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      <invstOrSec>
        <name>Los Diamantes Public Improvement District, New Mexico, Revenue Bonds, Rio Rancho Special Levy Improvement Series 2024</name>
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          <isin value="US545452AM68"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Santa Fe, New Mexico, Gross Receipts Tax Revenue Bonds, Improvement Senior Lien Series 2018A</name>
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          <isin value="US802072SQ28"/>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Boulders Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2015</name>
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        <cusip>101567AD7</cusip>
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          <isin value="US101567AD71"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Boulders Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2013</name>
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        <cusip>101567AA3</cusip>
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          <isin value="US101567AA33"/>
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        <balance>415000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-10-01</maturityDt>
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          <annualizedRt>7.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Aspire Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2024</name>
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        <title>Aspire Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2024</title>
        <cusip>04538GAC1</cusip>
        <identifiers>
          <isin value="US04538GAC15"/>
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        <balance>825000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Santa Fe, New Mexico, Water Utility System Revenue Bonds, Refunding Series 2016</name>
        <lei>N/A</lei>
        <title>Santa Fe, New Mexico, Water Utility System Revenue Bonds, Refunding Series 2016</title>
        <cusip>80216PAY2</cusip>
        <identifiers>
          <isin value="US80216PAY25"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, Series 2022A</name>
        <lei>N/A</lei>
        <title>Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, Series 2022A</title>
        <cusip>57665NAG0</cusip>
        <identifiers>
          <isin value="US57665NAG07"/>
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        <balance>230000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>220800.02000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Silver Consolidated School District 1, Grant County, New Mexico, General Obligation Bonds,  School Building Series 2019</name>
        <lei>N/A</lei>
        <title>Silver Consolidated School District 1, Grant County, New Mexico, General Obligation Bonds,  School Building Series 2019</title>
        <cusip>827513GW6</cusip>
        <identifiers>
          <isin value="US827513GW69"/>
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        <balance>675000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>676639.10000000</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>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2021A</name>
        <lei>N/A</lei>
        <title>New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2021A</title>
        <cusip>647201MW9</cusip>
        <identifiers>
          <isin value="US647201MW94"/>
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        <balance>745000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>464261.50000000</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>2046-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.30000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Senior Lien Series 2022C</name>
        <lei>549300L6217Y7X40SP94</lei>
        <title>New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Senior Lien Series 2022C</title>
        <cusip>64711PLZ1</cusip>
        <identifiers>
          <isin value="US64711PLZ17"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2021C</name>
        <lei>N/A</lei>
        <title>New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2021C</title>
        <cusip>647201PB2</cusip>
        <identifiers>
          <isin value="US647201PB21"/>
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        <balance>115000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>70431.41000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Los Lunas, Valencia County, New Mexico, Gross Receipts Tax Revenue Bonds, Improvment Series 2016</name>
        <lei>N/A</lei>
        <title>Los Lunas, Valencia County, New Mexico, Gross Receipts Tax Revenue Bonds, Improvment Series 2016</title>
        <cusip>545559DY9</cusip>
        <identifiers>
          <isin value="US545559DY97"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds, Senior Lien Series 2022</name>
        <lei>N/A</lei>
        <title>Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds, Senior Lien Series 2022</title>
        <cusip>97535RAF7</cusip>
        <identifiers>
          <isin value="US97535RAF73"/>
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        <balance>500000.00000000</balance>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Saltillo Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Refunding Series 2018</name>
        <lei>N/A</lei>
        <title>Saltillo Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Refunding Series 2018</title>
        <cusip>79576AAN5</cusip>
        <identifiers>
          <isin value="US79576AAN54"/>
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        <balance>970000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A</name>
        <lei>N/A</lei>
        <title>Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A</title>
        <cusip>40065HDV9</cusip>
        <identifiers>
          <isin value="US40065HDV96"/>
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        <balance>780000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Roswell, New Mexico, Gross Receipts Tax Improvement Revenue Bonds, Series 2017</name>
        <lei>N/A</lei>
        <title>Roswell, New Mexico, Gross Receipts Tax Improvement Revenue Bonds, Series 2017</title>
        <cusip>77854PBC2</cusip>
        <identifiers>
          <isin value="US77854PBC23"/>
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        <balance>770000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lower Petroglyphs Public Improvements District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Refunding Series 2018</name>
        <lei>N/A</lei>
        <title>Lower Petroglyphs Public Improvements District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Refunding Series 2018</title>
        <cusip>54844CAM2</cusip>
        <identifiers>
          <isin value="US54844CAM29"/>
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        <balance>500000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Santa Fe, New Mexico, Net Wastewater Utility System Environmental Services Gross Receipts Tax Improvement Revenue Bonds, Climate Certified Green Serie</name>
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          <isin value="US802089AQ52"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-06-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Guam Power Authority, Revenue Bonds, Refunding Series 2022A</name>
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          <isin value="US400653KK63"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2019C</name>
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          <isin value="US647201FW77"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.60000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>University of New Mexico, Revenue Bonds, System Improvement Series 2023</name>
        <lei>549300WZXG6PIBC7KB43</lei>
        <title>University of New Mexico, Revenue Bonds, System Improvement Series 2023</title>
        <cusip>9146925T1</cusip>
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          <isin value="US9146925T17"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-06-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>McKinley County, New Mexico, Gross Receipts Revenue Bonds, Tax Improvement Series 2023</name>
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        <title>McKinley County, New Mexico, Gross Receipts Revenue Bonds, Tax Improvement Series 2023</title>
        <cusip>581615EK3</cusip>
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          <isin value="US581615EK32"/>
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        <balance>675000.00000000</balance>
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      <invstOrSec>
        <name>Santa Fe, New Mexico, Retirement Facilities Revenue Bonds, EL Castillo Retirement Residences Project, Series 2012</name>
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        <title>Santa Fe, New Mexico, Retirement Facilities Revenue Bonds, EL Castillo Retirement Residences Project, Series 2012</title>
        <cusip>802170AJ9</cusip>
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          <isin value="US802170AJ93"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Rio Rancho, New Mexico, Gross Receipts Tax Revenue Bonds, Shared Gross Receipts Improvement Series 2025</name>
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        <title>Rio Rancho, New Mexico, Gross Receipts Tax Revenue Bonds, Shared Gross Receipts Improvement Series 2025</title>
        <cusip>767169FN0</cusip>
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          <isin value="US767169FN09"/>
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        <balance>500000.00000000</balance>
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        <valUSD>514815.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Central New Mexico Community College, Bernalillo and Sandoval Counties, New Mexico, General Obligation Bonds, Limited Tax Series 2023</name>
        <lei>N/A</lei>
        <title>Central New Mexico Community College, Bernalillo and Sandoval Counties, New Mexico, General Obligation Bonds, Limited Tax Series 2023</title>
        <cusip>154626EQ4</cusip>
        <identifiers>
          <isin value="US154626EQ47"/>
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        <balance>2400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2381432.16000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Volterra Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Refunding Series 2024</name>
        <lei>N/A</lei>
        <title>Volterra Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Refunding Series 2024</title>
        <cusip>92871AAQ3</cusip>
        <identifiers>
          <isin value="US92871AAQ31"/>
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        <balance>1000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds, Senior Lien Series 2022</name>
        <lei>N/A</lei>
        <title>Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds, Senior Lien Series 2022</title>
        <cusip>97535RAE0</cusip>
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          <isin value="US97535RAE09"/>
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        <balance>5000.00000000</balance>
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        <invCountry>US</invCountry>

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          <annualizedRt>3.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mesa Del Sol Public Improvement District 1, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2013</name>
        <lei>N/A</lei>
        <title>Mesa Del Sol Public Improvement District 1, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2013</title>
        <cusip>59065CAB7</cusip>
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          <isin value="US59065CAB72"/>
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        <balance>805000.00000000</balance>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D</name>
        <lei>N/A</lei>
        <title>Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D</title>
        <cusip>40065NCJ4</cusip>
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          <isin value="US40065NCJ46"/>
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        <balance>500000.00000000</balance>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, San Juan Regional Medical Center, Refunding &amp; Improvement Series 2020</name>
        <lei>N/A</lei>
        <title>New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, San Juan Regional Medical Center, Refunding &amp; Improvement Series 2020</title>
        <cusip>647370KL8</cusip>
        <identifiers>
          <isin value="US647370KL86"/>
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        <balance>785000.00000000</balance>
        <units>PA</units>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1</title>
        <cusip>74514L3P0</cusip>
        <identifiers>
          <isin value="US74514L3P07"/>
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        <balance>1000000.00000000</balance>
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        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
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      <invstOrSec>
        <name>Guam Power Authority, Revenue Bonds, Refunding Series 2024A</name>
        <lei>549300IPOV320QCKW060</lei>
        <title>Guam Power Authority, Revenue Bonds, Refunding Series 2024A</title>
        <cusip>400653KW0</cusip>
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          <isin value="US400653KW02"/>
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        <balance>550000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2017</name>
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        <cusip>40065FDD3</cusip>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Rio Rancho, New Mexico, Gross Receipts Tax Revenue Bonds, Shared Gross Receipts Improvement Series 2025</name>
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        <name>Santa Fe County, New Mexico, Correctional System Gross Receipts Tax Revenue Bonds, Series 1997</name>
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        <cusip>80189AAT9</cusip>
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          <isin value="US80189AAT97"/>
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          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2</name>
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        <cusip>74529JRL1</cusip>
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          <isin value="US74529JRL16"/>
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      <invstOrSec>
        <name>New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Subordinate Lien Series 2024A</name>
        <lei>549300L6217Y7X40SP94</lei>
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          <isin value="US64711PPU83"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Albuquerque Municipal School District 12, Bernalillo and Sandoval Counties, New Mexico, General Obligation Bonds, School Series 2025A</name>
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        <cusip>013595A45</cusip>
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          <isin value="US013595A456"/>
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      <invstOrSec>
        <name>Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A</name>
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        <title>Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A</title>
        <cusip>927676RR9</cusip>
        <identifiers>
          <isin value="US927676RR98"/>
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        <name>Albuquerque Benralillo County Water Utility Authority, New Mexico, Joint Water and Sewer System Revenue Bonds, Refunding &amp; Improvement Senior Lien Ser</name>
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        <cusip>013493HN4</cusip>
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          <isin value="US013493HN45"/>
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      <invstOrSec>
        <name>Arizona Industrial Development Authority, Hospital Revenue Bonds, Phoenix Children's Hospital, Series 2020A</name>
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        <cusip>04052EAY4</cusip>
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          <isin value="US04052EAY41"/>
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        <name>Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016</name>
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        <title>Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016</title>
        <cusip>40065FCG7</cusip>
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          <isin value="US40065FCG72"/>
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        <name>New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2022A</name>
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        <title>New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2022A</title>
        <cusip>647201RJ3</cusip>
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          <isin value="US647201RJ39"/>
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        <name>New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2018C</name>
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        <cusip>647201CF7</cusip>
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          <isin value="US647201CF71"/>
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        <name>New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian Healthcare Services, Series 2017A</name>
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        <title>New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian Healthcare Services, Series 2017A</title>
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        <name>Santa Fe, New Mexico, Gross Receipts Tax Revenue Bonds, Improvement Senior Lien Series 2018A</name>
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          <isin value="US802072SP45"/>
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      <invstOrSec>
        <name>Montecito Estates Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Refunding Series 2016</name>
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        <title>Montecito Estates Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Refunding Series 2016</title>
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          <isin value="US61237RAN70"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="The International Organization for Standardization (ISO) country code included within Part C.5. of this filing may differ from that used for other purposes, such as for fund portfolio compliance purposes and for financial reporting purposes (i.e. the preparation of the fund's schedule of investments included within Part F of Form N-PORT and Form N-CSR." noteItem="C.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-05-31</ncom:dateSigned>
      <ncom:nameOfApplicant>Nuveen Multistate Trust I</ncom:nameOfApplicant>
      <ncom:signature>Gina Spunder</ncom:signature>
      <ncom:signerName>Gina Spunder</ncom:signerName>
      <ncom:title>Director, Fund Financial Reporting</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
