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        <name>BUFFALO &amp; ERIE CNTY N Y INDL LD DEV CORP REV</name>
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        <name>METROPOLITAN TRANSN AUTH N Y REV</name>
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          <isin value="US267045FF42"/>
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        <name>NEW YORK N Y CITY HSG DEV CORP MULTIFAMILY HSG REV</name>
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          <isin value="US64972C8V88"/>
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          <maturityDt>2041-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>NEW YORK LIBERTY DEV CORP LIBERTY REV</name>
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        <debtSec>
          <maturityDt>2044-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of New York</name>
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          <maturityDt>2047-10-01</maturityDt>
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        <name>WESTCHESTER CNTY N Y LOC DEV CORP REV</name>
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        <name>MONROE CNTY N Y INDL DEV CORP CHARTER SCH REV</name>
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        <name>METROPOLITAN TRANSN AUTH N Y REV</name>
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        <name>NEW YORK ST TWY AUTH GEN REV JR INDBT OBLIGS</name>
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        <name>NEW YORK ST HSG FIN AGY REV</name>
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        <name>WESTCHESTER CNTY N Y HEALTH CARE CORP REV</name>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT</name>
        <lei>N/A</lei>
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          <isin value="US64990CJC64"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ALBANY CNTY N Y ARPT AUTH ARPT REV</name>
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          <isin value="US012123LE32"/>
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        <curCd>USD</curCd>
        <valUSD>1039832.08000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-12-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>DEUTSCHE BK SPEARS/LIFERS TR VAR STS</name>
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        <title>DEUTSCHE BANK SPEARS LIFERS TRUST</title>
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          <isin value="US25155W8E20"/>
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        <curCd>USD</curCd>
        <valUSD>299412.00000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-08-01</maturityDt>
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      <invstOrSec>
        <name>NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT</name>
        <lei>N/A</lei>
        <title>NEW YORK STATE DORMITORY AUTHORITY</title>
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          <isin value="US65000BN953"/>
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        <curCd>USD</curCd>
        <valUSD>1075755.46000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>TRIBOROUGH BRDG &amp; TUNL AUTH N Y REVS</name>
        <lei>N/A</lei>
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          <isin value="US89602RHS76"/>
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        <curCd>USD</curCd>
        <valUSD>2992450.11000000</valUSD>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>BUILD NYC RESOURCE CORP N Y REV</name>
        <lei>N/A</lei>
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          <isin value="US12008ETA46"/>
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        <curCd>USD</curCd>
        <valUSD>506551.52000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>TOMPKINS CNTY DEV CORP CONTINUING CARE RETIREMENT REV</name>
        <lei>N/A</lei>
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          <isin value="US890090AM58"/>
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        <valUSD>1374924.79000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT</name>
        <lei>N/A</lei>
        <title>NEW YORK STATE DORMITORY AUTHORITY</title>
        <cusip>64990GZR6</cusip>
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          <isin value="US64990GZR63"/>
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        <balance>500000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>GENESEE CNTY N Y FDG CORP REV</name>
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          <isin value="US371669AW25"/>
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        <valUSD>792878.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>ONONDAGA N Y CIVIC DEV CORP REV</name>
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        <title>ONONDAGA CIVIC DEVELOPMENT CORP</title>
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          <isin value="US682832DU18"/>
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        <valUSD>904309.84000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>TRIBOROUGH BRDG &amp; TUNL AUTH N Y REVS</name>
        <lei>N/A</lei>
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        <cusip>89602NA20</cusip>
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          <isin value="US89602NA208"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>774132.84000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-15</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>ST LAWRENCE CNTY N Y INDL DEV AGY CIVIC DEV CORP REV</name>
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          <isin value="US791078CK21"/>
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        <name>NEW YORK ST TWY AUTH GEN REV JR INDBT OBLIGS</name>
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        <name>ALBANY N Y CAP RESOURCE CORP REV</name>
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          <isin value="US012432DG28"/>
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        <name>NEW YORK ST MTG AGY HOMEOWNER MTG REV</name>
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          <isin value="US6498834X01"/>
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      <invstOrSec>
        <name>BUILD NYC RESOURCE CORP N Y REV</name>
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          <maturityDt>2047-11-01</maturityDt>
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      <invstOrSec>
        <name>ONEIDA CNTY N Y LOC DEV CORP REV</name>
        <lei>N/A</lei>
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        <balance>750000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
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        <name>City of New York</name>
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      <invstOrSec>
        <name>BUILD NYC RESOURCE CORP N Y REV</name>
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      <invstOrSec>
        <name>BROOKHAVEN N Y LOC DEV CORP REV</name>
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          <isin value="US113168BF43"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-10-01</maturityDt>
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      <invstOrSec>
        <name>NEW YORK ST DORM AUTH ST PERS INCOME TAX REV</name>
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          <isin value="US64990FX667"/>
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      <invstOrSec>
        <name>BUILD NYC RESOURCE CORP N Y REV</name>
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          <isin value="US12008EQN93"/>
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        <name>BUILD NYC RESOURCE CORP N Y REV</name>
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      <invstOrSec>
        <name>MONROE CNTY N Y INDL DEV CORP REV</name>
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          <isin value="US61075TWQ74"/>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-12-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>BUSHNELL BASIN FIRE ASSN INC N Y VOLUNTEER FIRE DEPT REV</name>
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          <isin value="US123201AC94"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-01</maturityDt>
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        <name>NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT</name>
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        <name>NASSAU CNTY N Y LOC ECONOMIC ASSISTANCE CORP EDL REV</name>
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        <name>DUTCHESS CNTY N Y LOC DEV CORP REV</name>
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        <name>NEW YORK CONVENTION CTR DEV CORP N Y REV</name>
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        <name>BUILD NYC RESOURCE CORP N Y REV</name>
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        <name>JEFFERSON CNTY N Y CIVIC FAC DEV CORP REV</name>
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        <name>NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT</name>
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        <name>MONROE CNTY N Y INDL DEV CORP REV</name>
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        <name>METROPOLITAN TRANSN AUTH N Y REV</name>
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        <name>NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT</name>
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      <invstOrSec>
        <name>MOUNT VERNON N Y CITY SCH DIST</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-06-30</maturityDt>
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        <name>NEW YORK N Y CITY TRANSITIONAL FIN AUTH BLDG AID REV</name>
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          <isin value="US64972HS786"/>
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        <valUSD>2028172.14000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-07-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>BUILD NYC RESOURCE CORP N Y REV</name>
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          <isin value="US12008EUH79"/>
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        <name>ELMIRA CITY N Y</name>
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        <name>BUILD NYC RESOURCE CORP N Y REV</name>
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        <name>ONONDAGA N Y CIVIC DEV CORP REV</name>
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          <isin value="US682832ET36"/>
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        <valUSD>1115589.45000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>MONROE CNTY N Y INDL DEV CORP REV</name>
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          <isin value="US61075TRT78"/>
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        <valUSD>1512577.17000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>TSASC INC N Y</name>
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        <valUSD>1017033.16000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>NEW YORK N Y CITY TR CULTURAL RES REV</name>
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        <name>WESTCHESTER CNTY N Y LOC DEV CORP REV</name>
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          <isin value="US95737TEJ16"/>
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        <name>NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT</name>
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        <name>NEW YORK ST DORM AUTH REVS</name>
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        <name>NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT</name>
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        <name>SUFFOLK CNTY N Y ECONOMIC DEV CORP REV</name>
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        <name>NEW YORK CONVENTION CTR DEV CORP N Y REV</name>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK ST DORM AUTH REVS</name>
        <lei>N/A</lei>
        <title>NEW YORK STATE DORMITORY AUTHORITY</title>
        <cusip>64983XWC4</cusip>
        <identifiers>
          <isin value="US64983XWC46"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2384026.18000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HEMPSTEAD TOWN N Y LOC DEV CORP REV</name>
        <lei>N/A</lei>
        <title>HEMPSTEAD TOWN LOCAL DEVELOPMENT CORP</title>
        <cusip>424682JU7</cusip>
        <identifiers>
          <isin value="US424682JU77"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>306041.47000000</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>2048-07-01</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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ST LAWRENCE CNTY N Y INDL DEV AGY CIVIC DEV CORP REV</name>
        <lei>N/A</lei>
        <title>ST LAWRENCE COUNTY INDUSTRIAL DEVELOPMENT AGENCY</title>
        <cusip>791078EX2</cusip>
        <identifiers>
          <isin value="US791078EX24"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1082396.01000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WESTCHESTER CNTY N Y LOC DEV CORP REV</name>
        <lei>N/A</lei>
        <title>WESTCHESTER COUNTY LOCAL DEVELOPMENT CORP</title>
        <cusip>95737TCD6</cusip>
        <identifiers>
          <isin value="US95737TCD63"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>976503.45000000</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>2046-11-01</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>DUTCHESS CNTY N Y LOC DEV CORP REV</name>
        <lei>N/A</lei>
        <title>DUTCHESS COUNTY LOCAL DEVELOPMENT CORP</title>
        <cusip>267045HV7</cusip>
        <identifiers>
          <isin value="US267045HV73"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>607484.99000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</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>BUFFALO &amp; ERIE CNTY N Y INDL LD DEV CORP REV</name>
        <lei>N/A</lei>
        <title>BUFFALO ERIE COUNTY INDUSTRIAL LAND DEVELOPMENT</title>
        <cusip>11943KDD1</cusip>
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          <isin value="US11943KDD19"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>997971.19000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-08-01</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>NEW YORK ST PWR AUTH GREEN TRANSMISSION PROJ REV</name>
        <lei>N/A</lei>
        <title>NEW YORK POWER AUTHORITY</title>
        <cusip>65000XBU3</cusip>
        <identifiers>
          <isin value="US65000XBU37"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>273595.83000000</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>2053-11-15</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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK ST DORM AUTH ST PERS INCOME TAX REV</name>
        <lei>N/A</lei>
        <title>NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVEN</title>
        <cusip>64990KBP7</cusip>
        <identifiers>
          <isin value="US64990KBP75"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1492551.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT</name>
        <lei>N/A</lei>
        <title>NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DE</title>
        <cusip>64990G4Y5</cusip>
        <identifiers>
          <isin value="US64990G4Y58"/>
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        <balance>725000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>686226.51000000</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>2051-07-01</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>BUILD NYC RESOURCE CORP N Y REV</name>
        <lei>N/A</lei>
        <title>BUILD NYC RESOURCE CORP</title>
        <cusip>12008EPG5</cusip>
        <identifiers>
          <isin value="US12008EPG51"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1997969.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW YORK CONVENTION CTR DEV CORP N Y REV</name>
        <lei>N/A</lei>
        <title>NEW YORK CONVENTION CENTER DEVELOPMENT CORP</title>
        <cusip>649451GB1</cusip>
        <identifiers>
          <isin value="US649451GB17"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>568269.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTUR</title>
        <cusip>64971X4E5</cusip>
        <identifiers>
          <isin value="US64971X4E57"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2181196.28000000</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>2046-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>BROOKHAVEN N Y LOC DEV CORP REV</name>
        <lei>N/A</lei>
        <title>BROOKHAVEN NY LOCAL DEV CORP REVENUE</title>
        <cusip>113168BL1</cusip>
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          <isin value="US113168BL11"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-11-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>METROPOLITAN TRANSN AUTH N Y REV</name>
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        <title>MET TRANSPRTN AUTH NY REVENUE</title>
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          <isin value="US59261ACW53"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-11-15</maturityDt>
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      <invstOrSec>
        <name>NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT</name>
        <lei>N/A</lei>
        <title>NEW YORK STATE DORMITORY AUTHORITY</title>
        <cusip>65000BMZ8</cusip>
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          <isin value="US65000BMZ84"/>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT</name>
        <lei>N/A</lei>
        <title>NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED</title>
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          <isin value="US65000BJX73"/>
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        <valUSD>589915.38000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ALLEGANY CNTY N Y CAP RESOURCE CORP REV</name>
        <lei>N/A</lei>
        <title>ALLEGANY COUNTY CAPITAL RESOURCE CORP</title>
        <cusip>017095AH3</cusip>
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          <isin value="US017095AH35"/>
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        <valUSD>877509.08000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ONONDAGA CNTY N Y TR CULTURAL RES REV</name>
        <lei>N/A</lei>
        <title>ONONDAGA COUNTY TRUST FOR CULTURAL RESOURCES</title>
        <cusip>68276FDH0</cusip>
        <identifiers>
          <isin value="US68276FDH01"/>
        </identifiers>
        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>816577.76000000</valUSD>
        <pctVal>0.666630563902</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-05-01</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>
    </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>2024-12-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios III</ncom:nameOfApplicant>
      <ncom:signature>Carol Trevino</ncom:signature>
      <ncom:signerName>Carol Trevino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
