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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>University of Michigan</name>
        <lei>N/A</lei>
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          <isin value="US914455UC20"/>
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      <invstOrSec>
        <name>New Jersey Educational Facilities Authority</name>
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      <invstOrSec>
        <name>Virginia College Building Authority</name>
        <lei>N/A</lei>
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          <isin value="US92778VKB35"/>
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          <maturityDt>2027-02-01</maturityDt>
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          <annualizedRt>1.22700000</annualizedRt>
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        <name>Rutgers The State University of New Jersey</name>
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          <isin value="US783186UK33"/>
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        <curCd>USD</curCd>
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          <maturityDt>2027-05-01</maturityDt>
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      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
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        <title>San Diego Public Facilities Financing Authority</title>
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          <isin value="US79730CJK18"/>
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          <maturityDt>2026-08-01</maturityDt>
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      <invstOrSec>
        <name>Antelope Valley Community College District</name>
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          <isin value="US03667PGA49"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-01</maturityDt>
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          <annualizedRt>2.33800000</annualizedRt>
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      <invstOrSec>
        <name>Casino Reinvestment Development Authority, Inc.</name>
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          <isin value="US14760NAV29"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-06-01</maturityDt>
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          <annualizedRt>5.46000000</annualizedRt>
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        <name>California Statewide Communities Development Authority</name>
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          <isin value="US13080SZE70"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-15</maturityDt>
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          <annualizedRt>2.14800000</annualizedRt>
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        <name>Oregon State Facilities Authority</name>
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        <name>South Jersey Transportation Authority</name>
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        <name>Rhode Island Turnpike &amp; Bridge Authority</name>
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        <name>Louisiana Local Government Environmental Facilities &amp; Community Development Auth</name>
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        <name>Tennessee Energy Acquisition Corp.</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Rogers Memorial Hospital, Inc.</name>
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        <name>Solano County Community College District</name>
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        <name>University of California</name>
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        <name>Sales Tax Securitization Corp.</name>
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          <maturityDt>2031-07-01</maturityDt>
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        <name>Summit County Development Finance Authority</name>
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        <name>Tarrant County Cultural Education Facilities Finance Corp.</name>
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        <name>Summit County Development Finance Authority</name>
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        <name>Sangamon County Water Reclamation District</name>
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        <name>Indiana University</name>
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        <name>Bay Area Toll Authority</name>
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        <name>California State University</name>
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        <name>Howard University</name>
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        <name>Arizona Industrial Development Authority</name>
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        <name>Northwest Open Access Network</name>
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        <name>Rhode Island Commerce Corp.</name>
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        <name>Authority Improvement Municipalities Allegheny County</name>
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        <name>Leland Stanford Junior University (The)</name>
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        <name>South Jersey Transportation Authority</name>
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      <invstOrSec>
        <name>City of Tampa Water &amp; Wastewater System</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2029-10-01</maturityDt>
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        <name>Temple University-of The Commonwealth System of Higher Education</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Northwest Open Access Network</name>
        <lei>N/A</lei>
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          <isin value="US667728AW90"/>
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        <curCd>USD</curCd>
        <valUSD>1105555.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.48500000</annualizedRt>
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        <name>Nebraska Public Power District</name>
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          <isin value="US63968A2F12"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-01</maturityDt>
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          <annualizedRt>2.59300000</annualizedRt>
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        <name>County of Allegheny</name>
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          <maturityDt>2027-11-01</maturityDt>
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        <name>Metropolitan Transportation Authority</name>
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        <valUSD>5396600.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Springdale Sales &amp; Use Tax</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.60000000</annualizedRt>
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        <name>Tarrant County Cultural Education Facilities Finance Corp.</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2031-09-01</maturityDt>
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        <name>City of Springdale Sales &amp; Use Tax</name>
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        <name>Northeast Ohio Regional Sewer District</name>
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        <name>New York State Energy Research &amp; Development Authority</name>
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        <name>City of Dallas Waterworks &amp; Sewer System</name>
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      <invstOrSec>
        <name>Maryland Community Development Administration</name>
        <lei>N/A</lei>
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          <isin value="US57419TEN72"/>
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        <curCd>USD</curCd>
        <valUSD>1502325.30000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-03-01</maturityDt>
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          <annualizedRt>2.64400000</annualizedRt>
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      <invstOrSec>
        <name>State of Illinois</name>
        <lei>54930048FV8RWPR02D67</lei>
        <title>State of Illinois</title>
        <cusip>452152QQ7</cusip>
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          <isin value="US452152QQ76"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>516200.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.31000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of Allegheny</name>
        <lei>N/A</lei>
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          <isin value="US01728VVL16"/>
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        <curCd>USD</curCd>
        <valUSD>1913550.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.24800000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sun Health Services</name>
        <lei>5493005R6QLBZYODCK02</lei>
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          <isin value="US86677KAA43"/>
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        <balance>1110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1127163.82000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.98000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Michigan Finance Authority</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>Michigan Finance Authority</title>
        <cusip>59447PDA6</cusip>
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          <isin value="US59447PDA66"/>
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        <balance>715000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1081301.65000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.36900000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chicago Transit Authority Sales Tax Receipts Fund</name>
        <lei>N/A</lei>
        <title>Chicago Transit Authority Sales Tax Receipts Fund</title>
        <cusip>16772PCL8</cusip>
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          <isin value="US16772PCL85"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1572105.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.21400000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of Broward Airport System</name>
        <lei>N/A</lei>
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          <isin value="US114894ZX91"/>
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        <balance>1965000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2000311.05000000</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>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50400000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Inglewood Joint Powers Authority</name>
        <lei>N/A</lei>
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        <cusip>45710PAJ9</cusip>
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          <isin value="US45710PAJ93"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1123950.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.46900000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Jersey Turnpike Authority</name>
        <lei>5493005YN67D71KSMI84</lei>
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          <isin value="US646140DP58"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1519215.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.04700000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Jersey Educational Facilities Authority</name>
        <lei>549300UTOO4X537XXG70</lei>
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          <isin value="US6460665Y20"/>
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        <balance>1330000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1470980.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
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          <annualizedRt>3.45900000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Brookhaven Local Development Corp.</name>
        <lei>549300384JET720NAQ98</lei>
        <title>Brookhaven Local Development Corp.</title>
        <cusip>113168BJ6</cusip>
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          <isin value="US113168BJ64"/>
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        <balance>1855000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2059402.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-01</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>North Hudson Sewerage Authority</name>
        <lei>N/A</lei>
        <title>North Hudson Sewerage Authority</title>
        <cusip>660043DM9</cusip>
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          <isin value="US660043DM92"/>
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        <balance>1000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-01</maturityDt>
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          <annualizedRt>2.97800000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>City of Philadelphia Water &amp; Wastewater</name>
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          <isin value="US717893R524"/>
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        <balance>2740000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2769071.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.73400000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Texas Transportation Commission</name>
        <lei>5493006JSGNPGVJS7691</lei>
        <title>Texas Transportation Commission</title>
        <cusip>882830AW2</cusip>
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          <isin value="US882830AW25"/>
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        <balance>8270000.00000000</balance>
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        <valUSD>8529595.30000000</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>2028-10-01</maturityDt>
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          <annualizedRt>1.38300000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Kenton County Airport Board</name>
        <lei>N/A</lei>
        <title>Kenton County Airport Board</title>
        <cusip>491034AH7</cusip>
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        <balance>925000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-01</maturityDt>
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          <annualizedRt>3.82600000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Santa Clarita Community College District</name>
        <lei>N/A</lei>
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          <isin value="US801686SU14"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2029-08-01</maturityDt>
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          <annualizedRt>2.68200000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fredericksburg Economic Development Authority</name>
        <lei>N/A</lei>
        <title>Fredericksburg Economic Development Authority</title>
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          <isin value="US355850AD04"/>
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        <balance>2315000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2498510.05000000</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>2029-09-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Arizona Industrial Development Authority</name>
        <lei>N/A</lei>
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          <isin value="US04052VAV27"/>
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        <balance>600000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-01</maturityDt>
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      <invstOrSec>
        <name>Santa Clarita Community College District</name>
        <lei>N/A</lei>
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        <name>Texas Tech University System</name>
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        <name>South Carolina Public Service Authority</name>
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        <name>Bi-State Development Agency of the Missouri-Illinois Metropolitan District</name>
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        <name>Port of Portland Airport</name>
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        <name>JobsOhio Beverage System</name>
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        <name>Northwest Open Access Network</name>
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        <name>Coast Community College District</name>
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        <name>Oneida County Local Development Corp.</name>
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      <invstOrSec>
        <name>City of San Antonio</name>
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        <name>MainStay U.S. Government Liquidity Fund</name>
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      <invstOrSec>
        <name>Oneida County Local Development Corp.</name>
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        <name>City of San Buenaventura</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-01-01</maturityDt>
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          <annualizedRt>2.72700000</annualizedRt>
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        <name>South Carolina Public Service Authority</name>
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        <valUSD>899600.76000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-12-01</maturityDt>
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          <annualizedRt>3.92200000</annualizedRt>
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        <name>State of Illinois</name>
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        <valUSD>3945075.00000000</valUSD>
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          <maturityDt>2025-06-15</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Transbay Joint Powers Authority</name>
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        <curCd>USD</curCd>
        <valUSD>2842749.00000000</valUSD>
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          <maturityDt>2032-10-01</maturityDt>
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          <annualizedRt>3.58000000</annualizedRt>
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      <invstOrSec>
        <name>Rogers Memorial Hospital, Inc.</name>
        <lei>254900GMFS75UB55LA44</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
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          <annualizedRt>2.98800000</annualizedRt>
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        <name>State of Ohio</name>
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          <maturityDt>2029-09-15</maturityDt>
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          <annualizedRt>1.50000000</annualizedRt>
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        <name>City of Springdale Sales &amp; Use Tax</name>
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        <name>City of Dallas Waterworks &amp; Sewer System</name>
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        <name>OhioHealth Corp.</name>
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        <name>New York State Energy Research &amp; Development Authority</name>
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        <name>New Jersey Economic Development Authority</name>
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        <name>City of Chicago</name>
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        <name>University of Michigan</name>
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        <name>Brookhaven Local Development Corp.</name>
        <lei>549300384JET720NAQ98</lei>
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      <invstOrSec>
        <name>Rogers Memorial Hospital, Inc.</name>
        <lei>254900GMFS75UB55LA44</lei>
        <title>Rogers Memorial Hospital, Inc., Series 2019</title>
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      <invstOrSec>
        <name>County of Salt Lake Convention Hotel</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Energy Northwest</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>City &amp; County Honolulu Wastewater System</name>
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        <name>County of Sacramento</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Miami</name>
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          <isin value="US593490MD44"/>
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      <invstOrSec>
        <name>Chicago O'Hare International Airport</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-01-01</maturityDt>
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        <name>Louisiana Public Facilities Authority</name>
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          <isin value="US546399EZ55"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-12-15</maturityDt>
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      <invstOrSec>
        <name>YMCA of Greater New York</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-08-01</maturityDt>
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        <name>State of Connecticut</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-01</maturityDt>
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          <annualizedRt>2.09800000</annualizedRt>
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        <name>Temple University-of The Commonwealth System of Higher Education</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-01</maturityDt>
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        <name>Foothill-Eastern Transportation Corridor Agency</name>
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        <name>New York City Industrial Development Agency</name>
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        <name>Ventura County Public Financing Authority</name>
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        <name>Kentucky Economic Development Finance Authority</name>
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        <name>Solano County Community College District</name>
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        <name>State of Connecticut Bradley International Airport CFC</name>
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        <name>Rogers Memorial Hospital, Inc.</name>
        <lei>254900GMFS75UB55LA44</lei>
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        <name>Toledo Hospital (The)</name>
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        <name>Solano County Community College District</name>
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        <name>FHLMC</name>
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          <maturityDt>2039-01-01</maturityDt>
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      <invstOrSec>
        <name>Northeast Ohio Regional Sewer District</name>
        <lei>N/A</lei>
        <title>Northeast Ohio Regional Sewer District</title>
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          <isin value="US663903JK91"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.51900000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Metropolitan Government Nashville &amp; Davidson County Health &amp; Educational Facs Bd</name>
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          <isin value="US592041YS07"/>
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        <curCd>USD</curCd>
        <valUSD>1366272.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40900000</annualizedRt>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
        <lei>N/A</lei>
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        <cusip>130179LC6</cusip>
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          <isin value="US130179LC60"/>
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        <balance>3300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3486912.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.66100000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Atlantic City Electric Transition Funding LLC</name>
        <lei>N/A</lei>
        <title>Atlantic City Electric Transition Funding LLC, Series 2002-1, Class A4</title>
        <cusip>048312AD4</cusip>
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          <isin value="US048312AD49"/>
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        <balance>269556.47000000</balance>
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        <curCd>USD</curCd>
        <valUSD>276489.38000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.55000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
        <lei>N/A</lei>
        <title>San Diego Public Facilities Financing Authority</title>
        <cusip>79730CJH8</cusip>
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          <isin value="US79730CJH88"/>
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        <balance>1185000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1225372.95000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.53200000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Sacramento Water</name>
        <lei>N/A</lei>
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        <cusip>786089JE3</cusip>
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          <isin value="US786089JE37"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1149632.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.81400000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Reading Area Water Authority</name>
        <lei>N/A</lei>
        <title>Reading Area Water Authority</title>
        <cusip>755562DT9</cusip>
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          <isin value="US755562DT94"/>
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        <balance>3295000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3399122.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.43900000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>County of Cook</name>
        <lei>5493004UMR7OX4YITE10</lei>
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        <cusip>213185BQ3</cusip>
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          <isin value="US213185BQ39"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2129805.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.36000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lake County Community Unit School District No. 187 North Chicago</name>
        <lei>N/A</lei>
        <title>Lake County Community Unit School District No. 187 North Chicago</title>
        <cusip>509262FJ5</cusip>
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          <isin value="US509262FJ56"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>815850.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>South Jersey Transportation Authority</name>
        <lei>549300W8SZI2CAOKT956</lei>
        <title>South Jersey Transportation Authority</title>
        <cusip>838536JX9</cusip>
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          <isin value="US838536JX99"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>526070.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.26000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <cusip>13048VPA0</cusip>
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          <isin value="US13048VPA07"/>
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        <balance>1370000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1432567.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.89600000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>El Paso Independent School District</name>
        <lei>N/A</lei>
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          <isin value="US283770NW15"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5058840.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Chicago Heights</name>
        <lei>N/A</lei>
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          <isin value="US167393NU76"/>
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        <balance>3815000.00000000</balance>
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        <curCd>USD</curCd>
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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>2034-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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        <name>County of Baltimore</name>
        <lei>N/A</lei>
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          <isin value="US05914FJC59"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-01</maturityDt>
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        <name>Los Angeles Community College District</name>
        <lei>N/A</lei>
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          <isin value="US54438CMS88"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2029-08-01</maturityDt>
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      <invstOrSec>
        <name>Pennsylvania Economic Development Financing Authority</name>
        <lei>N/A</lei>
        <title>Pennsylvania Economic Development Financing Authority</title>
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          <isin value="US70869PFT93"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-06-15</maturityDt>
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          <annualizedRt>6.53200000</annualizedRt>
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      <invstOrSec>
        <name>Harris County Cultural Education Facilities Finance Corp.</name>
        <lei>N/A</lei>
        <title>Harris County Cultural Education Facilities Finance Corp.</title>
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          <isin value="US414009PQ72"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</maturityDt>
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          <annualizedRt>1.26600000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 10 Year Notes</title>
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          <other otherDesc="Inhouse Sedol" value="TYH1COS"/>
          <other otherDesc="Future Ticker" value="TYH1 Comdty"/>
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          <annualizedRt>7.70300000</annualizedRt>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>California Health Facilities Financing Authority</title>
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          <isin value="US13032UVG02"/>
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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>2029-06-01</maturityDt>
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          <annualizedRt>2.58400000</annualizedRt>
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      <invstOrSec>
        <name>County of Ohio Special District Excise Tax</name>
        <lei>N/A</lei>
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          <isin value="US67732PDW59"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-03-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>El Cajon Redevelopment Agency Successor Agency</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-01</maturityDt>
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          <annualizedRt>7.70000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Rhode Island Health and Educational Building Corp.</name>
        <lei>N/A</lei>
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          <isin value="US762197B593"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.77100000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York Transportation Development Corp.</name>
        <lei>N/A</lei>
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          <isin value="US650116DY91"/>
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        <curCd>USD</curCd>
        <valUSD>1251275.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.36000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of Cook</name>
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        <title>County of Cook</title>
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          <isin value="US213185JT95"/>
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        <balance>1725000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2482896.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.22900000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>American Municipal Power, Inc.</name>
        <lei>EARKGGZJJEMVD66XQ486</lei>
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          <isin value="US02765UEP57"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5057000.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.33400000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GNMA</name>
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          <isin value="US36225BMZ84"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
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        <title>Guam Government Waterworks Authority</title>
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        <invCountry>GU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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        <name>Port Authority of New York &amp; New Jersey</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.04000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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          <isin value="US13048VPF93"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.26200000</annualizedRt>
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        <name>New York State Dormitory Authority</name>
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          <maturityDt>2048-08-01</maturityDt>
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        <name>Farmville Industrial Development Authority</name>
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          <maturityDt>2034-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of Illinois</name>
        <lei>54930048FV8RWPR02D67</lei>
        <title>State of Illinois</title>
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        <invCountry>US</invCountry>
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          <annualizedRt>6.87500000</annualizedRt>
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        <name>Gainesville Hospital District</name>
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          <maturityDt>2023-08-15</maturityDt>
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          <annualizedRt>4.75300000</annualizedRt>
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        <name>Baptist Health Obligated Group</name>
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        <title>Baptist Health Obligated Group</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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          <maturityDt>2028-12-01</maturityDt>
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        <name>Maryland Economic Development Corp.</name>
        <lei>549300JJ16DDBSZWSN94</lei>
        <title>Maryland Economic Development Corp.</title>
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        <invCountry>US</invCountry>
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        <name>State of California</name>
        <lei>N/A</lei>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Port of Oakland</name>
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          <maturityDt>2030-05-01</maturityDt>
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          <annualizedRt>2.09900000</annualizedRt>
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      <invstOrSec>
        <name>State of Oregon</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Massachusetts Development Finance Agency</name>
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          <maturityDt>2027-10-01</maturityDt>
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          <annualizedRt>1.90200000</annualizedRt>
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        <name>American Municipal Power, Inc.</name>
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          <maturityDt>2031-02-15</maturityDt>
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          <annualizedRt>3.01400000</annualizedRt>
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        <name>State Board of Administration Finance Corp.</name>
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          <maturityDt>2030-07-01</maturityDt>
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        <name>City of Brownsville</name>
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        <valUSD>1532835.00000000</valUSD>
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          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.47700000</annualizedRt>
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        <name>San Luis Unit/Westlands Water District Financing Authority</name>
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          <isin value="US798736AC89"/>
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        <curCd>USD</curCd>
        <valUSD>2101760.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.02800000</annualizedRt>
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        <name>Santa Clarita Community College District</name>
        <lei>N/A</lei>
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        <cusip>801686SV9</cusip>
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          <isin value="US801686SV96"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>656694.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.76200000</annualizedRt>
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        <name>Duke Energy Florida Project Finance LLC</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.53800000</annualizedRt>
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      <invstOrSec>
        <name>City of Corpus Christi Utility System</name>
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          <annualizedRt>1.70600000</annualizedRt>
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        <name>South Jersey Transportation Authority</name>
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          <maturityDt>2025-11-01</maturityDt>
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          <annualizedRt>3.02000000</annualizedRt>
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        <name>California Statewide Communities Development Authority</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2026-02-01</maturityDt>
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          <annualizedRt>0.93200000</annualizedRt>
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        <name>San Diego County Regional Transportation Commission</name>
        <lei>W4FR340A6EQ2SSI17B56</lei>
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          <maturityDt>2030-04-01</maturityDt>
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          <annualizedRt>2.49900000</annualizedRt>
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        <name>New York Transportation Development Corp.</name>
        <lei>N/A</lei>
        <title>New York Transportation Development Corp.</title>
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          <isin value="US650116DZ66"/>
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        <balance>1100000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2022-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.61000000</annualizedRt>
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      <invstOrSec>
        <name>Maryland Economic Development Corp.</name>
        <lei>549300JJ16DDBSZWSN94</lei>
        <title>Maryland Economic Development Corp.</title>
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        <invCountry>US</invCountry>
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          <annualizedRt>4.12500000</annualizedRt>
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        <name>Northwest Open Access Network</name>
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        <title>Northwest Open Access Network</title>
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        <invCountry>US</invCountry>
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          <annualizedRt>1.68500000</annualizedRt>
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        <name>State of Wisconsin</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.39900000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>County of Beaver</name>
        <lei>N/A</lei>
        <title>County of Beaver</title>
        <cusip>074851QV1</cusip>
        <identifiers>
          <isin value="US074851QV18"/>
        </identifiers>
        <balance>1805000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2047267.10000000</valUSD>
        <pctVal>0.364365794100</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.97900000</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>El Dorado Irrigation District</name>
        <lei>N/A</lei>
        <title>El Dorado Irrigation District</title>
        <cusip>283062DS3</cusip>
        <identifiers>
          <isin value="US283062DS36"/>
        </identifiers>
        <balance>4500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4711365.00000000</valUSD>
        <pctVal>0.838513083867</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.05500000</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>Howard University</name>
        <lei>N/A</lei>
        <title>Howard University, Series 2020</title>
        <cusip>442851AP6</cusip>
        <identifiers>
          <isin value="US442851AP62"/>
        </identifiers>
        <balance>2860000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2909171.15000000</valUSD>
        <pctVal>0.517764612269</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.99100000</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>Adventist Health System/West</name>
        <lei>5493008YM33UCY5QPW83</lei>
        <title>Adventist Health System/West</title>
        <cusip>007944AC5</cusip>
        <identifiers>
          <isin value="US007944AC59"/>
        </identifiers>
        <balance>1600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1685009.57000000</valUSD>
        <pctVal>0.299892402920</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37800000</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>Lynwood Housing Authority</name>
        <lei>N/A</lei>
        <title>Lynwood Housing Authority</title>
        <cusip>55178CAG8</cusip>
        <identifiers>
          <isin value="US55178CAG87"/>
        </identifiers>
        <balance>2370000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2478095.70000000</valUSD>
        <pctVal>0.441043236413</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-01</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>Reading Area Water Authority</name>
        <lei>N/A</lei>
        <title>Reading Area Water Authority</title>
        <cusip>755562DR3</cusip>
        <identifiers>
          <isin value="US755562DR39"/>
        </identifiers>
        <balance>2390000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2469467.50000000</valUSD>
        <pctVal>0.439507618054</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.30900000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New Jersey Transportation Trust Fund Authority</name>
        <lei>549300YUVD5TEXR6L889</lei>
        <title>New Jersey Transportation Trust Fund Authority</title>
        <cusip>6461366Q9</cusip>
        <identifiers>
          <isin value="US6461366Q95"/>
        </identifiers>
        <balance>4150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4349158.50000000</valUSD>
        <pctVal>0.774048774837</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.63100000</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>Solano County Community College District</name>
        <lei>549300P3BIFQULH2R110</lei>
        <title>Solano County Community College District</title>
        <cusip>83412PFR8</cusip>
        <identifiers>
          <isin value="US83412PFR82"/>
        </identifiers>
        <balance>450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>490023.00000000</valUSD>
        <pctVal>0.087212664884</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.71700000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New Jersey Economic Development Authority</name>
        <lei>5493006JS6QWDVU4R678</lei>
        <title>New Jersey Economic Development Authority</title>
        <cusip>645913AA2</cusip>
        <identifiers>
          <isin value="US645913AA22"/>
        </identifiers>
        <balance>534000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>701830.86000000</valUSD>
        <pctVal>0.124909523836</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.42500000</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>Anaheim Housing and Public Improvements Authority</name>
        <lei>N/A</lei>
        <title>Anaheim Housing and Public Improvements Authority</title>
        <cusip>032556FE7</cusip>
        <identifiers>
          <isin value="US032556FE75"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1043590.00000000</valUSD>
        <pctVal>0.185734679693</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.27300000</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>2021-01-31</ncom:dateSigned>
      <ncom:nameOfApplicant>MAINSTAY FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Jack Benintende</ncom:signature>
      <ncom:signerName>Jack Benintende</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
