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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ARKANSAS DEV FIN AUTH HEALTH CARE REV</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>ARKANSAS ST DEV FIN AUTH SINGLE FAMILY MTG</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ARKANSAS ST DEV FIN AUTH ENVIRONMENTAL IMPT REV</name>
        <lei>N/A</lei>
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          <isin value="US04110FAC95"/>
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      <invstOrSec>
        <name>ASHLAND KY MED CTR REV</name>
        <lei>N/A</lei>
        <title>ASHLAND KY MED CENTER REVENUE</title>
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        <identifiers>
          <isin value="US044293BQ03"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>ASHLAND KY MED CTR REV</name>
        <lei>N/A</lei>
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          <isin value="US044293BS68"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AUSTIN TEX ARPT SYS REV</name>
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          <isin value="US052398KX18"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BALDWIN CNTY ALA INDL DEV AUTH SOLID WASTE DISP REV</name>
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          <isin value="US05786PAA12"/>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <securityLending>
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      <invstOrSec>
        <name>BERKS CNTY PA MUN AUTH REV</name>
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          <isin value="US084538JD01"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>BERKS CNTY PA MUN AUTH REV</name>
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        <name>BERKS CNTY PA MUN AUTH REV</name>
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        <name>BERKS CNTY PA MUN AUTH REV</name>
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        <name>BLACK BELT ENERGY GAS DIST ALA GAS SUPPLY REV</name>
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          <isin value="US09182NCC20"/>
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        <name>BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV</name>
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        <name>BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV</name>
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        <name>BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV</name>
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        <name>BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV</name>
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        <name>CALIFORNIA SCH FIN AUTH CHARTER SCH REV</name>
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        <name>CAPITAL TR AGY FLA EDL FACS REV</name>
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        <name>CAPITAL TR AUTH FLA EDL FACS LEASE REV</name>
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        <name>CARROLL CNTY KY POLLUTION CTL REV</name>
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        <name>CENTRAL PLAINS ENERGY PROJ NEB GAS PROJ REV</name>
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        <name>CHANDLER ARIZ INDL DEV AUTH INDL DEV REV</name>
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        <name>CHATOM ALA INDL DEV BRD GULF OPPORTUNITY ZONE</name>
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        <name>CHESTER CNTY PA INDL DEV AUTH REV</name>
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        <name>CHESTERTOWN MD ECONOMIC DEV PROJ REV</name>
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      <invstOrSec>
        <name>CHICAGO ILL BRD ED</name>
        <lei>N/A</lei>
        <title>CHICAGO IL BRD OF EDU</title>
        <cusip>167505XW1</cusip>
        <identifiers>
          <isin value="US167505XW10"/>
          <other otherDesc="Internal" value="167505XW1"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1025164.26000000</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>2031-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO ILL PK DIST</name>
        <lei>N/A</lei>
        <title>CHICAGO PARK DISTRICT</title>
        <cusip>167615F40</cusip>
        <identifiers>
          <isin value="US167615F406"/>
          <other otherDesc="Internal" value="167615F40"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>607922.70000000</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>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO ILL PK DIST</name>
        <lei>N/A</lei>
        <title>CHICAGO PARK DISTRICT</title>
        <cusip>167615F57</cusip>
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          <isin value="US167615F570"/>
          <other otherDesc="Internal" value="167615F57"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1035181.35000000</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>2028-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO ILL PK DIST</name>
        <lei>N/A</lei>
        <title>CHICAGO PARK DISTRICT</title>
        <cusip>167615F65</cusip>
        <identifiers>
          <isin value="US167615F653"/>
          <other otherDesc="Internal" value="167615F65"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1055732.04000000</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>2029-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO ILL PK DIST</name>
        <lei>N/A</lei>
        <title>CHICAGO PARK DISTRICT</title>
        <cusip>167615F73</cusip>
        <identifiers>
          <isin value="US167615F737"/>
          <other otherDesc="Internal" value="167615F73"/>
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        <balance>1305000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1400547.30000000</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>2030-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO ILL PK DIST</name>
        <lei>N/A</lei>
        <title>CHICAGO PARK DISTRICT</title>
        <cusip>167615F81</cusip>
        <identifiers>
          <isin value="US167615F810"/>
          <other otherDesc="Internal" value="167615F81"/>
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        <balance>2115000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2257956.13000000</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>2031-01-01</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>CHICAGO ILL PK DIST</name>
        <lei>N/A</lei>
        <title>CHICAGO PARK DISTRICT</title>
        <cusip>167615F99</cusip>
        <identifiers>
          <isin value="US167615F992"/>
          <other otherDesc="Internal" value="167615F99"/>
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        <balance>1750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1861917.11000000</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>2032-01-01</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>CHICAGO ILL PK DIST</name>
        <lei>N/A</lei>
        <title>CHICAGO PARK DISTRICT</title>
        <cusip>167615ZW6</cusip>
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          <isin value="US167615ZW64"/>
          <other otherDesc="Internal" value="167615ZW6"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>768440.09000000</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>2031-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO ILL SPL ASSMT</name>
        <lei>N/A</lei>
        <title>CITY OF CHICAGO IL SPECIAL ASSESSMENT REVENUE</title>
        <cusip>167686AH7</cusip>
        <identifiers>
          <isin value="US167686AH74"/>
          <other otherDesc="Internal" value="167686AH7"/>
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        <balance>205000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>203145.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.69000000</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>CHICAGO ILL SPL ASSMT</name>
        <lei>N/A</lei>
        <title>CITY OF CHICAGO IL SPECIAL ASSESSMENT REVENUE</title>
        <cusip>167686AJ3</cusip>
        <identifiers>
          <isin value="US167686AJ31"/>
          <other otherDesc="Internal" value="167686AJ3"/>
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        <balance>155000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>151367.94000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.87000000</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>CHICAGO ILL TRAN AUTH CAP GRNT RCPTS REV</name>
        <lei>N/A</lei>
        <title>CHICAGO TRANSIT AUTHORITY</title>
        <cusip>167723GP4</cusip>
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          <isin value="US167723GP40"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1000098.72000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-01</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>CHICAGO ILL WTR REV</name>
        <lei>N/A</lei>
        <title>CITY OF CHICAGO IL WATERWORKS REVENUE</title>
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          <isin value="US167736F699"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1009285.13000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO ILL WTR REV</name>
        <lei>N/A</lei>
        <title>CITY OF CHICAGO IL WATERWORKS REVENUE</title>
        <cusip>167736G35</cusip>
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          <isin value="US167736G358"/>
          <other otherDesc="Internal" value="167736G35"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2510627.75000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CLAIRTON PA MUN AUTH SWR REV</name>
        <lei>N/A</lei>
        <title>CLAIRTON MUNICIPAL AUTHORITY</title>
        <cusip>179630CW6</cusip>
        <identifiers>
          <isin value="US179630CW67"/>
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        <balance>705000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>718191.37000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>CLAIRTON PA MUN AUTH SWR REV</name>
        <lei>N/A</lei>
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          <isin value="US179630DC94"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>CLEVELAND-CUYAHOGA CNTY OHIO PORT AUTH LEASE REV</name>
        <lei>N/A</lei>
        <title>CLEVELAND CUYAHOGA COUNTY PORT AUTHORITY</title>
        <cusip>18610RCD4</cusip>
        <identifiers>
          <isin value="US18610RCD44"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>511671.22000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-01-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>COBB CNTY GA DEV AUTH SOLID WASTE DISP REV</name>
        <lei>N/A</lei>
        <title>COBB COUNTY GA DEV AUTH</title>
        <cusip>190784AB4</cusip>
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          <isin value="US190784AB40"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4750024.03000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>COLUMBUS CNTY N C INDL FACS &amp; POLLUTN CTL FING AUTH ENVIRONMENTAL IMPT REV</name>
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      <invstOrSec>
        <name>COMMONWEALTH FING AUTH PA TOB MASTER SETTLEMENT PMT REV</name>
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      <invstOrSec>
        <name>CONNECTICUT ST HEALTH &amp; EDL FACS AUTH REV</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>DALLAS FORT WORTH TEX INTL ARPT REV</name>
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          <isin value="US23503CFL63"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DELAWARE CNTY PA AUTH UNIV REV</name>
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        <name>DEUTSCHE BK SPEARS/LIFERS TR VAR STS</name>
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          <isin value="US25155W8E20"/>
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        <name>DEUTSCHE BK SPEARS/LIFERS TR VAR STS</name>
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        <name>DEUTSCHE BK SPEARS/LIFERS TR VAR STS</name>
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        <name>DEUTSCHE BK SPEARS/LIFERS TR VAR STS</name>
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        <name>DEUTSCHE BK SPEARS/LIFERS TR VAR STS</name>
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        <name>DIRECTOR ST NEV DEPT BUSINESS &amp; IND SOLID WASTE DISP REV</name>
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        <name>ENERGY SOUTHEAST ALA COOP DIST ENERGY SUPPLY REV</name>
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        <name>GEO L SMITH II GA WORLD CONGRESS CTR AUTH CONVENTION CTR HOTEL REV</name>
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        <name>HAMILTON CNTY OHIO HOSP FACS REV</name>
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        <name>HARRIS CNTY TEX CULTURAL ED FACS FIN CORP MED FACS REV</name>
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        <name>ILLINOIS FIN AUTH HEALTH SVCS FAC LEASE REV</name>
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      </invstOrSec>
      <invstOrSec>
        <name>ILLINOIS FIN AUTH HEALTH SVCS FAC LEASE REV</name>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>ILLINOIS SPORTS FACS AUTH</name>
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        <name>ILLINOIS SPORTS FACS AUTH</name>
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        <name>ILLINOIS SPORTS FACS AUTH</name>
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        <name>ILLINOIS SPORTS FACS AUTH</name>
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      <invstOrSec>
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        <name>INDIANA BD BK REV</name>
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        <name>INDIANA FIN AUTH HEALTH FAC REV</name>
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        <name>INDIANA ST FIN AUTH REV</name>
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        <name>LOUISVILLE &amp; JEFFERSON CNTY KY METRO GOVT HEALTH SYS REV</name>
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        <name>NORTH CAROLINA MED CARE COMMN RETIREMENT FACS REV</name>
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        <name>OHIO CNTY W VA CNTY COMMN SPL DIST EXCISE TAX REV</name>
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        <name>OHIO ST AIR QUALITY DEV AUTH REV</name>
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        <name>SIERRA VIEW LOC HEALTH CARE DIST CALIF REV</name>
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      </invstOrSec>
      <invstOrSec>
        <name>SOUTHEAST ENERGY AUTH COOP DIST ALA ENERGY SUPPLY REV</name>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>SOUTHEAST ENERGY AUTH COOP DIST ALA ENERGY SUPPLY REV</name>
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          <isin value="US84136HAS22"/>
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      <invstOrSec>
        <name>SOUTHEAST ENERGY AUTH COOP DIST ALA ENERGY SUPPLY REV</name>
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          <isin value="US84136HAU77"/>
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      <invstOrSec>
        <name>SOUTHEAST ENERGY AUTH COOP DIST ALA ENERGY SUPPLY REV</name>
        <lei>N/A</lei>
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          <isin value="US84136HAX17"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SOUTHEAST ENERGY AUTH COOP DIST ALA ENERGY SUPPLY REV</name>
        <lei>N/A</lei>
        <title>SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT</title>
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          <isin value="US84136HBC60"/>
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        <balance>2500000.00000000</balance>
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        <valUSD>2546975.71000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SOUTHEAST ENERGY AUTH COOP DIST ALA ENERGY SUPPLY REV</name>
        <lei>N/A</lei>
        <title>SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT</title>
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          <isin value="US84136HBT95"/>
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        <valUSD>10301511.20000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SOUTHERN CALIF PUB PWR AUTH REV</name>
        <lei>N/A</lei>
        <title>SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY</title>
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          <isin value="US84247PMY42"/>
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        <curCd>USD</curCd>
        <valUSD>235695.88000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SOUTHLANDS MET DIST NO 1 COLO</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>STAMFORD CONN HSG AUTH REV</name>
        <lei>N/A</lei>
        <title>STAMFORD HOUSING AUTHORITY</title>
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        <name>SUMMIT ACADEMY NORTH MICH PUB SCH ACADEMY REV</name>
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        <name>SUMMIT ACADEMY NORTH MICH PUB SCH ACADEMY REV</name>
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        <name>TANGIPAHOA PARISH LA HOSP SVC DIST NO 1 HOSP REV</name>
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        <name>TEMPE ARIZ INDL DEV AUTH REV</name>
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        <name>TEMPE ARIZ INDL DEV AUTH REV</name>
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        <name>VERMONT EDL &amp; HEALTH BLDGS FING AGY REV</name>
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        <balance>320000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>319890.11000000</valUSD>
        <pctVal>0.051499638069</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WISCONSIN ST HEALTH &amp; EDL FACS AUTH REV</name>
        <lei>N/A</lei>
        <title>WISCONSIN HEALTH EDUCATIONAL FACILITIES AUTHORIT</title>
        <cusip>97712JCE1</cusip>
        <identifiers>
          <isin value="US97712JCE10"/>
          <other otherDesc="Internal" value="97712JCE1"/>
        </identifiers>
        <balance>315000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>312460.62000000</valUSD>
        <pctVal>0.050303552182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WISE CNTY TEX LEASE REV</name>
        <lei>N/A</lei>
        <title>COUNTY OF WISE TX</title>
        <cusip>977195AZ9</cusip>
        <identifiers>
          <isin value="US977195AZ94"/>
          <other otherDesc="Internal" value="977195AZ9"/>
        </identifiers>
        <balance>880000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>911336.57000000</valUSD>
        <pctVal>0.146717582218</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</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>WISE CNTY TEX LEASE REV</name>
        <lei>N/A</lei>
        <title>COUNTY OF WISE TX</title>
        <cusip>977195BB1</cusip>
        <identifiers>
          <isin value="US977195BB18"/>
          <other otherDesc="Internal" value="977195BB1"/>
        </identifiers>
        <balance>680000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>712984.35000000</valUSD>
        <pctVal>0.114784530145</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-15</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>WISE CNTY TEX LEASE REV</name>
        <lei>N/A</lei>
        <title>COUNTY OF WISE TX</title>
        <cusip>977195BC9</cusip>
        <identifiers>
          <isin value="US977195BC90"/>
          <other otherDesc="Internal" value="977195BC9"/>
        </identifiers>
        <balance>450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>471642.96000000</valUSD>
        <pctVal>0.075930580467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-15</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>WISE CNTY TEX LEASE REV</name>
        <lei>N/A</lei>
        <title>COUNTY OF WISE TX</title>
        <cusip>977195BD7</cusip>
        <identifiers>
          <isin value="US977195BD73"/>
          <other otherDesc="Internal" value="977195BD7"/>
        </identifiers>
        <balance>930000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>970357.99000000</valUSD>
        <pctVal>0.156219538276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-15</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly total returns reported under item B.5.a do not include any sales or redemption charges, as applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios III</ncom:nameOfApplicant>
      <ncom:signature>Carol D. Trevino</ncom:signature>
      <ncom:signerName>Carol D. Trevino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
