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        <name>WISE CNTY VA INDL DEV AUTH SOLID WASTE &amp; SEW DISP REV</name>
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        <name>VIRGINIA COLLEGE BLDG AUTH VA EDL FACS REV</name>
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        <name>CHESAPEAKE BAY BRDG &amp; TUNL DIST VA REV</name>
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      <invstOrSec>
        <name>GUAM GOVT BUSINESS PRIVILEGE TAX REV</name>
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      <invstOrSec>
        <name>ROCKINGHAM CNTY VA ECONOMIC DEV AUTH RESIDENTIAL CARE FACS 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 COLLEGE BLDG AUTH VA EDL FACS REV</name>
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        <name>VIRGINIA COLLEGE BLDG AUTH VA EDL FACS REV</name>
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        <name>PRINCE EDWARD CNTY VA INDL DEV AUTH EDL FACS REV</name>
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        <name>FAIRFAX CNTY VA SWR REV</name>
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        <name>NORFOLK VA ECONOMIC DEV AUTH HOSP FACS REV</name>
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        <name>VIRGINIA SMALL BUSINESS FING AUTH HEALTHCARE FACS REV</name>
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        <name>SALEM VA ECONOMIC DEV AUTH EDL FACS REV</name>
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        </securityLending>
      </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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        <identifiers>
          <isin value="US52976BBW54"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>932655.41000000</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>2037-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
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          <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>
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        <identifiers>
          <isin value="US528734AH95"/>
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        <curCd>USD</curCd>
        <valUSD>459348.69000000</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>2044-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.05000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>GUAM GOVT BUSINESS PRIVILEGE TAX REV</name>
        <lei>N/A</lei>
        <title>TERRITORY OF GUAM</title>
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        <identifiers>
          <isin value="US40065NCP06"/>
          <other otherDesc="Internal" value="40065NCP0"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>526556.47000000</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>2031-01-01</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>Tobacco Settlement Financing Corporation</name>
        <lei>N/A</lei>
        <title>TOBACCO SETTLEMENT FINANCING CORP VA</title>
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          <isin value="US88880NAU37"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4306077.19000000</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>5.00000000</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>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>
        <identifiers>
          <isin value="US592643DJ62"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1264997.18000000</valUSD>
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        <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>4.00000000</annualizedRt>
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        <securityLending>
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          <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>
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          <isin value="US528734AJ51"/>
          <other otherDesc="Internal" value="528734AJ5"/>
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        <balance>610000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>491304.15000000</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>2044-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>METROPOLITAN WASH D C ARPTS AUTH DULLES TOLL RD REV</name>
        <lei>N/A</lei>
        <title>WASHINGTON DC AIRPORTS AUTHORITY TOLL ROAD REV</title>
        <cusip>592643CV0</cusip>
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          <isin value="US592643CV00"/>
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        <balance>1500000.00000000</balance>
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        <valUSD>1502403.60000000</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>2044-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LYNCHBURG VA ECONOMIC DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>LYNCHBURG ECONOMIC DEVELOPMENT AUTHORITY</title>
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          <isin value="US55123TBS06"/>
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        <balance>14420000.00000000</balance>
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        <valUSD>11549231.61000000</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>2055-01-01</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>
        <name>GUAM PWR AUTH REV</name>
        <lei>N/A</lei>
        <title>GUAM POWER AUTHORITY</title>
        <cusip>400653KG5</cusip>
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          <isin value="US400653KG51"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1522426.99000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>
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          <isin value="US47029WEF05"/>
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        <balance>855000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>904399.03000000</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>2053-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</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 ST RESOURCES AUTH INFRASTRUCTURE REVENUE</title>
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          <isin value="US92818NKZ05"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GUAM PWR AUTH REV</name>
        <lei>N/A</lei>
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          <isin value="US400653LE94"/>
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        <name>METROPOLITAN WASH D C ARPTS AUTH ARPT SYS REV</name>
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        <title>METROPOLITAN WASHINGTON AIRPORTS AUTHORITY AVIATIO</title>
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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>
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        <title>SALEM ECONOMIC DEVELOPMENT AUTHORITY</title>
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        <name>METROPOLITAN WASH D C ARPTS AUTH ARPT SYS REV</name>
        <lei>N/A</lei>
        <title>METROPOLITAN WASHINGTON AIRPORTS AUTHORITY AVIATIO</title>
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        <name>HENRICO CNTY VA ECONOMIC DEV AUTH RESIDENTIAL CARE FAC REV</name>
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          <isin value="US42605QHM87"/>
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        <valUSD>949735.45000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CHESAPEAKE BAY BRDG &amp; TUNL DIST VA REV</name>
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          <isin value="US16514PAE97"/>
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        <valUSD>3316811.02000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>VIRGINIA COLLEGE BLDG AUTH VA EDL FACS REV</name>
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          <isin value="US92778FKM40"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>JAMES CITY CNTY VA ECONOMIC DEV AUTH RESIDENTIAL CARE FAC REV</name>
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        <valUSD>763734.51000000</valUSD>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>VIRGINIA ST HSG DEV AUTH</name>
        <lei>N/A</lei>
        <title>VIRGINIA HOUSING DEVELOPMENT AUTHORITY</title>
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          <isin value="US92812WBW38"/>
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        <valUSD>549377.81000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.05000000</annualizedRt>
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      <invstOrSec>
        <name>GUAM GOVT HOTEL OCCUPANCY TAX REV</name>
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        <title>TERRITORY OF GUAM</title>
        <cusip>40065KAQ6</cusip>
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          <isin value="US40065KAQ67"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>205399.43000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>FRONT ROYAL &amp; WARREN CNTY VA INDL DEV AUTH REV</name>
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          <isin value="US359023CY27"/>
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        <curCd>USD</curCd>
        <valUSD>5895634.00000000</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>2050-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>RICHMOND VA PUB UTIL REV</name>
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        <title>CITY OF RICHMOND VA PUBLIC UTILITY REVENUE</title>
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          <isin value="US765433KR77"/>
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        <balance>6000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5712973.94000000</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>2040-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>HAMPTON RDS TRANSN ACCOUNTABILITY COMMN VA HAMPTON RDS TRANSN FD REV</name>
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        <title>HAMPTON ROADS TRANSPORTATION ACCOUNTABILITY COMMIS</title>
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          <isin value="US409328BR14"/>
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        <balance>6000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5110080.41000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>LEWISTOWN COMM CTR CMNTY DEV AUTH VA REV</name>
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        <balance>2598517.00000000</balance>
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        <valUSD>1091377.14000000</valUSD>
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        <name>JAMES CITY CNTY VA ECONOMIC DEV AUTH RESIDENTIAL CARE FAC REV</name>
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          <isin value="US47029WED56"/>
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        <name>WASHINGTON D C MET AREA TRAN AUTH DEDICATED REV</name>
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        <name>PRINCE WILLIAM CNTY VA INDL DEV AUTH RESIDENTIAL CARE FAC REV</name>
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        <name>WESTERN VA REGL JAIL AUTH VA REGL JAIL FAC REV</name>
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        <name>VIRGINIA BEACH VA DEV AUTH RESIDENTIAL CARE FAC REV</name>
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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>
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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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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>VIRGINIA ST HSG DEV AUTH</name>
        <lei>N/A</lei>
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          <isin value="US92812VJP22"/>
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      </invstOrSec>
      <invstOrSec>
        <name>GUAM PWR AUTH REV</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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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="US92778FAX15"/>
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      <invstOrSec>
        <name>FAIRFAX CNTY VA INDL DEV AUTH REV</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GUAM PWR AUTH REV</name>
        <lei>N/A</lei>
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          <isin value="US400653LF69"/>
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        <valUSD>226928.89000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-10-01</maturityDt>
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      <invstOrSec>
        <name>FAIRFAX CNTY VA SWR REV</name>
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        <valUSD>8832075.50000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <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>
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          <isin value="US750218AQ24"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VIRGINIA COLLEGE BLDG AUTH VA EDL FACS REV</name>
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          <isin value="US92778FKJ11"/>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>VIRGINIA ST HSG DEV AUTH</name>
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        <name>STAFFORD CNTY VA ECONOMIC DEV AUTH HOSP FACS REV</name>
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        <name>BRISTOL VA INDL DEV AUTH LEASE REV</name>
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      <invstOrSec>
        <name>CHESAPEAKE VA HOSP AUTH HOSP FAC REV</name>
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        <name>HENRICO CNTY VA ECONOMIC DEV AUTH RESIDENTIAL CARE FAC REV</name>
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        <name>LYNCHBURG VA ECONOMIC DEV AUTH HOSP REV</name>
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      </invstOrSec>
      <invstOrSec>
        <name>GUAM GOVT HOTEL OCCUPANCY TAX REV</name>
        <lei>N/A</lei>
        <title>TERRITORY OF GUAM</title>
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          <isin value="US40065KAT07"/>
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      <invstOrSec>
        <name>VIRGINIA ST HSG DEV AUTH</name>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VIRGINIA ST HSG DEV AUTH COMWLTH MTG</name>
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        <valUSD>956269.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VIRGINIA ST HSG DEV AUTH</name>
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        <name>UNIVERSITY VA UNIV REVS</name>
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        <name>PETERSBURG VA</name>
        <lei>N/A</lei>
        <title>CITY OF PETERSBURG VA</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-09-01</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>ARLINGTON CNTY VA INDL DEV AUTH HOSP FAC REV</name>
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        <title>ARLINGTON CNTY VA INDL DEV</title>
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          <isin value="US041438HD79"/>
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        <valUSD>1408369.22000000</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>2045-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>WESTERN VA REGL JAIL AUTH VA REGL JAIL FAC REV</name>
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          <isin value="US95984REE62"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>VIRGINIA BEACH VA DEV AUTH RESIDENTIAL CARE FAC REV</name>
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          <isin value="US92774NAY67"/>
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        <issuerCat>MUN</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>MARQUIS CMNTY DEV AUTH VA REV</name>
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          <isin value="US57161CAD02"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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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>FAIRFAX CNTY VA INDL DEV AUTH REV</name>
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        <name>DEUTSCHE BK SPEARS/LIFERS TR VAR STS</name>
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          <isin value="US25155W8H50"/>
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        <name>VIRGINIA COMMLTH TRANSN BRD FED TRANSN GRNT ANTIC REV</name>
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        <name>VIRGINIA COMWLTH TRANSN BRD TRANSN REV</name>
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        <name>VIRGINIA ST RES AUTH INFRASTRUCTURE REV</name>
        <lei>N/A</lei>
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        <cusip>92818NM88</cusip>
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          <isin value="US92818NM887"/>
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        <balance>1040000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>952250.87000000</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>2047-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <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"/>
          <other otherDesc="Internal" value="716298RW6"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>942575.45000000</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>2048-09-01</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"/>
          <other otherDesc="Internal" value="42605QHK2"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1028767.32000000</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>2042-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
          <other otherDesc="Internal" value="42605QGE7"/>
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        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2547443.77000000</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>2037-10-01</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>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"/>
          <other otherDesc="Internal" value="55123TAU6"/>
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        <balance>140000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>140000.00000000</valUSD>
        <pctVal>0.029872663006</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>3.05000000</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>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"/>
          <other otherDesc="Internal" value="741654BR7"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3046087.88000000</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>2057-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </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"/>
          <other otherDesc="Internal" value="42605QGZ0"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1281338.08000000</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>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"/>
          <other otherDesc="Internal" value="40065KAU7"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2064778.60000000</valUSD>
        <pctVal>0.440574537862</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>
        </securityLending>
      </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"/>
          <other otherDesc="Internal" value="92812VH66"/>
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        <balance>1640000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1069795.20000000</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>2050-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.65000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
          <other otherDesc="Internal" value="140442FW9"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>713861.33000000</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>2038-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <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>
        <identifiers>
          <isin value="US973121BN53"/>
          <other otherDesc="Internal" value="973121BN5"/>
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        <balance>3250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3093966.43000000</valUSD>
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        <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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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"/>
          <other otherDesc="Internal" value="15976RAC2"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9848538.97000000</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>
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          <isin value="US311617BF08"/>
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        <balance>5900000.00000000</balance>
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        <valUSD>6197374.01000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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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>
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          <isin value="US613741KH94"/>
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        <balance>1750000.00000000</balance>
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        <valUSD>1718930.13000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-06-01</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 BUSINESS PRIVILEGE TAX REV</name>
        <lei>N/A</lei>
        <title>TERRITORY OF GUAM</title>
        <cusip>40065NCR6</cusip>
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          <isin value="US40065NCR61"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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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>
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          <isin value="US928104NB09"/>
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        <valUSD>2462449.95000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>
        <title>VIRGINIA COLLEGE BUILDING AUTHORITY</title>
        <cusip>92778FKN2</cusip>
        <identifiers>
          <isin value="US92778FKN23"/>
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        <balance>925000.00000000</balance>
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        <valUSD>849595.27000000</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>2036-06-01</maturityDt>
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      <invstOrSec>
        <name>MARQUIS CMNTY DEV AUTH VA REV</name>
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      <invstOrSec>
        <name>RICHMOND VA PUB UTIL REV</name>
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      <invstOrSec>
        <name>STAFFORD CNTY VA ECONOMIC DEV AUTH HOSP FACS REV</name>
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          <isin value="US852431BM63"/>
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        <name>VIRGINIA COMMLTH TRANSN BRD FED TRANSN GRNT ANTIC REV</name>
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        <title>VIRGINIA COMMONWEALTH TRANSPORTATION BOARD</title>
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          <isin value="US92778UCM09"/>
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      <invstOrSec>
        <name>CHESAPEAKE VA HOSP AUTH HOSP FAC REV</name>
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        <name>VIRGINIA ST RES AUTH INFRASTRUCTURE REV</name>
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        <fairValLevel>2</fairValLevel>
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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="US92778FAS20"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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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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        <name>NORFOLK VA ECONOMIC DEV AUTH HOSP FACS REV</name>
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        <name>VIRGINIA COMWLTH UNIV REV</name>
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        <name>CHESAPEAKE BAY BRDG &amp; TUNL COMMN VA DIST REV</name>
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        <name>VIRGINIA SMALL BUSINESS FING AUTH REV</name>
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        <name>LEXINGTON VA INDL DEV AUTH RESIDENTIAL CARE FAC REV</name>
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        <name>NORFOLK VA ARPT AUTH REV</name>
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        <name>PRINCE EDWARD CNTY VA INDL DEV AUTH EDL FACS REV</name>
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        <name>VIRGINIA SMALL BUSINESS FING AUTH RESIDENTIAL CARE FAC REV</name>
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        <name>GUAM GOVT LTD OBLIG REV</name>
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        <name>GUAM GOVT HOTEL OCCUPANCY TAX REV</name>
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        </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"/>
          <other otherDesc="Internal" value="16532RAR4"/>
        </identifiers>
        <balance>6520000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6761096.54000000</valUSD>
        <pctVal>1.442656846383</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"/>
          <other otherDesc="Internal" value="794565AX9"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>627477.84000000</valUSD>
        <pctVal>0.133888814702</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"/>
          <other otherDesc="Internal" value="928103AU4"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3164295.35000000</valUSD>
        <pctVal>0.675185204596</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"/>
          <other otherDesc="Internal" value="30384AAU4"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3989631.65000000</valUSD>
        <pctVal>0.851292298574</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"/>
          <other otherDesc="Internal" value="031489BX4"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1933128.36000000</valUSD>
        <pctVal>0.412483514618</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"/>
          <other otherDesc="Internal" value="40065FDF8"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>976432.04000000</valUSD>
        <pctVal>0.208347323426</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"/>
          <other otherDesc="Internal" value="92778FAT0"/>
        </identifiers>
        <balance>650000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>645052.35000000</valUSD>
        <pctVal>0.137638796236</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"/>
          <other otherDesc="Internal" value="92810RAC1"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1500500.22000000</valUSD>
        <pctVal>0.320170981522</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"/>
          <other otherDesc="Internal" value="92812WVQ4"/>
        </identifiers>
        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>781772.03000000</valUSD>
        <pctVal>0.166811517143</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"/>
          <other otherDesc="Internal" value="52976TBG1"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1001015.63000000</valUSD>
        <pctVal>0.213592875565</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>2025-06-30</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>
