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        <name>California Community Choice Financing Authority</name>
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      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Transbay Joint Powers Authority</name>
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        <name>South Bayside Waste Management Authority</name>
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        <name>Jurupa Unified School District</name>
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        <name>California Enterprise Development Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Contra Costa Water District</name>
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        <name>Livermore Valley Joint Unified School District</name>
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        <name>Southwestern Community College District</name>
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        <name>California State University</name>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-15</maturityDt>
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      <invstOrSec>
        <name>San Bernardino City Unified School District</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-08-01</maturityDt>
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      <invstOrSec>
        <name>Sanger Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US800851UM78"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Joaquin Hills Transportation Corridor Agency</name>
        <lei>N/A</lei>
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          <isin value="US798111GK05"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
        <cusip>13048DAF5</cusip>
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          <isin value="US13048DAF50"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>508335.85000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-08-01</maturityDt>
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          <annualizedRt>5.30000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
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          <isin value="US74514LWY90"/>
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        <balance>445000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>449142.19000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Virgin Islands Public Finance Authority</name>
        <lei>N/A</lei>
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        <cusip>927676RL2</cusip>
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          <isin value="US927676RL29"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>VI</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
        <cusip>13049SCL6</cusip>
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          <isin value="US13049SCL60"/>
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        <balance>805000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
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        <title>California Health Facilities Financing Authority</title>
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          <isin value="US13032UTT50"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-11-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Long Beach Harbor</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-05-15</maturityDt>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US13058TLY46"/>
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          <maturityDt>2036-08-01</maturityDt>
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        <name>California Municipal Finance Authority</name>
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          <isin value="US13049YFK29"/>
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        <name>City of Riverside Electric</name>
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        <name>Puerto Rico Public Buildings Authority</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <invCountry>PR</invCountry>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Washington Unified School District</name>
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        <name>CSCDA Community Improvement Authority</name>
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        <name>Denair Unified School District</name>
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        <name>West Contra Costa Unified School District</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Desert Sands Unified School District</name>
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        <name>Vacaville Unified School District</name>
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        <name>California County Tobacco Securitization Agency</name>
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        <name>California Educational Facilities Authority</name>
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        <name>Norman Y Mineta San Jose International Airport SJC</name>
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      <invstOrSec>
        <name>El Rancho Unified School District</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Santa Monica-Malibu Unified School District</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
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          <isin value="US13032UUN61"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-11-15</maturityDt>
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      <invstOrSec>
        <name>Eastern Municipal Water District Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US27677SBM44"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-07-01</maturityDt>
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      <invstOrSec>
        <name>City of San Francisco Public Utilities Commission Water</name>
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          <isin value="US79765R5H88"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-11-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Ceres Unified School District</name>
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          <isin value="US156753PM14"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-08-01</maturityDt>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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          <isin value="US13034AQ869"/>
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          <maturityDt>2056-01-01</maturityDt>
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      <invstOrSec>
        <name>CSCDA Community Improvement Authority</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2057-04-01</maturityDt>
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          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>California Public Finance Authority</name>
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          <isin value="US13057EAL83"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-10-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-01</maturityDt>
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        <name>San Ysidro School District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-08-01</maturityDt>
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        <name>Hastings Campus Housing Finance Authority</name>
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        <name>Puerto Rico Public Buildings Authority</name>
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        <invCountry>PR</invCountry>
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        <name>Palomar Community College District</name>
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        <name>California Enterprise Development Authority</name>
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        <name>Guam Power Authority</name>
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        <invCountry>GU</invCountry>
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          <maturityDt>2040-10-01</maturityDt>
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        <name>Hartnell Community College District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Santa Barbara Unified School District</name>
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      <invstOrSec>
        <name>Children's Trust Fund</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Jurupa Unified School District</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>La Mesa-Spring Valley School District</name>
        <lei>N/A</lei>
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        <name>California School Finance Authority</name>
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      <invstOrSec>
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          <isin value="US13057EDH45"/>
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      <invstOrSec>
        <name>Temecula Valley Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-01</maturityDt>
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      <invstOrSec>
        <name>Turlock Unified School District</name>
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          <isin value="US900211CD33"/>
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        <fairValLevel>2</fairValLevel>
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        <name>California Municipal Finance Authority</name>
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          <isin value="US13048VDT26"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>State of California</name>
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        <name>Sanger Unified School District</name>
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        <name>San Diego County Regional Transportation Commission</name>
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        <name>Peninsula Corridor Joint Powers Board</name>
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        <name>California County Tobacco Securitization Agency</name>
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        <name>Lucia Mar Unified School District</name>
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        <name>Long Beach Unified School District</name>
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        <name>FHLMC Multifamily VRD Certificates</name>
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        <name>San Bernardino Community College District</name>
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        <name>West Contra Costa Unified School District</name>
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        <name>City of Palm Desert</name>
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      <invstOrSec>
        <name>Del Mar Race Track Authority</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Campbell Union High School District</name>
        <lei>N/A</lei>
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          <isin value="US134159YR72"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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          <isin value="US13048VDV71"/>
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        <valUSD>374215.79000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Compton Unified School District</name>
        <lei>N/A</lei>
        <title>Compton Unified School District</title>
        <cusip>204736FT4</cusip>
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          <isin value="US204736FT43"/>
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        <balance>3125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3215653.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Huntington Beach City School District</name>
        <lei>N/A</lei>
        <title>Huntington Beach City School District</title>
        <cusip>446186NX2</cusip>
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          <isin value="US446186NX23"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1689533.10000000</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>2048-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
        <lei>N/A</lei>
        <title>California Educational Facilities Authority</title>
        <cusip>130179QZ0</cusip>
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          <isin value="US130179QZ01"/>
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        <curCd>USD</curCd>
        <valUSD>783787.97000000</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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Commonwealth Aqueduct &amp; Sewer Authority</name>
        <lei>N/A</lei>
        <title>Puerto Rico Commonwealth Aqueduct &amp; Sewer Authority</title>
        <cusip>745160UC3</cusip>
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          <isin value="US745160UC32"/>
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        <balance>8000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9737083.20000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>West Contra Costa Unified School District</name>
        <lei>N/A</lei>
        <title>West Contra Costa Unified School District</title>
        <cusip>9523474E9</cusip>
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          <isin value="US9523474E92"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1086224.80000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Anaheim Public Financing Authority</name>
        <lei>N/A</lei>
        <title>Anaheim Public Financing Authority</title>
        <cusip>03255LHX0</cusip>
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          <isin value="US03255LHX01"/>
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        <curCd>USD</curCd>
        <valUSD>2767414.28000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Antonio B Won Pat International Airport Authority</name>
        <lei>N/A</lei>
        <title>Antonio B Won Pat International Airport Authority</title>
        <cusip>40064RET2</cusip>
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          <isin value="US40064RET23"/>
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        <invCountry>GU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-10-01</maturityDt>
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      <invstOrSec>
        <name>North Orange County Community College District</name>
        <lei>N/A</lei>
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          <maturityDt>2033-08-01</maturityDt>
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        <name>San Bernardino City Unified School District</name>
        <lei>N/A</lei>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Virgin Islands Public Finance Authority</name>
        <lei>N/A</lei>
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        <cusip>927676QU3</cusip>
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          <isin value="US927676QU37"/>
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        <invCountry>VI</invCountry>
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          <maturityDt>2025-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Norman Y Mineta San Jose International Airport SJC</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2041-03-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kern Community College District</name>
        <lei>N/A</lei>
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        <cusip>492244FY9</cusip>
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          <maturityDt>2023-08-01</maturityDt>
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        <name>Guam Government Waterworks Authority</name>
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        <invCountry>GU</invCountry>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
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      <invstOrSec>
        <name>South Bayside Waste Management Authority</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <name>Inglewood Unified School District</name>
        <lei>N/A</lei>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>Colton Utility Authority</name>
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        <name>Alta Loma School District</name>
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        <name>Riverside County Public Financing Authority</name>
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        <name>Robla School District</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Tobacco Securitization Authority of Northern California</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>San Mateo Joint Powers Financing Authority</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Turlock Irrigation District</name>
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        <name>Puerto Rico Commonwealth Aqueduct &amp; Sewer Authority</name>
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        <name>Lodi Unified School District</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Coast Community College District</name>
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        <name>South Bayside Waste Management Authority</name>
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        <name>Redwood City School District</name>
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        <name>Rio Hondo Community College District</name>
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      <invstOrSec>
        <name>California School Finance Authority</name>
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          <isin value="US955657DE85"/>
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        <name>California Municipal Finance Authority</name>
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          <isin value="US13049YEQ08"/>
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        <name>Santa Margarita-Dana Point Authority</name>
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        <name>Oceanside Unified School District</name>
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        <name>Puerto Rico Public Buildings Authority</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>El Segundo Unified School District</name>
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        <name>Guam Government Waterworks Authority</name>
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        <name>Los Angeles Department of Water &amp; Power Power System</name>
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        <name>Davis Joint Unified School District</name>
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        <name>Santa Monica-Malibu Unified School District</name>
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        <name>California County Tobacco Securitization Agency</name>
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        <name>Mount San Jacinto Community College District</name>
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        <name>Jefferson Union High School District</name>
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        <name>San Joaquin Area Flood Control Agency</name>
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        <name>California School Finance Authority</name>
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        <name>Huntington Beach City School District</name>
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        <name>Puerto Rico Commonwealth Aqueduct &amp; Sewer Authority</name>
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        <lei>N/A</lei>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Commonwealth of Puerto Rico</name>
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        <invCountry>PR</invCountry>
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          <maturityDt>2021-07-01</maturityDt>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
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        <name>Lucia Mar Unified School District</name>
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        <name>Commonwealth of Puerto Rico</name>
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        <name>Marysville Joint Unified School District</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>West Contra Costa Unified School District</name>
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        <name>California Municipal Finance Authority</name>
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          <isin value="US13048VMZ84"/>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <invCountry>PR</invCountry>
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        <name>Vacaville Unified School District</name>
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        <name>West Contra Costa Unified School District</name>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vacaville Unified School District</name>
        <lei>N/A</lei>
        <title>Vacaville Unified School District</title>
        <cusip>918608UF5</cusip>
        <identifiers>
          <isin value="US918608UF57"/>
        </identifiers>
        <balance>2050000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2378162.57000000</valUSD>
        <pctVal>0.185688949731</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pico Rivera Public Financing Authority</name>
        <lei>N/A</lei>
        <title>Pico Rivera Public Financing Authority</title>
        <cusip>71988TBL6</cusip>
        <identifiers>
          <isin value="US71988TBL61"/>
        </identifiers>
        <balance>1560000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1867435.60000000</valUSD>
        <pctVal>0.145810954906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-01</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>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority</title>
        <cusip>13080SWM2</cusip>
        <identifiers>
          <isin value="US13080SWM24"/>
        </identifiers>
        <balance>375000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>451420.95000000</valUSD>
        <pctVal>0.035247330501</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-01</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>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
        <lei>54930055TIDYHNDP4F84</lei>
        <title>San Francisco City &amp; County Airport Comm-San Francisco International Airport</title>
        <cusip>79766DMM8</cusip>
        <identifiers>
          <isin value="US79766DMM82"/>
        </identifiers>
        <balance>2595000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3280954.26000000</valUSD>
        <pctVal>0.256179690295</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banning Unified School District</name>
        <lei>N/A</lei>
        <title>Banning Unified School District</title>
        <cusip>066617KQ3</cusip>
        <identifiers>
          <isin value="US066617KQ38"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>551628.75000000</valUSD>
        <pctVal>0.043071640484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California Infrastructure &amp; Economic Development Bank</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>California Infrastructure &amp; Economic Development Bank</title>
        <cusip>13035AAR0</cusip>
        <identifiers>
          <isin value="US13035AAR05"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>364824.54000000</valUSD>
        <pctVal>0.028485809390</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>Lennox School District</name>
        <lei>N/A</lei>
        <title>Lennox School District</title>
        <cusip>526084FA1</cusip>
        <identifiers>
          <isin value="US526084FA14"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3282078.90000000</valUSD>
        <pctVal>0.256267503140</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Santa Barbara Unified School District</name>
        <lei>549300PQRSK15XOJN302</lei>
        <title>Santa Barbara Unified School District</title>
        <cusip>801257LU8</cusip>
        <identifiers>
          <isin value="US801257LU85"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1451336.50000000</valUSD>
        <pctVal>0.113321584399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00001080</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>San Joaquin Area Flood Control Agency</name>
        <lei>N/A</lei>
        <title>San Joaquin Area Flood Control Agency</title>
        <cusip>79806SAS7</cusip>
        <identifiers>
          <isin value="US79806SAS77"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2178121.00000000</valUSD>
        <pctVal>0.170069534345</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</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>Norman Y Mineta San Jose International Airport SJC</name>
        <lei>N/A</lei>
        <title>Norman Y Mineta San Jose International Airport SJC</title>
        <cusip>798136XC6</cusip>
        <identifiers>
          <isin value="US798136XC62"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2550753.20000000</valUSD>
        <pctVal>0.199164972448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-01</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>California Educational Facilities Authority</name>
        <lei>N/A</lei>
        <title>California Educational Facilities Authority</title>
        <cusip>130179DN1</cusip>
        <identifiers>
          <isin value="US130179DN18"/>
        </identifiers>
        <balance>1800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1984770.00000000</valUSD>
        <pctVal>0.154972524337</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
        <cusip>74514LWP8</cusip>
        <identifiers>
          <isin value="US74514LWP83"/>
        </identifiers>
        <balance>620000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>627213.02000000</valUSD>
        <pctVal>0.048973324368</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</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>Orange County Local Transportation Authority</name>
        <lei>N/A</lei>
        <title>Orange County Local Transportation Authority</title>
        <cusip>684273HX6</cusip>
        <identifiers>
          <isin value="US684273HX62"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11644907.00000000</valUSD>
        <pctVal>0.909244211402</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Los Angeles County Sanitation Districts Financing Authority</name>
        <lei>N/A</lei>
        <title>Los Angeles County Sanitation Districts Financing Authority</title>
        <cusip>545149KQ8</cusip>
        <identifiers>
          <isin value="US545149KQ87"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1131120.60000000</valUSD>
        <pctVal>0.088318855440</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
        <cusip>13048VGC6</cusip>
        <identifiers>
          <isin value="US13048VGC63"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1248673.50000000</valUSD>
        <pctVal>0.097497485536</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-01</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented 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>2021-11-30</ncom:dateSigned>
      <ncom:nameOfApplicant>MAINSTAY FUNDS TRUST</ncom:nameOfApplicant>
      <ncom:signature>Jack Benintende</ncom:signature>
      <ncom:signerName>Jack Benintende</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
