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        <name>Metropolitan Pier &amp; Exposition Authority</name>
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        <name>Arizona Board of Regents</name>
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          <isin value="US04048RAA41"/>
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          <annualizedRt>2.35000000</annualizedRt>
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          <maturityDt>2031-07-01</maturityDt>
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        <name>Appleton Redevelopment Authority</name>
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          <maturityDt>2036-06-01</maturityDt>
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        <name>City of Chicago IL</name>
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        <name>Lower Alabama Gas District/The</name>
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          <maturityDt>2034-09-01</maturityDt>
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        <name>Mida Mountain Village Public Infrastructure District</name>
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        <name>iShares National Muni Bond ETF</name>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
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        <fairValLevel>1</fairValLevel>
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        <name>San Diego Unified School District/CA</name>
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        <name>Lower Alabama Gas District/The</name>
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        <name>New Jersey Turnpike Authority</name>
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        <name>George L Smith II Congress Center Authority</name>
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        <name>Idaho Health Facilities Authority</name>
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        <name>Pennsylvania Economic Development Financing Authority</name>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035RAV6</cusip>
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          <isin value="US88035RAV69"/>
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        <curCd>USD</curCd>
        <valUSD>2797332.40000000</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>2055-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.87000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Southeast Energy Authority A Cooperative District</name>
        <lei>25490090A3RLJHITY273</lei>
        <title>Southeast Energy Authority A Cooperative District</title>
        <cusip>84136HBC6</cusip>
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          <isin value="US84136HBC60"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5205278.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Fairfax County Redevelopment &amp; Housing Authority</name>
        <lei>N/A</lei>
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        <cusip>303835DR0</cusip>
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          <isin value="US303835DR05"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3132089.10000000</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>2039-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BL Train Holdings West LLC - Warrants</name>
        <lei>254900UTS074X7B9VE11</lei>
        <title>BL Train Holdings West LLC - Warrants</title>
        <cusip>05594N118</cusip>
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          <isin value="US05594N1182"/>
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        <balance>45054.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pennsylvania Turnpike Commission</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>Pennsylvania Turnpike Commission</title>
        <cusip>709224N21</cusip>
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          <isin value="US709224N216"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2182574.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
        <cusip>74514L3K1</cusip>
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          <isin value="US74514L3K10"/>
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        <balance>182745.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>184690.92000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lower Colorado River Authority</name>
        <lei>549300QJFPW2NNBYR215</lei>
        <title>Lower Colorado River Authority</title>
        <cusip>54811BN72</cusip>
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          <isin value="US54811BN725"/>
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        <balance>4055000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4337010.25000000</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>2044-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035PXD5</cusip>
        <identifiers>
          <isin value="US88035PXD58"/>
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        <balance>540000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>540000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.30000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
        <lei>N/A</lei>
        <title>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</title>
        <cusip>74529JPX7</cusip>
        <identifiers>
          <isin value="US74529JPX71"/>
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        <balance>1850000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1810694.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Houston TX Airport System Revenue</name>
        <lei>N/A</lei>
        <title>City of Houston TX Airport System Revenue</title>
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          <isin value="US442349KJ43"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2161014.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority</title>
        <cusip>64990GZQ8</cusip>
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          <isin value="US64990GZQ80"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Texas Municipal Gas Acquisition &amp; Supply Corp V</name>
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          <isin value="US88256RAK23"/>
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        <valUSD>4571274.66000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Public Finance Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Kentucky Turnpike Authority</name>
        <lei>N/A</lei>
        <title>Kentucky Turnpike Authority</title>
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          <isin value="US491552R809"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Sales Tax Securitization Corp</name>
        <lei>N/A</lei>
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          <isin value="US79467BBK08"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Metropolitan Pier &amp; Exposition Authority</name>
        <lei>254900I3VDCQ58UGBR15</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-15</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Louisiana Local Government Environmental Facilities &amp; Community Development Authority</name>
        <lei>5493004WIZ1HV87IVF85</lei>
        <title>Louisiana Local Government Environmental Facilities &amp; Community Development Authority</title>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>New York Transportation Development Corp</name>
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        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
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          <maturityDt>2038-11-01</maturityDt>
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        <name>Palm Beach County Health Facilities Authority</name>
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        <name>Main Street Natural Gas Inc</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-12-01</maturityDt>
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        <name>New Jersey Economic Development Authority</name>
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          <maturityDt>2031-04-01</maturityDt>
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        <name>Illinois State Toll Highway Authority</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>Public Finance Authority</name>
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        <name>California Educational Facilities Authority</name>
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        <name>Public Finance Authority</name>
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        <name>VanEck High Yield Muni ETF</name>
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        <name>California Public Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US13057GAP46"/>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tuscaloosa County Industrial Development Authority</name>
        <lei>N/A</lei>
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          <isin value="US90068FAZ99"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-05-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Florida Development Finance Corp</name>
        <lei>549300HC854CNBLMWC48</lei>
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          <isin value="US34061XAF96"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-01</maturityDt>
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          <annualizedRt>6.13000000</annualizedRt>
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      <invstOrSec>
        <name>Kentucky Public Energy Authority</name>
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          <isin value="US74440DFC39"/>
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        <curCd>USD</curCd>
        <valUSD>3232097.70000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tobacco Settlement Financing Corp</name>
        <lei>N/A</lei>
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        <cusip>888808HN5</cusip>
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          <isin value="US888808HN57"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-06-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Utah Infrastructure Agency</name>
        <lei>549300WD2FDRNXU16V82</lei>
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        <cusip>917467AU6</cusip>
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          <isin value="US917467AU62"/>
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        <curCd>USD</curCd>
        <valUSD>1218426.12000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-10-15</maturityDt>
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          <annualizedRt>5.38000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York Transportation Development Corp</name>
        <lei>N/A</lei>
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        <cusip>650116AR7</cusip>
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          <isin value="US650116AR77"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3499822.90000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035RQJ6</cusip>
        <identifiers>
          <isin value="US88035RQJ67"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.80000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Infrastructure &amp; Economic Development Bank</name>
        <lei>549300C1OG9RDIM8ET06</lei>
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        <cusip>13034A7E4</cusip>
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          <isin value="US13034A7E44"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-01-01</maturityDt>
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          <annualizedRt>12.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ohio Air Quality Development Authority</name>
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          <isin value="US67754AAD63"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-01-15</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>Iowa Finance Authority</name>
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        <cusip>46247SFF6</cusip>
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          <isin value="US46247SFF65"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-05-15</maturityDt>
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          <annualizedRt>7.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Buckeye Tobacco Settlement Financing Authority</name>
        <lei>N/A</lei>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>County of Trimble KY</name>
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          <maturityDt>2044-09-01</maturityDt>
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          <maturityDt>2051-11-01</maturityDt>
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        <name>Collier County Industrial Development Authority</name>
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        <name>Allegheny County Industrial Development Authority</name>
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        <name>Maryland Economic Development Corp</name>
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        <name>Metropolitan Transportation Authority</name>
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        <invCountry>US</invCountry>
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        <name>City of Chicago IL</name>
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        <name>Atlanta Development Authority/The</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>South Carolina Public Service Authority</name>
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        <name>Tarrant County Cultural Education Facilities Finance Corp</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>New York Transportation Development Corp</name>
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        <name>State of Minnesota</name>
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        <name>Las Vegas Convention &amp; Visitors Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>South Jersey Port Corp</name>
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        <name>Parish of St John the Baptist LA</name>
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        <name>State Street SPDR Nuveen ICE High Yield Municipal Bond ETF</name>
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        <name>Ohio Air Quality Development Authority</name>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <name>Illinois State Toll Highway Authority</name>
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          <maturityDt>2031-12-01</maturityDt>
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        <name>New York Transportation Development Corp</name>
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        <name>Charlotte-Mecklenburg Hospital Authority/The</name>
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        <name>New York City Municipal Water Finance Authority</name>
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        <name>New York Transportation Development Corp</name>
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        <name>JPMorgan Ultra-Short Municipal Income ETF</name>
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        <name>Navajo Nation</name>
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        <name>Tompkins County Development Corp</name>
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        <name>Ohio State University/The</name>
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        <name>Commonwealth of Puerto Rico</name>
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          <maturityDt>2046-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Casino Reinvestment Development Authority Inc</name>
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      <invstOrSec>
        <name>City of Atlanta GA Airport Passenger Facility Charge</name>
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          <maturityDt>2032-07-01</maturityDt>
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        <name>Lancaster Industrial Development Authority</name>
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          <maturityDt>2051-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Greater Orlando Aviation Authority</name>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <name>New York Transportation Development Corp</name>
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        <name>Connecticut State Health &amp; Educational Facilities Authority</name>
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        <name>Metropolitan Transportation Authority</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Rhode Island Health and Educational Building Corp</name>
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        <name>Commonwealth of Puerto Rico</name>
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        <name>New York State Dormitory Authority</name>
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        <name>Tarrant County Cultural Education Facilities Finance Corp</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>New Hampshire Business Finance Authority</name>
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        <name>Sales Tax Securitization Corp</name>
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        <name>Arizona Industrial Development Authority</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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          <maturityDt>2039-02-01</maturityDt>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>Atlanta Development Authority/The</name>
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        <name>New York Transportation Development Corp</name>
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        <name>South Carolina Jobs-Economic Development Authority</name>
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        <name>Tobacco Settlement Financing Corp</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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          <maturityDt>2047-06-01</maturityDt>
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        <name>Raleigh Durham Airport Authority</name>
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        <name>Massachusetts Development Finance Agency</name>
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          <isin value="US57585BGU61"/>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <cusip>88035PLL0</cusip>
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          <isin value="US88035PLL03"/>
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          <maturityDt>2031-07-01</maturityDt>
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        <name>New York State Dormitory Authority</name>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Georgia Ports Authority</name>
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        <name>Louisiana Public Facilities Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Rib Floater Trust Various States</name>
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        <name>Phenix City Industrial Development Board</name>
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        <name>New York State Dormitory Authority</name>
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        <name>iShares Short-Term National Muni Bond ETF</name>
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        <name>South Carolina Jobs-Economic Development Authority</name>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Utah Infrastructure Agency</name>
        <lei>549300WD2FDRNXU16V82</lei>
        <title>Utah Infrastructure Agency</title>
        <cusip>917467AF9</cusip>
        <identifiers>
          <isin value="US917467AF95"/>
        </identifiers>
        <balance>4385000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4484524.15000000</valUSD>
        <pctVal>0.883075985551</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>County of Miami-Dade FL Water &amp; Sewer System Revenue</name>
        <lei>N/A</lei>
        <title>County of Miami-Dade FL Water &amp; Sewer System Revenue</title>
        <cusip>59334DQP2</cusip>
        <identifiers>
          <isin value="US59334DQP23"/>
        </identifiers>
        <balance>2400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2468786.64000000</valUSD>
        <pctVal>0.486144376150</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035JZQ8</cusip>
        <identifiers>
          <isin value="US88035JZQ83"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>400000.00000000</valUSD>
        <pctVal>0.078766527374</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.42000000</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>Tender Option Bond Trust Receipts/Certificates</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88034M3A2</cusip>
        <identifiers>
          <isin value="US88034M3A21"/>
        </identifiers>
        <balance>1720000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1820955.14000000</valUSD>
        <pctVal>0.358575782204</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.33000000</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>Collier County Health Facilities Authority</name>
        <lei>N/A</lei>
        <title>Collier County Health Facilities Authority</title>
        <cusip>19463VAU5</cusip>
        <identifiers>
          <isin value="US19463VAU52"/>
        </identifiers>
        <balance>3050000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3071926.45000000</valUSD>
        <pctVal>0.604912447037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United City of Yorkville IL</name>
        <lei>N/A</lei>
        <title>United City of Yorkville IL</title>
        <cusip>987361AH5</cusip>
        <identifiers>
          <isin value="US987361AH51"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>300120.18000000</valUSD>
        <pctVal>0.059098560933</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</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>South Carolina Jobs-Economic Development Authority</name>
        <lei>5493006X47I9VG3DL112</lei>
        <title>South Carolina Jobs-Economic Development Authority</title>
        <cusip>837031WL3</cusip>
        <identifiers>
          <isin value="US837031WL31"/>
        </identifiers>
        <balance>1830000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1807228.58000000</valUSD>
        <pctVal>0.355872798544</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>Maricopa County Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Maricopa County Industrial Development Authority</title>
        <cusip>56682HCK3</cusip>
        <identifiers>
          <isin value="US56682HCK32"/>
        </identifiers>
        <balance>6300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6240667.86000000</valUSD>
        <pctVal>1.228889339567</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nuveen AMT-Free Municipal Credit Income Fund</name>
        <lei>549300LBMO1C0IG71T03</lei>
        <title>Nuveen AMT-Free Municipal Credit Income Fund</title>
        <cusip>67071L825</cusip>
        <identifiers>
          <isin value="US67071L8256"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>150000.00000000</valUSD>
        <pctVal>0.029537447765</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.73000000</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>Permanent University Fund - University of Texas System</name>
        <lei>549300GZUEUTLKVGLF98</lei>
        <title>Permanent University Fund - University of Texas System</title>
        <cusip>915130BH0</cusip>
        <identifiers>
          <isin value="US915130BH02"/>
        </identifiers>
        <balance>6305000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7530444.84000000</valUSD>
        <pctVal>1.482867474071</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Arkansas Development Finance Authority</name>
        <lei>N/A</lei>
        <title>Arkansas Development Finance Authority</title>
        <cusip>04110FAA3</cusip>
        <identifiers>
          <isin value="US04110FAA30"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1002655.20000000</valUSD>
        <pctVal>0.197439170643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</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>Tender Option Bond Trust Receipts/Certificates</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035GWF1</cusip>
        <identifiers>
          <isin value="US88035GWF17"/>
        </identifiers>
        <balance>1750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1766136.96000000</valUSD>
        <pctVal>0.347781188015</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.55000000</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>Philadelphia Authority for Industrial Development</name>
        <lei>549300DIY68KQZEW7M79</lei>
        <title>Philadelphia Authority for Industrial Development</title>
        <cusip>717901CA8</cusip>
        <identifiers>
          <isin value="US717901CA88"/>
        </identifiers>
        <balance>1050000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>966021.00000000</valUSD>
        <pctVal>0.190225298851</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Cash and cash equivalents includes USD and only foreign currencies considered highly liquid." noteItem="B.2.f"/>
      <explntrNote note="Returns shown in Item B.5.a have been calculated without deducting any applicable sales loads or redemption fees" noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-02-27</ncom:dateSigned>
      <ncom:nameOfApplicant>Principal Funds, Inc</ncom:nameOfApplicant>
      <ncom:signature>Megan Hoffmann</ncom:signature>
      <ncom:signerName>/s/ Megan Hoffmann</ncom:signerName>
      <ncom:title>Vice President and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
