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      <invstOrSec>
        <name>State of Hawaii</name>
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          <maturityDt>2031-08-01</maturityDt>
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      <invstOrSec>
        <name>Missouri Highway &amp; Transportation Commission</name>
        <lei>N/A</lei>
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          <isin value="US60636WNU52"/>
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        <name>State of Mississippi</name>
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          <maturityDt>2030-06-01</maturityDt>
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          <annualizedRt>1.84900000</annualizedRt>
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        <name>New York State Urban Development Corp.</name>
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          <isin value="US64985TAF84"/>
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          <maturityDt>2036-03-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Hampton Roads Sanitation District</name>
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          <maturityDt>2029-11-01</maturityDt>
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        <name>State of New York</name>
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          <isin value="US649791RE28"/>
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          <maturityDt>2029-03-15</maturityDt>
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          <annualizedRt>1.74000000</annualizedRt>
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      <invstOrSec>
        <name>Rogers Memorial Hospital, Inc.</name>
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          <isin value="US775200AR95"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-07-01</maturityDt>
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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>State of Illinois</name>
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      <invstOrSec>
        <name>Sales Tax Securitization Corp.</name>
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          <maturityDt>2031-01-01</maturityDt>
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        <name>Town of Hamden</name>
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          <maturityDt>2031-08-01</maturityDt>
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          <annualizedRt>2.80000000</annualizedRt>
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        <name>City of Houston Airport System</name>
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        <name>County of Miami-Dade Aviation</name>
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        <name>State of California</name>
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        <name>City of Philadelphia</name>
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        <name>City of New York</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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      <invstOrSec>
        <name>Florida Development Finance Corp.</name>
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      <invstOrSec>
        <name>Los Angeles Community College District</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Summit County Development Finance Authority</name>
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        <name>Summit County Development Finance Authority</name>
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          <isin value="US86607GAA85"/>
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          <maturityDt>2048-11-01</maturityDt>
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      <invstOrSec>
        <name>Sangamon County Water Reclamation District</name>
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      <invstOrSec>
        <name>University of California</name>
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          <isin value="US91412GU523"/>
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          <maturityDt>2033-05-15</maturityDt>
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        <name>Massachusetts Development Finance Agency</name>
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          <isin value="US57584YQV47"/>
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        <name>Chicago O'Hare International Airport</name>
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        <name>City &amp; County of Honolulu</name>
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        <name>State of Connecticut</name>
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        <name>N/A</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>San Antonio Education Facilities Corp.</name>
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        <name>Massachusetts Development Finance Agency</name>
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        <name>City of Chicago</name>
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        <name>Colorado Bridge Enterprise</name>
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      <invstOrSec>
        <name>City of Dallas Waterworks &amp; Sewer System</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>888615.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-01</maturityDt>
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      <invstOrSec>
        <name>Metro</name>
        <lei>N/A</lei>
        <title>Metro</title>
        <cusip>59163PKP7</cusip>
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          <isin value="US59163PKP70"/>
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        <curCd>USD</curCd>
        <valUSD>869494.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.10000000</annualizedRt>
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      <invstOrSec>
        <name>Virginia Small Business Financing Authority</name>
        <lei>N/A</lei>
        <title>Virginia Small Business Financing Authority</title>
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          <isin value="US928104PQ59"/>
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        <curCd>USD</curCd>
        <valUSD>1686195.40000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Commonwealth of Massachusetts</name>
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          <isin value="US576004HE85"/>
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        <balance>9000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8450765.10000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.76900000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
        <title>State of California</title>
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          <isin value="US13063DYY83"/>
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        <curCd>USD</curCd>
        <valUSD>855182.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of Oregon</name>
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        <title>State of Oregon</title>
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          <isin value="US68609TP518"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>793801.80000000</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>2031-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.97500000</annualizedRt>
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      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
        <lei>N/A</lei>
        <title>Guam Government Waterworks Authority</title>
        <cusip>40065FDH4</cusip>
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          <isin value="US40065FDH47"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1574731.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>GU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>University of California</name>
        <lei>N/A</lei>
        <title>University of California</title>
        <cusip>91412HJS3</cusip>
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          <isin value="US91412HJS31"/>
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        <balance>1195000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>926814.04000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.99700000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Maryland Economic Development Corp.</name>
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        <cusip>57422JBV9</cusip>
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          <isin value="US57422JBV98"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2432930.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Port of Oakland</name>
        <lei>N/A</lei>
        <title>Port of Oakland</title>
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          <isin value="US735000TT80"/>
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        <balance>2250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1704683.93000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.19900000</annualizedRt>
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        <name>State of New Jersey</name>
        <lei>N/A</lei>
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          <isin value="US646039YF83"/>
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        <balance>5180000.00000000</balance>
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        <valUSD>4162775.95000000</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>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.90000000</annualizedRt>
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      <invstOrSec>
        <name>Antonio B Won Pat International Airport Authority</name>
        <lei>N/A</lei>
        <title>Antonio B Won Pat International Airport Authority</title>
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          <isin value="US40064RED70"/>
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        <valUSD>543286.50000000</valUSD>
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        <invCountry>GU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-01</maturityDt>
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          <annualizedRt>2.69900000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Golden State Tobacco Securitization Corp.</name>
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        <title>Golden State Tobacco Securitization Corp.</title>
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          <isin value="US38122NA852"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-01</maturityDt>
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          <annualizedRt>1.60000000</annualizedRt>
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      <invstOrSec>
        <name>State of Oregon Department of Transportation</name>
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          <maturityDt>2030-11-15</maturityDt>
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          <annualizedRt>1.53000000</annualizedRt>
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      <invstOrSec>
        <name>Arizona Industrial Development Authority</name>
        <lei>N/A</lei>
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          <isin value="US04052BKQ67"/>
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        <balance>1900000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2034-10-01</maturityDt>
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          <annualizedRt>3.90000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alaska Municipal Bond Bank Authority</name>
        <lei>N/A</lei>
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          <isin value="US01179RL846"/>
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        <balance>5045000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2030-12-01</maturityDt>
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          <annualizedRt>2.02200000</annualizedRt>
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      <invstOrSec>
        <name>San Diego Community College District</name>
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        <valUSD>1976894.25000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2027-08-01</maturityDt>
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          <annualizedRt>1.63300000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Oklahoma Municipal Power Authority</name>
        <lei>54930074Q1M8747DCS20</lei>
        <title>Oklahoma Municipal Power Authority</title>
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        <balance>2075000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1638645.97000000</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>2033-01-01</maturityDt>
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        <name>Authority Improvement Municipalities Allegheny County</name>
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        <name>Michigan State Building Authority</name>
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        <name>Matching Fund Special Purpose Securitization Corp.</name>
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          <isin value="US57665NAH89"/>
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        <invCountry>VI</invCountry>
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          <maturityDt>2025-10-01</maturityDt>
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        <name>Washington Higher Education Facilities Authority</name>
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        <name>South Jersey Transportation Authority</name>
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          <maturityDt>2027-06-01</maturityDt>
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        <name>Brookhaven Local Development Corp.</name>
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        <name>California State University</name>
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        <name>Maryland Economic Development Corp.</name>
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        <name>Northeast Ohio Regional Sewer District</name>
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        <name>Massachusetts Bay Transportation Authority</name>
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          <maturityDt>2050-03-01</maturityDt>
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          <maturityDt>2031-11-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Sun Health Services</name>
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        <issuerCat>CORP</issuerCat>
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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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        <name>Michigan Finance Authority</name>
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          <maturityDt>2035-11-01</maturityDt>
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        <name>Massachusetts Water Resources Authority</name>
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          <maturityDt>2027-08-01</maturityDt>
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        <name>San Diego Community College District</name>
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          <maturityDt>2031-08-01</maturityDt>
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        <name>San Jose Evergreen Community College District</name>
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        <name>Fredericksburg Economic Development Authority</name>
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        <name>Port of Seattle</name>
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        <name>County of Cook</name>
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        <name>Yosemite Community College District</name>
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        <name>State of Illinois Sales Tax</name>
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        <name>Central Basin Municipal Water District</name>
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        <name>JobsOhio Beverage System</name>
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        <name>Antonio B Won Pat International Airport Authority</name>
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        <name>Southern New Hampshire University</name>
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        <name>New York Power Authority</name>
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        <name>New York State Energy Research &amp; Development Authority</name>
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        <name>New York State Environmental Facilities Corp.</name>
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        <name>Dallas Fort Worth International Airport</name>
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        <name>Central Texas Regional Mobility Authority</name>
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        <name>Brookhaven Local Development Corp.</name>
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        <name>County of Salt Lake Convention Hotel</name>
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        <name>City of New York</name>
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        <name>California Statewide Communities Development Authority</name>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>State of Texas</name>
        <lei>549300X9CH74QB747L76</lei>
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          <isin value="US882724RG41"/>
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        <curCd>USD</curCd>
        <valUSD>824038.40000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.52600000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Idaho Housing &amp; Finance Association</name>
        <lei>5493002WM3NYB1LQB744</lei>
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          <isin value="US45129GGN97"/>
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        <curCd>USD</curCd>
        <valUSD>1510338.83000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Miami</name>
        <lei>N/A</lei>
        <title>City of Miami</title>
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          <isin value="US593490MD44"/>
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        <curCd>USD</curCd>
        <valUSD>1044929.61000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.59200000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Metropolitan Transportation Authority</name>
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          <isin value="US59260XAZ15"/>
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        <curCd>USD</curCd>
        <valUSD>5071391.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Texas Transportation Commission</name>
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        <title>Texas Transportation Commission</title>
        <cusip>882830AX0</cusip>
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          <isin value="US882830AX08"/>
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        <balance>8490000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6747173.65000000</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>2029-10-01</maturityDt>
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          <annualizedRt>1.53300000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Western Minnesota Municipal Power Agency</name>
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          <isin value="US958697KV57"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>862167.40000000</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>2029-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.59500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of Illinois Sales Tax</name>
        <lei>N/A</lei>
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          <isin value="US452227SU61"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>731006.20000000</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>2032-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50900000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kentucky Economic Development Finance Authority</name>
        <lei>N/A</lei>
        <title>Kentucky Economic Development Finance Authority</title>
        <cusip>49127KCQ1</cusip>
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          <isin value="US49127KCQ13"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1599360.40000000</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>2038-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.43500000</annualizedRt>
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      <invstOrSec>
        <name>State of Connecticut</name>
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        <title>State of Connecticut</title>
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        <curCd>USD</curCd>
        <valUSD>3080217.73000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.85000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Foothill-De Anza Community College District</name>
        <lei>N/A</lei>
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          <isin value="US345102LS43"/>
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        <balance>1025000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-01</maturityDt>
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          <annualizedRt>2.89600000</annualizedRt>
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      <invstOrSec>
        <name>County of Miami-Dade Aviation</name>
        <lei>N/A</lei>
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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>3.13500000</annualizedRt>
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      <invstOrSec>
        <name>State of Connecticut</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-15</maturityDt>
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          <annualizedRt>3.97500000</annualizedRt>
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        <name>California Community Choice Financing Authority</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2052-02-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>New Jersey Turnpike Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-01-01</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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        <name>County of Guilford</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2028-08-01</maturityDt>
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          <annualizedRt>5.36100000</annualizedRt>
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        <name>City of Dallas Waterworks &amp; Sewer System</name>
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          <maturityDt>2030-10-01</maturityDt>
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          <annualizedRt>3.64800000</annualizedRt>
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        <name>Colorado Housing and Finance Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-11-01</maturityDt>
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          <annualizedRt>3.65000000</annualizedRt>
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      <invstOrSec>
        <name>Oregon State Lottery</name>
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        <balance>3600000.00000000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
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      <invstOrSec>
        <name>City of Philadelphia</name>
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      <invstOrSec>
        <name>San Antonio Education Facilities Corp.</name>
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        <name>Santa Monica-Malibu Unified School District</name>
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        <name>Dallas Fort Worth International Airport</name>
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        <name>San Francisco City &amp; County Public Utilities Commission Wastewater</name>
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          <maturityDt>2030-10-01</maturityDt>
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          <annualizedRt>5.60000000</annualizedRt>
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      <invstOrSec>
        <name>Golden State Tobacco Securitization Corp.</name>
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          <maturityDt>2028-06-01</maturityDt>
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        <name>Sales Tax Securitization Corp.</name>
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        <name>FHLMC</name>
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          <maturityDt>2037-04-01</maturityDt>
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        <name>San Jose Unified School District</name>
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        <name>Howard University</name>
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        <name>Commonwealth of Massachusetts</name>
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        <name>City &amp; County of Honolulu</name>
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        <name>New York City Transitional Finance Authority Future Tax Secured</name>
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        <name>Michigan Finance Authority</name>
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        <name>City of Atlanta Water &amp; Wastewater</name>
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        <name>Kenton County Airport Board</name>
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      <invstOrSec>
        <name>Sales Tax Securitization Corp.</name>
        <lei>N/A</lei>
        <title>Sales Tax Securitization Corp.</title>
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          <isin value="US79467BAN55"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Marin Community College District</name>
        <lei>N/A</lei>
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          <isin value="US56781RGU59"/>
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      <invstOrSec>
        <name>Spokane Public Facilities District</name>
        <lei>N/A</lei>
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          <isin value="US84908AAR59"/>
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          <maturityDt>2030-12-01</maturityDt>
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          <annualizedRt>1.99600000</annualizedRt>
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        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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          <isin value="US13080SE340"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.14000000</annualizedRt>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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          <isin value="US13080SE753"/>
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          <maturityDt>2034-04-01</maturityDt>
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          <annualizedRt>2.51000000</annualizedRt>
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      <invstOrSec>
        <name>New York State Energy Research &amp; Development Authority</name>
        <lei>N/A</lei>
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          <maturityDt>2026-04-01</maturityDt>
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      <invstOrSec>
        <name>New Jersey Turnpike Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-01</maturityDt>
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          <annualizedRt>1.71300000</annualizedRt>
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      <invstOrSec>
        <name>City of Houston Airport System</name>
        <lei>N/A</lei>
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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>2.48500000</annualizedRt>
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      <invstOrSec>
        <name>Chabot-Las Positas Community College District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-08-01</maturityDt>
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        <name>Oxnard Financing Authority</name>
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        <name>Arizona Industrial Development Authority</name>
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        <name>County of Miami-Dade Aviation</name>
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        <name>Port Authority of Guam</name>
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        <name>Santa Monica-Malibu Unified School District</name>
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        <name>Dallas Fort Worth International Airport</name>
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        <name>County of Ohio Special District Excise Tax</name>
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      <invstOrSec>
        <name>City of Houston Combined Utility System</name>
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        <invCountry>US</invCountry>
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        <name>State of Texas</name>
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      <invstOrSec>
        <name>Maryland State Transportation Authority</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>County of Cook</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>American Municipal Power, Inc.</name>
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          <isin value="US02765UEP57"/>
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        <name>GNMA</name>
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          <isin value="US36225BMZ84"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-15</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
        <lei>N/A</lei>
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          <maturityDt>2030-07-01</maturityDt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-01</maturityDt>
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          <annualizedRt>2.26200000</annualizedRt>
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        <name>Farmville Industrial Development Authority</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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          <maturityDt>2034-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of Illinois Sales Tax</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-15</maturityDt>
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          <annualizedRt>3.45000000</annualizedRt>
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      <invstOrSec>
        <name>City of Austin</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-15</maturityDt>
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          <annualizedRt>1.47500000</annualizedRt>
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        <name>Port of Oakland</name>
        <lei>N/A</lei>
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          <maturityDt>2030-05-01</maturityDt>
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        <name>Utah Transit Authority</name>
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        <name>District of Columbia</name>
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        <name>Chicago O'Hare International Airport</name>
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        <name>City of Philadelphia Water &amp; Wastewater</name>
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        <name>Silicon Valley Clean Water</name>
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        <name>State of Rhode Island</name>
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        <name>City of New York</name>
        <lei>549300ABYZD2SFD5JB29</lei>
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        <invCountry>US</invCountry>
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        <name>City of Garland</name>
        <lei>549300O5KXJ5HAWVEN53</lei>
        <title>City of Garland</title>
        <cusip>366133SD9</cusip>
        <identifiers>
          <isin value="US366133SD91"/>
        </identifiers>
        <balance>1850000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1400867.55000000</valUSD>
        <pctVal>0.277659846722</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>Metro Wastewater Reclamation District</name>
        <lei>N/A</lei>
        <title>Metro Wastewater Reclamation District</title>
        <cusip>59164GCX8</cusip>
        <identifiers>
          <isin value="US59164GCX88"/>
        </identifiers>
        <balance>2170000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2241050.14000000</valUSD>
        <pctVal>0.444188773142</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>5.77500000</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 Luis Unit</name>
        <lei>N/A</lei>
        <title>San Luis Unit</title>
        <cusip>798736AE4</cusip>
        <identifiers>
          <isin value="US798736AE46"/>
        </identifiers>
        <balance>1150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>959891.43000000</valUSD>
        <pctVal>0.190255893445</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>2.41200000</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>East Bay Municipal Utility District Wastewater System</name>
        <lei>N/A</lei>
        <title>East Bay Municipal Utility District Wastewater System</title>
        <cusip>271012DM5</cusip>
        <identifiers>
          <isin value="US271012DM53"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1983955.60000000</valUSD>
        <pctVal>0.393231185774</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.02600000</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 Turnpike Authority</name>
        <lei>5493005YN67D71KSMI84</lei>
        <title>New Jersey Turnpike Authority</title>
        <cusip>646140DU4</cusip>
        <identifiers>
          <isin value="US646140DU44"/>
        </identifiers>
        <balance>6845000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5258131.86000000</valUSD>
        <pctVal>1.042191380829</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.86300000</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 Houston</name>
        <lei>N/A</lei>
        <title>City of Houston</title>
        <cusip>442349EQ5</cusip>
        <identifiers>
          <isin value="US442349EQ59"/>
        </identifiers>
        <balance>3530000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2969574.38000000</valUSD>
        <pctVal>0.588586385045</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.08500000</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>2022-11-30</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>
