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        <name>Davidson County, North Carolina, General Obligation Bonds, Limited Obligation Series 2016</name>
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          <isin value="US238603BH64"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Duplin County, North Carolina, Limited Obligation Bonds, County Water Districts, Series 2016</name>
        <lei>N/A</lei>
        <title>Duplin County, North Carolina, Limited Obligation Bonds, County Water Districts, Series 2016</title>
        <cusip>266122BL3</cusip>
        <identifiers>
          <isin value="US266122BL38"/>
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        <curCd>USD</curCd>
        <valUSD>1478246.92000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Duplin County, North Carolina, Limited Obligation Bonds, County Water Districts, Series 2016</name>
        <lei>N/A</lei>
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        <cusip>266122BN9</cusip>
        <identifiers>
          <isin value="US266122BN93"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1002201.30000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Durham Capital Financing Corporation, Durham County, North Carolina, Limited Obligation Bonds, Refunding Series 2016</name>
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        <title>Durham Capital Financing Corporation, Durham County, North Carolina, Limited Obligation Bonds, Refunding Series 2016</title>
        <cusip>266780CN3</cusip>
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          <isin value="US266780CN38"/>
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        <balance>1265000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Mooresville, North Carolina, Special Assessment Revenue Bonds, Series 2015</name>
        <lei>549300ISWSZ083ZKZF60</lei>
        <title>Mooresville, North Carolina, Special Assessment Revenue Bonds, Series 2015</title>
        <cusip>616129AA0</cusip>
        <identifiers>
          <isin value="US616129AA07"/>
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        <balance>350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>350367.61000000</valUSD>
        <pctVal>0.070674497928</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical Center, Series 2017</name>
        <lei>549300TDDH9O6TH23823</lei>
        <title>New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical Center, Series 2017</title>
        <cusip>644804FL5</cusip>
        <identifiers>
          <isin value="US644804FL52"/>
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        <balance>960000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1002444.58000000</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>2047-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>North Carolina Capital Facilities Financing Agency, Educational Facilities Revenue Bond, Meredith College, Refunding Series 2016</name>
        <lei>549300PWNPSB7G58A235</lei>
        <title>North Carolina Capital Facilities Financing Agency, Educational Facilities Revenue Bond, Meredith College, Refunding Series 2016</title>
        <cusip>65818PLE7</cusip>
        <identifiers>
          <isin value="US65818PLE78"/>
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        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>782148.88000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Capital Facilities Financing Agency, Educational Facilities Revenue Bond, Meredith College, Refunding Series 2016</name>
        <lei>549300PWNPSB7G58A235</lei>
        <title>North Carolina Capital Facilities Financing Agency, Educational Facilities Revenue Bond, Meredith College, Refunding Series 2016</title>
        <cusip>65818PLF4</cusip>
        <identifiers>
          <isin value="US65818PLF44"/>
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        <balance>685000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>663088.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2016A</name>
        <lei>549300N3Q65G1ODRFX75</lei>
        <title>North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2016A</title>
        <cusip>6582034N1</cusip>
        <identifiers>
          <isin value="US6582034N10"/>
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        <balance>740000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>746523.54000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, United Methodist Retirement Homes, Refunding Series 2016A</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, United Methodist Retirement Homes, Refunding Series 2016A</title>
        <cusip>65820YLU8</cusip>
        <identifiers>
          <isin value="US65820YLU81"/>
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        <balance>225000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>227677.41000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2015</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2015</title>
        <cusip>65821DSM4</cusip>
        <identifiers>
          <isin value="US65821DSM47"/>
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        <balance>5860000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5865867.62000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Deerfield Episcopal Retirement Community, Refunding First Mortgage Serie</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Deerfield Episcopal Retirement Community, Refunding First Mortgage Serie</title>
        <cusip>65821DUY5</cusip>
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          <isin value="US65821DUY56"/>
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        <balance>105000.00000000</balance>
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        <valUSD>105964.38000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>North Carolina State, Limited Obligation Bonds, Refunding Series 2017B</name>
        <lei>N/A</lei>
        <title>North Carolina State, Limited Obligation Bonds, Refunding Series 2017B</title>
        <cusip>65829QCX0</cusip>
        <identifiers>
          <isin value="US65829QCX07"/>
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        <balance>260000.00000000</balance>
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        <valUSD>268627.74000000</valUSD>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2009B</name>
        <lei>549300FCT1PN0GJGQ240</lei>
        <title>North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2009B</title>
        <cusip>65830RAQ2</cusip>
        <identifiers>
          <isin value="US65830RAQ20"/>
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        <balance>70000.00000000</balance>
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        <valUSD>55004.22000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-01</maturityDt>
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          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2009B</name>
        <lei>549300FCT1PN0GJGQ240</lei>
        <title>North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2009B</title>
        <cusip>65830RAR0</cusip>
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          <isin value="US65830RAR03"/>
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        <balance>3760000.00000000</balance>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2009B</name>
        <lei>549300FCT1PN0GJGQ240</lei>
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          <isin value="US65830RAS85"/>
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        <balance>20000000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2009B</name>
        <lei>549300FCT1PN0GJGQ240</lei>
        <title>North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2009B</title>
        <cusip>65830RAT6</cusip>
        <identifiers>
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        <balance>19150000.00000000</balance>
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        <name>University of North Carolina, Charlotte, General Revenue Bonds, Series 2017</name>
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          <isin value="US914716H735"/>
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          <isin value="US809323AR94"/>
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        <name>University of North Carolina, Greensboro, General Revenue Bonds, Refunding Series 2017</name>
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          <isin value="US914719UV94"/>
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        <name>University of North Carolina, Charlotte, General Revenue Bonds, Refunding Series 2017A</name>
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        <cusip>914716K38</cusip>
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          <isin value="US914716K382"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Monroe, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2017</name>
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        <name>North Carolina Capital Facilities Financing Agency, Educational Facility Revenue Bonds, Wake Forest University, Refunding Series 2016</name>
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        <name>North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2015</name>
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      <invstOrSec>
        <name>North Carolina State, Limited Obligation Bonds, Refunding Series 2017B</name>
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        <name>Burke County, North Carolina, Limited Obligation Bonds, Series 2018</name>
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        <name>North Carolina Capital Facilities Financing Agency, Educational Facilities Revenue Bond, Meredith College, Refunding Series 2018</name>
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        <name>Western Carolina University, North Carolina, General Revenue Bonds, Series 2018</name>
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        <name>Greensboro, North Carolina, Combined Enterprise System Revenue Bonds, Series 2017A</name>
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        <name>University of North Carolina, Charlotte, General Revenue Bonds, Series 2017</name>
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          <isin value="US914716H651"/>
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        <name>Greenville, North Carolina, Combined Enterprise System Revenue Bonds, Series 2016</name>
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          <isin value="US396290CY25"/>
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      <invstOrSec>
        <name>Appalachian State University, North Carolina, General Revenue Bonds, Millennial Campus End Zone Project, Series 2018</name>
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        <title>Appalachian State University, North Carolina, General Revenue Bonds, Millennial Campus End Zone Project, Series 2018</title>
        <cusip>037777YX1</cusip>
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          <isin value="US037777YX14"/>
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        <name>Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1</name>
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        <name>Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1</name>
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        <name>North Carolina Medical Care Commission, Health Care Facilities Revenues Bonds, Wake Forest Baptist Obligated Group, Series 2019A</name>
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        <name>North Carolina Medical Care Commission, Health Care Facilities Revenues Bonds, Wake Forest Baptist Obligated Group, Series 2019A</name>
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      <invstOrSec>
        <name>North Carolina Central University, General Revenue Bonds, Series 2019</name>
        <lei>N/A</lei>
        <title>North Carolina Central University, General Revenue Bonds, Series 2019</title>
        <cusip>65819PDQ8</cusip>
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          <isin value="US65819PDQ81"/>
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        <name>Charlotte, North Carolina, Certificates of Participation, Convention Facilities Project, Series 2019A</name>
        <lei>5493001QNY6JJFWHQ568</lei>
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      <invstOrSec>
        <name>Elizabeth City State University, North Carolina, General Revenue Bonds, Series 2019</name>
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        <title>Elizabeth City State University, North Carolina, General Revenue Bonds, Series 2019</title>
        <cusip>286650DB9</cusip>
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          <isin value="US286650DB93"/>
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      <invstOrSec>
        <name>Elizabeth City State University, North Carolina, General Revenue Bonds, Series 2019</name>
        <lei>N/A</lei>
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        <cusip>286650DC7</cusip>
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          <isin value="US286650DC76"/>
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        <name>Elizabeth City State University, North Carolina, General Revenue Bonds, Series 2019</name>
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        <name>Elizabeth City State University, North Carolina, General Revenue Bonds, Series 2019</name>
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          <isin value="US286650DH63"/>
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        <name>Charlotte, North Carolina, Certificates of Participation, Refunding Cultural Arts Facilities Series 2019B</name>
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      <invstOrSec>
        <name>Appalachian State University, North Carolina, General Revenue Bonds, Series 2019</name>
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        <cusip>037777ZY8</cusip>
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          <isin value="US037777ZY87"/>
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        <name>Sanford, North Carolina, Enterprise Systems Revenue Bonds, Refunding Series 2019</name>
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        <name>North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Novant Health Obligated Group, Series 2019A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2</name>
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        <name>North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Series 2018A</name>
        <lei>549300FCT1PN0GJGQ240</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission, Revenue Bonds, First Mortgage Galloway Ridge Project, Refunding Series 2019A</name>
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        <name>Cape Fear Public Utility Authority, North Carolina,  Water and Sewer System Revenue Bonds, Refunding Series 2019A</name>
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        <cusip>139391EX0</cusip>
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        <name>University of North Carolina, Chapel Hill, Revenue Bonds, Hospital System, Series 2019</name>
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        <name>North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Sharon Towers, Series 2019A</name>
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        <name>North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Capital Appreciation Series 2019</name>
        <lei>549300FCT1PN0GJGQ240</lei>
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        <lei>549300FCT1PN0GJGQ240</lei>
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        <name>North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Capital Appreciation Series 2019</name>
        <lei>549300FCT1PN0GJGQ240</lei>
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        <name>North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Capital Appreciation Series 2019</name>
        <lei>549300FCT1PN0GJGQ240</lei>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured Cofina Project Series 2019A-2A</name>
        <lei>N/A</lei>
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        <name>North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Lutheran Services for the Aging, Series 2021A</name>
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        <name>North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Lutheran Services for the Aging, Series 2021A</name>
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        <name>North Carolina Capital Facilities Financing Agency, Educational Facility Revenue Bonds, Wake Forest University, Series 2018</name>
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        <name>North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, EveryAge, Series 2021A</name>
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        <name>Cape Fear Public Utility Authority, North Carolina,  Water and Sewer System Revenue Bonds, Refunding Series 2019A</name>
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        <name>Charlotte, North Carolina, Certificates of Participation, Nascar Hall of Fame Public Facilities, Refunding Series 2019C</name>
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        <name>University of North Carolina, Charlotte, General Revenue Bonds, Refunding Series 2017A</name>
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        <name>Greenville Utilities Commission, North Carolina, Combined Enterprise System Revenue Bonds, Series 2022</name>
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        <name>Greenville Utilities Commission, North Carolina, Combined Enterprise System Revenue Bonds, Series 2022</name>
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          <isin value="US396321ER82"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Clayton, North Carolina, Water and Sewer System Revenue Bonds, Series 2022</name>
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        <cusip>184383AV9</cusip>
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          <isin value="US184383AV93"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>North Carolina Capital Facilities Finance Agency, Educational Facilities Revenue Bonds, Campbell University, Refunding Series 2021A</name>
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        <cusip>65818PPC7</cusip>
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          <isin value="US65818PPC76"/>
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      <invstOrSec>
        <name>Asheville, North Carolina, General Obligation Bonds, Refunding Series 2023</name>
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        <identifiers>
          <isin value="US044033SR08"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-06-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Charlotte, North Carolina, General Obligation Bonds, Refunding Series 2016A</name>
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        <cusip>161035HG8</cusip>
        <identifiers>
          <isin value="US161035HG87"/>
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        <balance>1750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1756748.53000000</valUSD>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Cabarrus County, North Carolina, Limited Obligation Installment Financing Contract Bonds, Refunding Series 2022A</name>
        <lei>549300HVGPJDNBDPZV71</lei>
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        <cusip>12677RDQ7</cusip>
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          <isin value="US12677RDQ74"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nags Head, North Carolina, Limited Obligation Bonds, Series 2023</name>
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        <title>Nags Head, North Carolina, Limited Obligation Bonds, Series 2023</title>
        <cusip>629752AN6</cusip>
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          <isin value="US629752AN66"/>
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        <balance>660000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>755345.91000000</valUSD>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Nags Head, North Carolina, Limited Obligation Bonds, Series 2023</name>
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        <cusip>629752AQ9</cusip>
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          <isin value="US629752AQ97"/>
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        <valUSD>1038804.57000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-06-01</maturityDt>
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      <invstOrSec>
        <name>Nags Head, North Carolina, Limited Obligation Bonds, Series 2023</name>
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        <cusip>629752AS5</cusip>
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        <name>Nags Head, North Carolina, Limited Obligation Bonds, Series 2023</name>
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        <cusip>629752AT3</cusip>
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          <isin value="US629752AT37"/>
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      <invstOrSec>
        <name>North Carolina State, Limited Obligation Bonds, Series 2020B</name>
        <lei>N/A</lei>
        <title>North Carolina State, Limited Obligation Bonds, Series 2020B</title>
        <cusip>65829QEE0</cusip>
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          <isin value="US65829QEE08"/>
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        <balance>900000.00000000</balance>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Wake County, North Carolina, General Obligation Bonds, Public Improvement Series 2023A</name>
        <lei>5493007XQJHO082P1H29</lei>
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        <cusip>930864GS6</cusip>
        <identifiers>
          <isin value="US930864GS62"/>
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        <balance>5000000.00000000</balance>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-05-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>University of North Carolina, Charlotte, General Revenue Bonds, Series 2020A</name>
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        <title>University of North Carolina, Charlotte, General Revenue Bonds, Series 2020A</title>
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          <isin value="US914716P829"/>
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        <name>City of Raleigh, North Carolina, Combined Enterprise System Revenue and Refunding Bonds, Series 2023</name>
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        <cusip>751100NN4</cusip>
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        <name>Wilmington, North Carolina, Limited Obligation Bonds, Series 2023D</name>
        <lei>549300Y5IY4G3QB69428</lei>
        <title>Wilmington, North Carolina, Limited Obligation Bonds, Series 2023D</title>
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        <name>Wilmington, North Carolina, Limited Obligation Bonds, Series 2023D</name>
        <lei>549300Y5IY4G3QB69428</lei>
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        <name>Wilmington, North Carolina, Limited Obligation Bonds, Series 2023D</name>
        <lei>549300Y5IY4G3QB69428</lei>
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        <name>County of Durham, North Carolina, General Obligation Bonds, Refunding Series 2023</name>
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        <name>County of Durham, North Carolina, General Obligation Bonds, Refunding Series 2023</name>
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          <isin value="US266705W731"/>
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        <name>Onslow County, North Carolina, Combined Enterprise System Revenue Bonds, Series 2023</name>
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        <name>North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 52-A</name>
        <lei>EC4EE0PS5OP5O69B5C39</lei>
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        <cusip>6582074C6</cusip>
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          <isin value="US6582074C63"/>
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          <maturityDt>2043-07-01</maturityDt>
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      <invstOrSec>
        <name>Charlotte, North Carolina, Certificates of Participation, Convention Facilities Project, Series 2019A</name>
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        <cusip>161037X92</cusip>
        <identifiers>
          <isin value="US161037X923"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, Doing Business as Atrium Health, Refunding Series 2018D</name>
        <lei>549300XOH4JU704GMZ32</lei>
        <title>Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, Doing Business as Atrium Health, Refunding Series 2018D</title>
        <cusip>160853VT1</cusip>
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          <isin value="US160853VT10"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, Doing Business as Atrium Health, Refunding Series 2018A</name>
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          <isin value="US160853UJ47"/>
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      <invstOrSec>
        <name>North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Social Series 52-A</name>
        <lei>EC4EE0PS5OP5O69B5C39</lei>
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        <cusip>6582074D4</cusip>
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          <isin value="US6582074D47"/>
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      <invstOrSec>
        <name>Union County, North Carolina, General Obligation Bonds, School Series 2023</name>
        <lei>5493007ESG9QHLUW6165</lei>
        <title>Union County, North Carolina, General Obligation Bonds, School Series 2023</title>
        <cusip>9063954Y1</cusip>
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          <isin value="US9063954Y11"/>
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        <name>Lee County, North Carolina, Limited Obligation Bonds, Series 2018</name>
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        <cusip>523724AT9</cusip>
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          <isin value="US523724AT94"/>
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        <name>Union County, North Carolina, Enterprise System Revenue Bonds, Series 2021</name>
        <lei>N/A</lei>
        <title>Union County, North Carolina, Enterprise System Revenue Bonds, Series 2021</title>
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          <isin value="US906400GE02"/>
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      <invstOrSec>
        <name>North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2024A</name>
        <lei>549300FCT1PN0GJGQ240</lei>
        <title>North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2024A</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Guilford County, North Carolina, General Obligation Bonds, School Series 2024</name>
        <lei>549300OUKUGQGH8RCL96</lei>
        <title>Guilford County, North Carolina, General Obligation Bonds, School Series 2024</title>
        <cusip>401784V26</cusip>
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          <isin value="US401784V262"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>North Carolina State Education Assistance Authority, Student Loan Revenue Bonds, Senior Series 2020A</name>
        <lei>N/A</lei>
        <title>North Carolina State Education Assistance Authority, Student Loan Revenue Bonds, Senior Series 2020A</title>
        <cusip>658262GM6</cusip>
        <identifiers>
          <isin value="US658262GM63"/>
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          <isin value="US16104PJA49"/>
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      <invstOrSec>
        <name>New Hanover County, North Carolina, Limited Obligation Bonds, Series 2024</name>
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      <invstOrSec>
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          <isin value="US64480PHP71"/>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission, Retirement Facility First Mortgage Revenue Bonds, Everyage, Series 2024B</name>
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      <invstOrSec>
        <name>Rowan County, North Carolina, Limited Obligation Bonds, Series 2024</name>
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        <title>Rowan County, North Carolina, Limited Obligation Bonds, Series 2024</title>
        <cusip>779473AV9</cusip>
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          <isin value="US779473AV91"/>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Johnston County, North Carolina, Water and Sewer Revenue Bonds, Series 2024</name>
        <lei>N/A</lei>
        <title>Johnston County, North Carolina, Water and Sewer Revenue Bonds, Series 2024</title>
        <cusip>479357CJ2</cusip>
        <identifiers>
          <isin value="US479357CJ28"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Huntersville, North Carolina, General Obligation Bonds, Public Improvement Series 2024</name>
        <lei>54930087GGCJ3BA5DF20</lei>
        <title>Huntersville, North Carolina, General Obligation Bonds, Public Improvement Series 2024</title>
        <cusip>445798GG0</cusip>
        <identifiers>
          <isin value="US445798GG09"/>
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        <balance>1270000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Huntersville, North Carolina, General Obligation Bonds, Public Improvement Series 2024</name>
        <lei>54930087GGCJ3BA5DF20</lei>
        <title>Huntersville, North Carolina, General Obligation Bonds, Public Improvement Series 2024</title>
        <cusip>445798GH8</cusip>
        <identifiers>
          <isin value="US445798GH81"/>
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        <balance>1450000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mebane, North Carolina, Combined Utilities Revenue Bonds, Series 2024</name>
        <lei>N/A</lei>
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        <cusip>583445AQ4</cusip>
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          <isin value="US583445AQ40"/>
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        <name>Cabarrus County, North Carolina, Limited Obligation Installment Financing Contract Bonds, Refunding Series 2024A</name>
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          <isin value="US12677REK95"/>
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        <name>Cabarrus County, North Carolina, Limited Obligation Installment Financing Contract Bonds, Refunding Series 2024A</name>
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          <isin value="US12677REL78"/>
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        <name>Cabarrus County, North Carolina, Limited Obligation Installment Financing Contract Bonds, Refunding Series 2024A</name>
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          <isin value="US12677REM51"/>
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        <name>Cabarrus County, North Carolina, Limited Obligation Installment Financing Contract Bonds, Refunding Series 2024A</name>
        <lei>549300HVGPJDNBDPZV71</lei>
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          <isin value="US12677REN35"/>
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        <name>Fuquay-Varina, North Carolina, Combined Utilities Revenue Bonds, Series 2024C</name>
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          <isin value="US36106QCU13"/>
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        <name>Fuquay-Varina, North Carolina, Combined Utilities Revenue Bonds, Series 2024C</name>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission, Retirement Facility Revenue Bonds, Penick Village Project First Mortgage Series 2024A</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission, Retirement Facility Revenue Bonds, Penick Village Project First Mortgage Series 2024A</title>
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          <isin value="US65820YTM83"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Pender County, North Carolina, General Obligation Bonds, School Series 2024</name>
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        <cusip>706711KH0</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Huntersville, North Carolina, General Obligation Bonds, Public Improvement Series 2024</name>
        <lei>54930087GGCJ3BA5DF20</lei>
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        <cusip>445798GE5</cusip>
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          <isin value="US445798GE50"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Appalachian State University, North Carolina, Revenue Bonds, Millennial Campus Indoor Facilities Project Series 2024</name>
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        <cusip>037778AJ6</cusip>
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          <isin value="US037778AJ68"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Series 2023A</name>
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          <isin value="US161036VN55"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-01</maturityDt>
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      <invstOrSec>
        <name>Raleigh Housing Authority, North Carolina, Multifamily Housing Revenue Bonds, Parkside Apartments Project Series 2024A</name>
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        <title>Raleigh Housing Authority, North Carolina, Multifamily Housing Revenue Bonds, Parkside Apartments Project Series 2024A</title>
        <cusip>751115BV7</cusip>
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          <isin value="US751115BV77"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-01</maturityDt>
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      <invstOrSec>
        <name>Ashe County, North Carolina, Limited Obligation Bonds, Series 2025</name>
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        <title>Ashe County, North Carolina, Limited Obligation Bonds, Series 2025</title>
        <cusip>043891AT7</cusip>
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          <isin value="US043891AT74"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mecklenburg County, North Carolina, Limited Obligation Bonds, Series 2025</name>
        <lei>5493006G3IC5PBHB7A65</lei>
        <title>Mecklenburg County, North Carolina, Limited Obligation Bonds, Series 2025</title>
        <cusip>58400CCD7</cusip>
        <identifiers>
          <isin value="US58400CCD74"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-02-01</maturityDt>
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      <invstOrSec>
        <name>North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 57-A</name>
        <lei>EC4EE0PS5OP5O69B5C39</lei>
        <title>North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 57-A</title>
        <cusip>65820BBF2</cusip>
        <identifiers>
          <isin value="US65820BBF22"/>
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        <balance>1990000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-01-01</maturityDt>
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          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>Iredell County, North Carolina, General Obligation Bonds, School Series 2025</name>
        <lei>549300NE65QUOJ0ETV20</lei>
        <title>Iredell County, North Carolina, General Obligation Bonds, School Series 2025</title>
        <cusip>462668MA9</cusip>
        <identifiers>
          <isin value="US462668MA90"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1562609.10000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Guilford County, North Carolina, General Obligation Bonds, School Series 2025</name>
        <lei>549300OUKUGQGH8RCL96</lei>
        <title>Guilford County, North Carolina, General Obligation Bonds, School Series 2025</title>
        <cusip>401784X57</cusip>
        <identifiers>
          <isin value="US401784X573"/>
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        <balance>1000000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-03-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Garner, North Carolina, General Obligation Bonds, Public Improvement Series 2025B</name>
        <lei>5493000E1R6VGD5YAY62</lei>
        <title>Garner, North Carolina, General Obligation Bonds, Public Improvement Series 2025B</title>
        <cusip>366244NN7</cusip>
        <identifiers>
          <isin value="US366244NN74"/>
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        <balance>1510000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Garner, North Carolina, General Obligation Bonds, Public Improvement Series 2025B</name>
        <lei>5493000E1R6VGD5YAY62</lei>
        <title>Garner, North Carolina, General Obligation Bonds, Public Improvement Series 2025B</title>
        <cusip>366244NM9</cusip>
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          <isin value="US366244NM91"/>
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        <balance>1510000.00000000</balance>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-02-01</maturityDt>
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      <invstOrSec>
        <name>Harnett County, North Carolina, Limited Obligation Bonds, Series 2025</name>
        <lei>N/A</lei>
        <title>Harnett County, North Carolina, Limited Obligation Bonds, Series 2025</title>
        <cusip>41333TCN6</cusip>
        <identifiers>
          <isin value="US41333TCN63"/>
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        <balance>930000.00000000</balance>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Wake County, North Carolina, Limited Obligation Bonds, Series 2025B</name>
        <lei>5493007XQJHO082P1H29</lei>
        <title>Wake County, North Carolina, Limited Obligation Bonds, Series 2025B</title>
        <cusip>930876JG3</cusip>
        <identifiers>
          <isin value="US930876JG36"/>
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        <balance>2570000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-05-01</maturityDt>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Twin Lakes Community, Series 2025A</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Twin Lakes Community, Series 2025A</title>
        <cusip>65820YTT3</cusip>
        <identifiers>
          <isin value="US65820YTT37"/>
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        <balance>1250000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Western Carolina University, North Carolina, General Revenue Bonds, Series 2025</name>
        <lei>N/A</lei>
        <title>Western Carolina University, North Carolina, General Revenue Bonds, Series 2025</title>
        <cusip>957897NE7</cusip>
        <identifiers>
          <isin value="US957897NE71"/>
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        <balance>1050000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-04-01</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>Greenville Utilities Commission, North Carolina, Combined Enterprise System Revenue Bonds, Series 2025</name>
        <lei>N/A</lei>
        <title>Greenville Utilities Commission, North Carolina, Combined Enterprise System Revenue Bonds, Series 2025</title>
        <cusip>396321EY3</cusip>
        <identifiers>
          <isin value="US396321EY34"/>
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        <balance>275000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Greenville Utilities Commission, North Carolina, Combined Enterprise System Revenue Bonds, Series 2025</name>
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          <isin value="US396321EX50"/>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>National Finance Authority, New Hampshire, Revenue Bonds, Winston-Salem Sustainable Energy Partners Series 2025A</name>
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          <isin value="US63607YCQ17"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>North Carolina State Education Assistance Authority, Student Loan Revenue Bonds, Refunding Senior Series 2025A</name>
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        <cusip>658262GZ7</cusip>
        <identifiers>
          <isin value="US658262GZ76"/>
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        <balance>3600000.00000000</balance>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Oak Island, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2025</name>
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        <cusip>67140PED2</cusip>
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          <isin value="US67140PED24"/>
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        <balance>760000.00000000</balance>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Oak Island, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2025</name>
        <lei>N/A</lei>
        <title>Oak Island, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2025</title>
        <cusip>67140PEF7</cusip>
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          <isin value="US67140PEF71"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Fayetteville Public Works Commission, North Carolina, Revenue Bonds, Series 2023</name>
        <lei>N/A</lei>
        <title>Fayetteville Public Works Commission, North Carolina, Revenue Bonds, Series 2023</title>
        <cusip>312805ND2</cusip>
        <identifiers>
          <isin value="US312805ND22"/>
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        <balance>4045000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4530188.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Orange County, North Carolina, Limited Obligation Bonds, Series 2025</name>
        <lei>N/A</lei>
        <title>Orange County, North Carolina, Limited Obligation Bonds, Series 2025</title>
        <cusip>684566EY4</cusip>
        <identifiers>
          <isin value="US684566EY45"/>
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        <balance>2950000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3490996.37000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Orange County, North Carolina, Limited Obligation Bonds, Series 2025</name>
        <lei>N/A</lei>
        <title>Orange County, North Carolina, Limited Obligation Bonds, Series 2025</title>
        <cusip>684566EZ1</cusip>
        <identifiers>
          <isin value="US684566EZ10"/>
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        <balance>1975000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2366409.45000000</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>2034-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dare County, North Carolina, Limited Obligation Bonds, Series 2025A</name>
        <lei>N/A</lei>
        <title>Dare County, North Carolina, Limited Obligation Bonds, Series 2025A</title>
        <cusip>23720EFQ8</cusip>
        <identifiers>
          <isin value="US23720EFQ89"/>
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        <balance>250000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Nash Health Care Systems, North Carolina, Health Care Facilities Revenue Bonds, Series 2025</name>
        <lei>N/A</lei>
        <title>Nash Health Care Systems, North Carolina, Health Care Facilities Revenue Bonds, Series 2025</title>
        <cusip>631163BK7</cusip>
        <identifiers>
          <isin value="US631163BK75"/>
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        <balance>1470000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Nash Health Care Systems, North Carolina, Health Care Facilities Revenue Bonds, Series 2025</name>
        <lei>N/A</lei>
        <title>Nash Health Care Systems, North Carolina, Health Care Facilities Revenue Bonds, Series 2025</title>
        <cusip>631163BP6</cusip>
        <identifiers>
          <isin value="US631163BP62"/>
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        <balance>1500000.00000000</balance>
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        <valUSD>1625408.70000000</valUSD>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>Fuquay-Varina, North Carolina, General Obligation Bonds, Transportation Series 2025</name>
        <lei>N/A</lei>
        <title>Fuquay-Varina, North Carolina, General Obligation Bonds, Transportation Series 2025</title>
        <cusip>361050KL0</cusip>
        <identifiers>
          <isin value="US361050KL08"/>
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        <balance>500000.00000000</balance>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Fuquay-Varina, North Carolina, General Obligation Bonds, Transportation Series 2025</name>
        <lei>N/A</lei>
        <title>Fuquay-Varina, North Carolina, General Obligation Bonds, Transportation Series 2025</title>
        <cusip>361050KM8</cusip>
        <identifiers>
          <isin value="US361050KM80"/>
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        <balance>500000.00000000</balance>
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        <invCountry>US</invCountry>

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          <maturityDt>2042-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission, Retirement Facility First Mortgage Revenue Bonds, Carol Woods Project, Series 2025</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission, Retirement Facility First Mortgage Revenue Bonds, Carol Woods Project, Series 2025</title>
        <cusip>65820YUS3</cusip>
        <identifiers>
          <isin value="US65820YUS35"/>
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        <balance>505000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission, Retirement Facility First Mortgage Revenue Bonds, Carol Woods Project, Series 2025</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission, Retirement Facility First Mortgage Revenue Bonds, Carol Woods Project, Series 2025</title>
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          <isin value="US65820YVB90"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-12-01</maturityDt>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission, Retirement Facility First Mortgage Revenue Bonds, Carol Woods Project, Series 2025</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission, Retirement Facility First Mortgage Revenue Bonds, Carol Woods Project, Series 2025</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-12-01</maturityDt>
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        <name>Charlotte, North Carolina, General Obligation Bonds, Refunding Series 2025B</name>
        <lei>5493001QNY6JJFWHQ568</lei>
        <title>Charlotte, North Carolina, General Obligation Bonds, Refunding Series 2025B</title>
        <cusip>161035PY0</cusip>
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          <isin value="US161035PY02"/>
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        <curCd>USD</curCd>
        <valUSD>1431198.50000000</valUSD>
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        <issuerCat>MUN</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, United Methodist Retirement Homes, Series 2025A</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, United Methodist Retirement Homes, Series 2025A</title>
        <cusip>65820YVD5</cusip>
        <identifiers>
          <isin value="US65820YVD56"/>
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        <balance>265000.00000000</balance>
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        <valUSD>281730.88000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, United Methodist Retirement Homes, Series 2025A</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, United Methodist Retirement Homes, Series 2025A</title>
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        <identifiers>
          <isin value="US65820YVF05"/>
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        <curCd>USD</curCd>
        <valUSD>1649354.24000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Deerfield Episcopal Retirement Community Inc., Series 2026</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Deerfield Episcopal Retirement Community Inc., Series 2026</title>
        <cusip>65820YVN3</cusip>
        <identifiers>
          <isin value="US65820YVN39"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1016221.80000000</valUSD>
        <pctVal>0.204987457314</pctVal>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gastonia Housing Authority, North Carolina, Multifamily Housing Revenue Bonds, Hoffman Homes, Series 2025</name>
        <lei>N/A</lei>
        <title>Gastonia Housing Authority, North Carolina, Multifamily Housing Revenue Bonds, Hoffman Homes, Series 2025</title>
        <cusip>367322AE4</cusip>
        <identifiers>
          <isin value="US367322AE40"/>
        </identifiers>
        <balance>3250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3492013.53000000</valUSD>
        <pctVal>0.704392460800</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>4.55000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-02-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Nuveen Multistate Trust III</ncom:nameOfApplicant>
      <ncom:signature>Gina Spunder</ncom:signature>
      <ncom:signerName>Gina Spunder</ncom:signerName>
      <ncom:title>Director, Fund Financial Reporting</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>