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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-01-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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          <isin value="US64990GMJ84"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Pennsylvania Turnpike Commission</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
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          <isin value="US709224TV16"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-01</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Arizona Industrial Development Authority</name>
        <lei>N/A</lei>
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        <cusip>04052TCT0</cusip>
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          <isin value="US04052TCT07"/>
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        <curCd>USD</curCd>
        <valUSD>1673670.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-01-01</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>64990CCD1</cusip>
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          <isin value="US64990CCD11"/>
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        <balance>140000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>140429.80000000</valUSD>
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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>2023-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tarrant County Cultural Education Facilities Finance Corp</name>
        <lei>549300ROY505NVTMMI25</lei>
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          <isin value="US87638RGV33"/>
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        <curCd>USD</curCd>
        <valUSD>2393205.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Port Beaumont Navigation District</name>
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          <isin value="US73360CAC82"/>
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        <curCd>USD</curCd>
        <valUSD>2722292.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.63000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
        <cusip>13049YAZ4</cusip>
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          <isin value="US13049YAZ43"/>
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        <balance>2240000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2801904.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Birmingham Airport Authority</name>
        <lei>N/A</lei>
        <title>Birmingham Airport Authority</title>
        <cusip>090888GF9</cusip>
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          <isin value="US090888GF96"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>1017060.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>State of California</name>
        <lei>N/A</lei>
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        <cusip>13063DHM3</cusip>
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          <isin value="US13063DHM39"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2639700.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Southern California Public Power Authority</name>
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          <isin value="US84247PFG19"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1062790.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Massachusetts Port Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>State of Illinois</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Development Authority of Burke County/The</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-07-01</maturityDt>
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          <annualizedRt>1.28000000</annualizedRt>
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        <name>San Diego Unified School District/CA</name>
        <lei>N/A</lei>
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          <maturityDt>2032-07-01</maturityDt>
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        <name>San Diego County Regional Airport Authority</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>New Hampshire Business Finance Authority</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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          <maturityDt>2034-01-20</maturityDt>
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          <annualizedRt>4.13000000</annualizedRt>
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        <name>Las Vegas Redevelopment Agency</name>
        <lei>N/A</lei>
        <title>Las Vegas Redevelopment Agency</title>
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          <isin value="US517732DR12"/>
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        <balance>3850000.00000000</balance>
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        <valUSD>4431542.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pennsylvania Economic Development Financing Authority</name>
        <lei>N/A</lei>
        <title>Pennsylvania Economic Development Financing Authority</title>
        <cusip>708692AK4</cusip>
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        <curCd>USD</curCd>
        <valUSD>2282422.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-11-01</maturityDt>
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          <annualizedRt>2.15000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Oklahoma Development Finance Authority</name>
        <lei>549300PXGPHUWC32DJ91</lei>
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          <isin value="US67884XCG07"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>California Pollution Control Financing Authority</name>
        <lei>N/A</lei>
        <title>California Pollution Control Financing Authority</title>
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          <isin value="US130536QT56"/>
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        <valUSD>2283660.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
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      <invstOrSec>
        <name>Painted Prairie Public Improvement Authority</name>
        <lei>N/A</lei>
        <title>Painted Prairie Public Improvement Authority</title>
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          <isin value="US69578NAC02"/>
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        <curCd>USD</curCd>
        <valUSD>1035280.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pennsylvania Turnpike Commission</name>
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          <isin value="US709224N216"/>
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        <curCd>USD</curCd>
        <valUSD>2602420.00000000</valUSD>
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        <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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pennsylvania Turnpike Commission</name>
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        <cusip>709224QR3</cusip>
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          <isin value="US709224QR31"/>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>67723.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>American Municipal Power Inc</name>
        <lei>EARKGGZJJEMVD66XQ486</lei>
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          <isin value="US02765UGG31"/>
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        <curCd>USD</curCd>
        <valUSD>2800415.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Diego County Regional Airport Authority</name>
        <lei>N/A</lei>
        <title>San Diego County Regional Airport Authority</title>
        <cusip>79739GJV9</cusip>
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          <isin value="US79739GJV95"/>
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        <balance>340000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>427373.20000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fairfax County Redevelopment &amp; Housing Authority</name>
        <lei>N/A</lei>
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          <isin value="US303835DR05"/>
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        <curCd>USD</curCd>
        <valUSD>1884555.00000000</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>2039-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
        <lei>N/A</lei>
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        <cusip>64971XHN1</cusip>
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          <isin value="US64971XHN12"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>State of Illinois</name>
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          <isin value="US452152P965"/>
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        <valUSD>4206720.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Escambia County Health Facilities Authority</name>
        <lei>N/A</lei>
        <title>Escambia County Health Facilities Authority</title>
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          <isin value="US296110EV75"/>
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          <maturityDt>2020-07-01</maturityDt>
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          <annualizedRt>5.95000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Village Community Development District No 13</name>
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          <maturityDt>2029-05-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Parish of St John the Baptist LA</name>
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          <maturityDt>2037-06-01</maturityDt>
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          <annualizedRt>2.20000000</annualizedRt>
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        <name>Massachusetts Bay Transportation Authority</name>
        <lei>549300D2U0XBUXGX8P68</lei>
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          <isin value="US575577HV67"/>
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          <maturityDt>2028-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Sales Tax Securitization Corp</name>
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        <name>Central Texas Regional Mobility Authority</name>
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        <name>New York Transportation Development Corp</name>
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        <invCountry>US</invCountry>
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        <name>Arizona Industrial Development Authority</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>City of Chicago IL Wastewater Transmission Revenue</name>
        <lei>N/A</lei>
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          <maturityDt>2032-01-01</maturityDt>
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      <invstOrSec>
        <name>Buckeye Tobacco Settlement Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US118217AS72"/>
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          <maturityDt>2042-06-01</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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        <name>Southern California Public Power Authority</name>
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          <maturityDt>2028-11-01</maturityDt>
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        <name>Lower Alabama Gas District/The</name>
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          <maturityDt>2034-09-01</maturityDt>
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      <invstOrSec>
        <name>Kalamazoo Economic Development Corp</name>
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          <isin value="US483228DU39"/>
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          <maturityDt>2032-05-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Cincinnati OH</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Kalamazoo Economic Development Corp</name>
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          <isin value="US483228DW94"/>
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          <maturityDt>2042-05-15</maturityDt>
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        <name>South Jersey Transportation Authority</name>
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          <maturityDt>2029-11-01</maturityDt>
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        <name>County of Cook IL Sales Tax Revenue</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-11-15</maturityDt>
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        <name>New Hampshire Business Finance Authority</name>
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          <maturityDt>2042-11-01</maturityDt>
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          <annualizedRt>4.88000000</annualizedRt>
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        <name>Chicago O'Hare International Airport</name>
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        <name>Indiana Finance Authority</name>
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        <name>North Texas Tollway Authority</name>
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        <name>SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF</name>
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        <title>SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF</title>
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        <assetCat>EC</assetCat>
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        <name>Salt Verde Financial Corp</name>
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        <name>New York Transportation Development Corp</name>
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        <name>New York Transportation Development Corp</name>
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      </invstOrSec>
      <invstOrSec>
        <name>District of Columbia</name>
        <lei>549300HWFOZXPKGOX654</lei>
        <title>District of Columbia</title>
        <cusip>25476FXV5</cusip>
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          <isin value="US25476FXV56"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4422600.00000000</valUSD>
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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>2044-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Turnpike Authority</name>
        <lei>549300FCT1PN0GJGQ240</lei>
        <title>North Carolina Turnpike Authority</title>
        <cusip>65830RCK3</cusip>
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          <isin value="US65830RCK32"/>
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        <balance>4100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5039802.00000000</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>2040-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Regional Transportation District</name>
        <lei>N/A</lei>
        <title>Regional Transportation District</title>
        <cusip>759151AN3</cusip>
        <identifiers>
          <isin value="US759151AN35"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>509865.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Metropolitan Nashville Airport Authority/The</name>
        <lei>549300IC0HNF8TDXEE63</lei>
        <title>Metropolitan Nashville Airport Authority/The</title>
        <cusip>592190PF3</cusip>
        <identifiers>
          <isin value="US592190PF36"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2514000.00000000</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>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Fort Bend Water Authority</name>
        <lei>N/A</lei>
        <title>North Fort Bend Water Authority</title>
        <cusip>65944RKT8</cusip>
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          <isin value="US65944RKT85"/>
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        <balance>3250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3808187.50000000</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>2039-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>iShares Short-Term National Muni Bond ETF</name>
        <lei>5493006UX6BTVQQ8GI65</lei>
        <title>iShares Short-Term National Muni Bond ETF</title>
        <cusip>464288158</cusip>
        <identifiers>
          <isin value="US4642881589"/>
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        <balance>58302.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6258719.70000000</valUSD>
        <pctVal>1.000795089211</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Diego County Regional Airport Authority</name>
        <lei>N/A</lei>
        <title>San Diego County Regional Airport Authority</title>
        <cusip>79739GJX5</cusip>
        <identifiers>
          <isin value="US79739GJX51"/>
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        <balance>480000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>620035.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of Oregon Housing &amp; Community Services Department</name>
        <lei>549300N3PYWYJ0Z8N757</lei>
        <title>State of Oregon Housing &amp; Community Services Department</title>
        <cusip>686087ZK6</cusip>
        <identifiers>
          <isin value="US686087ZK66"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5432500.00000000</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>3.55000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>South Jersey Port Corp</name>
        <lei>N/A</lei>
        <title>South Jersey Port Corp</title>
        <cusip>838530RG0</cusip>
        <identifiers>
          <isin value="US838530RG05"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5864550.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lafayette Public Trust Financing Authority</name>
        <lei>N/A</lei>
        <title>Lafayette Public Trust Financing Authority</title>
        <cusip>506486CX5</cusip>
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          <isin value="US506486CX57"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1028610.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wayne County Airport Authority</name>
        <lei>N/A</lei>
        <title>Wayne County Airport Authority</title>
        <cusip>944514SX7</cusip>
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          <isin value="US944514SX74"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1179810.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tennergy Corp/TN</name>
        <lei>5493008K3JJFBSC4C235</lei>
        <title>Tennergy Corp/TN</title>
        <cusip>880397BG8</cusip>
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          <isin value="US880397BG80"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1162770.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York Liberty Development Corp</name>
        <lei>N/A</lei>
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        <cusip>649519BU8</cusip>
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          <isin value="US649519BU84"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>1071970.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority</title>
        <cusip>74443QAA0</cusip>
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          <isin value="US74443QAA04"/>
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        <balance>1400000.00000000</balance>
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        <valUSD>1549282.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Denver Convention Center Hotel Authority</name>
        <lei>N/A</lei>
        <title>Denver Convention Center Hotel Authority</title>
        <cusip>249189DQ1</cusip>
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          <isin value="US249189DQ11"/>
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        <valUSD>1164750.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Riverside Community Properties Development Inc</name>
        <lei>N/A</lei>
        <title>Riverside Community Properties Development Inc</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>2038-10-15</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>State of Wisconsin</name>
        <lei>549300VTAT608CNZ5827</lei>
        <title>State of Wisconsin</title>
        <cusip>97705MQG3</cusip>
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        <balance>4820000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5741776.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2040-05-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Harris County-Houston Sports Authority</name>
        <lei>N/A</lei>
        <title>Harris County-Houston Sports Authority</title>
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        <balance>3000000.00000000</balance>
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        <valUSD>3470310.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Ohio Air Quality Development Authority</name>
        <lei>549300DZUU80AYOR6M80</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-07-01</maturityDt>
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      <invstOrSec>
        <name>New York Liberty Development Corp</name>
        <lei>N/A</lei>
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          <isin value="US649519CK93"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-09-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Sacramento Area Flood Control Agency</name>
        <lei>N/A</lei>
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          <isin value="US785840HD40"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Commonwealth Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US20282EAN67"/>
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        <curCd>USD</curCd>
        <valUSD>3737730.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Buckeye Tobacco Settlement Financing Authority</name>
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          <isin value="US118217AR99"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-06-01</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>Mohegan Tribal Finance Authority</name>
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          <isin value="US608327AA04"/>
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          <maturityDt>2045-02-01</maturityDt>
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          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>Florida Development Finance Corp</name>
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          <isin value="US34061YAC49"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-01-01</maturityDt>
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      <invstOrSec>
        <name>Golden State Tobacco Securitization Corp</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-06-01</maturityDt>
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          <annualizedRt>5.30000000</annualizedRt>
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        <name>Roanoke Economic Development Authority</name>
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          <isin value="US770081BE60"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-12-01</maturityDt>
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        <name>Sea Breeze Public Facility Corp</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-01-01</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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        <name>Tarrant County Cultural Education Facilities Finance Corp</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-15</maturityDt>
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        <name>City of St Louis MO Airport Revenue</name>
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        <name>Maryland Economic Development Corp</name>
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        <name>Chicago Transit Authority</name>
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        <name>Illinois Finance Authority</name>
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        <name>Sacramento County Water Financing Authority</name>
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        <name>Fairfax County Redevelopment &amp; Housing Authority</name>
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        <name>Allegheny County Industrial Development Authority</name>
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        <name>Public Finance Authority</name>
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      <invstOrSec>
        <name>City of Lakeland FL Department of Electric Utilities</name>
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        <name>VanEck Vectors High-Yield Municipal Index ETF</name>
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        <name>Illinois State Toll Highway Authority</name>
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          <maturityDt>2024-07-01</maturityDt>
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        <name>Metropolitan Nashville Airport Authority/The</name>
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          <maturityDt>2049-07-01</maturityDt>
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        <name>King George County Economic Development Authority</name>
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          <maturityDt>2036-06-01</maturityDt>
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        <name>District of Columbia</name>
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        <name>Ohio Air Quality Development Authority</name>
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        <name>Lower Alabama Gas District/The</name>
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        <name>Virginia College Building Authority</name>
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        <name>Onondaga County Trust for Cultural Resources</name>
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        <name>STC Metropolitan District No 2</name>
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        <name>New York City Industrial Development Agency</name>
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        <name>Franklin County Convention Facilities Authority</name>
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        <name>Navajo Nation</name>
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          <maturityDt>2030-12-01</maturityDt>
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        <name>City of Chicago IL Wastewater Transmission Revenue</name>
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        <name>Raleigh Durham Airport Authority</name>
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        <name>STC Metropolitan District No 2</name>
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        <name>Colorado Health Facilities Authority</name>
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        <name>Illinois Sports Facilities Authority/The</name>
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        <name>San Diego County Regional Airport Authority</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>Pennsylvania Turnpike Commission</name>
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        <name>Canaveral Port Authority</name>
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        <name>New York Counties Tobacco Trust VI</name>
        <lei>N/A</lei>
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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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      <invstOrSec>
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        <lei>N/A</lei>
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      <invstOrSec>
        <name>West Harris County Regional Water Authority</name>
        <lei>N/A</lei>
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        <name>Port of Seattle WA</name>
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        <name>Metropolitan Pier &amp; Exposition Authority</name>
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          <isin value="US592250CL63"/>
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          <maturityDt>2057-06-15</maturityDt>
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          <maturityDt>2028-03-01</maturityDt>
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      <invstOrSec>
        <name>Tobacco Settlement Financing Corp</name>
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          <isin value="US888808HQ88"/>
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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>Louisiana Local Government Environmental Facilities &amp; Community Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>County of Botetourt VA</name>
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        <name>Massachusetts Port Authority</name>
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        <name>County of Hamilton OH</name>
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        <name>Sales Tax Securitization Corp</name>
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        <name>Town of Shoals IN</name>
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        <name>Utah Infrastructure Agency</name>
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        <name>Public Finance Authority</name>
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        <name>Illinois Sports Facilities Authority/The</name>
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        <name>Mississippi Business Finance Corp</name>
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        <name>Allegheny County Industrial Development Authority</name>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <name>Louisiana Offshore Terminal Authority</name>
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        <name>City of Houston TX Airport System Revenue</name>
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        <name>Oglala Sioux Tribe</name>
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        <name>Utah Infrastructure Agency</name>
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        <name>City of Chicago IL</name>
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        <name>San Diego County Regional Airport Authority</name>
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        <name>Westchester County Local Development Corp</name>
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        <name>Velocity Metropolitan District No 3</name>
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        <name>Chandler Industrial Development Authority</name>
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        <name>San Diego County Regional Airport Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Collier County Health Facilities Authority</name>
        <lei>N/A</lei>
        <title>Collier County Health Facilities Authority</title>
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          <isin value="US19463VAU52"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Arizona Industrial Development Authority</name>
        <lei>N/A</lei>
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          <isin value="US04052TBV61"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.13000000</annualizedRt>
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      <invstOrSec>
        <name>Texas Transportation Commission</name>
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          <isin value="US88283NAZ50"/>
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        <curCd>USD</curCd>
        <valUSD>2371240.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pittsburgh Water &amp; Sewer Authority</name>
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        <cusip>725304VE6</cusip>
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          <isin value="US725304VE61"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>564224.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pennsylvania Turnpike Commission</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
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        <cusip>709221VE2</cusip>
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          <isin value="US709221VE24"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6331650.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Chicago IL</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
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        <cusip>167486ZY8</cusip>
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          <isin value="US167486ZY84"/>
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        <balance>2965000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3661300.60000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York Liberty Development Corp</name>
        <lei>N/A</lei>
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        <cusip>649519BP9</cusip>
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          <isin value="US649519BP99"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1070520.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Maryland Health &amp; Higher Educational Facilities Authority</name>
        <lei>N/A</lei>
        <title>Maryland Health &amp; Higher Educational Facilities Authority</title>
        <cusip>574218BE2</cusip>
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          <isin value="US574218BE21"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>534945.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Montana Facility Finance Authority</name>
        <lei>N/A</lei>
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        <cusip>612043KW8</cusip>
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          <isin value="US612043KW84"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2149760.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.13000000</annualizedRt>
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      <invstOrSec>
        <name>Velocity Metropolitan District No 3</name>
        <lei>N/A</lei>
        <title>Velocity Metropolitan District No 3</title>
        <cusip>92259GAA7</cusip>
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          <isin value="US92259GAA76"/>
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        <balance>2235000.00000000</balance>
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        <valUSD>2394936.60000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.13000000</annualizedRt>
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        <name>Illinois Finance Authority</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>Illinois Finance Authority</title>
        <cusip>45200FBY4</cusip>
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          <isin value="US45200FBY43"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5000000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.15000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Metropolitan Water Reclamation District of Greater Chicago</name>
        <lei>N/A</lei>
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          <isin value="US167560SX00"/>
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        <balance>5000000.00000000</balance>
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        <valUSD>6182050.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Tompkins County Development Corp</name>
        <lei>N/A</lei>
        <title>Tompkins County Development Corp</title>
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          <isin value="US890096BB54"/>
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        <balance>115000.00000000</balance>
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        <valUSD>74750.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Louisiana Local Government Environmental Facilities &amp; Community Development Authority</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2044-11-01</maturityDt>
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          <annualizedRt>4.40000000</annualizedRt>
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        <name>Finance Authority of Maine</name>
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        <cusip>56042CAW5</cusip>
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          <isin value="US56042CAW55"/>
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          <maturityDt>2035-08-01</maturityDt>
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          <annualizedRt>4.38000000</annualizedRt>
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      <invstOrSec>
        <name>Kentucky Public Energy Authority</name>
        <lei>N/A</lei>
        <title>Kentucky Public Energy Authority</title>
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          <isin value="US74440DBD57"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-01-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Alum Rock Union Elementary School District</name>
        <lei>N/A</lei>
        <title>Alum Rock Union Elementary School District</title>
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          <isin value="US022168LJ57"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2043-08-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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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>88033SCM4</cusip>
        <identifiers>
          <isin value="US88033SCM44"/>
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        <balance>845000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1169539.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.12000000</annualizedRt>
          <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>New York City Water &amp; Sewer System</name>
        <lei>N/A</lei>
        <title>New York City Water &amp; Sewer System</title>
        <cusip>64972GVC5</cusip>
        <identifiers>
          <isin value="US64972GVC58"/>
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        <balance>3800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4530664.00000000</valUSD>
        <pctVal>0.724471856770</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <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>San Diego County Regional Airport Authority</name>
        <lei>N/A</lei>
        <title>San Diego County Regional Airport Authority</title>
        <cusip>79739GJW7</cusip>
        <identifiers>
          <isin value="US79739GJW78"/>
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        <balance>410000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>523037.00000000</valUSD>
        <pctVal>0.083635773155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <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>Casino Reinvestment Development Authority Inc</name>
        <lei>N/A</lei>
        <title>Casino Reinvestment Development Authority Inc</title>
        <cusip>14760RAV3</cusip>
        <identifiers>
          <isin value="US14760RAV33"/>
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        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>821190.00000000</valUSD>
        <pctVal>0.131311667354</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Elbert County Independence Water &amp; Sanitation District</name>
        <lei>N/A</lei>
        <title>Elbert County Independence Water &amp; Sanitation District</title>
        <cusip>45380AAA0</cusip>
        <identifiers>
          <isin value="US45380AAA07"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1093170.00000000</valUSD>
        <pctVal>0.174802390922</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
          <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>Michigan Finance Authority</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>Michigan Finance Authority</title>
        <cusip>59447TVA8</cusip>
        <identifiers>
          <isin value="US59447TVA86"/>
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        <balance>3400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3878958.00000000</valUSD>
        <pctVal>0.620261379920</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <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>Tender Option Bond Trust Receipts/Certificates</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88033MQP5</cusip>
        <identifiers>
          <isin value="US88033MQP58"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1370000.00000000</valUSD>
        <pctVal>0.219068649490</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.02000000</annualizedRt>
          <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>San Diego County Regional Airport Authority</name>
        <lei>N/A</lei>
        <title>San Diego County Regional Airport Authority</title>
        <cusip>79739GKB1</cusip>
        <identifiers>
          <isin value="US79739GKB13"/>
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        <balance>415000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>527299.00000000</valUSD>
        <pctVal>0.084317284531</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Regional Transportation District</name>
        <lei>N/A</lei>
        <title>Regional Transportation District</title>
        <cusip>759151AA1</cusip>
        <identifiers>
          <isin value="US759151AA14"/>
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        <balance>450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>457884.00000000</valUSD>
        <pctVal>0.073217539783</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Louisiana Public Facilities Authority</name>
        <lei>549300RQIPT5S4P4M065</lei>
        <title>Louisiana Public Facilities Authority</title>
        <cusip>54640TAJ8</cusip>
        <identifiers>
          <isin value="US54640TAJ88"/>
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        <balance>658760.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6.59000000</valUSD>
        <pctVal>0.000001053768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>New Jersey Transportation Trust Fund Authority</name>
        <lei>549300YUVD5TEXR6L889</lei>
        <title>New Jersey Transportation Trust Fund Authority</title>
        <cusip>646136X97</cusip>
        <identifiers>
          <isin value="US646136X977"/>
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        <balance>2250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2601247.50000000</valUSD>
        <pctVal>0.415950202055</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Parish of St John the Baptist LA</name>
        <lei>N/A</lei>
        <title>Parish of St John the Baptist LA</title>
        <cusip>79020FAX4</cusip>
        <identifiers>
          <isin value="US79020FAX42"/>
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        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4102840.00000000</valUSD>
        <pctVal>0.656061034946</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.10000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Texas Private Activity Bond Surface Transportation Corp</name>
        <lei>N/A</lei>
        <title>Texas Private Activity Bond Surface Transportation Corp</title>
        <cusip>882667AP3</cusip>
        <identifiers>
          <isin value="US882667AP30"/>
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        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5190320.00000000</valUSD>
        <pctVal>0.829953571404</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>County of Botetourt VA</name>
        <lei>N/A</lei>
        <title>County of Botetourt VA</title>
        <cusip>101271AL8</cusip>
        <identifiers>
          <isin value="US101271AL86"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1125180.00000000</valUSD>
        <pctVal>0.179920921922</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Central Texas Turnpike System</name>
        <lei>N/A</lei>
        <title>Central Texas Turnpike System</title>
        <cusip>88283KAU2</cusip>
        <identifiers>
          <isin value="US88283KAU25"/>
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        <balance>1285000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1485241.55000000</valUSD>
        <pctVal>0.237496248559</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Arizona Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority</title>
        <cusip>04052TBU8</cusip>
        <identifiers>
          <isin value="US04052TBU88"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1111290.00000000</valUSD>
        <pctVal>0.177699853644</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Hampton Roads Transportation Accountability Commission</name>
        <lei>N/A</lei>
        <title>Hampton Roads Transportation Accountability Commission</title>
        <cusip>40934TAU7</cusip>
        <identifiers>
          <isin value="US40934TAU79"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4388800.00000000</valUSD>
        <pctVal>0.701787218164</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>County of Utah UT</name>
        <lei>N/A</lei>
        <title>County of Utah UT</title>
        <cusip>917393CY4</cusip>
        <identifiers>
          <isin value="US917393CY40"/>
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        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4000000.00000000</valUSD>
        <pctVal>0.639616494863</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.18000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Los Angeles Department of Airports</name>
        <lei>N/A</lei>
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          <isin value="US544445FQ70"/>
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        <valUSD>2571660.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Idaho Health Facilities Authority</name>
        <lei>549300X43KY1C2WW0J97</lei>
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          <isin value="US451295KE84"/>
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        <curCd>USD</curCd>
        <valUSD>2117700.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-02-15</maturityDt>
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          <annualizedRt>6.65000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Village Community Development District No 13</name>
        <lei>N/A</lei>
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          <isin value="US92708HAA23"/>
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        <curCd>USD</curCd>
        <valUSD>505545.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-05-01</maturityDt>
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          <annualizedRt>2.63000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tuscaloosa County Industrial Development Authority</name>
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          <isin value="US90068FAY25"/>
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        <curCd>USD</curCd>
        <valUSD>1132320.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-01</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Hampshire Business Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US63608RAE45"/>
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        <curCd>USD</curCd>
        <valUSD>6960802.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
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          <annualizedRt>2.15000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pennsylvania Turnpike Commission</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
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          <isin value="US709224TN99"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-01</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>New York Transportation Development Corp</name>
        <lei>N/A</lei>
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        <cusip>650116AV8</cusip>
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          <isin value="US650116AV89"/>
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        <curCd>USD</curCd>
        <valUSD>3569437.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Louisiana Public Facilities Authority</name>
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          <isin value="US54640TAE91"/>
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        <curCd>USD</curCd>
        <valUSD>4.17000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>Kentwood Economic Development Corp</name>
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          <isin value="US491740EY85"/>
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        <valUSD>1142690.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Texas Municipal Gas Acquisition &amp; Supply Corp I</name>
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          <isin value="US88256CEX39"/>
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        <valUSD>7341469.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Metropolitan Washington Airports Authority Dulles Toll Road Revenue</name>
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        <title>Metropolitan Washington Airports Authority Dulles Toll Road Revenue</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Chicago IL Wastewater Transmission Revenue</name>
        <lei>N/A</lei>
        <title>City of Chicago IL Wastewater Transmission Revenue</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Dominion Water &amp; Sanitation District</name>
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          <maturityDt>2027-12-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>City of Philadelphia PA</name>
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          <maturityDt>2039-02-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Oregon State Business Development Commission</name>
        <lei>N/A</lei>
        <title>Oregon State Business Development Commission</title>
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          <annualizedRt>6.50000000</annualizedRt>
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        <name>United City of Yorkville IL</name>
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          <maturityDt>2028-03-01</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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        <name>San Diego County Regional Airport Authority</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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          <maturityDt>2029-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Pennsylvania Economic Development Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US708692BQ00"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-08-01</maturityDt>
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          <annualizedRt>3.25000000</annualizedRt>
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        <name>Hudson Yards Infrastructure Corp</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-02-15</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>Virginia Small Business Financing Authority</name>
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          <maturityDt>2040-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Texas Private Activity Bond Surface Transportation Corp</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-12-31</maturityDt>
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        <name>New Jersey Transportation Trust Fund Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-15</maturityDt>
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        <name>Hudson Yards Infrastructure Corp</name>
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        <name>Pennsylvania Turnpike Commission</name>
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          <maturityDt>2034-12-01</maturityDt>
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        <name>Chicago O'Hare International Airport</name>
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        <name>Port Beaumont Navigation District</name>
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        <name>Kentucky Municipal Power Agency</name>
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        <name>Arizona Industrial Development Authority</name>
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        <name>Hoover Industrial Development Board</name>
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        <name>New Hampshire Business Finance Authority</name>
        <lei>N/A</lei>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New York Counties Tobacco Trust VI</name>
        <lei>N/A</lei>
        <title>New York Counties Tobacco Trust VI</title>
        <cusip>64945JAX0</cusip>
        <identifiers>
          <isin value="US64945JAX00"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>439944.00000000</valUSD>
        <pctVal>0.070348859804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-01</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>University of North Carolina at Chapel Hill</name>
        <lei>N/A</lei>
        <title>University of North Carolina at Chapel Hill</title>
        <cusip>914714CP3</cusip>
        <identifiers>
          <isin value="US914714CP32"/>
        </identifiers>
        <balance>1310000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1668926.90000000</valUSD>
        <pctVal>0.266868293490</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>West Contra Costa Unified School District</name>
        <lei>N/A</lei>
        <title>West Contra Costa Unified School District</title>
        <cusip>952347ZY1</cusip>
        <identifiers>
          <isin value="US952347ZY13"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1149380.00000000</valUSD>
        <pctVal>0.183790601716</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</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>New York Counties Tobacco Trust VI</name>
        <lei>N/A</lei>
        <title>New York Counties Tobacco Trust VI</title>
        <cusip>64945JAW2</cusip>
        <identifiers>
          <isin value="US64945JAW27"/>
        </identifiers>
        <balance>740000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>824337.80000000</valUSD>
        <pctVal>0.131815013554</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-01</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>Indiana Finance Authority</name>
        <lei>549300PS0PAS7NDSSI20</lei>
        <title>Indiana Finance Authority</title>
        <cusip>45470DAA5</cusip>
        <identifiers>
          <isin value="US45470DAA54"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4061320.00000000</valUSD>
        <pctVal>0.649421815729</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</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="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>2020-03-04</ncom:dateSigned>
      <ncom:nameOfApplicant>Principal Funds, Inc</ncom:nameOfApplicant>
      <ncom:signature>Sara Reece</ncom:signature>
      <ncom:signerName>/s/ Sara Reece</ncom:signerName>
      <ncom:title>Vice President and Controller</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
