL DEV AUTH EDL FACS REV</name>
        <lei>N/A</lei>
        <title>LEXINGTON INDUSTRIAL DEVELOPMENT AUTHORITY</title>
        <cusip>52976TBG1</cusip>
        <identifiers>
          <isin value="US52976TBG13"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1039430.08000000</valUSD>
        <pctVal>0.196524324525</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>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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly total returns reported under item B.5.a do not include any sales or redemption charges, as applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2024-12-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios III</ncom:nameOfApplicant>
      <ncom:signature>Carol Trevino</ncom:signature>
      <ncom:signerName>Carol Trevino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
