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      <invstOrSec>
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      <invstOrSec>
        <name>Albany Capital Resource Corp</name>
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      <invstOrSec>
        <name>Albany Capital Resource Corp</name>
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          <isin value="US012432ES56"/>
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      <invstOrSec>
        <name>Albany Capital Resource Corp</name>
        <lei>N/A</lei>
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          <isin value="US012432ET30"/>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Albany Capital Resource Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>American Samoa Economic Development Authority</name>
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          <isin value="US02936TAP66"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>American Samoa Economic Development Authority</name>
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          <isin value="US02936TAR23"/>
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        <fairValLevel>2</fairValLevel>
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        <name>American Samoa Economic Development Authority</name>
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          <isin value="US02936TAT88"/>
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        <name>American Samoa Economic Development Authority</name>
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        <name>Amherst Development Corp</name>
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        <name>Town of Babylon NY</name>
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        <name>Town of Babylon NY</name>
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        <name>Town of Babylon NY</name>
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      <invstOrSec>
        <name>Battery Park City Authority</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Battery Park City Authority</name>
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        <name>Brooklyn Arena Local Development Corp</name>
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      <invstOrSec>
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        <name>Build NYC Resource Corp</name>
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      <invstOrSec>
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        <name>Guam Power Authority</name>
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        <name>Guam Power Authority</name>
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        <name>Guam Government Waterworks Authority</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Hempstead Town Local Development Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Hempstead Town Local Development Corp</name>
        <lei>N/A</lei>
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          <isin value="US424682KL59"/>
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        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2039-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Hempstead Town Local Development Corp</name>
        <lei>N/A</lei>
        <title>HEMPSTEAD TWN LOC DEV</title>
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          <isin value="US424682KY70"/>
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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>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Hempstead Town Local Development Corp</name>
        <lei>N/A</lei>
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        <cusip>424682KZ4</cusip>
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          <isin value="US424682KZ46"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Hempstead Town Local Development Corp</name>
        <lei>N/A</lei>
        <title>HEMPSTEAD TWN LOC DEV</title>
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          <isin value="US424682LB68"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Hempstead Town Local Development Corp</name>
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          <isin value="US424682LV23"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Hempstead Town Local Development Corp</name>
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          <isin value="US424682LW06"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hempstead Town Local Development Corp</name>
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          <isin value="US424682LX88"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Hudson Yards Infrastructure Corp</name>
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          <isin value="US44420RBE99"/>
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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>2042-02-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Jefferson County Civic Facility Development Corp</name>
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        <name>Jefferson County Civic Facility Development Corp</name>
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        <name>Kings Park Central School District</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>New York Liberty Development Corp</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>New York Liberty Development Corp</name>
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      </invstOrSec>
      <invstOrSec>
        <name>New York Liberty Development Corp</name>
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      <invstOrSec>
        <name>New York Liberty Development Corp</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>New York Liberty Development Corp</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>New York Liberty Development Corp</name>
        <lei>N/A</lei>
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          <isin value="US649519DG72"/>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>New York Liberty Development Corp</name>
        <lei>N/A</lei>
        <title>NEW YORK ST LIBERTY</title>
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          <isin value="US649519DH55"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>New York Liberty Development Corp</name>
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          <isin value="US649519DN24"/>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>New York Liberty Development Corp</name>
        <lei>N/A</lei>
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          <isin value="US649519DR38"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-11-15</maturityDt>
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      <invstOrSec>
        <name>New York Liberty Development Corp</name>
        <lei>N/A</lei>
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          <isin value="US649519DS11"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-11-15</maturityDt>
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      <invstOrSec>
        <name>New York Liberty Development Corp</name>
        <lei>N/A</lei>
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          <isin value="US649519DT93"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-11-15</maturityDt>
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      <invstOrSec>
        <name>New York Liberty Development Corp</name>
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          <isin value="US649519DU66"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-11-15</maturityDt>
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      <invstOrSec>
        <name>New York Liberty Development Corp</name>
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          <isin value="US649519DV40"/>
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        <name>New York Liberty Development Corp</name>
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        <name>New York Liberty Development Corp</name>
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      <invstOrSec>
        <name>New York Liberty Development Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2041-02-15</maturityDt>
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      <invstOrSec>
        <name>New York Liberty Development Corp</name>
        <lei>N/A</lei>
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        <balance>1170000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <name>New York City Health and Hospitals Corp</name>
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        <name>New York City Housing Development Corp</name>
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        <name>Trust for Cultural Resources of The City of New York/The</name>
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        <name>Trust for Cultural Resources of The City of New York/The</name>
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          <isin value="US649717UX13"/>
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        <name>Trust for Cultural Resources of The City of New York/The</name>
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        <name>New York City Industrial Development Agency</name>
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        <name>New York City Industrial Development Agency</name>
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      </invstOrSec>
      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
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        <name>New York State Dormitory Authority</name>
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        <name>New York State Dormitory Authority</name>
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        <name>New York State Dormitory Authority</name>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
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        <cusip>65000BY69</cusip>
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          <isin value="US65000BY695"/>
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          <maturityDt>2043-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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        <cusip>65000BY77</cusip>
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          <isin value="US65000BY778"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>NEW YORK ST DORM-AG</title>
        <cusip>65000BYE2</cusip>
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          <isin value="US65000BYE28"/>
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        <curCd>USD</curCd>
        <valUSD>3887688.50000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
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        <cusip>65000BYY8</cusip>
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        <name>New York State Dormitory Authority</name>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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        <name>New York Power Authority</name>
        <lei>I5P1GEYFGGMMDOFX2L30</lei>
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        <name>New York Power Authority</name>
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        <name>New York Power Authority</name>
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        <name>New York Power Authority</name>
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      <invstOrSec>
        <name>New York Power Authority</name>
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        <name>New York State Thruway Authority</name>
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        <name>New York State Thruway Authority</name>
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        <name>New York State Thruway Authority</name>
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        <name>New York State Thruway Authority</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Oneida County Local Development Corp</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
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        <lei>N/A</lei>
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          <isin value="US682440DJ82"/>
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        <valUSD>3490785.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Onondaga County Water Authority</name>
        <lei>N/A</lei>
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          <isin value="US682760LE14"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.50000000</annualizedRt>
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        <name>Onondaga County Trust for Cultural Resources</name>
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          <isin value="US68276FDE79"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Onondaga County Trust for Cultural Resources</name>
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          <isin value="US68276FDF45"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Onondaga County Trust for Cultural Resources</name>
        <lei>N/A</lei>
        <title>ONONDAGA CULTURAL-REF</title>
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          <isin value="US68276FDH01"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Onondaga County Trust for Cultural Resources</name>
        <lei>N/A</lei>
        <title>ONONDAGA CO TRUST FOR</title>
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          <isin value="US68276FDP27"/>
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        <balance>17115000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18091256.72000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Onondaga County Trust for Cultural Resources</name>
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        <title>ONONDAGA CO TRUST FOR</title>
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          <isin value="US68276FDS65"/>
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        <valUSD>5152609.10000000</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>2049-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Onondaga Civic Development Corp</name>
        <lei>N/A</lei>
        <title>ONONDAGA CIVIC DEV</title>
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          <isin value="US682832CJ71"/>
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        <curCd>USD</curCd>
        <valUSD>3949391.07000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Onondaga Civic Development Corp</name>
        <lei>N/A</lei>
        <title>ONONDAGA CIVIC DEV</title>
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          <isin value="US682832CS70"/>
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        <valUSD>450668.79000000</valUSD>
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          <maturityDt>2028-07-01</maturityDt>
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        <name>Onondaga Civic Development Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Onondaga Civic Development Corp</name>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Onondaga Civic Development Corp</name>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Onondaga Civic Development Corp</name>
        <lei>N/A</lei>
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          <maturityDt>2035-07-01</maturityDt>
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      <invstOrSec>
        <name>Onondaga Civic Development Corp</name>
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      <invstOrSec>
        <name>Onondaga Civic Development Corp</name>
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      <invstOrSec>
        <name>Onondaga Civic Development Corp</name>
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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>2034-01-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
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        <name>Suffolk Tobacco Asset Securitization Corp</name>
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        <name>Suffolk Regional Off-Track Betting Co</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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      </invstOrSec>
      <invstOrSec>
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        <curCd>USD</curCd>
        <valUSD>9330000.00000000</valUSD>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
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          <isin value="US88035F6B10"/>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
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          <isin value="US88035MDZ59"/>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
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          <isin value="US88035MEE12"/>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
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          <isin value="US88035MXD28"/>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
        <lei>N/A</lei>
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          <isin value="US88035MYH23"/>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
        <lei>N/A</lei>
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          <isin value="US88035PWP97"/>
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        <curCd>USD</curCd>
        <valUSD>21875000.00000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>1.93000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
        <lei>N/A</lei>
        <title>TNDR OPT-FLTR-XL0723</title>
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          <isin value="US88035TFP03"/>
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        <balance>5165000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5165000.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.82000000</annualizedRt>
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      <invstOrSec>
        <name>Tompkins County Development Corp</name>
        <lei>N/A</lei>
        <title>TOMPKINS CNTY NY DEV</title>
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          <isin value="US890090AK92"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>300400.08000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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        <title>TRIBOROUGH BRID-C-1A</title>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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          <maturityDt>2033-05-15</maturityDt>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Triborough Bridge &amp; Tunnel Authority</name>
        <lei>54930020ZN4LQF7K3456</lei>
        <title>TRIBOROUGH BRIDGE-C-3</title>
        <cusip>89602HBZ9</cusip>
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      </invstOrSec>
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        <name>TSASC Inc/NY</name>
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          <isin value="US898526EY08"/>
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        <name>TSASC Inc/NY</name>
        <lei>N/A</lei>
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          <isin value="US898526FA13"/>
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        <fairValLevel>2</fairValLevel>
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        <name>TSASC Inc/NY</name>
        <lei>N/A</lei>
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          <isin value="US898526FB95"/>
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        <fairValLevel>2</fairValLevel>
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        <name>TSASC Inc/NY</name>
        <lei>N/A</lei>
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          <isin value="US898526FC78"/>
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        <fairValLevel>2</fairValLevel>
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        <name>TSASC Inc/NY</name>
        <lei>N/A</lei>
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          <isin value="US898526FD51"/>
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        <name>TSASC Inc/NY</name>
        <lei>N/A</lei>
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        <name>Utility Debt Securitization Authority</name>
        <lei>N/A</lei>
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        <name>Utility Debt Securitization Authority</name>
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        <name>Utility Debt Securitization Authority</name>
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        <name>Utility Debt Securitization Authority</name>
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        <name>Utility Debt Securitization Authority</name>
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      <invstOrSec>
        <name>Utility Debt Securitization Authority</name>
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      </invstOrSec>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Westchester County Healthcare Corp/NY</name>
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        <name>Westchester County Local Development Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Yonkers Economic Development Corp</name>
        <lei>N/A</lei>
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        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>JPMORGAN CHASE BANK, N.A.</counterpartyName>
              <counterpartyLei>7H6GLXDRUGQFU57RNE97</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>1m30y_3/11/26_4.34%_JPM</issueTitle>
                <identifiers>
                  <other otherDesc="CONTRACT_VANGUARD_ID" value="V1048329601"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">If Reference Index is above the Strike Rate, Buyer pays Seller</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">If Reference Index is below the Strike Rate, Seller pays Buyer</otherPmntDesc>
            <terminationDt>2026-03-13</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>4250000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-140738.75000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>US ULTRA BOND CBT Jun26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="WNM6"/>
        </identifiers>
        <balance>-142.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-235972.54000000</valUSD>
        <pctVal>-0.00401121323</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Ultra U.S. Treasury Bond Futures</issueTitle>
                <identifiers>
                  <ticker value="WNM6"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-06-18</expDate>
            <notionalAmt>-17030339.96000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-235972.54000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-04-27</ncom:dateSigned>
      <ncom:nameOfApplicant>VANGUARD NEW YORK TAX-FREE FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Ashley Grim</ncom:signature>
      <ncom:signerName>Ashley Grim</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
