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      <invstOrSec>
        <name>CALIFORNIA STATE</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</name>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>CENTRAL PLAINS ENERGY PROJECT</name>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2042-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHICAGO BOARD OF EDUCATION</name>
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        <cusip>167505PL4</cusip>
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          <isin value="US167505PL47"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHICAGO OHARE INTERNATIONAL AIRPORT</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US167593M583"/>
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        <balance>3500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4017720.000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CITY &amp; COUNTY OF DENVER CO</name>
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        <cusip>249183UD4</cusip>
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          <isin value="US249183UD45"/>
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        <balance>4000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4000000.000000</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>2029-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.5</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>
        <name>CITY OF AUSTIN TX ELECTRIC UTILITY REVENUE</name>
        <lei>N/A</lei>
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        <cusip>052414SR1</cusip>
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          <isin value="US052414SR18"/>
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        <balance>1585000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1995245.550000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>
        <name>CITY OF CAPE CORAL FL WATER &amp; SEWER REVENUE</name>
        <lei>N/A</lei>
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        <cusip>139372PD2</cusip>
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          <isin value="US139372PD20"/>
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        <balance>3000000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3170970.000000</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>2041-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CITY OF CHICAGO</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
        <title>CHICAGO IL CHI 01/29 FIXED OID 5.375</title>
        <cusip>167486WM7</cusip>
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        <curCd>USD</curCd>
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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>5.375</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CITY OF CHICAGO</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
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        <assetCat>DBT</assetCat>
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        <name>CITY OF CHICAGO</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
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        <assetCat>DBT</assetCat>
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        <name>CITY OF CHICAGO</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
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          <couponKind>Fixed</couponKind>
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        <name>CITY OF CHICAGO</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
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        <name>CITY OF CHICAGO</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>CITY OF CHICAGO IL WATERWORKS REVENUE</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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      <invstOrSec>
        <name>CITY OF DALLAS TEXAS</name>
        <lei>N/A</lei>
        <title>DALLAS TX CIVIC CTR CONVENTION DALFAC 08/38 FIXED OID 5.25</title>
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          <isin value="US235258KF69"/>
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        <curCd>USD</curCd>
        <valUSD>1303926.000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>CITY OF HOUSTON TX COMBINED UTILITY SYSTEM REVENUE</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US44244CXG76"/>
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        <balance>1500000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1714035.000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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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        <name>CITY OF NORTH MIAMI BEACH FL WATER REVENUE</name>
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      <invstOrSec>
        <name>CITY OF RENO NV</name>
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        <name>CLAIBORNE COUNTY INDUSTRIAL DE</name>
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        <name>CLIFTON HIGHER EDUCATION FINAN</name>
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        <name>COUNTY OF JEFFERSON AL SEWER REVENUE</name>
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      <invstOrSec>
        <name>COUNTY OF MIAMI-DADE FL TRANSIT SYSTEM</name>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>COUNTY OF UTAH UT</name>
        <lei>N/A</lei>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>COUNTY OF WISE TX</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>DISTRICT OF COLUMBIA</name>
        <lei>549300HWFOZXPKGOX654</lei>
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        <curCd>USD</curCd>
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      <invstOrSec>
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        <lei>549300HWFOZXPKGOX654</lei>
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      <invstOrSec>
        <name>DISTRICT OF COLUMBIA WATER &amp; SEWER AUTHORITY</name>
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        <name>GREATER ORLANDO AVIATION AUTHORITY</name>
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        <issuerCat>MUN</issuerCat>
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        <securityLending>
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      <invstOrSec>
        <name>MASSACHUSETTS DEVELOPMENT FINANCE AGENCY</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>MASSACHUSETTS HOUSING FINANCE AGENCY</name>
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        <payoffProfile>Long</payoffProfile>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MASSACHUSETTS SCHOOL BUILDING AUTHORITY</name>
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          <isin value="US576000WE98"/>
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        <curCd>USD</curCd>
        <valUSD>3677070.000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2048-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>MASSACHUSETTS STATE</name>
        <lei>5493001N1YCXNI1O7K10</lei>
        <title>MASSACHUSETTS ST MAS 05/40 FIXED 4</title>
        <cusip>57582RSK3</cusip>
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          <isin value="US57582RSK31"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <maturityDt>2040-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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      <invstOrSec>
        <name>MASSACHUSETTS STATE</name>
        <lei>5493001N1YCXNI1O7K10</lei>
        <title>MASSACHUSETTS ST MAS 05/46 FIXED 5</title>
        <cusip>57582RWY8</cusip>
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          <isin value="US57582RWY88"/>
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        <curCd>USD</curCd>
        <valUSD>3702090.000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
          <maturityDt>2046-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>METROPOLITAN PIER &amp; EXPOSITION</name>
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        <title>MET PIER   EXPOSITION AUTH IL MPNFAC 06/45 ZEROCPNOID 0</title>
        <cusip>592248BC1</cusip>
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          <isin value="US592248BC11"/>
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        <balance>6500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2585635.000000</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>2045-06-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>METROPOLITAN PIER &amp; EXPOSITION</name>
        <lei>254900I3VDCQ58UGBR15</lei>
        <title>MET PIER   EXPOSITION AUTH IL MPNFAC 12/51 ZEROCPNOID 0</title>
        <cusip>592250AR5</cusip>
        <identifiers>
          <isin value="US592250AR51"/>
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        <balance>2500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>667450.000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2051-12-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>METROPOLITAN TRANSPORTATION AUTHORITY</name>
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        <title>MET TRANSPRTN AUTH NY REVENUE MTATRN 11/36 FIXED 5</title>
        <cusip>59259YLX5</cusip>
        <identifiers>
          <isin value="US59259YLX57"/>
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        <balance>3000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3189240.000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
          <maturityDt>2036-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>METROPOLITAN TRANSPORTATION AUTHORITY</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>MET TRANSPRTN AUTH NY REVENUE MTATRN 11/42 FIXED 4</title>
        <cusip>59261ATJ6</cusip>
        <identifiers>
          <isin value="US59261ATJ69"/>
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        <balance>5500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5635300.000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2042-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>METROPOLITAN TRANSPORTATION AUTHORITY</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>MET TRANSPRTN AUTH NY REVENUE MTATRN 11/47 FIXED 4</title>
        <cusip>59261AZX8</cusip>
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        <balance>3000000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3129600.000000</valUSD>
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        <assetCat>DBT</assetCat>
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          <maturityDt>2047-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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        <name>METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES TOLL ROAD REVENUE</name>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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          <couponKind>Fixed</couponKind>
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        <name>MIAMI-DADE CNTY EDUCATIONAL REV</name>
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        <curCd>USD</curCd>
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        <name>MICHIGAN FINANCE AUTHORITY</name>
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      <invstOrSec>
        <name>MICHIGAN STATE UNIVERSITY</name>
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        <assetCat>DBT</assetCat>
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      <invstOrSec>
        <name>S JERSEY TRANSN</name>
        <lei>N/A</lei>
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        <name>SALT VERDE FINANCIAL CORPORATION</name>
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        <curCd>USD</curCd>
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          <annualizedRt>5</annualizedRt>
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        <name>SAN MARCOS UNIFIED SCHOOL DISTRICT</name>
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        <assetCat>DBT</assetCat>
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          <couponKind>Fixed</couponKind>
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        <name>SOUTH CAROLINA PUBLIC SERVICES AUTHORITY (AKA: SANTEE COOPER)</name>
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      <invstOrSec>
        <name>SOUTH CAROLINA PUBLIC SERVICES AUTHORITY (AKA: SANTEE COOPER)</name>
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        <name>SOUTH CAROLINA STATE PORTS AUTHORITY</name>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>STATE OF ALABAMA DOCKS DEPARTMENT</name>
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        <issuerCat>MUN</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>STATE OF LOUISIANA GASOLINE &amp; FUELS TAX REVENUE</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>TARRANT COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORPORATION</name>
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        <curCd>USD</curCd>
        <valUSD>527640.000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75</annualizedRt>
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        <name>TENDER OPTION BOND TRUST RECEIPTS/CERTIFICATES</name>
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        <balance>750000.000000</balance>
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        <name>TENDER OPTION BOND TRUST RECEIPTS/CERTIFICATES</name>
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        <name>TEXAS MUNICIPAL GAS ACQUISITION AND SUPPLY CORPORATION I</name>
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        <name>THE ATLANTA DEVELOPMENT AUTHORITY</name>
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        <name>THE METROPOLITAN NASHVILLE AIRPORT AUTHORITY</name>
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        <name>THE MORONGO BAND OF MISSION INDIANS</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>TOBACCO SETTLEMENT FINANCING CORPORATION</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>UNIVERSITY KANSAS HOSP AUTH</name>
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      <invstOrSec>
        <name>UNIVERSITY OF MASSACHUSETTS BUILDING AUTHORITY</name>
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        <name>UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL</name>
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        <name>UNIVERSITY OF NORTH TEXAS SYSTEM</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WEST VIRGINIA STATE</name>
        <lei>N/A</lei>
        <title>WEST VIRGINIA ST WVS 12/41 FIXED 5</title>
        <cusip>956553J44</cusip>
        <identifiers>
          <isin value="US956553J448"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1249420.000000</valUSD>
        <pctVal>0.3606537</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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 HEALTH AND EDUCATIONAL FACILITIES AUTHORITY</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>WI HLTH &amp; EDU FAC-REF</title>
        <cusip>97712DE69</cusip>
        <identifiers>
          <isin value="US97712DE695"/>
        </identifiers>
        <balance>2000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2237500.000000</valUSD>
        <pctVal>0.6458698</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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 HEALTH AND EDUCATIONAL FACILITIES AUTHORITY</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>WISCONSIN ST HLTH   EDUCTNL FA WISMED 04/39 FIXED OID 5.625</title>
        <cusip>97710BRZ7</cusip>
        <identifiers>
          <isin value="US97710BRZ75"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1001640.000000</valUSD>
        <pctVal>0.2891303</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.625</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 HEALTH AND EDUCATIONAL FACILITIES AUTHORITY</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>WISCONSIN ST HLTH   EDUCTNL FA WISMED 04/44 FIXED 5</title>
        <cusip>97712DU20</cusip>
        <identifiers>
          <isin value="US97712DU204"/>
        </identifiers>
        <balance>2000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2414740.000000</valUSD>
        <pctVal>0.6970314</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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 HEALTH AND EDUCATIONAL FACILITIES AUTHORITY</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>WISCONSIN ST HLTH   EDUCTNL FA WISMED 11/46 FIXED 4</title>
        <cusip>97712DQW9</cusip>
        <identifiers>
          <isin value="US97712DQW91"/>
        </identifiers>
        <balance>1500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1590510.000000</valUSD>
        <pctVal>0.4591117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>AMERICAN MUNICIPAL POWER INC</name>
        <lei>EARKGGZJJEMVD66XQ486</lei>
        <title>AMERICAN MUNI PWR OHIO INC OH AMEPWR 02/42 FIXED 4</title>
        <cusip>02765UNR1</cusip>
        <identifiers>
          <isin value="US02765UNR13"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1100340.000000</valUSD>
        <pctVal>0.3176207</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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="A negative balance, which may be due to such circumstances as a net overdraft as of the reporting period-end, is reported as $0 in Item B.2.f - Cash and cash equivalents not reported in Parts C and D.  This is done in order to conform to the technical constraints of the XML type, which do not allow negative values in B.2.f." noteItem="B.2.f"/>
      <explntrNote note="Total returns do not deduct sales loads and redemption fees." noteItem="B.5.a"/>
      <explntrNote note="To the extent an instrument's maturity date, termination date, expiration date, or settlement date does not exist or is not available as of period end, and is required for reporting, the registrant will disclose 12/31/2500." noteItem="C.11.c.vi"/>
      <explntrNote note="To the extent an instrument's maturity date, termination date, expiration date, or settlement date does not exist or is not available as of period end, and is required for reporting, the registrant will disclose 12/31/2500." noteItem="C.11.d.iii"/>
      <explntrNote note="To the extent an instrument's maturity date, termination date, expiration date, or settlement date does not exist or is not available as of period end, and is required for reporting, the registrant will disclose 12/31/2500." noteItem="C.11.e.iii"/>
      <explntrNote note="To the extent an instrument's maturity date, termination date, expiration date, or settlement date does not exist or is not available as of period end, and is required for reporting, the registrant will disclose 12/31/2500." noteItem="C.11.f.ii"/>
      <explntrNote note="The form requires the filer to report ISO country codes and certain supranational entities are not on the ISO country code list.  Instruments issued by or economic exposure to a supranational entity may be disclosed as N/A." noteItem="C.5.a"/>

    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-05-04</ncom:dateSigned>
      <ncom:nameOfApplicant>PIMCO Municipal Income Fund III</ncom:nameOfApplicant>
      <ncom:signature>/s/ Jason Nagler</ncom:signature>
      <ncom:signerName>Jason Nagler</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
