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        <name>San Diego Public Facilities Financing Authority</name>
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          <isin value="US79730CJK18"/>
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        <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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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-06-01</maturityDt>
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          <annualizedRt>5.46000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority</title>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Sedol" value="TYH2COS"/>
          <other otherDesc="Future Ticker" value="TYH2 Comdty"/>
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              <counterpartyName>CME Clearing House</counterpartyName>
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      <invstOrSec>
        <name>Oregon State Facilities Authority</name>
        <lei>N/A</lei>
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          <isin value="US68608JXX44"/>
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        <name>South Jersey Transportation Authority</name>
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        <fairValLevel>2</fairValLevel>
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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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      <invstOrSec>
        <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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          <annualizedRt>2.80000000</annualizedRt>
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        <name>City of Houston</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-15</maturityDt>
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        <name>City &amp; County of Denver Airport System</name>
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        <name>Sales Tax Securitization Corp.</name>
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          <maturityDt>2031-01-01</maturityDt>
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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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        <name>Indiana University</name>
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        <name>University of Cincinnati</name>
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        <name>Philadelphia Authority for Industrial Development</name>
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      <invstOrSec>
        <name>South Jersey Transportation Authority</name>
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      <invstOrSec>
        <name>City of Yonkers</name>
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          <maturityDt>2028-05-01</maturityDt>
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          <annualizedRt>2.81800000</annualizedRt>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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          <isin value="US13034AE220"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-01</maturityDt>
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          <annualizedRt>3.20000000</annualizedRt>
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      <invstOrSec>
        <name>City of Cleveland Airport System</name>
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          <maturityDt>2031-01-01</maturityDt>
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          <annualizedRt>2.88200000</annualizedRt>
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      <invstOrSec>
        <name>San Antonio Education Facilities Corp.</name>
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          <isin value="US796247DS01"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-01</maturityDt>
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          <annualizedRt>2.65000000</annualizedRt>
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      <invstOrSec>
        <name>County of Miami-Dade Aviation</name>
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          <maturityDt>2029-10-01</maturityDt>
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        <name>Smithsonian Institution</name>
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          <isin value="US832432AQ12"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-09-01</maturityDt>
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          <annualizedRt>1.96700000</annualizedRt>
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        <name>Santa Clarita Community College District</name>
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          <maturityDt>2028-08-01</maturityDt>
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          <annualizedRt>2.63200000</annualizedRt>
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        <name>Massachusetts Development Finance Agency</name>
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          <maturityDt>2032-07-01</maturityDt>
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        <name>Mather Foundation</name>
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          <maturityDt>2031-10-01</maturityDt>
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        <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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        <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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        <invCountry>GU</invCountry>
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        <name>City &amp; County of Honolulu</name>
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      <invstOrSec>
        <name>Indiana University</name>
        <lei>B4CW783SY7V2XEFJSQ64</lei>
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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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        <invCountry>GU</invCountry>
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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>Riverside County Transportation Commission</name>
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        <name>La Quinta Redevelopment Agency</name>
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        <name>Metropolitan Washington Airports Authority Dulles Toll Road</name>
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        <name>Oklahoma Municipal Power Authority</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>Bay Area Toll Authority</name>
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        <name>Klickitat County Public Utility District No. 1</name>
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        <name>Metropolitan Transportation Authority</name>
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        <name>Beth Israel Lahey Health, Inc.</name>
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        <name>Tarrant County Cultural Education Facilities Finance Corp.</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Miami-Dade County Health Facilities Authority</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Dallas Fort Worth International Airport</name>
        <lei>N/A</lei>
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          <isin value="US2350366P04"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-01</maturityDt>
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          <annualizedRt>1.74900000</annualizedRt>
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      <invstOrSec>
        <name>Chabot-Las Positas Community College District</name>
        <lei>N/A</lei>
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          <isin value="US15722TJW27"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-01</maturityDt>
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          <annualizedRt>1.89000000</annualizedRt>
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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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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.64400000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of Illinois</name>
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          <isin value="US452152QQ76"/>
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        <curCd>USD</curCd>
        <valUSD>515555.40000000</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>2023-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.31000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Austin Independent School District</name>
        <lei>N/A</lei>
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        <cusip>052430TH8</cusip>
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          <isin value="US052430TH84"/>
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        <balance>1500000.00000000</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>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Banner Health</name>
        <lei>PLD0E0WJKFN8IZJ2WD85</lei>
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          <isin value="US06654DAF42"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.48000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sun Health Services</name>
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          <isin value="US86677KAA43"/>
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        <curCd>USD</curCd>
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        <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>
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          <annualizedRt>2.98000000</annualizedRt>
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      <invstOrSec>
        <name>Michigan Finance Authority</name>
        <lei>54930022O46HOX5J1D14</lei>
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          <isin value="US59447PDA66"/>
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        <balance>715000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-11-01</maturityDt>
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          <annualizedRt>8.36900000</annualizedRt>
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      <invstOrSec>
        <name>County of Miami-Dade</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-01</maturityDt>
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          <annualizedRt>2.44900000</annualizedRt>
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        <name>County of Broward Airport System</name>
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          <maturityDt>2028-10-01</maturityDt>
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          <annualizedRt>2.50400000</annualizedRt>
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        <name>Inglewood Joint Powers Authority</name>
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          <annualizedRt>3.46900000</annualizedRt>
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        <name>New Jersey Educational Facilities Authority</name>
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        <name>City of Philadelphia Water &amp; Wastewater</name>
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          <maturityDt>2028-11-01</maturityDt>
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          <annualizedRt>1.73400000</annualizedRt>
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        <name>Texas Transportation Commission</name>
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          <maturityDt>2028-10-01</maturityDt>
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          <annualizedRt>1.38300000</annualizedRt>
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        <name>Kenton County Airport Board</name>
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        <name>Santa Clarita Community College District</name>
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        <name>Fredericksburg Economic Development Authority</name>
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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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          <maturityDt>2025-06-01</maturityDt>
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          <annualizedRt>3.10000000</annualizedRt>
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      <invstOrSec>
        <name>State of Louisiana Gasoline &amp; Fuels Tax</name>
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          <maturityDt>2041-05-01</maturityDt>
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          <annualizedRt>2.95200000</annualizedRt>
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      <invstOrSec>
        <name>City of Montebello</name>
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      <invstOrSec>
        <name>Pennsylvania Higher Educational Facilities Authority</name>
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          <maturityDt>2030-07-15</maturityDt>
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      <invstOrSec>
        <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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          <maturityDt>2031-08-01</maturityDt>
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      <invstOrSec>
        <name>City of Austin Rental Car Special Facility</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2029-11-15</maturityDt>
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          <annualizedRt>1.71000000</annualizedRt>
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        <name>Commonwealth of Massachusetts</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-01</maturityDt>
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          <annualizedRt>1.52000000</annualizedRt>
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        <name>Massachusetts Educational Financing Authority</name>
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          <maturityDt>2030-07-01</maturityDt>
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          <annualizedRt>2.45500000</annualizedRt>
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        <name>South Carolina Public Service Authority</name>
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          <maturityDt>2027-12-01</maturityDt>
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        <name>City of Chicago</name>
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          <maturityDt>2031-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Port of Portland Airport</name>
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          <maturityDt>2039-07-01</maturityDt>
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        <name>JobsOhio Beverage System</name>
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        <name>City of Vineland</name>
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        <name>Antonio B Won Pat International Airport Authority</name>
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        <invCountry>GU</invCountry>
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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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        <name>Coast Community College District</name>
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      <invstOrSec>
        <name>San Antonio Education Facilities Corp.</name>
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        <name>Solano County Community College District</name>
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        <name>Tampa-Hillsborough County Expressway Authority</name>
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          <maturityDt>2027-07-01</maturityDt>
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          <annualizedRt>1.64000000</annualizedRt>
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        <name>City of Montebello</name>
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          <maturityDt>2031-06-01</maturityDt>
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        <name>FHLMC</name>
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        <name>State of Illinois</name>
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        <name>State of Connecticut</name>
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        <name>California Educational Facilities Authority</name>
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          <maturityDt>2028-04-01</maturityDt>
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        <name>City of Houston</name>
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        <name>Michigan Finance Authority</name>
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        <name>Northeast Ohio Regional Sewer District</name>
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        <name>Metropolitan Government Nashville &amp; Davidson County Health &amp; Educational Facilities Board</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>
      <invstOrSec>
        <name>Spokane Public Facilities District</name>
        <lei>N/A</lei>
        <title>Spokane Public Facilities District</title>
        <cusip>84908AAR5</cusip>
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          <isin value="US84908AAR59"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1966055.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.99600000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority</title>
        <cusip>13080SE34</cusip>
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          <isin value="US13080SE340"/>
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        <balance>5395000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5139366.56000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.14000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>New York State Energy Research &amp; Development Authority</name>
        <lei>N/A</lei>
        <title>New York State Energy Research &amp; Development Authority</title>
        <cusip>64986RAG9</cusip>
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          <isin value="US64986RAG92"/>
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        <balance>1045000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1112260.90000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.77000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Arizona School Facilities Board</name>
        <lei>N/A</lei>
        <title>Arizona School Facilities Board</title>
        <cusip>04057PJA7</cusip>
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          <isin value="US04057PJA75"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4791813.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of Miami-Dade</name>
        <lei>549300QG0NBD9HULR263</lei>
        <title>County of Miami-Dade</title>
        <cusip>59333NT29</cusip>
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          <isin value="US59333NT297"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2405661.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.62100000</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>
      <invstOrSec>
        <name>West Contra Costa Unified School District</name>
        <lei>N/A</lei>
        <title>West Contra Costa Unified School District</title>
        <cusip>9523472H4</cusip>
        <identifiers>
          <isin value="US9523472H42"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4019442.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.17700000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Arizona Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority</title>
        <cusip>04052BKP8</cusip>
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          <isin value="US04052BKP84"/>
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        <balance>1115000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1086193.53000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.65000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Port Authority of Guam</name>
        <lei>N/A</lei>
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        <cusip>400652AX1</cusip>
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          <isin value="US400652AX12"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>532952.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>GU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.53200000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Central Texas Regional Mobility Authority</name>
        <lei>N/A</lei>
        <title>Central Texas Regional Mobility Authority</title>
        <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>1274599.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>California Health Facilities Financing Authority</title>
        <cusip>13032UVG0</cusip>
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          <isin value="US13032UVG02"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3049687.20000000</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>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.58400000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of Ohio Special District Excise Tax</name>
        <lei>N/A</lei>
        <title>County of Ohio Special District Excise Tax</title>
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          <isin value="US67732PDW59"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3382004.85000000</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>2040-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>El Cajon Redevelopment Agency</name>
        <lei>N/A</lei>
        <title>El Cajon Redevelopment Agency</title>
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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>County of Cook</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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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>
        <lei>EARKGGZJJEMVD66XQ486</lei>
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          <isin value="US02765UEP57"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2028-02-15</maturityDt>
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          <annualizedRt>7.33400000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA I, 30 Year</title>
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          <isin value="US36225BMZ84"/>
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        <balance>101878.15000000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
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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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      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
        <lei>N/A</lei>
        <title>Guam Government Waterworks Authority</title>
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        <invCountry>GU</invCountry>
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          <maturityDt>2030-07-01</maturityDt>
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          <annualizedRt>2.75000000</annualizedRt>
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        <name>Port Authority of New York &amp; New Jersey</name>
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        <title>Port Authority of New York &amp; New Jersey</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.04000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
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          <isin value="US13048VPF93"/>
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        <balance>1520000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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          <isin value="US64990GGK22"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-08-01</maturityDt>
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          <annualizedRt>4.94600000</annualizedRt>
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      <invstOrSec>
        <name>Farmville Industrial Development Authority</name>
        <lei>N/A</lei>
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        <valUSD>2109479.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of Illinois</name>
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        <curCd>USD</curCd>
        <valUSD>2183991.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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        <name>Gainesville Hospital District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75300000</annualizedRt>
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      <invstOrSec>
        <name>Baptist Health Obligated Group</name>
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        <title>Baptist Health Obligated Group</title>
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          <isin value="US06684NAG43"/>
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        <curCd>USD</curCd>
        <valUSD>661142.46000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.28900000</annualizedRt>
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        <name>Maryland Economic Development Corp.</name>
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          <isin value="US57420NDE85"/>
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        <curCd>USD</curCd>
        <valUSD>513686.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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        <name>Port of Oakland</name>
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        <valUSD>2437758.25000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.09900000</annualizedRt>
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      <invstOrSec>
        <name>City of New Orleans Sewerage Service</name>
        <lei>N/A</lei>
        <title>City of New Orleans Sewerage Service</title>
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        <curCd>USD</curCd>
        <valUSD>1909363.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.64100000</annualizedRt>
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        <name>Massachusetts Development Finance Agency</name>
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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>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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        <valUSD>2074450.60000000</valUSD>
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        <invCountry>US</invCountry>
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          <annualizedRt>3.01400000</annualizedRt>
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        <name>San Luis Unit</name>
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          <annualizedRt>2.02800000</annualizedRt>
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        <name>Santa Clarita Community College District</name>
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          <annualizedRt>2.76200000</annualizedRt>
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        <name>Duke Energy Florida Project Finance LLC</name>
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        <name>City of Corpus Christi Utility System</name>
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        <name>San Diego County Regional Transportation Commission</name>
        <lei>W4FR340A6EQ2SSI17B56</lei>
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          <annualizedRt>2.49900000</annualizedRt>
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        <name>City of Los Angeles</name>
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      <invstOrSec>
        <name>Maryland Economic Development Corp.</name>
        <lei>549300JJ16DDBSZWSN94</lei>
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        <name>State of Wisconsin</name>
        <lei>549300VTAT608CNZ5827</lei>
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        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2038362.40000000</valUSD>
        <pctVal>0.337726213299</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.39900000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>San Antonio Education Facilities Corp.</name>
        <lei>N/A</lei>
        <title>San Antonio Education Facilities Corp.</title>
        <cusip>796247DR2</cusip>
        <identifiers>
          <isin value="US796247DR28"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>970399.40000000</valUSD>
        <pctVal>0.160780690788</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Connecticut State Health &amp; Educational Facilities Authority</name>
        <lei>549300ZOQJ5U8YBS5Q35</lei>
        <title>Connecticut State Health &amp; Educational Facilities Authority</title>
        <cusip>20775DLB6</cusip>
        <identifiers>
          <isin value="US20775DLB63"/>
        </identifiers>
        <balance>6460000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6282214.99000000</valUSD>
        <pctVal>1.040869219186</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.70000000</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>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>2013409.99000000</valUSD>
        <pctVal>0.333591971546</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>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>4816008.50000000</valUSD>
        <pctVal>0.797940696867</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>971840.10000000</valUSD>
        <pctVal>0.161019393266</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>2368334.60000000</valUSD>
        <pctVal>0.392397679767</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>2381616.12000000</valUSD>
        <pctVal>0.394598229314</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>4225966.17000000</valUSD>
        <pctVal>0.700179493169</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>468813.78000000</valUSD>
        <pctVal>0.077675443121</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>5534000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6831867.44000000</valUSD>
        <pctVal>1.131938422861</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>1009325.40000000</valUSD>
        <pctVal>0.167230147754</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>
      <invstOrSec>
        <name>Yosemite Community College District</name>
        <lei>N/A</lei>
        <title>Yosemite Community College District</title>
        <cusip>987388HA6</cusip>
        <identifiers>
          <isin value="US987388HA68"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2004681.40000000</valUSD>
        <pctVal>0.332145774517</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.45700000</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>2022-02-28</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>
