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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Port Beaumont Navigation District</name>
        <lei>549300G8PKBXALUKJY33</lei>
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        <cusip>73360CAD6</cusip>
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          <isin value="US73360CAD65"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3641715.00000000</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>2050-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority</title>
        <cusip>74444VAM2</cusip>
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          <isin value="US74444VAM28"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1122270.00000000</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>2049-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Casino Reinvestment Development Authority Inc</name>
        <lei>N/A</lei>
        <title>Casino Reinvestment Development Authority Inc</title>
        <cusip>14760RAV3</cusip>
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          <isin value="US14760RAV33"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>281665.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Abag Finance Authority for Nonprofit Corps</name>
        <lei>549300EWVCCTI6O2KU84</lei>
        <title>Abag Finance Authority for Nonprofit Corps</title>
        <cusip>00037CVN7</cusip>
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          <isin value="US00037CVN72"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>559905.00000000</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>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <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>708692BQ0</cusip>
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          <isin value="US708692BQ00"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1019790.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ohio Air Quality Development Authority</name>
        <lei>549300DZUU80AYOR6M80</lei>
        <title>Ohio Air Quality Development Authority</title>
        <cusip>677525VK0</cusip>
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          <isin value="US677525VK02"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>950000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-12-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88033MQP5</cusip>
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          <isin value="US88033MQP58"/>
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        <curCd>USD</curCd>
        <valUSD>3491600.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.71000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Arkansas Development Finance Authority</name>
        <lei>N/A</lei>
        <title>Arkansas Development Finance Authority</title>
        <cusip>04108WCC4</cusip>
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          <isin value="US04108WCC47"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1120250.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nashville Metropolitan Development &amp; Housing Agency</name>
        <lei>N/A</lei>
        <title>Nashville Metropolitan Development &amp; Housing Agency</title>
        <cusip>591874AB8</cusip>
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          <isin value="US591874AB81"/>
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        <balance>750000.00000000</balance>
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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>2036-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.13000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Metropolitan Pier &amp; Exposition Authority</name>
        <lei>254900I3VDCQ58UGBR15</lei>
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          <isin value="US592250DM38"/>
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        <curCd>USD</curCd>
        <valUSD>1225240.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-06-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Pennsylvania Economic Development Financing Authority</name>
        <lei>N/A</lei>
        <title>Pennsylvania Economic Development Financing Authority</title>
        <cusip>708686DZ0</cusip>
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          <isin value="US708686DZ05"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>State of Illinois</name>
        <lei>54930048FV8RWPR02D67</lei>
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          <isin value="US452152SU60"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Tuscaloosa County Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Tuscaloosa County Industrial Development Authority</title>
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        <balance>1000000.00000000</balance>
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        <valUSD>1159270.00000000</valUSD>
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          <maturityDt>2032-05-01</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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          <isin value="US97671VBN47"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-07-01</maturityDt>
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          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>Cleveland Department of Public Utilities Division of Public Power</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-11-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
        <title>State of California</title>
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        <valUSD>2750000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.07000000</annualizedRt>
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      <invstOrSec>
        <name>Louisiana Local Government Environmental Facilities &amp; Community Development Authority</name>
        <lei>5493004WIZ1HV87IVF85</lei>
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        <cusip>54628CJB9</cusip>
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          <isin value="US54628CJB90"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1078330.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lancaster County Hospital Authority/PA</name>
        <lei>N/A</lei>
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        <balance>1000000.00000000</balance>
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        <name>Virginia Small Business Financing Authority</name>
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          <maturityDt>2040-11-01</maturityDt>
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        <name>Kansas City Industrial Development Authority</name>
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        <name>Public Finance Authority</name>
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        <name>Louisiana Local Government Environmental Facilities &amp; Community Development Auth</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Central Texas Turnpike System</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-08-15</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>STC Metropolitan District No 2</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Chattanooga Health Educational &amp; Housing Facility Board</name>
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        <name>New Hampshire Health and Education Facilities Authority Act</name>
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        <name>Ocean Highway &amp; Port Authority</name>
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        <name>Indiana Finance Authority</name>
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        <name>Ohio Air Quality Development Authority</name>
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        <name>Illinois Sports Facilities Authority/The</name>
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      <invstOrSec>
        <name>North Texas Tollway Authority</name>
        <lei>PQGZGRE0F2WPMYQQ1B78</lei>
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          <isin value="US66285WXN19"/>
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        <valUSD>601975.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-01-01</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>
        <lei>N/A</lei>
        <title>Buckeye Tobacco Settlement Financing Authority</title>
        <cusip>118217AS7</cusip>
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          <isin value="US118217AS72"/>
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        <curCd>USD</curCd>
        <valUSD>2503175.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Jersey Economic Development Authority</name>
        <lei>5493006JS6QWDVU4R678</lei>
        <title>New Jersey Economic Development Authority</title>
        <cusip>64577XAF3</cusip>
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          <isin value="US64577XAF33"/>
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        <balance>945000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1099620.90000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Centerra Metropolitan District No 1</name>
        <lei>549300SHE5ZPSMGZH793</lei>
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        <cusip>15200XAF0</cusip>
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          <isin value="US15200XAF06"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1080470.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
        <lei>549300ISNGXS0VHGVD41</lei>
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          <isin value="US97671VBM63"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>300057.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Indiana Finance Authority</name>
        <lei>549300PS0PAS7NDSSI20</lei>
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        <cusip>45470DAA5</cusip>
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          <isin value="US45470DAA54"/>
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        <curCd>USD</curCd>
        <valUSD>1032960.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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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>
        <cusip>167727WQ5</cusip>
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          <isin value="US167727WQ52"/>
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        <balance>760000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>882717.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York State Thruway Authority</name>
        <lei>N/A</lei>
        <title>New York State Thruway Authority</title>
        <cusip>650010BD2</cusip>
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          <isin value="US650010BD20"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1201420.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88033YSZ5</cusip>
        <identifiers>
          <isin value="US88033YSZ50"/>
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        <curCd>USD</curCd>
        <valUSD>1637630.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>13.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chattanooga Health Educational &amp; Housing Facility Board</name>
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        <cusip>162410DN1</cusip>
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          <isin value="US162410DN10"/>
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        <curCd>USD</curCd>
        <valUSD>578420.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Metropolitan Washington Airports Authority Dulles Toll Road Revenue</name>
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        <cusip>592643DF4</cusip>
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          <isin value="US592643DF41"/>
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        <valUSD>2340620.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>Vermont Economic Development Authority</name>
        <lei>N/A</lei>
        <title>Vermont Economic Development Authority</title>
        <cusip>924157AA8</cusip>
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          <isin value="US924157AA83"/>
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        <valUSD>1506180.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2036-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.63000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Michigan Finance Authority</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>Michigan Finance Authority</title>
        <cusip>59447TFG3</cusip>
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          <isin value="US59447TFG31"/>
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          <maturityDt>2035-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Westminster MD</name>
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          <isin value="US960735AS70"/>
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          <maturityDt>2044-07-01</maturityDt>
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          <annualizedRt>6.25000000</annualizedRt>
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        <name>Michigan Strategic Fund</name>
        <lei>N/A</lei>
        <title>Michigan Strategic Fund</title>
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          <isin value="US594698RD62"/>
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        <valUSD>1178910.00000000</valUSD>
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          <maturityDt>2049-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Statewide Communities Development Authority</name>
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          <isin value="US13079PQL03"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2039-07-20</maturityDt>
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          <annualizedRt>4.90000000</annualizedRt>
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        <name>Orange County Housing Finance Authority</name>
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        <cusip>684906AB6</cusip>
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          <isin value="US684906AB60"/>
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        <invCountry>US</invCountry>
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        <name>New Jersey Economic Development Authority</name>
        <lei>5493006JS6QWDVU4R678</lei>
        <title>New Jersey Economic Development Authority</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2030-11-15</maturityDt>
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          <annualizedRt>5.63000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kalamazoo Economic Development Corp</name>
        <lei>N/A</lei>
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          <isin value="US483228DW94"/>
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        <valUSD>1145290.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York State Environmental Facilities Corp</name>
        <lei>549300QJ33JJW73OQO60</lei>
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          <isin value="US649852AQ37"/>
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        <curCd>USD</curCd>
        <valUSD>3242250.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.88000000</annualizedRt>
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      <invstOrSec>
        <name>North Texas Tollway Authority</name>
        <lei>PQGZGRE0F2WPMYQQ1B78</lei>
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          <isin value="US66285WPR15"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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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          <isin value="US167486ZY84"/>
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        <curCd>USD</curCd>
        <valUSD>2391967.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>District of Columbia</name>
        <lei>549300HWFOZXPKGOX654</lei>
        <title>District of Columbia</title>
        <cusip>25483VWB6</cusip>
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          <isin value="US25483VWB60"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1146180.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Grand Parkway Transportation Corp</name>
        <lei>N/A</lei>
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        <cusip>38611TCD7</cusip>
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          <isin value="US38611TCD72"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1606485.00000000</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>2050-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Prairie Farm Metropolitan District</name>
        <lei>N/A</lei>
        <title>Prairie Farm Metropolitan District</title>
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          <isin value="US73955CAA36"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1080340.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>New Jersey Economic Development Authority</name>
        <lei>5493006JS6QWDVU4R678</lei>
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        <cusip>64578CBT7</cusip>
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          <isin value="US64578CBT71"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>551320.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-15</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>New York Transportation Development Corp</name>
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        <cusip>650116BM7</cusip>
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          <isin value="US650116BM71"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1574970.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Metropolitan Government Nashville &amp; Davidson County Health &amp; Educational Facilities Board</name>
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        <cusip>592041WG8</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>South Jersey Port Corp</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Metropolitan Pier &amp; Exposition Authority</name>
        <lei>254900I3VDCQ58UGBR15</lei>
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          <isin value="US592248EE40"/>
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        <valUSD>1241030.00000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2029-06-15</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
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          <maturityDt>2044-11-01</maturityDt>
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          <annualizedRt>1.17000000</annualizedRt>
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        <name>Arizona Industrial Development Authority</name>
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          <isin value="US04052TCU79"/>
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          <maturityDt>2054-01-01</maturityDt>
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          <annualizedRt>7.25000000</annualizedRt>
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        <name>Illinois Sports Facilities Authority/The</name>
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          <maturityDt>2029-06-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>New Hampshire Business Finance Authority</name>
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          <maturityDt>2029-04-01</maturityDt>
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          <annualizedRt>2.95000000</annualizedRt>
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        <name>Navajo Nation</name>
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        <title>Navajo Nation</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2030-12-01</maturityDt>
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        <name>Allegheny County Industrial Development Authority</name>
        <lei>5493001680EYSTWFLS08</lei>
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      <invstOrSec>
        <name>Painted Prairie Public Improvement Authority</name>
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          <maturityDt>2049-12-01</maturityDt>
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          <maturityDt>2042-12-01</maturityDt>
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          <maturityDt>2025-06-01</maturityDt>
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          <annualizedRt>5.38000000</annualizedRt>
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        <name>California Statewide Financing Authority</name>
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          <isin value="US130923BH74"/>
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          <maturityDt>2043-05-01</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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        <name>Oklahoma Development Finance Authority</name>
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        <name>Allegheny County Industrial Development Authority</name>
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          <maturityDt>2024-11-01</maturityDt>
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        <name>Ohio Air Quality Development Authority</name>
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        <name>New York Counties Tobacco Trust VI</name>
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        <name>VanEck Vectors Short High-Yield Municipal Index ETF</name>
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        <name>Louisiana Local Government Environmental Facilities &amp; Community Development Authority</name>
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        <name>Oregon State Business Development Commission</name>
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        <name>Tulsa County Industrial Authority</name>
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        <curCd>USD</curCd>
        <valUSD>1149860.00000000</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>2045-11-15</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Metropolitan Pier &amp; Exposition Authority</name>
        <lei>254900I3VDCQ58UGBR15</lei>
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          <isin value="US592250CL63"/>
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        <curCd>USD</curCd>
        <valUSD>589190.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2057-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>South Jersey Transportation Authority</name>
        <lei>549300W8SZI2CAOKT956</lei>
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          <isin value="US838536KB50"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Martin County Health Facilities Authority</name>
        <lei>N/A</lei>
        <title>Martin County Health Facilities Authority</title>
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          <isin value="US573903FZ99"/>
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        <curCd>USD</curCd>
        <valUSD>1163610.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>La Verne Public Financing Authority</name>
        <lei>N/A</lei>
        <title>La Verne Public Financing Authority</title>
        <cusip>505207AK6</cusip>
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          <isin value="US505207AK62"/>
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        <balance>490000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>491460.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Salt Verde Financial Corp</name>
        <lei>549300VEWOZY6TQOIF03</lei>
        <title>Salt Verde Financial Corp</title>
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          <isin value="US79575EAR99"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2708100.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF</name>
        <lei>54930036TY0W1EQHEK50</lei>
        <title>SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF</title>
        <cusip>78464A284</cusip>
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          <isin value="US78464A2841"/>
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        <balance>6435.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Texas Municipal Gas Acquisition &amp; Supply Corp I</name>
        <lei>6AZ7FRSNC3ZFPM0Z8L86</lei>
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        <cusip>88256CEX3</cusip>
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          <isin value="US88256CEX39"/>
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        <balance>915000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1089033.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Glen Cove Local Economic Assistance Corp</name>
        <lei>N/A</lei>
        <title>Glen Cove Local Economic Assistance Corp</title>
        <cusip>377450AD3</cusip>
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          <isin value="US377450AD36"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1118030.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cleveland-Cuyahoga County Port Authority</name>
        <lei>549300KI3FXFLUKF3A98</lei>
        <title>Cleveland-Cuyahoga County Port Authority</title>
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          <isin value="US18610PAV04"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1201210.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Development Authority of Burke County/The</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>1500000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-01</maturityDt>
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          <annualizedRt>1.25000000</annualizedRt>
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      <invstOrSec>
        <name>Finance Authority of Maine</name>
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        <cusip>56042CAU9</cusip>
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          <isin value="US56042CAU99"/>
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        <valUSD>1139930.00000000</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>2025-01-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Eagle County Airport Terminal Corp</name>
        <lei>N/A</lei>
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          <isin value="US26947EBR09"/>
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        <valUSD>1201170.00000000</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>2037-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Utah Infrastructure Agency</name>
        <lei>549300WD2FDRNXU16V82</lei>
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          <isin value="US917467AT99"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-10-15</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Texas Private Activity Bond Surface Transportation Corp</name>
        <lei>N/A</lei>
        <title>Texas Private Activity Bond Surface Transportation Corp</title>
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          <isin value="US882667AG31"/>
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        <balance>300000.00000000</balance>
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        <valUSD>355293.00000000</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>2038-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>Wisconsin Health &amp; Educational Facilities Authority</title>
        <cusip>97712D5Q5</cusip>
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          <isin value="US97712D5Q53"/>
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        <balance>1175000.00000000</balance>
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        <valUSD>1466764.25000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-03-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Commonwealth Financing Authority</name>
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          <isin value="US20282EAJ55"/>
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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>2028-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mohegan Tribal Finance Authority</name>
        <lei>N/A</lei>
        <title>Mohegan Tribal Finance Authority</title>
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          <isin value="US608327AA04"/>
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        <balance>2400000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Public Finance Authority</name>
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          <isin value="US74443QAA04"/>
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        <name>South Carolina Jobs-Economic Development Authority</name>
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          <isin value="US837031WL31"/>
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      <invstOrSec>
        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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        <name>Metropolitan Pier &amp; Exposition Authority</name>
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          <maturityDt>2050-06-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>California Statewide Communities Development Authority</name>
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          <isin value="US13080SVM33"/>
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          <maturityDt>2048-12-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>City of Kalispell MT</name>
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          <isin value="US48342YAP60"/>
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          <maturityDt>2037-05-15</maturityDt>
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      <invstOrSec>
        <name>Buckeye Tobacco Settlement Financing Authority</name>
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          <isin value="US118217CZ97"/>
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          <maturityDt>2055-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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          <isin value="US97671VBK08"/>
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          <maturityDt>2023-07-01</maturityDt>
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        <name>Tuscaloosa County Industrial Development Authority</name>
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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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        <name>New Jersey Economic Development Authority</name>
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        <name>Velocity Metropolitan District No 3</name>
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          <maturityDt>2048-12-01</maturityDt>
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        <name>City of Chicago IL Wastewater Transmission Revenue</name>
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        <name>Florida Development Finance Corp</name>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <name>City of Chicago IL</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>13.78000000</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>City of Chicago IL</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
        <title>City of Chicago IL</title>
        <cusip>167486E39</cusip>
        <identifiers>
          <isin value="US167486E397"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1246160.00000000</valUSD>
        <pctVal>0.805778223536</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>5.50000000</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>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"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1102340.00000000</valUSD>
        <pctVal>0.712782922685</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>City of Charlotte NC</name>
        <lei>5493001QNY6JJFWHQ568</lei>
        <title>City of Charlotte NC</title>
        <cusip>161035HY9</cusip>
        <identifiers>
          <isin value="US161035HY93"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1359510.00000000</valUSD>
        <pctVal>0.879071349329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</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>Oglala Sioux Tribe</name>
        <lei>N/A</lei>
        <title>Oglala Sioux Tribe</title>
        <cusip>67662LAC5</cusip>
        <identifiers>
          <isin value="US67662LAC54"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>500435.00000000</valUSD>
        <pctVal>0.323585755677</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Michigan Strategic Fund</name>
        <lei>N/A</lei>
        <title>Michigan Strategic Fund</title>
        <cusip>594698RM6</cusip>
        <identifiers>
          <isin value="US594698RM61"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1160610.00000000</valUSD>
        <pctVal>0.750460826875</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Essex County Improvement Authority</name>
        <lei>N/A</lei>
        <title>Essex County Improvement Authority</title>
        <cusip>29681TAA9</cusip>
        <identifiers>
          <isin value="US29681TAA97"/>
        </identifiers>
        <balance>1300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1316835.00000000</valUSD>
        <pctVal>0.851477311894</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-07-01</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>State of Nevada Department of Business &amp; Industry</name>
        <lei>N/A</lei>
        <title>State of Nevada Department of Business &amp; Industry</title>
        <cusip>25461PAC7</cusip>
        <identifiers>
          <isin value="US25461PAC77"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1104090.00000000</valUSD>
        <pctVal>0.713914488367</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.13000000</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>Louisiana Public Facilities Authority</name>
        <lei>549300RQIPT5S4P4M065</lei>
        <title>Louisiana Public Facilities Authority</title>
        <cusip>54640TAE9</cusip>
        <identifiers>
          <isin value="US54640TAE91"/>
        </identifiers>
        <balance>277888.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2.78000000</valUSD>
        <pctVal>0.000001797572</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>
        </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>2020-04-03</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>
</edgarSubmission>
