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        <name>Connecticut State Health &amp; Educational Facilities Authority</name>
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        <name>San Diego Public Facilities Financing Authority</name>
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        <name>Antelope Valley Community College District</name>
        <lei>N/A</lei>
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          <isin value="US03667PGA49"/>
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          <maturityDt>2031-08-01</maturityDt>
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          <annualizedRt>2.33800000</annualizedRt>
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        <name>Casino Reinvestment Development Authority, Inc.</name>
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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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      <invstOrSec>
        <name>Oregon State Facilities Authority</name>
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          <maturityDt>2035-10-01</maturityDt>
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        <name>South Jersey Transportation Authority</name>
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        <name>State of Oregon</name>
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          <maturityDt>2027-05-01</maturityDt>
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        <name>Rhode Island Turnpike &amp; Bridge Authority</name>
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        <name>Tennessee Energy Acquisition Corp.</name>
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        <name>Rogers Memorial Hospital, Inc.</name>
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        <name>Antonio B Won Pat International Airport Authority</name>
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        <name>Solano County Community College District</name>
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        <name>State of Illinois</name>
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        <name>San Bernardino Community College District</name>
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        <name>University of California</name>
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        <name>Washington Convention &amp; Sports Authority</name>
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        <name>Alaska Municipal Bond Bank Authority</name>
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        <name>Sales Tax Securitization Corp.</name>
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        <name>Sioux Falls School District No. 49-5</name>
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        <name>Chicago O'Hare International Airport</name>
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        <name>Sales Tax Securitization Corp.</name>
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        <name>Dayton Metro Library</name>
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        <name>Antonio B Won Pat International Airport Authority</name>
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      <invstOrSec>
        <name>Piedmont Healthcare, Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-01</maturityDt>
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      <invstOrSec>
        <name>University of Cincinnati</name>
        <lei>549300E0RD3ICJ858L23</lei>
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          <isin value="US914119U917"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-01</maturityDt>
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          <annualizedRt>2.53300000</annualizedRt>
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      <invstOrSec>
        <name>State of Connecticut</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-01</maturityDt>
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          <annualizedRt>2.09000000</annualizedRt>
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        <name>State of Hawaii</name>
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          <isin value="US419792G423"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.71000000</annualizedRt>
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        <name>Louisiana Local Government Environmental Facilities &amp; Community Development Authority</name>
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          <isin value="US54628CPA44"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-01</maturityDt>
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        <name>Philadelphia Authority for Industrial Development</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-15</maturityDt>
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          <annualizedRt>2.21600000</annualizedRt>
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        <name>City of Grand Rapids</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-01</maturityDt>
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          <annualizedRt>2.01200000</annualizedRt>
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      <invstOrSec>
        <name>West Contra Costa Unified School District</name>
        <lei>N/A</lei>
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          <maturityDt>2031-08-01</maturityDt>
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          <annualizedRt>2.12100000</annualizedRt>
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        <name>City of Baltimore</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-01</maturityDt>
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          <annualizedRt>1.92500000</annualizedRt>
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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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          <isin value="US86607GAA85"/>
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          <annualizedRt>6.00000000</annualizedRt>
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        <name>Sangamon County Water Reclamation District</name>
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        <name>City of Corpus Christi Utility System</name>
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        <name>Massachusetts Development Finance Agency</name>
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        <name>District of Columbia</name>
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        <name>State of Illinois Sales Tax</name>
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      <invstOrSec>
        <name>St Johns County Industrial Development Authority</name>
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        <name>Delaware Municipal Electric Corp. (The)</name>
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        <name>New York State Dormitory Authority</name>
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          <maturityDt>2029-05-01</maturityDt>
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        <name>State of Illinois</name>
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          <annualizedRt>5.10000000</annualizedRt>
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        <name>Anaheim Housing and Public Improvements Authority</name>
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        <name>San Antonio Education Facilities Corp.</name>
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        <name>Smithsonian Institution</name>
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      <invstOrSec>
        <name>Lake County Community Unit School District No. 187 North Chicago</name>
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        <name>Colorado Bridge Enterprise</name>
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        <name>Alabama Federal Aid Highway Finance Authority</name>
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          <isin value="US010268CQ12"/>
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        <name>County of Miami-Dade Seaport Department</name>
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        <name>Kenton County Airport Board</name>
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          <maturityDt>2049-01-01</maturityDt>
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        <name>Guam Government Waterworks Authority</name>
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        <name>City &amp; County of Honolulu</name>
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        <name>Port of Oakland</name>
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        <name>County of Miami-Dade Water &amp; Sewer System</name>
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        <name>City of Houston Airport System</name>
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        <name>Indiana University</name>
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        <name>Bay Area Toll Authority</name>
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        <name>Antonio B Won Pat International Airport Authority</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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      <invstOrSec>
        <name>Riverside County Transportation Commission</name>
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      <invstOrSec>
        <name>La Quinta Redevelopment Agency</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Oklahoma Municipal Power Authority</name>
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          <maturityDt>2033-01-01</maturityDt>
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      <invstOrSec>
        <name>Rhode Island Commerce Corp.</name>
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          <isin value="US762232BK18"/>
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          <maturityDt>2028-05-01</maturityDt>
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          <annualizedRt>3.29700000</annualizedRt>
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        <name>Louisiana Local Government Environmental Facilities &amp; Community Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-01</maturityDt>
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      <invstOrSec>
        <name>Authority Improvement Municipalities Allegheny County</name>
        <lei>N/A</lei>
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          <maturityDt>2053-11-01</maturityDt>
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        <name>Bay Area Toll Authority</name>
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          <maturityDt>2031-04-01</maturityDt>
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        <name>Klickitat County Public Utility District No. 1</name>
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          <maturityDt>2029-12-01</maturityDt>
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        <name>State of New York</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>South Jersey Transportation Authority</name>
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        <name>Philadelphia Authority for Industrial Development</name>
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        <name>Nebraska Public Power District</name>
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        <name>Metropolitan Transportation Authority</name>
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        <name>Brookhaven Local Development Corp.</name>
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        <name>Tarrant County Cultural Education Facilities Finance Corp.</name>
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        <name>Northeast Ohio Regional Sewer District</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Inglewood Joint Powers Authority</name>
        <lei>N/A</lei>
        <title>Inglewood Joint Powers Authority</title>
        <cusip>45710PAJ9</cusip>
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          <isin value="US45710PAJ93"/>
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        <curCd>USD</curCd>
        <valUSD>1071551.30000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.46900000</annualizedRt>
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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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        <curCd>USD</curCd>
        <valUSD>1489176.79000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-01</maturityDt>
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          <annualizedRt>3.45900000</annualizedRt>
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      <invstOrSec>
        <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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        <curCd>USD</curCd>
        <valUSD>1066222.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.97800000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Philadelphia Water &amp; Wastewater</name>
        <lei>N/A</lei>
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        <cusip>717893R52</cusip>
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          <isin value="US717893R524"/>
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        <balance>2740000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2718856.52000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.73400000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <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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        <curCd>USD</curCd>
        <valUSD>8123659.87000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.38300000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kenton County Airport Board</name>
        <lei>N/A</lei>
        <title>Kenton County Airport Board</title>
        <cusip>491034AH7</cusip>
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          <isin value="US491034AH77"/>
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        <balance>925000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1006548.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <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>
        <title>Santa Clarita Community College District</title>
        <cusip>801686SU1</cusip>
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          <isin value="US801686SU14"/>
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        <balance>600000.00000000</balance>
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        <valUSD>639486.24000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-01</maturityDt>
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          <annualizedRt>2.68200000</annualizedRt>
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      <invstOrSec>
        <name>Fredericksburg Economic Development Authority</name>
        <lei>N/A</lei>
        <title>Fredericksburg Economic Development Authority</title>
        <cusip>355850AD0</cusip>
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          <isin value="US355850AD04"/>
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        <valUSD>2312071.30000000</valUSD>
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          <maturityDt>2029-09-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Arizona Industrial Development Authority</name>
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        <cusip>04052VAV2</cusip>
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          <isin value="US04052VAV27"/>
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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>2025-06-01</maturityDt>
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          <annualizedRt>3.10000000</annualizedRt>
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        <name>City of Montebello</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-01</maturityDt>
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          <annualizedRt>3.39300000</annualizedRt>
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      <invstOrSec>
        <name>Pennsylvania Higher Educational Facilities Authority</name>
        <lei>N/A</lei>
        <title>Pennsylvania Higher Educational Facilities Authority</title>
        <cusip>70917TEL1</cusip>
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          <isin value="US70917TEL17"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-15</maturityDt>
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          <annualizedRt>2.78900000</annualizedRt>
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        <name>State of Illinois Sales Tax</name>
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          <maturityDt>2029-06-15</maturityDt>
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        <name>Santa Clarita Community College District</name>
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        <name>City of Austin Rental Car Special Facility</name>
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        <name>Commonwealth of Massachusetts</name>
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        <name>Massachusetts Educational Financing Authority</name>
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        <name>South Carolina Public Service Authority</name>
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      <invstOrSec>
        <name>JobsOhio Beverage System</name>
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        <name>Antonio B Won Pat International Airport Authority</name>
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        <name>Northwest Open Access Network</name>
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        <name>State of Louisiana Gasoline &amp; Fuels Tax</name>
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          <maturityDt>2028-05-01</maturityDt>
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        <name>Coast Community College District</name>
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        <name>City of Phoenix</name>
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        <name>MainStay U.S. Government Liquidity Fund</name>
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        <name>City of San Buenaventura</name>
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        <name>Ochsner LSU Health System of North Louisiana</name>
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        <name>State of Illinois Sales Tax</name>
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        <name>Transbay Joint Powers Authority</name>
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        <name>New York State Energy Research &amp; Development Authority</name>
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        <name>Dallas Fort Worth International Airport</name>
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        <name>Brookhaven Local Development Corp.</name>
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        <name>Rogers Memorial Hospital, Inc.</name>
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        <name>Clifton Higher Education Finance Corp.</name>
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        <name>County of Salt Lake Convention Hotel</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Antonio B Won Pat International Airport Authority</name>
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        <name>Temple University-of The Commonwealth System of Higher Education</name>
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        <name>New York City Industrial Development Agency</name>
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        <name>FHLMC</name>
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        <name>Northeast Ohio Regional Sewer District</name>
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        <name>Massachusetts Educational Financing Authority</name>
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        <name>Oklahoma Municipal Power Authority</name>
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        <name>California Educational Facilities Authority</name>
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      <invstOrSec>
        <name>City of Chicago Heights</name>
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      <invstOrSec>
        <name>City of Miramar</name>
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      <invstOrSec>
        <name>County of Baltimore</name>
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        <name>Los Angeles Community College District</name>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Sedol" value="USZ1COS"/>
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      <invstOrSec>
        <name>Pennsylvania Economic Development Financing Authority</name>
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        <name>Anaheim Housing and Public Improvements Authority</name>
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        <name>FHLMC</name>
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        <name>State Public School Building Authority</name>
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        <name>Lake County Community Unit School District No. 187 North Chicago</name>
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        <name>Riverside County Infrastructure Financing Authority</name>
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        <name>SSM Health Care Corp.</name>
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          <maturityDt>2027-06-01</maturityDt>
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        <name>Virginia Resources Authority</name>
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        <name>Spokane Public Facilities District</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>New York State Energy Research &amp; Development Authority</name>
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        <name>Arizona School Facilities Board</name>
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        <name>County of Miami-Dade</name>
        <lei>549300QG0NBD9HULR263</lei>
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        <curCd>USD</curCd>
        <valUSD>2446294.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <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>9523472H4</cusip>
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          <isin value="US9523472H42"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.17700000</annualizedRt>
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      <invstOrSec>
        <name>Arizona Industrial Development Authority</name>
        <lei>N/A</lei>
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          <isin value="US04052BKP84"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-01</maturityDt>
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      <invstOrSec>
        <name>Port Authority of Guam</name>
        <lei>N/A</lei>
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          <isin value="US400652AX12"/>
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        <curCd>USD</curCd>
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        <invCountry>GU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.53200000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Central Texas Regional Mobility Authority</name>
        <lei>N/A</lei>
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        <cusip>155498JD1</cusip>
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          <isin value="US155498JD15"/>
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        <balance>1290000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1299450.54000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.83700000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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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="US13032UVG02"/>
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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>2029-06-01</maturityDt>
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      <invstOrSec>
        <name>County of Ohio Special District Excise Tax</name>
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          <maturityDt>2040-03-01</maturityDt>
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        <name>El Cajon Redevelopment Agency</name>
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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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      <invstOrSec>
        <name>County of Cook</name>
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          <maturityDt>2034-11-15</maturityDt>
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          <annualizedRt>6.22900000</annualizedRt>
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      <invstOrSec>
        <name>American Municipal Power, Inc.</name>
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          <annualizedRt>7.33400000</annualizedRt>
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        <name>GNMA</name>
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          <annualizedRt>6.50000000</annualizedRt>
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        <name>Guam Government Waterworks Authority</name>
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          <maturityDt>2030-07-01</maturityDt>
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          <maturityDt>2029-12-01</maturityDt>
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          <annualizedRt>6.04000000</annualizedRt>
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        <name>California Municipal Finance Authority</name>
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        <name>New York State Dormitory Authority</name>
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        <name>Farmville Industrial Development Authority</name>
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        <name>State of Illinois</name>
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        <name>Gainesville Hospital District</name>
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      <invstOrSec>
        <name>Baptist Health Obligated Group</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-01</maturityDt>
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      <invstOrSec>
        <name>Maryland Economic Development Corp.</name>
        <lei>549300JJ16DDBSZWSN94</lei>
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          <isin value="US57420NDE85"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>521811.30000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Port of Oakland</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.09900000</annualizedRt>
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      <invstOrSec>
        <name>City of New Orleans Sewerage Service</name>
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          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.64100000</annualizedRt>
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      <invstOrSec>
        <name>Massachusetts Development Finance Agency</name>
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          <isin value="US57584YXR51"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-01</maturityDt>
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          <annualizedRt>1.90200000</annualizedRt>
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      <invstOrSec>
        <name>American Municipal Power, Inc.</name>
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      <invstOrSec>
        <name>State Board of Administration Finance Corp.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.15400000</annualizedRt>
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      <invstOrSec>
        <name>San Luis Unit</name>
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          <isin value="US798736AC89"/>
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        <curCd>USD</curCd>
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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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          <isin value="US801686SV96"/>
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        <balance>600000.00000000</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>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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        <invCountry>US</invCountry>
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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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        <name>City of Corpus Christi Utility System</name>
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        <name>San Diego County Regional Transportation Commission</name>
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          <annualizedRt>2.49900000</annualizedRt>
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        <name>City of Los Angeles</name>
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          <annualizedRt>1.70000000</annualizedRt>
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      <invstOrSec>
        <name>Maryland Economic Development Corp.</name>
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          <annualizedRt>4.12500000</annualizedRt>
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        <name>State of Wisconsin</name>
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        <name>San Antonio Education Facilities Corp.</name>
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        <invCountry>US</invCountry>
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        <name>Connecticut State Health &amp; Educational Facilities Authority</name>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <annualizedRt>1.70000000</annualizedRt>
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        <name>County of Beaver</name>
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        <title>County of Beaver</title>
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        <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>Michigan Strategic Fund</name>
        <lei>N/A</lei>
        <title>Michigan Strategic Fund</title>
        <cusip>594698SC7</cusip>
        <identifiers>
          <isin value="US594698SC70"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5001165.00000000</valUSD>
        <pctVal>0.802448542769</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.12800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>City of Garland</name>
        <lei>N/A</lei>
        <title>City of Garland</title>
        <cusip>366133SD9</cusip>
        <identifiers>
          <isin value="US366133SD91"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>995990.50000000</valUSD>
        <pctVal>0.159808989572</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>2.17200000</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>2398220.78000000</valUSD>
        <pctVal>0.384800095608</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>2417655.17000000</valUSD>
        <pctVal>0.387918388632</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>4302370.16000000</valUSD>
        <pctVal>0.690325287277</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>477061.52000000</valUSD>
        <pctVal>0.076545629175</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>677780.73000000</valUSD>
        <pctVal>0.108751492723</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>1018117.10000000</valUSD>
        <pctVal>0.163359253946</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>2021-11-30</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>
</edgarSubmission>
