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        <name>NEW HOPE CULTURAL ED FACS FIN</name>
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        <name>FLORIDA ST MID-BAY BRIDGE AUTH</name>
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        <name>REGL TRANSIT AUTH LA SALES TAX</name>
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        <name>HAMILTON CNTY OH HOSP FACS REV</name>
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      <invstOrSec>
        <name>HARRIS CNTY-HOUSTON TX SPORTS</name>
        <lei>N/A</lei>
        <title>Harris County-Houston Sports Authority</title>
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          <isin value="US413890GP37"/>
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        <curCd>USD</curCd>
        <valUSD>1019036.70000000</valUSD>
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      <invstOrSec>
        <name>AUSTIN TX ARPT SYS REVENUE</name>
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          <isin value="US052398HZ03"/>
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          <maturityDt>2027-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>NEW BRUNSWICK NJ</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>1509344.25000000</valUSD>
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          <maturityDt>2026-04-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>LOWER COLORADO RIVER TX AUTH R</name>
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          <isin value="US54811GQ297"/>
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        <curCd>USD</curCd>
        <valUSD>755684.33000000</valUSD>
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          <maturityDt>2026-05-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>HOUSTON TX ARPT SYS REVENUE</name>
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        <title>City of Houston TX Airport System Revenue</title>
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          <isin value="US442349DJ26"/>
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        <curCd>USD</curCd>
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          <maturityDt>2027-07-15</maturityDt>
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        <name>BLACK BELT ENERGY GAS DIST AL</name>
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        <title>Black Belt Energy Gas District</title>
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          <isin value="US09182TGN19"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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          <maturityDt>2027-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>LOS ANGELES CA</name>
        <lei>549300E7TO710PTXPJ65</lei>
        <title>City of Los Angeles CA</title>
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          <isin value="US544351SF70"/>
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        <curCd>USD</curCd>
        <valUSD>1517251.35000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2026-06-25</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>ARLINGTON CNTY VA INDL DEV AUT</name>
        <lei>N/A</lei>
        <title>Arlington County Industrial Development Authority</title>
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          <isin value="US04144PDY60"/>
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        <valUSD>1000220.40000000</valUSD>
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        <debtSec>
          <maturityDt>2055-12-01</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>KENTUCKY ST PROPERTY &amp; BLDGS C</name>
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        <name>COOK CNTY IL HIGH SCH DIST #20</name>
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        <name>MASSACHUSETTS ST DEV FIN AGY R</name>
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        <name>MORRIS TWP NJ</name>
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        <name>MET WASHINGTON DC ARPTS AUTH A</name>
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        <name>SAN ANTONIO TX ELEC &amp; GAS REVE</name>
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        <name>MCCOOK NE</name>
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        <name>CUMBERLAND CNTY NC INDL FACS &amp;</name>
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          <isin value="US230589AB90"/>
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        <invCountry>US</invCountry>
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        <name>HARRIS CNTY TX CULTURAL EDU FA</name>
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      <invstOrSec>
        <name>CYPRESS-FAIRBANKS TX INDEP SCH</name>
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        <name>DOWNTOWN REVITALIZATION PUBLIC</name>
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        <name>MET WASHINGTON DC ARPTS AUTH A</name>
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      <invstOrSec>
        <name>CHATTANOOGA TN HLTH EDUCTNL &amp;H</name>
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          <isin value="US162410DX91"/>
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        <name>PLAINFIELD IL WTR &amp; SWR SYS RE</name>
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          <isin value="US726273CY99"/>
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        <name>SOUTHEAST ENERGY AUTHORITY A C</name>
        <lei>25490090A3RLJHITY273</lei>
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          <isin value="US84136HBD44"/>
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        <name>INDIANA ST FIN AUTH REVENUE</name>
        <lei>549300PS0PAS7NDSSI20</lei>
        <title>Indiana Finance Authority</title>
        <cusip>45506EQD8</cusip>
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          <isin value="US45506EQD84"/>
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        <curCd>USD</curCd>
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          <maturityDt>2027-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>PENNSYLVANIA ST ECON DEV FING</name>
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          <maturityDt>2030-12-01</maturityDt>
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        <name>WINCHESTER MA</name>
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          <isin value="US9730245V09"/>
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          <maturityDt>2026-03-26</maturityDt>
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      <invstOrSec>
        <name>NORTH KANSAS CITY MO SCH DIST</name>
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        <title>North Kansas City School District No 74</title>
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          <isin value="US660266LN59"/>
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        <name>AUSTIN TX ARPT SYS REVENUE</name>
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          <isin value="US052398HY38"/>
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          <maturityDt>2026-11-15</maturityDt>
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      <invstOrSec>
        <name>BURKE CNTY GA DEV AUTH POLL CO</name>
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          <maturityDt>2052-11-01</maturityDt>
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        <name>NEW YORK ST DORM AUTH REVENUES</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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        <name>CLARK CNTY NV ARPT REVENUE</name>
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        <name>COLORADO ST HLTH FACS AUTH REV</name>
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        <title>Colorado Health Facilities Authority</title>
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        <name>NEW YORK CITY NY TRANSITIONAL</name>
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        <name>PLANO TX INDEP SCH DIST</name>
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        <name>MOBILE AL INDL DEV BRD POLL CO</name>
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        <name>SOUTHEAST ENERGY AUTHORITY A C</name>
        <lei>25490090A3RLJHITY273</lei>
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        <name>BROWARD CNTY FL PORT FACS REVE</name>
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        <name>QUINCY MA</name>
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        <name>NEW HOPE CULTURAL ED FACS FIN</name>
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        <name>MAIN STREET NATURAL GAS INC GA</name>
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        <name>UNIV OF SOUTH ALABAMA AL UNIV</name>
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      <invstOrSec>
        <name>UPPER TRINITY TX REGL WTR DIST</name>
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        <valUSD>550333.08000000</valUSD>
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          <maturityDt>2027-08-01</maturityDt>
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      <invstOrSec>
        <name>MAINE ST MUNI BOND BANK INFRAS</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>507934.40000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>TRIPLE CREEK FL CDD SPL ASSMNT</name>
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          <isin value="US89677RAY18"/>
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        <balance>130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>128758.31000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EL PASO TX INDEP SCH DIST</name>
        <lei>N/A</lei>
        <title>El Paso Independent School District</title>
        <cusip>283770PZ2</cusip>
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          <isin value="US283770PZ28"/>
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        <balance>550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>557261.71000000</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>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>DELAWARE ST HLTH FACS AUTH REV</name>
        <lei>549300RXU7M05ZYSJG42</lei>
        <title>Delaware State Health Facilities Authority</title>
        <cusip>246388UV2</cusip>
        <identifiers>
          <isin value="US246388UV26"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>406570.12000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GREENVILLE CNTY SC SCH DIST</name>
        <lei>N/A</lei>
        <title>Greenville County School District</title>
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          <isin value="US396064G762"/>
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        <balance>1820000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1840072.96000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INDIANA ST MUNI PWR AGY</name>
        <lei>AX0ZCCVOQ71Z4RXBL233</lei>
        <title>Indiana Municipal Power Agency</title>
        <cusip>454898YD3</cusip>
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          <isin value="US454898YD35"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1024616.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MET GOVT NASHVILLE &amp; DAVIDSON</name>
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        <title>Metropolitan Government Nashville &amp; Davidson County Health &amp; Educational Facs Bd</title>
        <cusip>592113CW2</cusip>
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          <isin value="US592113CW26"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1507852.05000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.15000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MISSOURI ST HLTH &amp; EDUCTNL FAC</name>
        <lei>549300IWTBCMX5JB3277</lei>
        <title>Health &amp; Educational Facilities Authority of the State of Missouri</title>
        <cusip>60637AXU1</cusip>
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          <isin value="US60637AXU14"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1041674.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PARK CREEK MET DIST CO LIMITED</name>
        <lei>N/A</lei>
        <title>Park Creek Metropolitan District</title>
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          <isin value="US700385BN69"/>
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        <balance>660000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>673219.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TEXAS ST DEPT OF HSG &amp; CMNTY A</name>
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        <title>Texas Department of Housing &amp; Community Affairs</title>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1003574.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HAMILTON CNTY OH SALES TAX</name>
        <lei>N/A</lei>
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          <isin value="US407287MX65"/>
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        <balance>1500000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>NATIONAL FIN AUTH NH SOL WST D</name>
        <lei>N/A</lei>
        <title>New Hampshire Business Finance Authority</title>
        <cusip>63608RAF1</cusip>
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          <isin value="US63608RAF10"/>
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        <balance>3500000.00000000</balance>
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      <invstOrSec>
        <name>TENDER OPTION BOND TRUST RECEI</name>
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        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035FW71</cusip>
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          <isin value="US88035FW715"/>
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        <name>OHIO ST AIR QUALITY DEV AUTH</name>
        <lei>549300DZUU80AYOR6M80</lei>
        <title>Ohio Air Quality Development Authority</title>
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          <isin value="US677525WV57"/>
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        <name>N W ALLEN CNTY IN SCHS</name>
        <lei>N/A</lei>
        <title>Northwest Allen County Schools/IN</title>
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        <invCountry>US</invCountry>
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        <name>SAINT LOUIS MO ARPT REVENUE</name>
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          <isin value="US791638L319"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <name>UNIV HOSPS &amp; CLINICS AUTH WI</name>
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        <name>PEFA INC IA GAS PROJ REVENUE</name>
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        <name>MICHIGAN ST HSG DEV AUTH MF HS</name>
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      <invstOrSec>
        <name>CENTRL TX REGL MOBILITY AUTH R</name>
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        <name>AMHERST NY CENTRL SCH DIST</name>
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        <name>BREVARD CNTY FL HSG FIN AUTH M</name>
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        <name>MET TRANSPRTN AUTH NY REVENUE</name>
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        <name>SAMPSON CNTY NC LIMITED OBLIG</name>
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        <name>MASSACHUSETTS ST PORT AUTH</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ESSEX CNTY NJ IMPT AUTH</name>
        <lei>N/A</lei>
        <title>Essex County Improvement Authority</title>
        <cusip>296807MM9</cusip>
        <identifiers>
          <isin value="US296807MM90"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1003346.00000000</valUSD>
        <pctVal>0.417533834722</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-17</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>MISSION TX ECON DEV CORP SOL W</name>
        <lei>N/A</lei>
        <title>Mission Economic Development Corp</title>
        <cusip>605155BR0</cusip>
        <identifiers>
          <isin value="US605155BR07"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000228.80000000</valUSD>
        <pctVal>0.416236638671</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.45000000</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>MILFORD OH EXEMPT VLG SCH DIST</name>
        <lei>N/A</lei>
        <title>Milford Exempted Village School District</title>
        <cusip>599632LX2</cusip>
        <identifiers>
          <isin value="US599632LX21"/>
        </identifiers>
        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>612866.88000000</valUSD>
        <pctVal>0.255039297092</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</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>ILLINOIS ST FIN AUTH REVENUE</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>Illinois Finance Authority</title>
        <cusip>45204FP33</cusip>
        <identifiers>
          <isin value="US45204FP333"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1525495.65000000</valUSD>
        <pctVal>0.634821934404</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-15</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>POLK CNTY FL PUBLIC FACS REVEN</name>
        <lei>N/A</lei>
        <title>County of Polk FL</title>
        <cusip>731124CD3</cusip>
        <identifiers>
          <isin value="US731124CD38"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>767021.78000000</valUSD>
        <pctVal>0.319189536928</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</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>N W ALLEN CNTY IN SCHS</name>
        <lei>N/A</lei>
        <title>Northwest Allen County Schools/IN</title>
        <cusip>667301CQ6</cusip>
        <identifiers>
          <isin value="US667301CQ67"/>
        </identifiers>
        <balance>625000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>639492.25000000</valUSD>
        <pctVal>0.266119216519</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-15</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>OHIO ST AIR QUALITY DEV AUTH</name>
        <lei>549300DZUU80AYOR6M80</lei>
        <title>Ohio Air Quality Development Authority</title>
        <cusip>677525WY9</cusip>
        <identifiers>
          <isin value="US677525WY96"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1500049.80000000</valUSD>
        <pctVal>0.624232862112</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.20000000</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>BERGEN CNTY NJ IMPT AUTH</name>
        <lei>549300GA3U8F8Z1HOS09</lei>
        <title>Bergen County Improvement Authority/The</title>
        <cusip>083773EC1</cusip>
        <identifiers>
          <isin value="US083773EC11"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1005019.00000000</valUSD>
        <pctVal>0.418230039327</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-21</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-03-25</ncom:dateSigned>
      <ncom:nameOfApplicant>First Trust Exchange-Traded Fund III</ncom:nameOfApplicant>
      <ncom:signature>Derek Maltbie</ncom:signature>
      <ncom:signerName>Derek Maltbie</ncom:signerName>
      <ncom:title>Treasurer, Chief Financial Officer and Chief Accounting Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
