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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>ALLEN CNTY OHIO HOSP FACS REV</name>
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        <name>ALLENTOWN PA NEIGHBORHOOD IMPT ZONE DEV AUTH TAX REV</name>
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        <name>ANCHORAGE ALASKA PORT REV</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>BROWARD CNTY FLA TOURIST DEV TAX REV</name>
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        <name>CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
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          <isin value="US13048V5L84"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA MUN FIN AUTH REV</name>
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          <isin value="US13048V7M40"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA MUN FIN AUTH MUN CTFS</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA PUB FIN AUTH SR LIVING REV</name>
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          <isin value="US13057GBB41"/>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA SCH FIN AUTH CHARTER SCH REV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CAPE CORAL FLA WTR &amp; SWR REV</name>
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        <name>EP ESSENTIAL HSG WF PCF TEX RESIDENTIAL DEV REV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FLINT MICH HOSP BLDG AUTH REV</name>
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      <invstOrSec>
        <name>HILLSBOROUGH CNTY FLA SOLID WASTE &amp; RES RECOVERY REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HOUSTON TEX ARPT SYS REV</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HOUSTON TEX HOTEL OCCUPANCY TAX &amp; SPL REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HOWARD CNTY MD HSG COMMN REV</name>
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          <isin value="US442577DZ29"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HUNTSVILLE ALA HEALTH CARE AUTH</name>
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          <isin value="US44706HDS31"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>HUNTSVILLE ALA HEALTH CARE AUTH</name>
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          <isin value="US44706HDT14"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HUNTSVILLE-RANDOLPH SCH ALA EDL BLDG AUTH LEASE REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>IDAHO HEALTH FACS AUTH REV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>IDAHO HEALTH FACS AUTH REV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>IDAHO HSG &amp; FIN ASSN</name>
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        <fairValLevel>2</fairValLevel>
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        <name>IDAHO HSG &amp; FIN ASSN SINGLE FAMILY MTG REV</name>
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        <name>ILLINOIS FIN AUTH ACADEMIC FACS LEASE REV</name>
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        <name>ILLINOIS EDL FACS AUTH REVS</name>
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        <name>ILLINOIS EDL FACS AUTH REVS</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>ILLINOIS FIN AUTH HEALTH SVCS FAC LEASE REV</name>
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        <name>ILLINOIS HSG DEV AUTH REV</name>
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      <invstOrSec>
        <name>ILLINOIS ST TOLL HWY AUTH TOLL HIGHWAY REV</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>INDIANA FIN AUTH EDL FACS REV</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>KANSAS CITY MO INDL DEV AUTH ARPT SPL OBLIG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>KNOX CNTY TENN HEALTH EDL &amp; HSG FAC BRD STUDENT HSG REV</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>KNOX CNTY TENN HEALTH EDL &amp; HSG FAC BRD STUDENT HSG REV</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LANCASTER PA HIGHER ED AUTH REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LANCASTER PA MUN AUTH HEALTHCARE FACS REV</name>
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          <isin value="US514350AL19"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LAREDO TEX WTRWKS SWR SYS REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>METROPOLITAN TRANSN AUTH N Y REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>METROPOLITAN TRANSN AUTH N Y REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>METROPOLITAN WASH D C ARPTS AUTH DULLES TOLL RD REV</name>
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          <isin value="US592643CY49"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>METROPOLITAN WASH D C ARPTS AUTH DULLES TOLL RD REV</name>
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          <isin value="US592643CZ14"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>METROPOLITAN WASH D C ARPTS AUTH DULLES TOLL RD REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>METROPOLITAN WASH D C ARPTS AUTH ARPT SYS REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MIAMI DADE CNTY FLA EXPWY AUTH TOLL SYS REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>MIAMI-DADE CNTY FLA AVIATION REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>MIAMI-DADE CNTY FLA HSG FIN AUTH MULTIFAMILY HSG REV</name>
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        <name>MIAMI-DADE CNTY FLA WTR &amp; SWR REV</name>
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        <name>MIAMI-DADE CNTY FLA INDL DEV AUTH EDL FACS REV</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PHILADELPHIA PA HSG AUTH GTD REV</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PHILADELPHIA PA SCH DIST</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PHILADELPHIA PA SCH DIST</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PHILADELPHIA PA SCH DIST</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PHILADELPHIA PA SCH DIST</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PHILADELPHIA PA SCH DIST</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PHOENIX ARIZ INDL DEV AUTH LEASE REV</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SOUTHEASTERN OHIO PORT AUTH HOSP FACS REV</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SPOKANE CNTY WASH ARPT REV</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>STAMFORD CONN HSG AUTH REV</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>STATE PUB SCH BLDG AUTH PA LEASE REV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>STATE PUB SCH BLDG AUTH PA SCH REV</name>
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        <name>SUMMIT ACADEMY NORTH MICH PUB SCH ACADEMY REV</name>
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        <name>SUMMIT CNTY OHIO DEV FIN AUTH PKG SYS REV</name>
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        <name>TARRANT CNTY TEX CULTURAL ED FACS FIN CORP RETIREMENT FAC REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TENNESSEE ENERGY ACQUISITION CORP GAS REV</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
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      <invstOrSec>
        <name>TENNESSEE HSG DEV AGY RESIDENTIAL FIN PROG REV</name>
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          <isin value="US88046KQS86"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TERRE HAUTE IND SAN DIST REV</name>
        <lei>N/A</lei>
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          <isin value="US881100EG26"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TEXAS MUN GAS ACQUISTION &amp; SUPPLY CORP VI GAS SUPPLY REV</name>
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          <isin value="US88256FAV40"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>TEXAS MUN GAS ACQUISITION &amp; SUPPLY CORP III GAS SUPPLY REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>TEXAS MUN GAS ACQUISITION &amp; SUPPLY CORP V GAS SUPPLY REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TEXAS PRIVATE ACTIVITY BD SURFACE TRANSN CORP REV</name>
        <lei>N/A</lei>
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          <isin value="US882667BR86"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>TEXAS PRIVATE ACTIVITY BD SURFACE TRANSN CORP REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>TEXAS PRIVATE ACTIVITY BD SURFACE TRANSN CORP REV</name>
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        <name>TEXAS ST DEPT HSG &amp; CMNTY AFFAIRS RESIDENTIAL MTG REV</name>
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        <name>TOBACCO SETTLEMENT AUTH IOWA TOB SETTLEMENT REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>VIRGINIA ST HSG DEV AUTH</name>
        <lei>N/A</lei>
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          <isin value="US92812WWS96"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VIRGINIA ST HSG DEV AUTH COMWLTH MTG</name>
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          <isin value="US92812XFG25"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VIRGINIA ST HSG DEV AUTH COMWLTH MTG</name>
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          <isin value="US92812XGL01"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>VOLO VLG ILL SPL SVC AREA NO 3 &amp; 6 SPL TAX</name>
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        <title>VOLO VILLAGE SPECIAL SERVICE AREA NO 3 6</title>
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          <isin value="US92870PAL22"/>
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        <valUSD>1209899.04000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WARD CNTY N D HEALTH CARE FAC REV</name>
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        <title>WARD CNTY ND HLTH CARE FACS REVENUE</title>
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          <isin value="US934023EU29"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WARREN CNTY OHIO HEALTH CARE FACS REV</name>
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        <title>COUNTY OF WARREN OH</title>
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          <isin value="US93515PEL76"/>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WASHINGTON D C CONVENTION &amp; SPORTS AUTH DEDICATED TAX REV</name>
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          <isin value="US93878LCL99"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>WASHINGTON D C CONVENTION &amp; SPORTS AUTH DEDICATED TAX REV</name>
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          <isin value="US93878LCM72"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>WASHINGTON D C CONVENTION &amp; SPORTS AUTH DEDICATED TAX REV</name>
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          <isin value="US93878LCN55"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>WASHINGTON ST HSG FIN COMMN NONPROFIT HSG REV</name>
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          <isin value="US9397833N47"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>WASHINGTON ST HSG FIN COMMN NONPROFIT HSG REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>WASHINGTON ST HSG FIN COMMN NONPROFIT HSG REV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WASHINGTON ST HEALTH CARE FACS AUTH REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>WASHINGTON ST HEALTH CARE FACS AUTH REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WASHINGTON ST HEALTH CARE FACS AUTH REV</name>
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        <balance>405000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>403541.66000000</valUSD>
        <pctVal>0.014896278381</pctVal>
        <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>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>97712JEC3</cusip>
        <identifiers>
          <isin value="US97712JEC36"/>
          <other otherDesc="Internal" value="97712JEC3"/>
        </identifiers>
        <balance>1460000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1377910.76000000</valUSD>
        <pctVal>0.050863998193</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WISCONSIN ST HEALTH &amp; EDL FACS AUTH REV</name>
        <lei>N/A</lei>
        <title>WISCONSIN HEALTH EDUCATIONAL FACILITIES AUTHORIT</title>
        <cusip>97712JLX9</cusip>
        <identifiers>
          <isin value="US97712JLX99"/>
          <other otherDesc="Internal" value="97712JLX9"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4945469.67000000</valUSD>
        <pctVal>0.182556351008</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</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>97712JSA2</cusip>
        <identifiers>
          <isin value="US97712JSA24"/>
          <other otherDesc="Internal" value="97712JSA2"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>996928.71000000</valUSD>
        <pctVal>0.036800481988</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</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>WYOMING CMNTY DEV AUTH HSG REV</name>
        <lei>N/A</lei>
        <title>WYOMING COMMUNITY DEVELOPMENT AUTHORITY</title>
        <cusip>98322QT23</cusip>
        <identifiers>
          <isin value="US98322QT239"/>
          <other otherDesc="Internal" value="98322QT23"/>
        </identifiers>
        <balance>1440000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1388103.33000000</valUSD>
        <pctVal>0.051240245245</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85000000</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>YAVAPAI CNTY ARIZ INDL DEV AUTH HOSP FAC REV</name>
        <lei>N/A</lei>
        <title>INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF</title>
        <cusip>985900EQ8</cusip>
        <identifiers>
          <isin value="US985900EQ82"/>
          <other otherDesc="Internal" value="985900EQ8"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>943908.77000000</valUSD>
        <pctVal>0.034843311603</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly 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>2026-09-30</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>
</edgarSubmission>
