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        <name>West Wilson Utility District, Wilson County, Tennessee, Water Revenue Bonds, Refunding &amp; Improvement Series 2015</name>
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        <name>Putnam County, Tennessee, General Obligation Bonds, Refunding School Series 2001</name>
        <lei>N/A</lei>
        <title>Putnam County, Tennessee, General Obligation Bonds, Refunding School Series 2001</title>
        <cusip>746673TP7</cusip>
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      <invstOrSec>
        <name>Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Lipscomb University, Refunding</name>
        <lei>N/A</lei>
        <title>Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Lipscomb University, Refunding</title>
        <cusip>592041WB9</cusip>
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        <name>Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Refunding and Improvement Bonds, Johnson City Medical Center, Series</name>
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        <title>Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Refunding and Improvement Bonds, Johnson City Medical Center, Series</title>
        <cusip>478271DC0</cusip>
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        <invCountry>US</invCountry>

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        <name>Metropolitan Government of Nashville-Davidson County, Tennessee, Electric System Revenue Bonds, Series 2011A</name>
        <lei>N/A</lei>
        <title>Metropolitan Government of Nashville-Davidson County, Tennessee, Electric System Revenue Bonds, Series 2011A</title>
        <cusip>592030YM6</cusip>
        <identifiers>
          <isin value="US592030YM63"/>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>Shelby County Health, Educational and Housing Facility Board, Tennessee, Educational Facilities Revenue Bonds, Rhodes College, Series 2015</name>
        <lei>N/A</lei>
        <title>Shelby County Health, Educational and Housing Facility Board, Tennessee, Educational Facilities Revenue Bonds, Rhodes College, Series 2015</title>
        <cusip>821697N54</cusip>
        <identifiers>
          <isin value="US821697N547"/>
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        <balance>700000.00000000</balance>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>Metropolitan Governemnt of Nashville &amp; Davidson County Health and Educational Facilities Board, Tennessee, Multifamily Housing Revenue Bonds, Parkwood</name>
        <lei>N/A</lei>
        <title>Metropolitan Governemnt of Nashville &amp; Davidson County Health and Educational Facilities Board, Tennessee, Multifamily Housing Revenue Bonds, Parkwood</title>
        <cusip>592113AT1</cusip>
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          <isin value="US592113AT15"/>
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      <invstOrSec>
        <name>Knox-Chapman Utility District of Knox County, Tennessee, Water and Sewer Revenue Bonds, Refunding and Improvement Series 2017</name>
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        <title>Knox-Chapman Utility District of Knox County, Tennessee, Water and Sewer Revenue Bonds, Refunding and Improvement Series 2017</title>
        <cusip>499291FM9</cusip>
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          <isin value="US499291FM92"/>
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        <name>Memphis, Tennessee, Electric System Revenue Bonds, Series 2016</name>
        <lei>N/A</lei>
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        <cusip>586158PB7</cusip>
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      <invstOrSec>
        <name>Chattanooga, Tennessee, Electric System Enterprise Revenue Bonds, Series 2015A</name>
        <lei>N/A</lei>
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        <cusip>162393EP3</cusip>
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        <name>Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Refunding and Improvement Bonds, Johnson City Medical Center, Series</name>
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        <name>Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Lipscomb University, Refunding</name>
        <lei>N/A</lei>
        <title>Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Lipscomb University, Refunding</title>
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      <invstOrSec>
        <name>The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A</name>
        <lei>549300OJ2Z8PGEY46K92</lei>
        <title>The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A</title>
        <cusip>880443BS4</cusip>
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      <invstOrSec>
        <name>DeKalb Utility District, DeKalb County, Tennessee, Waterworks Revenue Bonds, Refunding Series 2017</name>
        <lei>N/A</lei>
        <title>DeKalb Utility District, DeKalb County, Tennessee, Waterworks Revenue Bonds, Refunding Series 2017</title>
        <cusip>241069DF7</cusip>
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        <name>Jackson Energy Authority, Tennessee, Gas System Revenue Bonds, Refunding &amp; Improvement Series 2015</name>
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        <name>Hendersonville Industrial Development Board, Tennessee, Multifamily Housing Revenue Bonds, Hickory Pointe Poject, Series 2010</name>
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        <name>Tennessee State School Bond Authority, Higher Educational Facilities Second Program Bonds, Refunding Series 2015B</name>
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        <name>Memphis, Tennessee, General Obligation Bonds, Refunding General Improvement Series 2011</name>
        <lei>549300J2762HBWE6MQ22</lei>
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      <invstOrSec>
        <name>Clarksville Natural Gas Acquisition Corporation, Tennessee, Natural Gas Revenue Bonds, Series 2006</name>
        <lei>N/A</lei>
        <title>Clarksville Natural Gas Acquisition Corporation, Tennessee, Natural Gas Revenue Bonds, Series 2006</title>
        <cusip>182521BR4</cusip>
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          <isin value="US182521BR46"/>
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      <invstOrSec>
        <name>Claiborne County Industrial Development Board, Tennessee, Revenue Refunding Bonds, Lincoln Memorial University Project, Series 2010</name>
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        <title>Claiborne County Industrial Development Board, Tennessee, Revenue Refunding Bonds, Lincoln Memorial University Project, Series 2010</title>
        <cusip>179475BD9</cusip>
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          <isin value="US179475BD93"/>
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      <invstOrSec>
        <name>Shelby County Health, Educational and Housing Facility Board, Tennessee, Residential Care Facility Mortgage Revenue Bonds, The Village  at Germantown,</name>
        <lei>N/A</lei>
        <title>Shelby County Health, Educational and Housing Facility Board, Tennessee, Residential Care Facility Mortgage Revenue Bonds, The Village  at Germantown,</title>
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          <isin value="US82169JAN37"/>
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      <invstOrSec>
        <name>Shelby County Health, Educational and Housing Facility Board, Tennessee, Educational Facilities Revenue Bonds, Rhodes College, Series 2015</name>
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        <title>Shelby County Health, Educational and Housing Facility Board, Tennessee, Educational Facilities Revenue Bonds, Rhodes College, Series 2015</title>
        <cusip>821697N62</cusip>
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        <name>Loudon, Tennessee, Water and Sewer Revenue Refunding Bonds, Series 2012A</name>
        <lei>N/A</lei>
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        <cusip>545845CW7</cusip>
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          <isin value="US545845CW78"/>
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        <name>Franklin Special School District, Williamson County, Tennessee, General Obligation Bonds, School Improvement Series 2019</name>
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        <name>Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, CommonSpirit Health, Series 2019A-2</name>
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        <name>Pigeon Forge Industrial Development Board, Tennesse, Revenue Bonds, Public Facility, Series 2011</name>
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        <name>Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic Health Initiatives, Series 2013A</name>
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        <name>Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, CommonSpirit Health, Series 2019A-2</name>
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        <name>Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Refunding and Improvement Bonds, Johnson City Medical Center, Series</name>
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        <name>Knox-Chapman Utility District of Knox County, Tennessee, Water and Sewer Revenue Bonds, Series 2011</name>
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        <name>Knox County Health, Educational and Housing Facility Board, Tennesse, Hospital Revenue Bonds, Covenant Health, Refunding Series 2016A</name>
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        <name>Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, CommonSpirit Health, Series 2019A-2</name>
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        <name>Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena Project, Junior Subordinate Lien Series 2002E</name>
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        <name>Clarksville Natural Gas Acquisition Corporation, Tennessee, Natural Gas Revenue Bonds, Series 2006</name>
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        <cusip>182521BQ6</cusip>
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        <name>Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University Project, Se</name>
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      <invstOrSec>
        <name>Metropolitan Government of Nashville-Davidson County, Tennessee, General Obligation Bonds, Refunding Series 2012</name>
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        <name>Watauga River Regional Water Authority, Tennessee, Waterworks Revenue Bonds, Series 2017</name>
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        <name>Clarksville, Tennessee, Electric System Revenue Bonds, Refunding Series 2015</name>
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      <invstOrSec>
        <name>The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A</name>
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      <invstOrSec>
        <name>Jackson, Tennessee, Hospital Revenue Bonds, Jackson-Madison County General Hospital Project, Series 2018A</name>
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        <cusip>46874TFE7</cusip>
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          <isin value="US46874TFE73"/>
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      <invstOrSec>
        <name>Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Subordinate Lien Revenue Bonds, Volunteer Hea</name>
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        <name>Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 2010B</name>
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      <invstOrSec>
        <name>Hallsdale-Powell Utility District, Knox County, Tennessee, Water and Sewer Revenue Bonds, Refunding &amp; Improvement Series 2019</name>
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        <name>Watauga River Regional Water Authority, Tennessee, Waterworks Revenue Bonds, Series 2012</name>
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        <cusip>941096AJ8</cusip>
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        <name>Tennessee State School Bond Authority, Higher Educational Facilities Second Program Bonds, Refunding Series 2015B</name>
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        <cusip>880558HS3</cusip>
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        <name>Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Blakeford at Green Hills, Refu</name>
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        <name>Knox-Chapman Utility District of Knox County, Tennessee, Water and Sewer Revenue Bonds, Refunding and Improvement Series 2017</name>
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        <name>Metropolitan Government Nashville &amp; Davidson County Convention Center Authority, Tennesse, Tourism Tax Revenue Bonds, Series 2010A-1</name>
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        <name>Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Mountain States Health Alliance, Refunding Series 2010A</name>
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      <invstOrSec>
        <name>Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic Health Initiatives, Series 2013A</name>
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      <invstOrSec>
        <name>Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Lipscomb University, Refunding</name>
        <lei>N/A</lei>
        <title>Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Lipscomb University, Refunding</title>
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      <invstOrSec>
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        <name>Knox County Health, Educational and Housing Facility Board, Tennesse, Hospital Revenue Bonds, East Tennessee Children's Hospital, Series 2019</name>
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        <name>utherford County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Ascension Health Group, Series 2012C</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Subordinate Series 2019B</name>
        <lei>549300IC0HNF8TDXEE63</lei>
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          <isin value="US592190PG19"/>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Clarksville, Tennessee, Electric System Revenue Bonds, Refunding Series 2015</name>
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          <isin value="US182494HD98"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger Health System, Refunding Series 2014A</name>
        <lei>549300BFNMBLLM3M6C70</lei>
        <title>Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger Health System, Refunding Series 2014A</title>
        <cusip>162362HW0</cusip>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 2010B</name>
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        <title>Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 2010B</title>
        <cusip>586111KV7</cusip>
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          <isin value="US586111KV70"/>
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        <invCountry>US</invCountry>

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      </invstOrSec>
      <invstOrSec>
        <name>Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, CommonSpirit Health, Series 2019A-2</name>
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        <title>Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, CommonSpirit Health, Series 2019A-2</title>
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          <isin value="US162410FE92"/>
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        <invCountry>US</invCountry>

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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sumner County, Tennessee, General Obligation Bonds, Refunding Series 2011</name>
        <lei>N/A</lei>
        <title>Sumner County, Tennessee, General Obligation Bonds, Refunding Series 2011</title>
        <cusip>866407G60</cusip>
        <identifiers>
          <isin value="US866407G608"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc, Series 2017</name>
        <lei>N/A</lei>
        <title>Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc, Series 2017</title>
        <cusip>49952MEG7</cusip>
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          <isin value="US49952MEG78"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc, Series 2017</name>
        <lei>N/A</lei>
        <title>Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc, Series 2017</title>
        <cusip>49952MEF9</cusip>
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          <isin value="US49952MEF95"/>
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        <invCountry>US</invCountry>

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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Chattanooga, Tennessee, Electric System Enterprise Revenue Bonds, Series 2015A</name>
        <lei>N/A</lei>
        <title>Chattanooga, Tennessee, Electric System Enterprise Revenue Bonds, Series 2015A</title>
        <cusip>162393EQ1</cusip>
        <identifiers>
          <isin value="US162393EQ17"/>
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        <balance>1750000.00000000</balance>
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        <valUSD>2111112.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University Project, Se</name>
        <lei>N/A</lei>
        <title>Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University Project, Se</title>
        <cusip>592041TL1</cusip>
        <identifiers>
          <isin value="US592041TL19"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Tennessee State School Bond Authority, Higher Educational Facilities Second Program Bonds, Refunding Series 2015B</name>
        <lei>N/A</lei>
        <title>Tennessee State School Bond Authority, Higher Educational Facilities Second Program Bonds, Refunding Series 2015B</title>
        <cusip>880558HW4</cusip>
        <identifiers>
          <isin value="US880558HW48"/>
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        <balance>6295000.00000000</balance>
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        <invCountry>US</invCountry>

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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Utilities Revenue Bonds, Series 2020</name>
        <lei>549300J843AGEC2L3Y44</lei>
        <title>Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Utilities Revenue Bonds, Series 2020</title>
        <cusip>413581PP8</cusip>
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          <isin value="US413581PP89"/>
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        <balance>2950000.00000000</balance>
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        <invCountry>US</invCountry>

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      </invstOrSec>
      <invstOrSec>
        <name>Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Lipscomb University, Refunding</name>
        <lei>N/A</lei>
        <title>Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Lipscomb University, Refunding</title>
        <cusip>592041VW4</cusip>
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          <isin value="US592041VW46"/>
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        <invCountry>US</invCountry>

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      </invstOrSec>
      <invstOrSec>
        <name>Franklin Special School District, Williamson County, Tennessee, General Obligation Bonds, School Improvement Series 2019</name>
        <lei>N/A</lei>
        <title>Franklin Special School District, Williamson County, Tennessee, General Obligation Bonds, School Improvement Series 2019</title>
        <cusip>354771RX7</cusip>
        <identifiers>
          <isin value="US354771RX75"/>
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        <invCountry>US</invCountry>

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      </invstOrSec>
      <invstOrSec>
        <name>Nashville Metropolitan Development and Housing Agency, Tennessee, Tax increment Bonds, Fifth &amp; Broadway Development Project, Series 2018</name>
        <lei>N/A</lei>
        <title>Nashville Metropolitan Development and Housing Agency, Tennessee, Tax increment Bonds, Fifth &amp; Broadway Development Project, Series 2018</title>
        <cusip>591874AB8</cusip>
        <identifiers>
          <isin value="US591874AB81"/>
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        <invCountry>US</invCountry>

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      </invstOrSec>
      <invstOrSec>
        <name>Knox County Health, Educational and Housing Facility Board, Tennesse, Hospital Revenue Bonds, Covenant Health, Refunding Series 2016A</name>
        <lei>N/A</lei>
        <title>Knox County Health, Educational and Housing Facility Board, Tennesse, Hospital Revenue Bonds, Covenant Health, Refunding Series 2016A</title>
        <cusip>499527CH0</cusip>
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          <isin value="US499527CH07"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
          <maturityDt>2047-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Watauga River Regional Water Authority, Tennessee, Waterworks Revenue Bonds, Series 2012</name>
        <lei>N/A</lei>
        <title>Watauga River Regional Water Authority, Tennessee, Waterworks Revenue Bonds, Series 2012</title>
        <cusip>941096AH2</cusip>
        <identifiers>
          <isin value="US941096AH27"/>
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        <balance>500000.00000000</balance>
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        <valUSD>546745.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <name>Claiborne County, Tennessee, Industrial Development Board, Revenue Refunding Bonds, Lincoln Memorial University Project, Series 2009</name>
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      <invstOrSec>
        <name>Shelby County Health, Educational and Housing Facility Board, Tennessee, Residential Care Facility Mortgage Revenue Bonds, The Village at Germantown, </name>
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      <invstOrSec>
        <name>Kingsport Industrial Development Board, Tennessee, Multifamily Housing Revenue Bonds, Model City Apartments Project, Series 2009</name>
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        <cusip>496445AE7</cusip>
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      <invstOrSec>
        <name>Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Improvement Series 2015A</name>
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        <cusip>592190LW0</cusip>
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          <isin value="US592190LW05"/>
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        <name>Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Utilities Revenue Bonds, Refunding Series 2015</name>
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      <invstOrSec>
        <name>West Knox Utility District of Knox County, Tennessee, Water and Sewer Revenue Bonds, Refunding &amp; Improvement Series 2016</name>
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        <title>West Knox Utility District of Knox County, Tennessee, Water and Sewer Revenue Bonds, Refunding &amp; Improvement Series 2016</title>
        <cusip>953564GV7</cusip>
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      <invstOrSec>
        <name>The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C</name>
        <lei>549300OJ2Z8PGEY46K92</lei>
        <title>The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C</title>
        <cusip>880443DZ6</cusip>
        <identifiers>
          <isin value="US880443DZ63"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Clarksville, Tennessee, Electric System Revenue Bonds, Series 2010A</name>
        <lei>N/A</lei>
        <title>Clarksville, Tennessee, Electric System Revenue Bonds, Series 2010A</title>
        <cusip>182494FT6</cusip>
        <identifiers>
          <isin value="US182494FT68"/>
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        <balance>2500000.00000000</balance>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Blakeford at Green Hills, Refu</name>
        <lei>N/A</lei>
        <title>Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Blakeford at Green Hills, Refu</title>
        <cusip>592041UF2</cusip>
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          <isin value="US592041UF22"/>
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      <invstOrSec>
        <name>Knox-Chapman Utility District of Knox County, Tennessee, Water and Sewer Revenue Bonds, Refunding and Improvement Series 2015</name>
        <lei>549300M0R44MI2V1H276</lei>
        <title>Knox-Chapman Utility District of Knox County, Tennessee, Water and Sewer Revenue Bonds, Refunding and Improvement Series 2015</title>
        <cusip>499291ET5</cusip>
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          <isin value="US499291ET54"/>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>Tennessee State, General Obligation Bonds, Series 2014A</name>
        <lei>N/A</lei>
        <title>Tennessee State, General Obligation Bonds, Series 2014A</title>
        <cusip>880541UV7</cusip>
        <identifiers>
          <isin value="US880541UV75"/>
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        <name>Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Mountain States Health Alliance, Refunding Series 2010A</name>
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        <title>Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Mountain States Health Alliance, Refunding Series 2010A</title>
        <cusip>478271JF7</cusip>
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      <invstOrSec>
        <name>Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University Project, Se</name>
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      <invstOrSec>
        <name>Hallsdale-Powell Utility District, Knox County, Tennessee, Water and Sewer Revenue Bonds, Refunding &amp; Improvement Series 2019</name>
        <lei>N/A</lei>
        <title>Hallsdale-Powell Utility District, Knox County, Tennessee, Water and Sewer Revenue Bonds, Refunding &amp; Improvement Series 2019</title>
        <cusip>406313NY8</cusip>
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      <invstOrSec>
        <name>The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C</name>
        <lei>549300OJ2Z8PGEY46K92</lei>
        <title>The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C</title>
        <cusip>880443EE2</cusip>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>Knox County Health, Educational and Housing Facilities Board, Tennessee, Multifamily Housing Revenue Bonds, Eastowne Village Project, Refunding Series</name>
        <lei>N/A</lei>
        <title>Knox County Health, Educational and Housing Facilities Board, Tennessee, Multifamily Housing Revenue Bonds, Eastowne Village Project, Refunding Series</title>
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        <invCountry>US</invCountry>

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      </invstOrSec>
      <invstOrSec>
        <name>Shelby County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Methodist Le Bonheur Healthcare, Series 2012</name>
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        <title>Shelby County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Methodist Le Bonheur Healthcare, Series 2012</title>
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      <invstOrSec>
        <name>Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger Health System, Refunding Series 2014A</name>
        <lei>549300BFNMBLLM3M6C70</lei>
        <title>Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger Health System, Refunding Series 2014A</title>
        <cusip>162362HY6</cusip>
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          <isin value="US162362HY60"/>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>Tennessee State, General Obligation Bonds, Series 2015A</name>
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        <title>Tennessee State, General Obligation Bonds, Series 2015A</title>
        <cusip>880541VV6</cusip>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>First Utility District of Knox County, Tennessee, Water and Sewer Revenue Bonds, Series 2012A</name>
        <lei>549300DI3ZQAL8Z8I371</lei>
        <title>First Utility District of Knox County, Tennessee, Water and Sewer Revenue Bonds, Series 2012A</title>
        <cusip>499553LT0</cusip>
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          <isin value="US499553LT09"/>
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        <balance>2375000.00000000</balance>
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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>2032-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Memphis &amp; Shelby County Economic Development Growth Engine Industrial Development Board, Tennessee, Tourism Development Zone Revenue Bonds, Refunding </name>
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        <title>Memphis &amp; Shelby County Economic Development Growth Engine Industrial Development Board, Tennessee, Tourism Development Zone Revenue Bonds, Refunding </title>
        <cusip>586108AG7</cusip>
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          <isin value="US586108AG76"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>McMinnville-Warren County Industrial Development Board, Tennessee, Multifamily Housing Revenue Bonds, Beersheba Heights Towers, Series 2009</name>
        <lei>N/A</lei>
        <title>McMinnville-Warren County Industrial Development Board, Tennessee, Multifamily Housing Revenue Bonds, Beersheba Heights Towers, Series 2009</title>
        <cusip>582401AB1</cusip>
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          <isin value="US582401AB17"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Tennessee State, General Obligation Bonds, Series 2011A</name>
        <lei>N/A</lei>
        <title>Tennessee State, General Obligation Bonds, Series 2011A</title>
        <cusip>880541RS8</cusip>
        <identifiers>
          <isin value="US880541RS83"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>1067020.00000000</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>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Mountain States Health Alliance, Refunding Series 2010A</name>
        <lei>N/A</lei>
        <title>Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Mountain States Health Alliance, Refunding Series 2010A</title>
        <cusip>478271JG5</cusip>
        <identifiers>
          <isin value="US478271JG52"/>
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        <balance>1250000.00000000</balance>
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        <valUSD>1271087.50000000</valUSD>
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        <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>6.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1</name>
        <lei>N/A</lei>
        <title>Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1</title>
        <cusip>74529JPU3</cusip>
        <identifiers>
          <isin value="US74529JPU33"/>
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        <balance>7968000.00000000</balance>
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        <valUSD>8769501.12000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical </name>
        <lei>N/A</lei>
        <title>Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical </title>
        <cusip>592041WH6</cusip>
        <identifiers>
          <isin value="US592041WH69"/>
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        <balance>5000000.00000000</balance>
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        <valUSD>5926750.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Metropolitan Nashville Airport Authority, Tennessee, Special Facility Revenue Bonds, Aero Nashville LLC Project, Refunding Series 2010</name>
        <lei>549300IC0HNF8TDXEE63</lei>
        <title>Metropolitan Nashville Airport Authority, Tennessee, Special Facility Revenue Bonds, Aero Nashville LLC Project, Refunding Series 2010</title>
        <cusip>592195AX9</cusip>
        <identifiers>
          <isin value="US592195AX93"/>
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        <balance>1510000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <annualizedRt>5.20000000</annualizedRt>
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      <invstOrSec>
        <name>Hallsdale-Powell Utility District, Knox County, Tennessee, Water and Sewer Revenue Bonds, Refunding Series 2018</name>
        <lei>N/A</lei>
        <title>Hallsdale-Powell Utility District, Knox County, Tennessee, Water and Sewer Revenue Bonds, Refunding Series 2018</title>
        <cusip>406313NF9</cusip>
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          <isin value="US406313NF90"/>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A</name>
        <lei>549300OJ2Z8PGEY46K92</lei>
        <title>The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A</title>
        <cusip>880443BR6</cusip>
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          <isin value="US880443BR65"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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        <debtSec>
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      <invstOrSec>
        <name>Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical </name>
        <lei>N/A</lei>
        <title>Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical </title>
        <cusip>592041WG8</cusip>
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          <isin value="US592041WG86"/>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Utilities Revenue Bonds, Series 2020</name>
        <lei>549300J843AGEC2L3Y44</lei>
        <title>Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Utilities Revenue Bonds, Series 2020</title>
        <cusip>413581PN3</cusip>
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        <balance>3385000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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        <debtSec>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Jackson Energy Authority, Tennessee, Water System Revenue Bonds, Series 2012</name>
        <lei>5493007IEPPM6BK8K440</lei>
        <title>Jackson Energy Authority, Tennessee, Water System Revenue Bonds, Series 2012</title>
        <cusip>46873RAN7</cusip>
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          <isin value="US46873RAN70"/>
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        <balance>140000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Memphis, Tennessee, Gas System Revenue Bonds, Series 2017</name>
        <lei>N/A</lei>
        <title>Memphis, Tennessee, Gas System Revenue Bonds, Series 2017</title>
        <cusip>58616PBK3</cusip>
        <identifiers>
          <isin value="US58616PBK30"/>
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        <balance>1400000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Tennessee Energy Acquisition Corporation, Gas Project Revenue Bonds, Series 2018</name>
        <lei>549300OJ2Z8PGEY46K92</lei>
        <title>The Tennessee Energy Acquisition Corporation, Gas Project Revenue Bonds, Series 2018</title>
        <cusip>880443JE7</cusip>
        <identifiers>
          <isin value="US880443JE70"/>
        </identifiers>
        <balance>3785000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4343098.25000000</valUSD>
        <pctVal>1.095910039928</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-01</maturityDt>
          <couponKind>Variable</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>Hallsdale-Powell Utility District, Knox County, Tennessee, Water and Sewer Revenue Bonds, Refunding Series 2018</name>
        <lei>N/A</lei>
        <title>Hallsdale-Powell Utility District, Knox County, Tennessee, Water and Sewer Revenue Bonds, Refunding Series 2018</title>
        <cusip>406313NG7</cusip>
        <identifiers>
          <isin value="US406313NG73"/>
        </identifiers>
        <balance>1415000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1606845.70000000</valUSD>
        <pctVal>0.405461316755</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Metropolitan Government of Nashville-Davidson County, Tennessee, Electric System Revenue Bonds, Series 2017A</name>
        <lei>N/A</lei>
        <title>Metropolitan Government of Nashville-Davidson County, Tennessee, Electric System Revenue Bonds, Series 2017A</title>
        <cusip>592030J35</cusip>
        <identifiers>
          <isin value="US592030J355"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6218850.00000000</valUSD>
        <pctVal>1.569225414554</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>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>Tennessee Housing Development Agency, Homeownership Program Bonds, Series 2011-1A</name>
        <lei>N/A</lei>
        <title>Tennessee Housing Development Agency, Homeownership Program Bonds, Series 2011-1A</title>
        <cusip>88045RWG3</cusip>
        <identifiers>
          <isin value="US88045RWG37"/>
        </identifiers>
        <balance>1495000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1533660.70000000</valUSD>
        <pctVal>0.386994275106</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.35000000</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="The International Organization for Standardization (ISO) country code included within Part C.5. of this filing may differ from that used for other purposes, such as for fund portfolio compliance purposes and for financial reporting purposes (i.e. the preparation of the fund's schedule of investments included within Part F of Form N-PORT and Form N-CSR." noteItem="C.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-02-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Nuveen Multistate Trust III</ncom:nameOfApplicant>
      <ncom:signature>E. Scott Wickerham</ncom:signature>
      <ncom:signerName>E. Scott Wickerham</ncom:signerName>
      <ncom:title>Funds Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
