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        <name>PINON PINES MET DIST #3 CO</name>
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        <name>BLACK BELT ENERGY GAS DIST AL</name>
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        <name>INDIANA ST FIN AUTH STUDENT HS</name>
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        <name>AVIMOR CMNTY INFRASTRUCTURE DI</name>
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          <maturityDt>2054-11-15</maturityDt>
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        <name>CALIFORNIA ST POLL CONTROL FIN</name>
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          <isin value="US13054WAC10"/>
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          <maturityDt>2045-11-21</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isin value="US46246SAV79"/>
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        <balance>1300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1451465.47000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>AVE MARIA FL STEWARDSHIP CMNTY</name>
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          <isin value="US05355ABS50"/>
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        <name>CLACKAMAS CNTY OR HOSP FAC AUT</name>
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        <name>ARIZONA ST INDL DEV AUTH EDU R</name>
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          <isin value="US04052BAM63"/>
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        <balance>2240000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>CHICAGO IL O'HARE INTERNATIONA</name>
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          <isin value="US167593K926"/>
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        <balance>400000.00000000</balance>
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        <valUSD>406712.44000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>MONROE LA WTR REVENUE</name>
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          <isin value="US611089AP82"/>
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        <curCd>USD</curCd>
        <valUSD>208815.52000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-01</maturityDt>
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        <name>PUBLIC FIN AUTH WI SENIOR LIVI</name>
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          <isin value="US74443UBB89"/>
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        <balance>1225000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-05-15</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>GARDENS AT HAMMOCK BEACH CDD F</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA ST MUNI FIN AUTH CH</name>
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          <isin value="US13048DCP15"/>
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        <name>UNIV OF ALABAMA AT BIRMINGHAM</name>
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        <name>PHILADELPHIA PA AUTH FOR INDL</name>
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        <name>LEES SUMMIT MO INDL DEV AUTH S</name>
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        <name>MEADE CNTY KY INDL BLDG REVENU</name>
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        <name>SOUTH CAROLINA ST JOBS-ECON DE</name>
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      <invstOrSec>
        <name>PINON PINES MET DIST #2 CO</name>
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        <name>PUBLIC FIN AUTH WI EDU REVENUE</name>
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          <isin value="US74442EMQ07"/>
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          <maturityDt>2045-06-15</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>W CORNWALL TWP PA MUNI AUTH</name>
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        <name>PUBLIC FIN AUTH WI EDU REVENUE</name>
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          <isin value="US74442EKL38"/>
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        <name>ARLINGTON TX HGR EDU FIN CORP</name>
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          <isin value="US0418064W72"/>
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          <maturityDt>2041-02-15</maturityDt>
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        <name>LINCOLNWOOD IL TAX INCREMENT A</name>
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          <isin value="US53509AAA07"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.82000000</annualizedRt>
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        <name>BEXLEY CDD FL SPL ASSMNT REVEN</name>
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          <isin value="US088570AD83"/>
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        <name>ROWLETT TX SPL ASSMNT REVENUE</name>
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        <name>CCP MET DIST NO 3 CO</name>
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          <maturityDt>2053-12-01</maturityDt>
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        <name>CALIFORNIA ST MUNI FIN AUTH SP</name>
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        <name>GUAM GOVT WTRWKS AUTH WTR &amp; WS</name>
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        <name>CHARLOTTE CNTY FL INDL DEV AUT</name>
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        <name>HARRIS CNTY TX CULTURAL EDU FA</name>
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        <name>NEW JERSEY ST HGR EDU ASSISTAN</name>
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        <name>ROWLETT TX SPL ASSMNT REVENUE</name>
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        <name>TERRE HAUTE IN MF HSG REVENUE</name>
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        <name>PUBLIC FIN AUTH WI RETMNT FAC</name>
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        <name>PUBLIC FIN AUTH WI HOTEL REVEN</name>
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        <name>OMAHA NE ARPT AUTH</name>
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        <name>CASCADE RIDGE MET DIST CO</name>
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        <name>LEES SUMMIT MO INDL DEV AUTH S</name>
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        <name>ILLINOIS ST</name>
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        <name>PORT BEAUMONT TX NAV DIST DOCK</name>
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        <name>FATE TX SPL ASSESSMENT REVENUE</name>
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        <name>SOUTH CAROLINA ST JOBS-ECON DE</name>
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        <name>DUTCHESS CNTY NY LOCAL DEV COR</name>
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        <name>HOUSTON TX HGR EDU FIN CORP UN</name>
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        <name>PUERTO RICO SALES TAX FING COR</name>
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        <name>NORTH CAROLINA ST MED CARE COM</name>
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      <invstOrSec>
        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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        <name>LAVON TX SPL ASSMT REVENUE</name>
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          <isin value="US51946PCG72"/>
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        <name>CSCDA CMNTY IMPT AUTH CA ESSEN</name>
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        <valUSD>384034.00000000</valUSD>
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          <maturityDt>2056-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>PORT OF GTR CINCINNATI DEV AUT</name>
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        <name>KENTUCKY ST UNIV COPS</name>
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        <title>Kentucky State University</title>
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          <isin value="US491588AQ27"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-11-01</maturityDt>
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        <name>SHAWNEE CNTY KS PUBLIC BLDG CO</name>
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          <isin value="US820561BA58"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>COLORADO ST HLTH FACS AUTH REV</name>
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        <name>BRIDGEVILLE DE SPL OBLIG</name>
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        <name>SOUTH CAROLINA ST JOBS-ECON DE</name>
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        <name>PUBLIC FIN AUTH WI RETMNT CMNT</name>
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        <name>VIRGIN ISLANDS PUBLIC FIN AUTH</name>
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        <name>NEW YORK CITY NY MUNI WTR FIN</name>
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          <maturityDt>2050-06-15</maturityDt>
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        <name>NORTH CAROLINA ST MED CARE COM</name>
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          <isin value="US65821DTG69"/>
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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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        <name>HAMILTON BLUFF CMNTY DEV DIST</name>
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          <isin value="US40702EAB20"/>
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        <curCd>USD</curCd>
        <valUSD>490795.90000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>MORONGO BAND OF MISSION INDIAN</name>
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        <title>Morongo Band of Mission Indians/The</title>
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          <isin value="US61773RAB33"/>
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        <curCd>USD</curCd>
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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>2042-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>V-DANA CDD FL SPL ASSMNT</name>
        <lei>N/A</lei>
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          <isin value="US91822RAN52"/>
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        <balance>895000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LAVON TX SPL ASSMT REVENUE</name>
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        <title>City of Lavon TX</title>
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          <isin value="US51946PCH55"/>
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        <balance>729000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>697204.37000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
        <lei>N/A</lei>
        <title>New York Transportation Development Corp</title>
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          <isin value="US650116GY64"/>
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        <curCd>USD</curCd>
        <valUSD>1048791.80000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LEE CNTY FL INDL DEV AUTH HLTH</name>
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        <title>Lee County Industrial Development Authority/FL</title>
        <cusip>52349EES5</cusip>
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          <isin value="US52349EES54"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>993725.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>HAWAII ST DEPT OF BUDGET &amp; FIN</name>
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        <title>State of Hawaii Department of Budget &amp; Finance</title>
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          <isin value="US419800PV34"/>
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        <curCd>USD</curCd>
        <valUSD>924372.60000000</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>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>LANCASTER PA MUNI AUTH HLTHCAR</name>
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          <isin value="US514350AS61"/>
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        <name>RED BRIDGE PUBLIC INFRASTRUCTU</name>
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        <name>WYANDOTTE CNTY KS KANSAS CITY</name>
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        <name>CALIFORNIA ST HLTH FACS FING A</name>
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        <name>MISSISSIPPI BUSINESS FIN CORPM</name>
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        <title>Mississippi Business Finance Corp</title>
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        <name>PARRISH LAKES CDD CAPITAL IMPT</name>
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        <name>WINROCK TOWN CENTER NM TAX INC</name>
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        <name>DENVER CITY &amp; CNTY CO ARPT REV</name>
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      <invstOrSec>
        <name>JEFFERSON CNTY KY SCH DIST FIN</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>HOUSTON TX ARPT SYS REVENUE</name>
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          <isin value="US442349DG86"/>
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          <maturityDt>2039-10-01</maturityDt>
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      <invstOrSec>
        <name>EAST MONTGOMERY CNTY MUN UTILI</name>
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          <isin value="US27373DHC02"/>
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          <maturityDt>2045-09-01</maturityDt>
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        <name>NATIONAL FIN AUTH NH SPL REVEN</name>
        <lei>N/A</lei>
        <title>New Hampshire Business Finance Authority</title>
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          <isin value="US63608TAC45"/>
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        <name>LAVON TX SPL ASSMT REVENUE</name>
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        <title>City of Lavon TX</title>
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          <isin value="US51946PCD42"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>INDIANA ST FIN AUTH HLTH FAC R</name>
        <lei>549300PS0PAS7NDSSI20</lei>
        <title>Indiana Finance Authority</title>
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          <isin value="US45471CCK27"/>
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          <maturityDt>2044-03-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>LAKEWOOD RANCH FL STEWARDSHIP</name>
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          <maturityDt>2055-05-01</maturityDt>
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      <invstOrSec>
        <name>JUSTIN TX SPL ASSMNT REVENUE</name>
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          <isin value="US482184AL29"/>
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        <name>AUBREY TX SPL ASSMNT</name>
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          <maturityDt>2045-09-01</maturityDt>
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        <name>CALIFORNIA ST MUNI FIN AUTH SP</name>
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          <isin value="US13050RAA05"/>
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        <name>SAWYERS LANDING CDD FL SPL ASS</name>
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        <name>NASSAU CNTY NY LOCAL ECON ASSI</name>
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        <name>HAMILTON CNTY OH HLTH CARE REV</name>
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        <name>IDAHO ST HLTH FACS AUTH REVENU</name>
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        <name>PEAK MET DIST #1 CO</name>
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        <name>HAMILTON BLUFF CMNTY DEV DIST</name>
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        <name>CALIFORNIA STWD CMNTYS DEV AUT</name>
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        <title>California Statewide Communities Development Authority</title>
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        <name>COLUMBIA CNTY GA HOSP AUTH</name>
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          <isin value="US197479AD01"/>
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        <fairValLevel>2</fairValLevel>
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        <name>SOUTHEAST ENERGY AUTH COOPERAT</name>
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        <name>CHICAGO IL BRD OF EDU</name>
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        <name>NATIONAL FIN AUTH NH SPL REVEN</name>
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        <title>New Hampshire Business Finance Authority</title>
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        <name>MAIN STREET NATURAL GAS INC GA</name>
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        <name>LAVON TX SPL ASSMT REVENUE</name>
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        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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        <name>ATLANTA GA DEV AUTH</name>
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        <name>MIAMI-DADE CNTY FL SEAPORT REV</name>
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        <name>PUBLIC FIN AUTH WI CHRT SCH RE</name>
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        <name>PRINCETON TX SPL ASSMNT REVENU</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-10-01</maturityDt>
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      <invstOrSec>
        <name>NEW JERSEY ST TRANSPRTN TRUST</name>
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          <isin value="US64613CCE66"/>
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        <curCd>USD</curCd>
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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>2041-06-15</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>TENNESSEE ST ENERGY ACQUISITIO</name>
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        <title>Tennessee Energy Acquisition Corp</title>
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          <isin value="US880443JF46"/>
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        <curCd>USD</curCd>
        <valUSD>820764.80000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>ALLEGHENY CNTY PA HOSP DEV AUT</name>
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        <title>Allegheny County Hospital Development Authority</title>
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          <isin value="US01728A3S35"/>
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        <curCd>USD</curCd>
        <valUSD>309065.67000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>OAK POINT TX SPL ASSMNT REVENU</name>
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          <isin value="US67176TAW36"/>
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        <balance>550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>519746.21000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.35000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>ARIZONA ST INDL DEV AUTH EDU R</name>
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        <title>Arizona Industrial Development Authority</title>
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          <isin value="US04052BHD91"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1011490.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NORTH PARK ISLE CMNTY DEV DIST</name>
        <lei>N/A</lei>
        <title>North Park Isle Community Development District</title>
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          <isin value="US661416AG25"/>
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        <curCd>USD</curCd>
        <valUSD>1206068.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BRIGHTON CROSSING MET DIST #6</name>
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        <title>Brighton Crossing Metropolitan District No 6</title>
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          <isin value="US10933PAA30"/>
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        <balance>525000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>517680.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>PUBLIC FIN AUTH WI RETMNT FAC</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority</title>
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          <isin value="US74444VAG59"/>
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        <curCd>USD</curCd>
        <valUSD>467587.48000000</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>2048-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>PORT OF GTR CINCINNATI DEV AUT</name>
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        <title>Port of Greater Cincinnati Development Authority</title>
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          <isin value="US734195BQ24"/>
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        <balance>410000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>406425.74000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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        <name>NEW JERSEY ST ECON DEV AUTH SP</name>
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        <title>New Jersey Economic Development Authority</title>
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          <isin value="US64578CCB54"/>
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        <balance>100000.00000000</balance>
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        <valUSD>100335.21000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>PUERTO RICO INDL TOURIST EDUCT</name>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <isin value="US708692CA49"/>
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        <name>LAS VEGAS NV SPL ASSMNT DIST #</name>
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        <name>EPPERSON N CDD FL CAPITAL IMPT</name>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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        <title>Utah Charter School Finance Authority</title>
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        <name>SAN LUIS OBISPO CNTY CA FING A</name>
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        <name>INDIANA ST FIN AUTH REVENUE</name>
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        <name>PUBLIC FIN AUTH WI EDU REVENUE</name>
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        <name>SAINT JOHNS CNTY FL INDL DEV A</name>
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        <name>MET WASHINGTON DC ARPTS AUTH A</name>
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        <name>BUCKEYE OH TOBACCO SETTLEMENT</name>
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        <name>KYLE TX SPL ASSMNT REVENUE</name>
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        <name>OLYMPIA PUBLIC INFRASTRUCTURE</name>
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        <name>NORTH CAROLINA ST MED CARE COM</name>
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        <name>LEE CNTY FL INDL DEV AUTH HLTH</name>
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        <name>SOUTH CAROLINA ST JOBS-ECON DE</name>
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        <name>BABCOCK RANCH CMNTY INDEP SPL</name>
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        <name>SAINT JOHNS CNTY FL INDL DEV A</name>
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        <name>W VLGS FL IMPT DIST</name>
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          <isin value="US419800PU50"/>
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        <name>CSCDA CMNTY IMPT AUTH CA ESSEN</name>
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          <isin value="US126292AU53"/>
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        <name>WEST VIRGINIA ST HOSP FIN AUTH</name>
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          <isin value="US956622W915"/>
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        <name>WALKER CNTY AL ECON &amp; INDL DEV</name>
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        <name>PUBLIC FIN AUTH WI CHRT SCH RE</name>
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        <name>SEAGROVE CDD FL SPL ASSMNT</name>
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        <name>PUERTO RICO SALES TAX FING COR</name>
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        <name>LOUISIANA ST LOCAL GOVT ENVRNM</name>
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        <name>POMPANO BEACH FL REVENUE</name>
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        <name>RED BARN MET DIST CO</name>
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          <isin value="US75633SAB16"/>
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        <name>WESTCHESTER NY TOBACCO ASSET S</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MIDA GOLF &amp; EQUESTRIAN CTR PUB</name>
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        <name>BALTIMORE MD SPL OBLIG</name>
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        <name>PUBLIC FIN AUTH WI EDU REVENUE</name>
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        <name>DENVER CO INTERNATIONAL BUSINE</name>
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        <name>SALEM OR HOSP FAC AUTH REVENUE</name>
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        <name>HOUSTON TX ARPT SYS REVENUE</name>
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        <name>HENDERSON NV LOCAL IMPT DISTS</name>
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        <name>PUB FIN AUTH WI TAX INCREMENT</name>
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      <invstOrSec>
        <name>WILDBLUE CDD FL SPL ASSMNT</name>
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      <invstOrSec>
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        <name>OYSTER BAY NY</name>
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        <debtSec>
          <maturityDt>2035-03-01</maturityDt>
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          <annualizedRt>2.00000000</annualizedRt>
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          <maturityDt>2037-07-01</maturityDt>
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          <isin value="US56271TAC45"/>
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        <name>PHOENIX AZ INDL DEV AUTH STUDE</name>
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        <name>MISSISSIPPI ST BUSINESS FIN CO</name>
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        <title>Mississippi Business Finance Corp</title>
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          <isin value="US60527MAY57"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</maturityDt>
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        <name>SIERRA VISTA AZ INDL DEV AUTH</name>
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          <maturityDt>2059-06-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>MAIN STREET NATURAL GAS INC GA</name>
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        <title>Main Street Natural Gas Inc</title>
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          <isin value="US56035DGB29"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>DOUGLAS CNTY NE HOSP AUTH #2</name>
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        <title>Douglas County Hospital Authority No 2</title>
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          <isin value="US259230KT66"/>
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        <name>FLORIDA ST DEV FIN CORP EDUCTN</name>
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        <name>MONONGALIA CNTY WV COMMISSION</name>
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        <name>HILLSBOROUGH CNTY FL AVIATION</name>
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        <name>DALLAS CENTER IA GRIMES CMNTY</name>
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        <name>ALLISON VLY MET DIST #2 CO</name>
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      <invstOrSec>
        <name>MARICOPA CNTY AZ INDL DEV AUTH</name>
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      <invstOrSec>
        <name>SANDRIDGE CMNTY DEV DIST FL SP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LAKEWOOD RANCH FL STEWARDSHIP</name>
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      <invstOrSec>
        <name>BLACK DESERT PUB INFRASTRUCTUR</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-12-01</maturityDt>
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        <name>ASTORIA OR HOSP FACS AUTH</name>
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          <maturityDt>2049-08-01</maturityDt>
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        <name>MAIN STREET NATURAL GAS INC GA</name>
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        <name>SOUTHCENTRL PA GEN AUTH REVENU</name>
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        <name>LANCASTER CNTY SC ASSMNT REVEN</name>
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        <name>MATAGORDA CNTY TX NAV DIST #1</name>
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        <name>STAMFORD CT HSG AUTH</name>
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        <name>WESTCHESTER CNTY NY LOCAL DEV</name>
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        <name>PUBLIC FIN AUTH WI REVENUE</name>
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        <name>S E OVERTOWN PARK W CMNTY REDE</name>
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        <name>SUFFOLK REGL OFF-TRACK BETTING</name>
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        <name>COLORADO ST HLTH FACS AUTH REV</name>
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        <name>PILOT POINT TX SPL ASSMNT REVE</name>
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        <name>ARLINGTON TX HGR EDU FIN CORP</name>
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        <name>PUBLIC FIN AUTH WI SPL REVENUE</name>
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          <maturityDt>2051-05-01</maturityDt>
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          <isin value="US71885JAB52"/>
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          <isin value="US249182TJ50"/>
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        <name>ELBERT &amp; HIGHWAY 86 CO COMMERC</name>
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        <name>ARIZONA ST INDL DEV AUTH EDU R</name>
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          <isin value="US04052BJD73"/>
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        <name>SHINGLE CREEK AT BRONSON CDD F</name>
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          <maturityDt>2041-06-15</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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        <name>IDAHO ST HLTH FACS AUTH REVENU</name>
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        <title>Idaho Health Facilities Authority</title>
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        <name>COOL WTR MUNI UTILITY DIST TX</name>
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        <name>PALISADE CO MET DIST #2 LIMITE</name>
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        <name>SHELBY CNTY TENN HEALTH EDL &amp;</name>
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        <name>COLORADO ST HLTH FACS AUTH REV</name>
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        <name>JORDANELLE RIDGE PUBLIC INFRA</name>
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        <name>VIRGINIA SMALL BUSINESS FING A</name>
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        <name>N SPRINGS FL IMPT DIST</name>
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        <name>CHICAGO IL BRD OF EDU</name>
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        <name>PUBLIC FIN AUTH WI EDU REVENUE</name>
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          <isin value="US60635HZ853"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-02-01</maturityDt>
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        <name>WISCONSIN HLTH EDL FACS AUTH S</name>
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          <isin value="US97671VCP85"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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        <name>SUNSET PARKS MET DIST CO</name>
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        <title>Sunset Parks Metropolitan District</title>
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          <isin value="US86777VAA98"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>NORTH LAS VEGAS NV LOCAL IMPT</name>
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          <isin value="US66041HGV06"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PENNSYLVANIA ST ECON DEV FING</name>
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        <title>Pennsylvania Economic Development Financing Authority</title>
        <cusip>70869PHX8</cusip>
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          <isin value="US70869PHX87"/>
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        <balance>310000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>AVE MARIA FL STEWARDSHIP CMNTY</name>
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          <isin value="US05355AAZ03"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-05-01</maturityDt>
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          <annualizedRt>4.45000000</annualizedRt>
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      <invstOrSec>
        <name>FORT WAYNE IN MF HSG REVENUE</name>
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          <isin value="US34926RAD26"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</annualizedRt>
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        <name>SALTLEAF CDD FL CAPITAL IMPT R</name>
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          <isin value="US79575MAC47"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-05-01</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>New Hampshire Business Finance Authority</name>
        <lei>N/A</lei>
        <title>NATIONAL FIN-CABS 12/32</title>
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          <isin value="US63608TAT79"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-15</maturityDt>
          <couponKind>None</couponKind>
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        <name>MET WASHINGTON DC ARPTS AUTH A</name>
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          <isin value="US592647NA57"/>
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        <name>UNION CNTY OR HOSP FAC AUTH</name>
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        <name>DENTON CNTY TX SPL ASSMNT REVE</name>
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        <name>NEW HOPE CULTURAL ED FACS FIN</name>
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        <name>DETROIT MI</name>
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        <name>PUBLIC FIN AUTH WI SENIOR LIVI</name>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LIBERTY HILL TX SPL ASSMNT REV</name>
        <lei>N/A</lei>
        <title>City of Liberty Hill TX</title>
        <cusip>530575AR0</cusip>
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          <isin value="US530575AR00"/>
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        <curCd>USD</curCd>
        <valUSD>771949.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MILITARY INSTALLATION DEV AUTH</name>
        <lei>N/A</lei>
        <title>Military Installation Development Authority</title>
        <cusip>599772AF7</cusip>
        <identifiers>
          <isin value="US599772AF75"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2277345.60000000</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>2052-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MINNEAPOLIS-SAINT PAUL MN MET</name>
        <lei>N/A</lei>
        <title>Minneapolis-St Paul Metropolitan Airports Commission</title>
        <cusip>603827Q58</cusip>
        <identifiers>
          <isin value="US603827Q588"/>
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        <balance>2450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2545929.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GALVESTON TX WHARVES &amp; TERMINA</name>
        <lei>N/A</lei>
        <title>City of Galveston TX Wharves &amp; Terminal Revenue</title>
        <cusip>364568JH9</cusip>
        <identifiers>
          <isin value="US364568JH97"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>419120.44000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>VIRGINIA BEACH VA DEV AUTH RSD</name>
        <lei>N/A</lei>
        <title>Virginia Beach Development Authority</title>
        <cusip>92774NAL4</cusip>
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          <isin value="US92774NAL47"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1016736.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MICHIGAN ST STRATEGIC FUND LTD</name>
        <lei>N/A</lei>
        <title>Michigan Strategic Fund</title>
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        <identifiers>
          <isin value="US594698PM89"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>946706.90000000</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>2042-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WISCONSIN ST HLTH &amp; EDUCTNL FA</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>Wisconsin Health &amp; Educational Facilities Authority</title>
        <cusip>97712JGT4</cusip>
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          <isin value="US97712JGT43"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1048710.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FIELDS ESTATES PUBLIC INFRASTR</name>
        <lei>N/A</lei>
        <title>Fields Estates Public Infrastructure District</title>
        <cusip>316576AA5</cusip>
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          <isin value="US316576AA51"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>725963.78000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARIZONA ST INDL DEV AUTH EDU R</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority</title>
        <cusip>04052BHY3</cusip>
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          <isin value="US04052BHY39"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>739025.55000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARKANSAS ST DEV FIN AUTH INDL</name>
        <lei>N/A</lei>
        <title>Arkansas Development Finance Authority</title>
        <cusip>04108WCE0</cusip>
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          <isin value="US04108WCE03"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2142311.40000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>NORTH CAROLINA ST MED CARE COM</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission</title>
        <cusip>65820YMR4</cusip>
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          <isin value="US65820YMR44"/>
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        <balance>2850000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2852133.23000000</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>2037-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>CHICAGO IL BRD OF EDU</name>
        <lei>54930099NR6T9V7LVB43</lei>
        <title>Chicago Board of Education</title>
        <cusip>167505XL5</cusip>
        <identifiers>
          <isin value="US167505XL54"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1011011.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>NEW JERSEY ST TRANSPRTN TRUST</name>
        <lei>549300YUVD5TEXR6L889</lei>
        <title>New Jersey Transportation Trust Fund Authority</title>
        <cusip>6461364B4</cusip>
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          <isin value="US6461364B45"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>523578.45000000</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>2030-12-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>CARMEL IN REDEV AUTH</name>
        <lei>N/A</lei>
        <title>Carmel Redevelopment Authority</title>
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          <isin value="US143293BL16"/>
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        <balance>1410000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2040-07-15</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>INDIANAPOLIS IN LOCAL PUBLIC I</name>
        <lei>549300LX8ESJHDSESB87</lei>
        <title>Indianapolis Local Public Improvement Bond Bank</title>
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          <isin value="US45528U6X43"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2053-03-01</maturityDt>
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        <name>VIRGINIA BEACH VA DEV AUTH RSD</name>
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        <title>Virginia Beach Development Authority</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2053-09-01</maturityDt>
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        <name>SOUTH CAROLINA ST JOBS-ECON DE</name>
        <lei>5493006X47I9VG3DL112</lei>
        <title>South Carolina Jobs-Economic Development Authority</title>
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          <isin value="US83704HAL15"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1008892.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-11-15</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>ROSEVILLE CA SPL TAX</name>
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        <pctVal>0.624419949205</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.65000000</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 HEIGHTS CDD FL SPL ASSESSM</name>
        <lei>N/A</lei>
        <title>Heights Community Development District</title>
        <cusip>88339EAD8</cusip>
        <identifiers>
          <isin value="US88339EAD85"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1888287.00000000</valUSD>
        <pctVal>0.254937096784</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>ARKANSAS DEV FIN AUTH ENVIRONM</name>
        <lei>N/A</lei>
        <title>Arkansas Development Finance Authority</title>
        <cusip>04110FAB1</cusip>
        <identifiers>
          <isin value="US04110FAB13"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1013796.10000000</valUSD>
        <pctVal>0.136872326328</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</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>VILLAMAR CDD FL SPL ASSMNT</name>
        <lei>N/A</lei>
        <title>Villamar Community Development District</title>
        <cusip>92715KAB4</cusip>
        <identifiers>
          <isin value="US92715KAB44"/>
        </identifiers>
        <balance>230000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>227945.64000000</valUSD>
        <pctVal>0.030774876746</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</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>CAPITAL TRUST AGY FL EDUCTNL F</name>
        <lei>549300F49UWS7X0OGQ59</lei>
        <title>Capital Trust Agency Inc</title>
        <cusip>14054CEB1</cusip>
        <identifiers>
          <isin value="US14054CEB19"/>
        </identifiers>
        <balance>525000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>401543.31000000</valUSD>
        <pctVal>0.054212249347</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>CALIFORNIA SCH FIN AUTH SCH FA</name>
        <lei>N/A</lei>
        <title>California School Finance Authority</title>
        <cusip>13059THM4</cusip>
        <identifiers>
          <isin value="US13059THM45"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250833.93000000</valUSD>
        <pctVal>0.033865018341</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>HASLET TX SPL ASSMNT REVENUE</name>
        <lei>N/A</lei>
        <title>City of Haslet TX</title>
        <cusip>418304AC5</cusip>
        <identifiers>
          <isin value="US418304AC52"/>
        </identifiers>
        <balance>1025000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>900888.29000000</valUSD>
        <pctVal>0.121628674655</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</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</name>
        <lei>54930048FV8RWPR02D67</lei>
        <title>State of Illinois</title>
        <cusip>4521526J5</cusip>
        <identifiers>
          <isin value="US4521526J52"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>255082.40000000</valUSD>
        <pctVal>0.034438603081</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>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARIZONA ST INDL DEV AUTH EDU R</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority</title>
        <cusip>04052BAL8</cusip>
        <identifiers>
          <isin value="US04052BAL80"/>
        </identifiers>
        <balance>1670000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1674382.25000000</valUSD>
        <pctVal>0.226057876647</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</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>COLORADO ST HLTH FACS AUTH REV</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
        <title>Colorado Health Facilities Authority</title>
        <cusip>19648FAY0</cusip>
        <identifiers>
          <isin value="US19648FAY07"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>501354.65000000</valUSD>
        <pctVal>0.067687750289</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>PUBLIC FIN AUTH WI CHRT SCH RE</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority</title>
        <cusip>744396JG8</cusip>
        <identifiers>
          <isin value="US744396JG81"/>
        </identifiers>
        <balance>550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>562220.78000000</valUSD>
        <pctVal>0.075905269381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</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>ARIZONA ST INDL DEV AUTH EDU R</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority</title>
        <cusip>04052BCP7</cusip>
        <identifiers>
          <isin value="US04052BCP76"/>
        </identifiers>
        <balance>795000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>787417.61000000</valUSD>
        <pctVal>0.106309030062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </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>2025-06-24</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>
  <documents>XXXX</documents>
</edgarSubmission>
