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        <name>GREAT LAKES MI WTR AUTH WTR SP</name>
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        <name>BARTOW CNTY GA DEV AUTH</name>
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        <name>DAVIS CNTY UT SCH DIST</name>
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        <name>PUERTO RICO SALES TAX FING COR</name>
        <lei>N/A</lei>
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        <name>W VLGS FL IMPT DIST</name>
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        <name>GUAM GOVT BUSINESS PRIVILEGE T</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>LOUISIANA ST PUBLIC FACS AUTHS</name>
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        <title>Louisiana Public Facilities Authority</title>
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          <isin value="US54640TAK51"/>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>DENVER CITY &amp; CNTY CO ARPT REV</name>
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          <isin value="US249182LE46"/>
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        <debtSec>
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        <name>PUBLIC FIN AUTH WI HOSP REVENU</name>
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          <maturityDt>2026-12-01</maturityDt>
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        <name>CHICAGO IL WTRWKS REVENUE</name>
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          <isin value="US167736L473"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-11-01</maturityDt>
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        <name>PARK CREEK CO MET DIST REVENUE</name>
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          <isin value="US700387DF73"/>
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        <name>BURKE CNTY GA DEV AUTH POLL CO</name>
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        <name>MONROE CNTY GA DEV AUTH POLL C</name>
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        <name>ARLINGTON TX HGR EDU FIN CORP</name>
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        <name>ARIZONA ST INDL DEV AUTH NATIO</name>
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        <name>MET WASHINGTON DC ARPTS AUTH A</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>WYANDOTTE CNTY KS KANSAS CITY</name>
        <lei>N/A</lei>
        <title>Wyandotte County-Kansas City Unified Government</title>
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          <isin value="US98267VCJ08"/>
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      <invstOrSec>
        <name>ILLINOIS ST</name>
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          <isin value="US452152P213"/>
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        <curCd>USD</curCd>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CELINA TX SPL ASSESSMENT REVEN</name>
        <lei>N/A</lei>
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          <isin value="US15114CKC72"/>
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        <curCd>USD</curCd>
        <valUSD>328010.35000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COLUMBIA CNTY GA HOSP AUTH</name>
        <lei>N/A</lei>
        <title>Columbia County Hospital Authority/GA</title>
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          <isin value="US197479AG32"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>258683.03000000</valUSD>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CONNECTICUT ST SPL TAX OBLIG R</name>
        <lei>N/A</lei>
        <title>State of Connecticut Special Tax Revenue</title>
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        <identifiers>
          <isin value="US207758VS99"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2038357.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MEADE CNTY KY INDL BLDG REVENU</name>
        <lei>N/A</lei>
        <title>County of Meade KY</title>
        <cusip>583022AE8</cusip>
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          <isin value="US583022AE86"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1100000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA ST POLL CONTROL FIN</name>
        <lei>N/A</lei>
        <title>California Pollution Control Financing Authority</title>
        <cusip>130536QV0</cusip>
        <identifiers>
          <isin value="US130536QV03"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>994582.10000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FORT WORTH TX SPL ASSMNT REVEN</name>
        <lei>N/A</lei>
        <title>City of Fort Worth TX</title>
        <cusip>349506AL9</cusip>
        <identifiers>
          <isin value="US349506AL96"/>
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        <balance>672000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>706588.24000000</valUSD>
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        <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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TWO RIVERS WEST CDD FL SPL ASS</name>
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          <isin value="US90207HAJ32"/>
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        <valUSD>250485.20000000</valUSD>
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          <maturityDt>2031-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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      <invstOrSec>
        <name>PENNSYLVANIA ST TURNPIKE COMMI</name>
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        <title>Pennsylvania Turnpike Commission</title>
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          <isin value="US709224LN71"/>
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          <maturityDt>2029-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>COCONINO CNTY AZ POLL CONTROLC</name>
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          <isin value="US191855BM63"/>
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        <name>ILLINOIS ST HSG DEV AUTH MF HS</name>
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        <title>Illinois Housing Development Authority</title>
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          <isin value="US45203LDY65"/>
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        <name>SOUTH CAROLINA ST JOBS-ECON DE</name>
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        <name>TOLOMATO FL CDD</name>
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          <isin value="US889560EB01"/>
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        <name>CHICAGO IL O'HARE INTERNATIONA</name>
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        <name>ATLANTA GA ARPT REVENUE</name>
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          <isin value="US04780MXF12"/>
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      <invstOrSec>
        <name>FONTANA CA SPL TAX</name>
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      <invstOrSec>
        <name>APPLING CNTY GA DEV AUTH</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-09-01</maturityDt>
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      <invstOrSec>
        <name>ARLINGTON TX HGR EDU FIN CORP</name>
        <lei>N/A</lei>
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          <isin value="US041807BM93"/>
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        <fairValLevel>2</fairValLevel>
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        <name>UTAH ST HSG CORP MF REVENUE</name>
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          <isin value="US917434DF68"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-08-01</maturityDt>
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          <annualizedRt>3.70000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LTC RANCH WEST RSDL CMNTY DEV</name>
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          <isin value="US50218SAA96"/>
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        <curCd>USD</curCd>
        <valUSD>368071.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-01</maturityDt>
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          <annualizedRt>2.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>ILLINOIS ST FIN AUTH REVENUE</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>Illinois Finance Authority</title>
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          <isin value="US45204EET10"/>
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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>2027-02-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>CHICAGO IL BRD OF EDU</name>
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        <title>Chicago Board of Education</title>
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          <isin value="US167505QS80"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-01</maturityDt>
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          <annualizedRt>5.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARLINGTON CNTY VA INDL DEV AUT</name>
        <lei>N/A</lei>
        <title>Arlington County Industrial Development Authority</title>
        <cusip>04144PDW0</cusip>
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          <isin value="US04144PDW05"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2022495.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-01</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>
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        <title>Public Finance Authority</title>
        <cusip>74444VBN9</cusip>
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          <isin value="US74444VBN91"/>
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        <balance>390000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>382747.17000000</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>2032-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>LAS VEGAS NV SPL IMPT DIST #81</name>
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        <title>City of Las Vegas NV Special Improvement District No 816</title>
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        <curCd>USD</curCd>
        <valUSD>93287.77000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <name>FORT BEND CNTY TX MUNI UTILITY</name>
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        <title>Fort Bend County Municipal Utility District No 184</title>
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          <isin value="US34682XDY40"/>
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        <balance>295000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>306654.09000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <name>HARRIS CNTY TX CULTURAL EDU FA</name>
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        <title>Harris County Cultural Education Facilities Finance Corp</title>
        <cusip>414009SD3</cusip>
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          <isin value="US414009SD33"/>
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        <curCd>USD</curCd>
        <valUSD>435522.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>CLUB MUNI MGMT DIST #1 TX SPL</name>
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          <isin value="US18948PAD33"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>48393.38000000</valUSD>
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          <maturityDt>2026-09-01</maturityDt>
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          <annualizedRt>2.50000000</annualizedRt>
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        <name>TARRANT CNTY TX CULTURAL EDU F</name>
        <lei>549300ROY505NVTMMI25</lei>
        <title>Tarrant County Cultural Education Facilities Finance Corp</title>
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          <isin value="US87638QPE34"/>
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        <name>CALIFORNIA ST STWD CMNTYS DEV</name>
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        <title>California Statewide Communities Development Authority</title>
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        <name>FOLSOM RANCH CA FING AUTH SPL</name>
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        <name>ASTORIA OR HOSP FACS AUTH</name>
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        <name>CROSS CREEK N CDD FL SPL ASSMN</name>
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        <name>NEW YORK CITY NY TRANSITIONAL</name>
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        <name>FARMINGTON NM POLL CONTROL REV</name>
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        <name>SOUTHMOST TX REGL WTR AUTH WTR</name>
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        <name>MET WASHINGTON DC ARPTS AUTH A</name>
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        <name>FORSYTH MT POLL CONTROL REVENU</name>
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        <name>COLORADO ST HLTH FACS AUTH REV</name>
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          <isin value="US19648FVK73"/>
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        <name>PUBLIC FIN AUTH WI RETMNT FAC</name>
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        <name>ENERGY N W WA ELEC REVENUE</name>
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          <isin value="US29270C4E29"/>
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        <name>SOUTH CAROLINA ST JOBS-ECON DE</name>
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        <name>MAIN STREET NATURAL GAS INC GA</name>
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      <invstOrSec>
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          <maturityDt>2029-11-15</maturityDt>
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        <name>CMNTY DEV ADMIN MD MF DEV REVE</name>
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          <isin value="US20364NBW65"/>
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          <isin value="US04052BGP31"/>
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        <name>PORT OF SEATTLE WA REVENUE</name>
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        <name>PARRISH LAKES CDD CAPITAL IMPT</name>
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        <name>N TEXAS HGR EDU AUTH INC EDU L</name>
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      <invstOrSec>
        <name>GIR EAST CDD FL CAPITAL IMPT R</name>
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          <maturityDt>2032-05-01</maturityDt>
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        <name>SOUTH CAROLINA ST JOBS-ECON DE</name>
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          <maturityDt>2031-11-15</maturityDt>
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      <invstOrSec>
        <name>CMNTY DEV ADMIN MD MF DEV REVE</name>
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          <isin value="US20364NBX49"/>
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        <name>NEW YORK ST HSG FIN AGY ST PER</name>
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        <name>MAIN STREET NATURAL GAS INC GA</name>
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          <isin value="US56035DDH26"/>
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      <invstOrSec>
        <name>ATLANTA GA URBAN RSDL FIN AUTH</name>
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          <isin value="US04785VBX10"/>
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          <maturityDt>2029-02-01</maturityDt>
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      <invstOrSec>
        <name>CHARLOTTE NC ARPT REVENUE</name>
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        <name>MOBILE AL INDL DEV BRD POLL CO</name>
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        <name>NEW JERSEY ST HLTH CARE FACS F</name>
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        <name>CASS CNTY ND JT WTR RESOURCE D</name>
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          <isin value="US37353PNU92"/>
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        <name>CALIFORNIA ST MUNI FIN AUTH CO</name>
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          <isin value="US130493CA54"/>
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        <name>LTC RANCH WEST RSDL CMNTY DEV</name>
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        <name>ADAMS CNTY PA GEN AUTH REV</name>
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          <isin value="US442349DH69"/>
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          <maturityDt>2031-05-01</maturityDt>
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        <fairValLevel>2</fairValLevel>
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        <name>SOUTH CAROLINA ST JOBS-ECON DE</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>CALIFORNIA CMNTY CHOICE FING A</name>
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          <isin value="US13013JBJ43"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-05-01</maturityDt>
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        <name>CONSOL MUNI ELEC PWR SYS WY JT</name>
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          <maturityDt>2026-06-01</maturityDt>
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          <isin value="US13013JEP75"/>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>INDIANA ST FIN AUTH REVENUE</name>
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          <isin value="US45506DA965"/>
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        <title>New York State Housing Finance Agency</title>
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        <name>INDIANA ST FIN AUTH HLTH SYS R</name>
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      <invstOrSec>
        <name>PETTIS CNTY MO SCH DIST SEDALI</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>THE HEIGHTS CDD FL SPL ASSESSM</name>
        <lei>N/A</lei>
        <title>Heights Community Development District</title>
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          <isin value="US88339EAB20"/>
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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>2028-01-01</maturityDt>
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      <invstOrSec>
        <name>SALT LAKE CITY UT ARPT REVENUE</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GREAT LAKES MI WTR AUTH SEWAGE</name>
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        <title>Great Lakes Water Authority Sewage Disposal System Revenue</title>
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          <isin value="US39081HAS13"/>
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        <balance>435000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INDIANA ST FIN AUTH ENVRNMNTL</name>
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        <title>Indiana Finance Authority</title>
        <cusip>455054BG0</cusip>
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          <isin value="US455054BG02"/>
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        <balance>545000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>547279.52000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-01</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WESTPOINTE SPL IMPT DIST TX</name>
        <lei>N/A</lei>
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          <isin value="US96124RBP38"/>
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        <balance>375000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KENTUCKY ST PUBLIC ENERGY AUTH</name>
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        <title>Kentucky Public Energy Authority</title>
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          <isin value="US74440DFC39"/>
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        <balance>1135000.00000000</balance>
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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>
        <debtSec>
          <maturityDt>2055-01-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VOLUSIA CNTY FL EDUCTNL FAC AU</name>
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        <title>Volusia County Educational Facility Authority</title>
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          <isin value="US928836NH40"/>
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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>2030-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>MICHIGAN ST FIN AUTH REVENUE</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>Michigan Finance Authority</title>
        <cusip>59447TAM5</cusip>
        <identifiers>
          <isin value="US59447TAM53"/>
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        <balance>155000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>155208.88000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CONSOL MUNI ELEC PWR SYS WY JT</name>
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        <title>Consolidated Municipalities Electric Power Systems Joint Powers Board</title>
        <cusip>210295EU1</cusip>
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        <balance>755000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BLACK BELT ENERGY GAS DIST AL</name>
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        <title>Black Belt Energy Gas District</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>DALLAS-FORT WORTH TX INTERNATI</name>
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        <title>Dallas Fort Worth International Airport</title>
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        <balance>500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>ROSEVILLE CA SPL TAX</name>
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          <isin value="US777870P671"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>69596.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>PUBLIC FIN AUTH WI STUDENT HSG</name>
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        <title>Public Finance Authority</title>
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        <name>PINE ISLE CMNTY DEV DIST FL SP</name>
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        <name>VERMONT ST ECON DEV AUTH SOLID</name>
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        <name>MONTGOMERY CNTY PA INDL DEV AU</name>
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      <invstOrSec>
        <name>CHICAGO IL MIDWAY ARPT REVENUE</name>
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          <isin value="US167562RR07"/>
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        <balance>500000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <name>TARRANT CNTY TX CULTURAL EDU F</name>
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        <name>NEW JERSEY ST TRANSPRTN TRUST</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-01</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>GALVESTON CNTY TX MUNI UTILITY</name>
        <lei>N/A</lei>
        <title>Galveston County Municipal Utility District No 54</title>
        <cusip>36422RDY7</cusip>
        <identifiers>
          <isin value="US36422RDY71"/>
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        <balance>465000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>454689.09000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PALM BEACH CNTY FL HLTH FACS A</name>
        <lei>N/A</lei>
        <title>Palm Beach County Health Facilities Authority</title>
        <cusip>69650MAV1</cusip>
        <identifiers>
          <isin value="US69650MAV19"/>
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        <balance>1870000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1895217.14000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MARYLAND ST HLTH &amp; HGR EDUCTNL</name>
        <lei>N/A</lei>
        <title>Maryland Health &amp; Higher Educational Facilities Authority</title>
        <cusip>57421CHW7</cusip>
        <identifiers>
          <isin value="US57421CHW73"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2000000.00000000</valUSD>
        <pctVal>0.447095572855</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.60000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SALT LAKE CITY UT ARPT REVENUE</name>
        <lei>N/A</lei>
        <title>City of Salt Lake City UT Airport Revenue</title>
        <cusip>795576FM4</cusip>
        <identifiers>
          <isin value="US795576FM40"/>
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        <balance>1300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1329158.48000000</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>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ARIZONA INDL DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority</title>
        <cusip>04052EAR9</cusip>
        <identifiers>
          <isin value="US04052EAR99"/>
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        <balance>1340000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1410125.95000000</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>2035-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SALT LAKE CITY UT ARPT REVENUE</name>
        <lei>N/A</lei>
        <title>City of Salt Lake City UT Airport Revenue</title>
        <cusip>795576LK1</cusip>
        <identifiers>
          <isin value="US795576LK10"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>727609.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PORTLAND OR SWR SYS REVENUE</name>
        <lei>N/A</lei>
        <title>City of Portland OR Sewer System Revenue</title>
        <cusip>736742ZK6</cusip>
        <identifiers>
          <isin value="US736742ZK66"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2020685.40000000</valUSD>
        <pctVal>0.451719748236</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CELINA TX SPL ASSESSMENT REVEN</name>
        <lei>N/A</lei>
        <title>City of Celina TX</title>
        <cusip>15114CKA1</cusip>
        <identifiers>
          <isin value="US15114CKA17"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>307681.14000000</valUSD>
        <pctVal>0.068781437772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TRADITIONS CO MET DIST #2</name>
        <lei>N/A</lei>
        <title>Traditions Metropolitan District No 2</title>
        <cusip>892684AK7</cusip>
        <identifiers>
          <isin value="US892684AK74"/>
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        <balance>1055000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1075837.31000000</valUSD>
        <pctVal>0.240501049206</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BABCOCK RANCH CMNTY INDEP SPL</name>
        <lei>N/A</lei>
        <title>Babcock Ranch Community Independent Special District</title>
        <cusip>05616KBP4</cusip>
        <identifiers>
          <isin value="US05616KBP49"/>
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        <balance>165000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>164393.84000000</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>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MISSOURI ST HLTH &amp; EDUCTNL FAC</name>
        <lei>549300IWTBCMX5JB3277</lei>
        <title>Health &amp; Educational Facilities Authority of the State of Missouri</title>
        <cusip>60635H3U1</cusip>
        <identifiers>
          <isin value="US60635H3U15"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>515428.95000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RHODINE ROAD NORTH CDD FL SPL</name>
        <lei>N/A</lei>
        <title>Rhodine Road North Community Development District</title>
        <cusip>762402AB1</cusip>
        <identifiers>
          <isin value="US762402AB14"/>
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        <balance>415000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>414698.96000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PENNSYLVANIA ST TURNPIKE COMMI</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>Pennsylvania Turnpike Commission</title>
        <cusip>709224RH4</cusip>
        <identifiers>
          <isin value="US709224RH40"/>
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        <balance>375000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>381094.35000000</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>2036-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MAINE ST HSG AUTH MTGE PURCHAS</name>
        <lei>549300SO05LH6D240016</lei>
        <title>Maine State Housing Authority</title>
        <cusip>56052FS55</cusip>
        <identifiers>
          <isin value="US56052FS559"/>
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        <balance>320000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>312568.77000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.45000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ARIZONA ST INDL DEV AUTH EDU R</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority</title>
        <cusip>04052BHX5</cusip>
        <identifiers>
          <isin value="US04052BHX55"/>
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        <balance>855000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>824355.95000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.55000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TEXAS ST MUNI GAS ACQUISITION&amp;</name>
        <lei>549300PTUE847QDBBW22</lei>
        <title>Texas Municipal Gas Acquisition &amp; Supply Corp IV</title>
        <cusip>88256PAG5</cusip>
        <identifiers>
          <isin value="US88256PAG54"/>
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        <balance>2030000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2142738.89000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LOUISVILLE &amp; JEFFERSON CNTY KY</name>
        <lei>N/A</lei>
        <title>Louisville/Jefferson County Metropolitan Government</title>
        <cusip>54659LDC5</cusip>
        <identifiers>
          <isin value="US54659LDC54"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2000000.00000000</valUSD>
        <pctVal>0.447095572855</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.60000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OWENSBORO KY WTR REVENUE</name>
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          <isin value="US691106MC92"/>
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        <name>MARICOPA CNTY AZ INDL DEV AUTH</name>
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          <maturityDt>2026-07-01</maturityDt>
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        <name>CALIFORNIA ST HLTH FACS FING A</name>
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          <isin value="US13032UYT95"/>
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          <maturityDt>2054-08-15</maturityDt>
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      <invstOrSec>
        <name>CHESTER CNTY PA INDL DEV AUTH</name>
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        <title>Chester County Industrial Development Authority</title>
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          <isin value="US165588FP49"/>
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          <isin value="US60635H3V97"/>
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        <name>MICHIGAN ST STRATEGIC FUND LTD</name>
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          <isin value="US594698TD45"/>
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        <balance>1000000.00000000</balance>
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        <debtSec>
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        <name>CONNECTICUT ST SPL TAX OBLIG R</name>
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          <isin value="US207758YB38"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>KENTUCKY ST PUBLIC ENERGY AUTH</name>
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          <isin value="US74440DET72"/>
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          <isin value="US70868YAA73"/>
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        <name>V-DANA CDD FL SPL ASSMNT</name>
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        <name>Town of Trophy Club TX Public Improvement District No 1</name>
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        <name>OMAHA NE PUBLIC PWR DIST ELEC</name>
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        <name>ROCKPORT IN POLL CONTROL REVEN</name>
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        <name>MICHIGAN ST FIN AUTH REVENUE</name>
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        <title>Michigan Finance Authority</title>
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          <isin value="US59447T5Q25"/>
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        <name>BABCOCK RANCH CMNTY INDEP SPL</name>
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        <name>NATIONAL FIN AUTH NH SPL REVEN</name>
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        <name>PRINCETON TX SPL ASSMNT REVENU</name>
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        <name>ROCKPORT IN POLL CONTROL REVEN</name>
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        <name>DENVER CITY &amp; CNTY CO ARPT REV</name>
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        <title>City &amp; County of Denver CO Airport System Revenue</title>
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          <maturityDt>2029-12-01</maturityDt>
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      <invstOrSec>
        <name>MIDCITY IMPT DIST AL SPL ASSMN</name>
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          <isin value="US59564KAA79"/>
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        <curCd>USD</curCd>
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          <maturityDt>2027-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA CMNTY CHOICE FING A</name>
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        <title>California Community Choice Financing Authority</title>
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          <isin value="US13013JAP12"/>
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        <curCd>USD</curCd>
        <valUSD>4451365.80000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-02-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>CRANDALL TX SPL ASSMNT REVENUE</name>
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        <title>City of Crandall TX</title>
        <cusip>224384AE7</cusip>
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          <isin value="US224384AE71"/>
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        <curCd>USD</curCd>
        <valUSD>203707.64000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-15</maturityDt>
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          <annualizedRt>3.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>WEST VIRGINIA ST ECON DEV AUTH</name>
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        <title>West Virginia Economic Development Authority</title>
        <cusip>95648VBS7</cusip>
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          <isin value="US95648VBS79"/>
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        <balance>1000000.00000000</balance>
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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>2040-03-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GREAT LAKES MI WTR AUTH WTR SP</name>
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        <title>Great Lakes Water Authority Water Supply System Revenue</title>
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          <isin value="US39081JFY91"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DETROIT MI</name>
        <lei>549300BQRJP7MKKHOY28</lei>
        <title>City of Detroit MI</title>
        <cusip>2510933E8</cusip>
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          <isin value="US2510933E83"/>
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        <balance>220000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>222773.06000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>NEW YORK ST HSG FIN AGY AFFORD</name>
        <lei>5493000LS7KCDB02O506</lei>
        <title>New York State Housing Finance Agency</title>
        <cusip>64987JY62</cusip>
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          <isin value="US64987JY622"/>
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        <balance>3125000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-01</maturityDt>
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      <invstOrSec>
        <name>NATIONAL FIN AUTH NH POLLUTION</name>
        <lei>N/A</lei>
        <title>New Hampshire Business Finance Authority</title>
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        <fairValLevel>2</fairValLevel>
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        <name>SOUTHEAST ENERGY AUTH AL COMMO</name>
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        <title>Southeast Energy Authority A Cooperative District</title>
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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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        <name>MET GOVT NASHVILLE &amp; DAVIDSON</name>
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        <name>CALIFORNIA ST HLTH FACS FING A</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>California Health Facilities Financing Authority</title>
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          <isin value="US13032UJ825"/>
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          <maturityDt>2027-11-15</maturityDt>
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        <name>GALVESTON TX WHARVES &amp; TERMINA</name>
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        <title>City of Galveston TX Wharves &amp; Terminal Revenue</title>
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        <name>OHIO ST HOSP FAC REVENUE</name>
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        <title>State of Ohio</title>
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        <name>UNIV OF HOUSTON TX UNIV REVENU</name>
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          <isin value="US914302EV22"/>
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        <name>NORTH CAROLINA ST MED CARE COM</name>
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        <title>North Carolina Medical Care Commission</title>
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        <invCountry>US</invCountry>
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        <name>ELMIRA CITY NY SCH DIST</name>
        <lei>N/A</lei>
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          <maturityDt>2027-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>FONTANA CA SPL TAX</name>
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        <name>BABCOCK RANCH CMNTY INDEP SPL</name>
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        <name>AUSTIN TX</name>
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          <isin value="US052397AN62"/>
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          <maturityDt>2028-09-01</maturityDt>
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        <name>SALEM OR HOSP FAC AUTH REVENUE</name>
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        <name>CANADIAN CNTY OK EDUCTNL FACS</name>
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        <name>KINGS PARK NY CENTRL SCH DIST</name>
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          <maturityDt>2031-07-15</maturityDt>
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        <name>SUMMER WOODS CDD FL SPL ASSMNT</name>
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          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAN ANTONIO TX HSG TRUST PUBLI</name>
        <lei>N/A</lei>
        <title>San Antonio Housing Trust Public Facility Corp</title>
        <cusip>79626VAF6</cusip>
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          <isin value="US79626VAF67"/>
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        <balance>2075000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2076976.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.45000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SALEM OR HOSP FAC AUTH REVENUE</name>
        <lei>N/A</lei>
        <title>Salem Hospital Facility Authority</title>
        <cusip>794458GE3</cusip>
        <identifiers>
          <isin value="US794458GE37"/>
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        <balance>260000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>256200.65000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JOHNSON CNTY KS UNIF SCH DIST#</name>
        <lei>N/A</lei>
        <title>Johnson County Unified School District No 512 Shawnee Mission</title>
        <cusip>478740RV7</cusip>
        <identifiers>
          <isin value="US478740RV72"/>
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        <balance>2660000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2650985.53000000</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>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BLACK BELT ENERGY GAS DIST ALG</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>Black Belt Energy Gas District</title>
        <cusip>09182RAR2</cusip>
        <identifiers>
          <isin value="US09182RAR21"/>
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        <balance>130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>130117.68000000</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>2049-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NORFOLK VA WTR REVENUE</name>
        <lei>N/A</lei>
        <title>City of Norfolk VA Water Revenue</title>
        <cusip>656009LT2</cusip>
        <identifiers>
          <isin value="US656009LT20"/>
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        <balance>1525000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1588760.71000000</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>2031-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SALT LAKE CITY UT ARPT REVENUE</name>
        <lei>N/A</lei>
        <title>City of Salt Lake City UT Airport Revenue</title>
        <cusip>795576GZ4</cusip>
        <identifiers>
          <isin value="US795576GZ44"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1029656.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RAILSPLITTER IL TOBACCO SETTLE</name>
        <lei>N/A</lei>
        <title>Railsplitter Tobacco Settlement Authority</title>
        <cusip>75076PAZ8</cusip>
        <identifiers>
          <isin value="US75076PAZ80"/>
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        <balance>710000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>724094.21000000</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>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SALTLEAF CDD FL CAPITAL IMPT R</name>
        <lei>N/A</lei>
        <title>Saltleaf Community Development District</title>
        <cusip>79575MAA8</cusip>
        <identifiers>
          <isin value="US79575MAA80"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>447414.66000000</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>2031-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TENNESSEE ST ENERGY ACQUISITIO</name>
        <lei>549300OJ2Z8PGEY46K92</lei>
        <title>Tennessee Energy Acquisition Corp</title>
        <cusip>880443BS4</cusip>
        <identifiers>
          <isin value="US880443BS49"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>253737.23000000</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>2026-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KENTUCKY ST INTERLOCAL SCH TRA</name>
        <lei>N/A</lei>
        <title>Kentucky Interlocal School Transportation Association</title>
        <cusip>491325NV4</cusip>
        <identifiers>
          <isin value="US491325NV49"/>
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        <balance>1065000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1083158.57000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PENNSYLVANIA ST</name>
        <lei>N/A</lei>
        <title>Commonwealth of Pennsylvania</title>
        <cusip>70914PB76</cusip>
        <identifiers>
          <isin value="US70914PB763"/>
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        <balance>405000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>414675.13000000</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>2027-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TIMBER CREEK SOUTHWEST CDD FL</name>
        <lei>N/A</lei>
        <title>Timber Creek Southwest Community Development District</title>
        <cusip>88707RAE1</cusip>
        <identifiers>
          <isin value="US88707RAE18"/>
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        <balance>220000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>213488.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.35000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KENTUCKY ST ECON DEV FIN AUTH</name>
        <lei>N/A</lei>
        <title>Kentucky Economic Development Finance Authority</title>
        <cusip>49126RAC0</cusip>
        <identifiers>
          <isin value="US49126RAC07"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1000000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.85000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HOUSTON TX ARPT SYS REVENUE</name>
        <lei>N/A</lei>
        <title>City of Houston TX Airport System Revenue</title>
        <cusip>442349GC4</cusip>
        <identifiers>
          <isin value="US442349GC46"/>
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        <balance>1835000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1892545.23000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LAS VEGAS NV SPL IMPT DIST #80</name>
        <lei>N/A</lei>
        <title>City of Las Vegas NV Special Improvement District Nos 808 &amp; 810</title>
        <cusip>51778DBG8</cusip>
        <identifiers>
          <isin value="US51778DBG88"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>250097.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PHILADELPHIA PA GAS WKS REVENU</name>
        <lei>549300H8UJ7V5WU5IA90</lei>
        <title>Philadelphia Gas Works Co</title>
        <cusip>7178238L5</cusip>
        <identifiers>
          <isin value="US7178238L53"/>
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        <balance>830000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>844766.95000000</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>2033-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SHINGLE CREEK AT BRONSON CDD F</name>
        <lei>N/A</lei>
        <title>Shingle Creek at Bronson Community Development District</title>
        <cusip>82459NAA1</cusip>
        <identifiers>
          <isin value="US82459NAA19"/>
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        <balance>105000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>103120.83000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MISSOURI ST HLTH &amp; EDUCTNL FAC</name>
        <lei>549300IWTBCMX5JB3277</lei>
        <title>Health &amp; Educational Facilities Authority of the State of Missouri</title>
        <cusip>60637AKX9</cusip>
        <identifiers>
          <isin value="US60637AKX99"/>
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        <balance>1000000.00000000</balance>
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        <name>MIAMI-DADE CNTY FL SEAPORT REV</name>
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          <isin value="US59335KEM53"/>
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          <maturityDt>2030-10-01</maturityDt>
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        <title>Raleigh Durham Airport Authority</title>
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          <isin value="US751073LJ48"/>
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        <curCd>USD</curCd>
        <valUSD>1601267.91000000</valUSD>
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        <name>BUFFALO MN INDEP SCH DIST #877</name>
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          <isin value="US119655RB61"/>
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        <fairValLevel>2</fairValLevel>
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        <name>MAIN STREET NATURAL GAS INC GA</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-01</maturityDt>
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        <name>HARRIS CNTY TX CULTURAL EDU FA</name>
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          <maturityDt>2029-07-01</maturityDt>
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        <name>MARYLAND ST TRANSPRTN AUTH PAS</name>
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        <name>ARIZONA ST INDL DEV AUTH NATIO</name>
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        <name>BOONE CNTY KY POLL CONTROL REV</name>
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        <name>PORT OF SEATTLE WA REVENUE</name>
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          <maturityDt>2030-10-01</maturityDt>
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        <name>FORT BEND CNTY TX MUNI UTILITY</name>
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        <title>Pennsylvania Turnpike Commission</title>
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        <name>PUBLIC FIN AUTH WI SOL WST DIS</name>
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        <name>LEE CNTY FL INDL DEV AUTH HOSP</name>
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        <name>VILLAMAR CDD FL SPL ASSMNT</name>
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        <name>SHELL POINT CMNTY DEV DIST FL</name>
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        <name>PEFA INC IA GAS PROJ REVENUE</name>
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          <isin value="US70556CAB00"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CENTRL TX REGL MOBILITY AUTH R</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-01</maturityDt>
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        <name>CALIFORNIA CMNTY CHOICE FING A</name>
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          <isin value="US13013JCB08"/>
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        <fairValLevel>2</fairValLevel>
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        <name>PUBLIC FIN AUTH WI POLL CONTRO</name>
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        <name>GREAT LAKES MI WTR AUTH SEWAGE</name>
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        <name>TIOGA NY CENTRL SCH DIST</name>
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        <name>ARIZONA ST INDL DEV AUTH EDU R</name>
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        <name>MAIN STREET NATURAL GAS INC GA</name>
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        <name>ARIZONA ST INDL DEV AUTH EDU R</name>
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        <name>N TX TOLLWAY AUTH REVENUE</name>
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        <title>North Texas Tollway Authority</title>
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        <name>KENTUCKY ST PUBLIC ENERGY AUTH</name>
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        <name>NORTH CAROLINA ST MED CARE COM</name>
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        <title>North Carolina Medical Care Commission</title>
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          <isin value="US13049SCG75"/>
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          <maturityDt>2025-08-15</maturityDt>
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          <annualizedRt>1.40000000</annualizedRt>
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        <name>FORT BEND TX INDEP SCH DIST</name>
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        <name>TULSA CNTY OK INDL AUTH EDUCTN</name>
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        <name>LOWER AL GAS DIST GAS PROJ REV</name>
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          <isin value="US547804AM69"/>
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        <name>EPPERSON N CDD FL CAPITAL IMPT</name>
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        <name>WILLIAMSON CNTY TX MUNI UTILIT</name>
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        <balance>760000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>753117.74000000</valUSD>
        <pctVal>0.168357803696</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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>605155BQ2</cusip>
        <identifiers>
          <isin value="US605155BQ24"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1500000.00000000</valUSD>
        <pctVal>0.335321679641</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.70000000</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>WESTSIDE HAINES CITY CDD SPL A</name>
        <lei>N/A</lei>
        <title>Westside Haines City Community Development District</title>
        <cusip>96150AAA1</cusip>
        <identifiers>
          <isin value="US96150AAA16"/>
        </identifiers>
        <balance>130000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>127946.12000000</valUSD>
        <pctVal>0.028602071907</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>2.50000000</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>NEVADA ST HSG DIV</name>
        <lei>549300RE377OK3CTT852</lei>
        <title>Nevada Housing Division</title>
        <cusip>641272HR3</cusip>
        <identifiers>
          <isin value="US641272HR38"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2066102.00000000</valUSD>
        <pctVal>0.461872528633</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Variable</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>COLORADO ST HLTH FACS AUTH REV</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
        <title>Colorado Health Facilities Authority</title>
        <cusip>19648A2X2</cusip>
        <identifiers>
          <isin value="US19648A2X21"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1001140.90000000</valUSD>
        <pctVal>0.223802832097</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-01</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>CLARK CNTY NV SCH DIST</name>
        <lei>N/A</lei>
        <title>Clark County School District</title>
        <cusip>181059D86</cusip>
        <identifiers>
          <isin value="US181059D867"/>
        </identifiers>
        <balance>120000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>125851.15000000</valUSD>
        <pctVal>0.028133746001</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</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>COLORADO ST EDUCTNL &amp; CULTURAL</name>
        <lei>549300BJRX2FHSSZP042</lei>
        <title>Colorado Educational &amp; Cultural Facilities Authority</title>
        <cusip>19645RB75</cusip>
        <identifiers>
          <isin value="US19645RB755"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>502063.15000000</valUSD>
        <pctVal>0.112235105829</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-15</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>TRAVIS CNTY TX HSG FIN CORP MF</name>
        <lei>N/A</lei>
        <title>Travis County Housing Finance Corp</title>
        <cusip>89438UBP2</cusip>
        <identifiers>
          <isin value="US89438UBP21"/>
        </identifiers>
        <balance>875000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>874330.89000000</valUSD>
        <pctVal>0.195454735064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.75000000</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>RALEIGH DURHAM NC ARPT AUTH AR</name>
        <lei>N/A</lei>
        <title>Raleigh Durham Airport Authority</title>
        <cusip>751073LX3</cusip>
        <identifiers>
          <isin value="US751073LX32"/>
        </identifiers>
        <balance>170000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>178566.39000000</valUSD>
        <pctVal>0.039918121214</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>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>ROCKWALL CNTY TX MUNI UTIL DIS</name>
        <lei>N/A</lei>
        <title>Rockwall County Municipal Utility District No 8</title>
        <cusip>77427LFK7</cusip>
        <identifiers>
          <isin value="US77427LFK70"/>
        </identifiers>
        <balance>310000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>341948.57000000</valUSD>
        <pctVal>0.076441845895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-01</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>
    </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>
