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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Alameda Corridor Transportation Authority</name>
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        <valUSD>2010375.80000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Alameda Corridor Transportation Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Alameda Corridor Transportation Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alameda Corridor Transportation Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alameda Corridor Transportation Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alameda Corridor Transportation Authority</name>
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        <title>Alameda Corridor Transportation Authority, Series 2022A</title>
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          <isin value="US010869JN60"/>
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        <balance>665000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>392523.03000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-10-01</maturityDt>
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      <invstOrSec>
        <name>Alameda Corridor Transportation Authority</name>
        <lei>N/A</lei>
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          <isin value="US010869JP19"/>
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        <balance>665000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>390218.34000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-10-01</maturityDt>
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          <annualizedRt>0.00001080</annualizedRt>
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      <invstOrSec>
        <name>Alameda Corridor Transportation Authority</name>
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          <isin value="US010869JQ91"/>
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        <balance>2195000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alameda Corridor Transportation Authority</name>
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          <isin value="US010869JR74"/>
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        <balance>7000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alameda Corridor Transportation Authority</name>
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          <isin value="US010869JS57"/>
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        <name>Alameda Corridor Transportation Authority</name>
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          <isin value="US010869MG72"/>
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        <name>Alameda Corridor Transportation Authority</name>
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      <invstOrSec>
        <name>Alameda County Transportation Commission</name>
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          <isin value="US011118CB01"/>
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          <maturityDt>2041-03-01</maturityDt>
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      <invstOrSec>
        <name>Alhambra Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-08-01</maturityDt>
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      <invstOrSec>
        <name>Allan Hancock Joint Community College District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alvord Unified School District</name>
        <lei>549300Q9J0UCO75DL276</lei>
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          <isin value="US022555UM60"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-08-01</maturityDt>
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      <invstOrSec>
        <name>Amador Water Agency</name>
        <lei>N/A</lei>
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          <isin value="US022653BK41"/>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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          <isin value="US032556NH15"/>
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      <invstOrSec>
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      <invstOrSec>
        <name>Antelope Valley-East Kern Water Agency Financing Authority</name>
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        <lei>N/A</lei>
        <title>Belmont-Redwood Shores School District, Series 2011A</title>
        <cusip>080495DH4</cusip>
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          <isin value="US080495DH44"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2438088.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-08-01</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>Belmont-Redwood Shores School District</name>
        <lei>N/A</lei>
        <title>Belmont-Redwood Shores School District, Series A</title>
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          <isin value="US080495JZ87"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1006648.90000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-08-01</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>Benicia Unified School District</name>
        <lei>N/A</lei>
        <title>Benicia Unified School District, Series B</title>
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          <isin value="US082023RC81"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Benicia Unified School District</name>
        <lei>N/A</lei>
        <title>Benicia Unified School District, Series B</title>
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          <isin value="US082023RE48"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2095632.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Beverly Hills Unified School District</name>
        <lei>N/A</lei>
        <title>Beverly Hills Unified School District, Series 2009</title>
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          <isin value="US088023HW94"/>
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        <balance>11500000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Beverly Hills Unified School District CA</name>
        <lei>N/A</lei>
        <title>Beverly Hills Unified School District, Series 2009</title>
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          <isin value="US088023HZ26"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      </invstOrSec>
      <invstOrSec>
        <name>Beverly Hills Unified School District</name>
        <lei>N/A</lei>
        <title>Beverly Hills Unified School District, Series 2016</title>
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          <isin value="US088023LA29"/>
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        <balance>3800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2564044.30000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Beverly Hills Unified School District</name>
        <lei>N/A</lei>
        <title>Beverly Hills Unified School District, Series 2016</title>
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          <isin value="US088023LB02"/>
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        <balance>5870000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3772862.08000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BlackRock Liquidity Funds</name>
        <lei>549300RWBJ885673DL84</lei>
        <title>BlackRock Liquidity MuniCash Funds: Institutional Shares</title>
        <cusip>09248U841</cusip>
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          <isin value="US09248U8412"/>
          <other otherDesc="Inhouse Asset ID" value="09248U841"/>
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        <balance>114609.49000000</balance>
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        <curCd>USD</curCd>
        <valUSD>114620.94000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Burbank Unified School District</name>
        <lei>54930068ZHOQ5PICU256</lei>
        <title>Burbank Unified School District, Series 2025</title>
        <cusip>12082SET7</cusip>
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          <isin value="US12082SET78"/>
          <other otherDesc="Inhouse Asset ID" value="12082SET7"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>540367.90000000</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>2029-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Burbank Unified School District</name>
        <lei>54930068ZHOQ5PICU256</lei>
        <title>Burbank Unified School District, Series 2025</title>
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          <isin value="US12082SEU42"/>
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        <balance>500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
        <lei>N/A</lei>
        <title>California Educational Facilities Authority, Series U-6</title>
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          <isin value="US1301783W46"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
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        <title>California Educational Facilities Authority, Series T-1</title>
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          <isin value="US130178JD98"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-03-15</maturityDt>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
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          <isin value="US130178X766"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-06-01</maturityDt>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
        <lei>N/A</lei>
        <title>California Educational Facilities Authority, Series U-7</title>
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          <isin value="US130179GV07"/>
          <other otherDesc="Inhouse Asset ID" value="130179GV0"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
        <lei>N/A</lei>
        <title>California Educational Facilities Authority, Series 2018A</title>
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          <isin value="US130179RL06"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
        <lei>N/A</lei>
        <title>California Educational Facilities Authority, Series V-1</title>
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          <isin value="US130179SC97"/>
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        <valUSD>538785.25000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</maturityDt>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
        <lei>N/A</lei>
        <title>California Educational Facilities Authority, Series V-1</title>
        <cusip>130179SD7</cusip>
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        <name>State of California</name>
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        <name>State of California</name>
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        <name>State of California</name>
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        <name>State of California</name>
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        <name>State of California Department of Water Resources</name>
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        <name>California State Public Works Board</name>
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        <name>California State Public Works Board</name>
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      <invstOrSec>
        <name>California State Public Works Board</name>
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        <name>California State Public Works Board</name>
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        <name>California State Public Works Board</name>
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      <invstOrSec>
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        <name>Chino Valley Unified School District</name>
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      <invstOrSec>
        <name>Citrus Community College District</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Coast Community College District</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Coast Community College District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Coast Community College District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Coast Community College District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Colton Joint Unified School District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Colton Joint Unified School District</name>
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      <invstOrSec>
        <name>City of Concord</name>
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      <invstOrSec>
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        <name>Contra Costa Transportation Authority Sales Tax</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Corona-Norco Unified School District</name>
        <lei>N/A</lei>
        <title>Corona-Norco Unified School District, Series C</title>
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          <isin value="US219764LH83"/>
          <other otherDesc="Inhouse Asset ID" value="219764LH8"/>
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        <curCd>USD</curCd>
        <valUSD>1211929.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Corona-Norco Unified School District</name>
        <lei>N/A</lei>
        <title>Corona-Norco Unified School District, Series B</title>
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          <isin value="US219764RB59"/>
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        <balance>3725000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3708991.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Corona-Norco Unified School District</name>
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          <isin value="US219764UP09"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>327969.42000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Corona-Norco Unified School District</name>
        <lei>N/A</lei>
        <title>Corona-Norco Unified School District, Series D</title>
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          <isin value="US219764UR64"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1061248.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Corona-Norco Unified School District</name>
        <lei>N/A</lei>
        <title>Corona-Norco Unified School District, Series 2026</title>
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          <isin value="US219764UZ80"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2361402.60000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Corona-Norco Unified School District</name>
        <lei>N/A</lei>
        <title>Corona-Norco Unified School District, Series 2026</title>
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          <isin value="US219764VA21"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1186958.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Desert Community College District</name>
        <lei>N/A</lei>
        <title>Desert Community College District, Series 2017</title>
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          <isin value="US250375HB16"/>
          <other otherDesc="Inhouse Asset ID" value="250375HB1"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>501183.65000000</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>2039-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Desert Community College District</name>
        <lei>N/A</lei>
        <title>Desert Community College District, Series 2024</title>
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          <isin value="US250375MY53"/>
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        <balance>1030000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1056145.21000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Desert Community College District</name>
        <lei>N/A</lei>
        <title>Desert Community College District, Series 2026</title>
        <cusip>250375NS7</cusip>
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          <isin value="US250375NS76"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2206017.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Desert Sands Unified School District</name>
        <lei>N/A</lei>
        <title>Desert Sands Unified School District, Series 2019</title>
        <cusip>250433TT6</cusip>
        <identifiers>
          <isin value="US250433TT61"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>999675.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Desert Sands Unified School District</name>
        <lei>N/A</lei>
        <title>Desert Sands Unified School District, Series 2025</title>
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          <isin value="US250433WR68"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2904855.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Desert Sands Unified School District</name>
        <lei>N/A</lei>
        <title>Desert Sands Unified School District, Series 2025</title>
        <cusip>250433WU9</cusip>
        <identifiers>
          <isin value="US250433WU97"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>1032093.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Desert Sands Unified School District</name>
        <lei>N/A</lei>
        <title>Desert Sands Unified School District, Series 2025</title>
        <cusip>250433WV7</cusip>
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          <isin value="US250433WV70"/>
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        <balance>2600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2752492.08000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Downey Unified School District</name>
        <lei>N/A</lei>
        <title>Downey Unified School District, Series B</title>
        <cusip>261005TV4</cusip>
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          <isin value="US261005TV47"/>
          <other otherDesc="Inhouse Asset ID" value="261005TV4"/>
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        <balance>1440000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1372605.55000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Downey Unified School District</name>
        <lei>N/A</lei>
        <title>Downey Unified School District, Series B</title>
        <cusip>261005TX0</cusip>
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          <isin value="US261005TX03"/>
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        <balance>1635000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1724117.31000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dublin Unified School District</name>
        <lei>N/A</lei>
        <title>Dublin Unified School District, Series B</title>
        <cusip>26362VTG3</cusip>
        <identifiers>
          <isin value="US26362VTG31"/>
          <other otherDesc="Inhouse Asset ID" value="26362VTG3"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1967186.40000000</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>2053-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>East Bay Municipal Utility District Wastewater System</name>
        <lei>N/A</lei>
        <title>East Bay Municipal Utility District Wastewater System, Series 2025A</title>
        <cusip>271012HN9</cusip>
        <identifiers>
          <isin value="US271012HN90"/>
          <other otherDesc="Inhouse Asset ID" value="271012HN9"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1070582.10000000</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>2050-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
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      <invstOrSec>
        <name>East Bay Municipal Utility District Wastewater System</name>
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      <invstOrSec>
        <name>East Bay Municipal Utility District Wastewater System Revenue</name>
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      <invstOrSec>
        <name>East Bay Municipal Utility District Wastewater System</name>
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      <invstOrSec>
        <name>East Bay Municipal Utility District Water System</name>
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        <name>East Bay Municipal Utility District Water System</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>East Bay Municipal Utility District Water System</name>
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      <invstOrSec>
        <name>East Bay Municipal Utility District Water System</name>
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        <fairValLevel>2</fairValLevel>
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        <name>East Bay Municipal Utility District Water System</name>
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        <name>East Bay Municipal Utility District Water System</name>
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        <name>East Bay Municipal Utility District Water System</name>
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        <name>East Bay Municipal Utility District Water System</name>
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        <name>East Bay Municipal Utility District Water System</name>
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      <invstOrSec>
        <name>East Bay Municipal Utility District Water System</name>
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          <isin value="US271014T695"/>
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      <invstOrSec>
        <name>East Bay Municipal Utility District Water System</name>
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        <name>East Bay Municipal Utility District Water System Revenue</name>
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        <name>East County Advanced Water Purification Joint Powers Authority</name>
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        <name>East Side Union High School District</name>
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        <name>East Side Union High School District</name>
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        <name>East Side Union High School District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fresno Unified School District</name>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Grossmont-Cuyamaca Community College District</name>
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        <invCountry>US</invCountry>
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        <name>Hayward Unified School District</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Hayward Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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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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      <invstOrSec>
        <name>Hayward Unified School District</name>
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        <valUSD>555421.15000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hayward Unified School District</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Hayward</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Hillsborough City School District</name>
        <lei>N/A</lei>
        <title>Hillsborough City School District, Series B</title>
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          <isin value="US432272CJ94"/>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Hillsborough City School District</name>
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          <isin value="US432272CK67"/>
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        <balance>5075000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-09-01</maturityDt>
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      <invstOrSec>
        <name>Imperial Community College District</name>
        <lei>549300VO268A8SG7J029</lei>
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        <balance>1065000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Imperial Irrigation District Electric System</name>
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        <title>Imperial Irrigation District Electric System, Series 2016B-1</title>
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          <isin value="US452650HH00"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Imperial Irrigation District Electric System</name>
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        <title>Imperial Irrigation District Electric System, Series 2025</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Imperial Irrigation District Electric System</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Imperial Irrigation District Electric System Revenue</name>
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        <name>Imperial Irrigation District Electric System Revenue</name>
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        <name>Inglewood Unified School District</name>
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          <isin value="US457110NQ38"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Inglewood Unified School District</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-01</maturityDt>
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      <invstOrSec>
        <name>Inglewood Unified School District</name>
        <lei>N/A</lei>
        <title>Inglewood Unified School District, Series B</title>
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          <isin value="US457110NZ37"/>
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        <balance>1215000.00000000</balance>
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        <valUSD>1400929.63000000</valUSD>
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        <name>City of Los Angeles CA Wastewater System Revenue</name>
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        <name>Long Beach Community College District</name>
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      <invstOrSec>
        <name>Long Beach Community College District</name>
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      <invstOrSec>
        <name>Long Beach Community College District</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Long Beach Unified School District</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Los Altos Elementary School District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Los Altos Elementary School District</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Los Angeles Community College District</name>
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          <isin value="US54438CF648"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Los Angeles Community College District</name>
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          <isin value="US54438CF721"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Los Angeles Community College District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Los Angeles Community College District</name>
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        <name>Los Angeles Community College District</name>
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      <invstOrSec>
        <name>Los Angeles Community College District</name>
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        <name>Los Angeles Community College District</name>
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      <invstOrSec>
        <name>Los Angeles Community College District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>City of Los Angeles Department of Airports</name>
        <lei>N/A</lei>
        <title>City of Los Angeles Department of Airports, Series 2025C</title>
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        <balance>625000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>685122.69000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
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      <invstOrSec>
        <name>Los Angeles County Metropolitan Transportation Authority Sales Tax</name>
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      <invstOrSec>
        <name>Mendocino-Lake Community College District</name>
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        <name>Newport Mesa Unified School District</name>
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        <name>Newport Mesa Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-08-01</maturityDt>
          <couponKind>None</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>North Orange County Community College District</name>
        <lei>N/A</lei>
        <title>North Orange County Community College District, Series 2003B</title>
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          <isin value="US661334CK67"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2919071.10000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>North Orange County Community College District</name>
        <lei>N/A</lei>
        <title>North Orange County Community College District, Series B</title>
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          <isin value="US661334FT40"/>
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        <balance>6500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6512723.10000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>North Orange County Community College District</name>
        <lei>N/A</lei>
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          <isin value="US661334GM87"/>
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        <balance>2625000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Northern California Power Agency</name>
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          <isin value="US664845FF67"/>
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        <balance>1270000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1367696.27000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Northern California Transmission Agency</name>
        <lei>549300Q5SNIPZIW57C52</lei>
        <title>Northern California Transmission Agency, Series 2026A</title>
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          <isin value="US664848DB11"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2255509.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Northern California Transmission Agency</name>
        <lei>549300Q5SNIPZIW57C52</lei>
        <title>Northern California Transmission Agency, Series 2026A</title>
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          <isin value="US664848DE59"/>
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        <balance>4460000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5216595.74000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-05-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Northern California Transmission Agency</name>
        <lei>549300Q5SNIPZIW57C52</lei>
        <title>Northern California Transmission Agency, Series 2026A</title>
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          <isin value="US664848DJ47"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1149201.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-05-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Northern California Sanitation Agencies Financing Authority</name>
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        <balance>6000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7009134.60000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Northern California Sanitation Agencies Financing Authority</name>
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          <isin value="US66484EAN58"/>
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        <balance>1200000.00000000</balance>
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        <valUSD>1392965.88000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Norwalk-La Mirada Unified School District</name>
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          <isin value="US669096RW18"/>
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        <balance>2030000.00000000</balance>
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        <valUSD>1236011.99000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Oakland</name>
        <lei>549300BRTTFKDQCGL048</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Oakland</name>
        <lei>549300BRTTFKDQCGL048</lei>
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        <name>Oakland Unified School District/Alameda County</name>
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        <name>Oakland Unified School District</name>
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        <name>Ohlone Community College District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Orange County Local Transportation Authority Sales Tax</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Orange County Local Transportation Authority Sales Tax</name>
        <lei>N/A</lei>
        <title>Orange County Local Transportation Authority Sales Tax, Series 2019</title>
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        <name>Pasadena Unified School District</name>
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        <name>Pasadena Unified School District</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Placentia-Yorba Linda Unified School District</name>
        <lei>N/A</lei>
        <title>Placentia-Yorba Linda Unified School District, Series D</title>
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          <isin value="US725894KH18"/>
          <other otherDesc="Inhouse Asset ID" value="725894KH1"/>
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        <balance>1300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>521714.05000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Placentia-Yorba Linda Unified School District</name>
        <lei>N/A</lei>
        <title>Placentia-Yorba Linda Unified School District, Series 2021A</title>
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          <isin value="US725894MQ98"/>
          <other otherDesc="Inhouse Asset ID" value="725894MQ9"/>
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        <balance>1650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1536091.76000000</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>2039-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Pleasanton Unified School District</name>
        <lei>N/A</lei>
        <title>Pleasanton Unified School District, Series 2025</title>
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          <isin value="US728835M630"/>
          <other otherDesc="Inhouse Asset ID" value="728835M63"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Pleasanton Unified School District</name>
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        <title>Pleasanton Unified School District, Series 2025</title>
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          <isin value="US728835N968"/>
          <other otherDesc="Inhouse Asset ID" value="728835N96"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1006948.40000000</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>2046-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Pomona Unified School District</name>
        <lei>N/A</lei>
        <title>Pomona Unified School District, Series A</title>
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          <isin value="US732098UZ97"/>
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        <balance>690000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>724071.58000000</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>2055-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Poway Unified School District</name>
        <lei>N/A</lei>
        <title>Poway Unified School District, Series A</title>
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          <isin value="US738850QK53"/>
          <other otherDesc="Inhouse Asset ID" value="738850QK5"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2426729.00000000</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>2027-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Poway Unified School District</name>
        <lei>N/A</lei>
        <title>Poway Unified School District, Series A</title>
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          <isin value="US738850QM10"/>
          <other otherDesc="Inhouse Asset ID" value="738850QM1"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>917949.30000000</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>2029-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Poway Unified School District</name>
        <lei>N/A</lei>
        <title>Poway Unified School District, Series A</title>
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        <identifiers>
          <isin value="US738850QP41"/>
          <other otherDesc="Inhouse Asset ID" value="738850QP4"/>
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        <balance>790000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>683124.22000000</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>2031-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Poway Unified School District</name>
        <lei>N/A</lei>
        <title>Poway Unified School District, Series A</title>
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          <isin value="US738850QQ24"/>
          <other otherDesc="Inhouse Asset ID" value="738850QQ2"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>376722.18000000</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>2032-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Poway Unified School District</name>
        <lei>N/A</lei>
        <title>Poway Unified School District, Series B</title>
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          <isin value="US738850QY57"/>
          <other otherDesc="Inhouse Asset ID" value="738850QY5"/>
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        <balance>2800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2262396.92000000</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>2033-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Poway Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US738850QZ23"/>
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        <balance>7165000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5570058.10000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-08-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Poway Unified School District</name>
        <lei>N/A</lei>
        <title>Poway Unified School District, Series B</title>
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          <isin value="US738850RA62"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>373809.30000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Poway Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US738850RB46"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>716969.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Poway Unified School District</name>
        <lei>N/A</lei>
        <title>Poway Unified School District, Series B</title>
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          <isin value="US738850RD02"/>
          <other otherDesc="Inhouse Asset ID" value="738850RD0"/>
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        <balance>755000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>496286.72000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Poway Unified School District</name>
        <lei>N/A</lei>
        <title>Poway Unified School District, Series B</title>
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          <isin value="US738850RE84"/>
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        <balance>8335000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5224032.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Poway Unified School District</name>
        <lei>N/A</lei>
        <title>Poway Unified School District, Series B</title>
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          <isin value="US738850RH16"/>
          <other otherDesc="Inhouse Asset ID" value="738850RH1"/>
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        <balance>7940000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3269533.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Poway Unified School District</name>
        <lei>N/A</lei>
        <title>Poway Unified School District, Series B</title>
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          <isin value="US738850RJ71"/>
          <other otherDesc="Inhouse Asset ID" value="738850RJ7"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1572957.00000000</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>2051-08-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
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      <invstOrSec>
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        <name>San Diego Public Facilities Financing Authority</name>
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      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
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      <invstOrSec>
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        <title>San Diego Public Facilities Financing Authority, Series 2026A</title>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
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          <isin value="US79730CJB19"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
        <lei>N/A</lei>
        <title>San Diego Public Facilities Financing Authority, Series 2023A</title>
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          <isin value="US79730CLM46"/>
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        <balance>4080000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
        <lei>N/A</lei>
        <title>San Diego Public Facilities Financing Authority, Series 2025A</title>
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        <identifiers>
          <isin value="US79730CME11"/>
          <other otherDesc="Inhouse Asset ID" value="79730CME1"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2262598.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
        <lei>N/A</lei>
        <title>San Diego Public Facilities Financing Authority, Series 2025A</title>
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          <isin value="US79730CMF85"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2246026.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>San Diego Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US7973554M37"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500597.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-01</maturityDt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
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          <isin value="US7973554N10"/>
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        <balance>220000.00000000</balance>
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        <valUSD>220262.94000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
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          <isin value="US7973554T89"/>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
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      <invstOrSec>
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          <isin value="US7973558V99"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
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          <isin value="US7973558W72"/>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
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          <isin value="US797355L850"/>
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        <balance>1840000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
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          <isin value="US797355M502"/>
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        <balance>300000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
        <lei>N/A</lei>
        <title>San Diego Unified School District, Series 2010C</title>
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          <isin value="US797355M684"/>
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        <balance>3240000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2305725.26000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-01</maturityDt>
          <couponKind>None</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>San Diego Unified School District</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>San Diego Unified School District</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>San Diego Unified School District</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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      <invstOrSec>
        <name>San Diego Unified School District</name>
        <lei>N/A</lei>
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        <balance>2780000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US797355N914"/>
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        <balance>1860000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
        <lei>N/A</lei>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US797355P323"/>
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        <balance>780000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>777812.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-07-01</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US797355P406"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00001080</annualizedRt>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
        <lei>N/A</lei>
        <title>San Diego Unified School District, Series R-1</title>
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          <isin value="US797355Q313"/>
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        <balance>1820000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US797355Q495"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
        <lei>N/A</lei>
        <title>San Diego Unified School District, Series 2020M-2</title>
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        <balance>8055000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-07-01</maturityDt>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
        <lei>N/A</lei>
        <title>San Diego Unified School District, Series 2020D-2</title>
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          <isin value="US797356BS08"/>
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        <balance>2400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2303209.68000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-01</maturityDt>
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      </invstOrSec>
      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
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        <balance>2750000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
        <lei>N/A</lei>
        <title>San Diego Unified School District, Series 2024ZR-5A</title>
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          <isin value="US797356LH33"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
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          <isin value="US797356LM28"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
        <lei>N/A</lei>
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        <balance>1500000.00000000</balance>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
        <lei>N/A</lei>
        <title>San Diego Unified School District, Series 2025P-2</title>
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          <isin value="US797356SQ68"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>1098183.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>San Diego Unified School District</name>
        <lei>N/A</lei>
        <title>San Diego Unified School District, Series 2025I-2</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>San Diego Unified School District</name>
        <lei>N/A</lei>
        <title>San Diego Unified School District, Series 2025I-2</title>
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          <isin value="US797356ST08"/>
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        <curCd>USD</curCd>
        <valUSD>1100022.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>San Diego Unified School District</name>
        <lei>N/A</lei>
        <title>San Diego Unified School District, Series 2025I-2</title>
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          <isin value="US797356SU70"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1120427.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>San Diego Unified School District</name>
        <lei>N/A</lei>
        <title>San Diego Unified School District, Series R-9</title>
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          <isin value="US797356TX01"/>
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        <curCd>USD</curCd>
        <valUSD>2155089.20000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
        <lei>N/A</lei>
        <title>San Diego Unified School District, Series SR-6</title>
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          <isin value="US797356UC45"/>
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        <curCd>USD</curCd>
        <valUSD>3461449.80000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>San Diego Unified School District</name>
        <lei>N/A</lei>
        <title>San Diego Unified School District, Series ZR-7</title>
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          <isin value="US797356UP57"/>
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        <balance>1760000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2051028.50000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>San Diego County Regional Airport Authority</name>
        <lei>N/A</lei>
        <title>San Diego County Regional Airport Authority, Series A</title>
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          <isin value="US79739GFQ47"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1017025.20000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>San Diego County Regional Airport Authority</name>
        <lei>N/A</lei>
        <title>San Diego County Regional Airport Authority, Series 2019A</title>
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          <isin value="US79739GKV76"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1077629.40000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
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      <invstOrSec>
        <name>San Diego County Regional Airport Authority</name>
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          <isin value="US79739GKX33"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego County Regional Airport Authority</name>
        <lei>N/A</lei>
        <title>San Diego County Regional Airport Authority, Series 2019A</title>
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          <isin value="US79739GKZ80"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego County Regional Airport Authority</name>
        <lei>N/A</lei>
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        <balance>5800000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego County Regional Airport Authority</name>
        <lei>N/A</lei>
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          <isin value="US79739GLD69"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego County Regional Airport Authority</name>
        <lei>N/A</lei>
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          <isin value="US79739GLE43"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego County Regional Airport Authority</name>
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          <isin value="US79739GLF18"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego County Regional Airport Authority</name>
        <lei>N/A</lei>
        <title>San Diego County Regional Airport Authority, Series 2021A</title>
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          <isin value="US79739GMW32"/>
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        <balance>4215000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-07-01</maturityDt>
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      <invstOrSec>
        <name>San Diego County Regional Airport Authority</name>
        <lei>N/A</lei>
        <title>San Diego County Regional Airport Authority, Series 2021A</title>
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          <isin value="US79739GMX15"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1973718.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Diego County Regional Airport Authority</name>
        <lei>N/A</lei>
        <title>San Diego County Regional Airport Authority, Series 2021A</title>
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          <isin value="US79739GNB85"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>919557.90000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>San Francisco City &amp; County Public Utilities Commission Wastewater</name>
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        <name>San Francisco City &amp; County Public Utilities Commission Wastewater</name>
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        <name>San Francisco City &amp; County Public Utilities Commission Wastewater</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
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        <name>San Francisco City &amp; County Redevelopment Agency Successor Agency</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>City of San Francisco</name>
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        <name>City of San Francisco</name>
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        <name>City of San Francisco</name>
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        <name>City of San Francisco</name>
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        <name>City of San Francisco</name>
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      <invstOrSec>
        <name>City of San Francisco CA Public Utilities Commission Water Revenue</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of San Francisco</name>
        <lei>N/A</lei>
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        <valUSD>4116892.49000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>San Francisco City &amp; County Public Utilities Commission Power</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>San Francisco Unified School District</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>San Francisco Unified School District</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>3693188.16000000</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>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>San Francisco Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US79771TRM17"/>
          <other otherDesc="Inhouse Asset ID" value="79771TRM1"/>
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        <curCd>USD</curCd>
        <valUSD>2006486.53000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>City &amp; County of San Francisco</name>
        <lei>549300RA28ZEFOB6M782</lei>
        <title>City &amp; County of San Francisco, Series 2022R-1</title>
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          <isin value="US79773KJB17"/>
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        <curCd>USD</curCd>
        <valUSD>500441.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>City &amp; County of San Francisco</name>
        <lei>549300RA28ZEFOB6M782</lei>
        <title>City &amp; County of San Francisco, Series 2022R-1</title>
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          <isin value="US79773KJC99"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>514244.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>City &amp; County of San Francisco</name>
        <lei>549300RA28ZEFOB6M782</lei>
        <title>City &amp; County of San Francisco, Series 2022R-1</title>
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          <isin value="US79773KJD72"/>
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        <balance>8215000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City &amp; County of San Francisco</name>
        <lei>549300RA28ZEFOB6M782</lei>
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        <curCd>USD</curCd>
        <valUSD>1011311.23000000</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>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>City &amp; County of San Francisco</name>
        <lei>549300RA28ZEFOB6M782</lei>
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          <isin value="US79773KLX09"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-15</maturityDt>
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      <invstOrSec>
        <name>City &amp; County of San Francisco</name>
        <lei>549300RA28ZEFOB6M782</lei>
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          <isin value="US79773KMA96"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-06-15</maturityDt>
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      <invstOrSec>
        <name>City &amp; County of San Francisco</name>
        <lei>549300RA28ZEFOB6M782</lei>
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          <isin value="US79773KRN62"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>San Francisco County Transportation Authority Sales Tax</name>
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          <isin value="US79773TAL98"/>
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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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>San Joaquin County Transportation Authority Measure K Sales Tax Revenue</name>
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        <title>San Joaquin County Transportation Authority Measure K Sales Tax, Series 2017</title>
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          <isin value="US798110CF72"/>
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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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      <invstOrSec>
        <name>San Joaquin County Transportation Authority Measure K Sales Tax</name>
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          <isin value="US798110CQ38"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Joaquin Hills Transportation Corridor Agency</name>
        <lei>N/A</lei>
        <title>San Joaquin Hills Transportation Corridor Agency</title>
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          <isin value="US798111CB42"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>721940.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-01</maturityDt>
          <couponKind>None</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>San Joaquin Hills Transportation Corridor Agency</name>
        <lei>N/A</lei>
        <title>San Joaquin Hills Transportation Corridor Agency, Series 2021A</title>
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          <isin value="US798111GL87"/>
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        <balance>2042000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>San Joaquin Hills Transportation Corridor Agency</name>
        <lei>N/A</lei>
        <title>San Joaquin Hills Transportation Corridor Agency, Series 2021A</title>
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          <isin value="US798111GQ74"/>
          <other otherDesc="Inhouse Asset ID" value="798111GQ7"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1628631.90000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>San Joaquin Hills Transportation Corridor Agency</name>
        <lei>N/A</lei>
        <title>San Joaquin Hills Transportation Corridor Agency, Series 2021A</title>
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          <isin value="US798111GS31"/>
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        <balance>8830000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9646199.28000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>San Joaquin Hills Transportation Corridor Agency</name>
        <lei>N/A</lei>
        <title>San Joaquin Hills Transportation Corridor Agency, Series 2021A</title>
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          <isin value="US798111GT14"/>
          <other otherDesc="Inhouse Asset ID" value="798111GT1"/>
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        <balance>1065000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1101401.59000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>City of San Jose</name>
        <lei>549300QHIHSH68W22O38</lei>
        <title>City of San Jose, Series 2019A-1</title>
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        <identifiers>
          <isin value="US798135E397"/>
          <other otherDesc="Inhouse Asset ID" value="798135E39"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2063729.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>City of San Jose</name>
        <lei>549300QHIHSH68W22O38</lei>
        <title>City of San Jose, Series 2019C</title>
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          <isin value="US798135G293"/>
          <other otherDesc="Inhouse Asset ID" value="798135G29"/>
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        <balance>370000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>392495.41000000</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>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>City of San Jose</name>
        <lei>549300QHIHSH68W22O38</lei>
        <title>City of San Jose, Series 2021A</title>
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          <isin value="US798135L640"/>
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        <balance>5035000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5356694.71000000</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>2045-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Norman Y Mineta San Jose International Airport SJC</name>
        <lei>N/A</lei>
        <title>Norman Y Mineta San Jose International Airport SJC, Series 2017B</title>
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          <isin value="US798136WT07"/>
          <other otherDesc="Inhouse Asset ID" value="798136WT0"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1007431.20000000</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>2047-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>San Jose Financing Authority</name>
        <lei>N/A</lei>
        <title>San Jose Financing Authority, Series 2022B</title>
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          <isin value="US79816NAY31"/>
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        <balance>1115000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1219040.98000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>San Jose Financing Authority</name>
        <lei>N/A</lei>
        <title>San Jose Financing Authority, Series 2022B</title>
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          <isin value="US79816NBA46"/>
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        <balance>2300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2419407.95000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>San Jose Redevelopment Agency Successor Agency</name>
        <lei>N/A</lei>
        <title>San Jose Redevelopment Agency Successor Agency, Series A</title>
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          <isin value="US798170AP12"/>
          <other otherDesc="Inhouse Asset ID" value="798170AP1"/>
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        <balance>2510000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2569933.53000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-08-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Jose Unified School District</name>
        <lei>N/A</lei>
        <title>San Jose Unified School District, Series C</title>
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          <isin value="US798186VL39"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>None</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Jose Unified School District</name>
        <lei>N/A</lei>
        <title>San Jose Unified School District, Series 2002C</title>
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          <isin value="US798186VM12"/>
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        <balance>1455000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>San Jose Unified School District</name>
        <lei>N/A</lei>
        <title>San Jose Unified School District, Series C</title>
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          <isin value="US798186VN94"/>
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        <balance>1060000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-01</maturityDt>
          <couponKind>None</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Jose Unified School District</name>
        <lei>N/A</lei>
        <title>San Jose Unified School District, Series C</title>
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          <isin value="US798186VP43"/>
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        <balance>3150000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-01</maturityDt>
          <couponKind>None</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Jose Unified School District</name>
        <lei>N/A</lei>
        <title>San Jose Unified School District, Series C</title>
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          <isin value="US798186VQ26"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>348021.44000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>None</couponKind>
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          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>San Jose Evergreen Community College District</name>
        <lei>5493006H31JIFYW6Z091</lei>
        <title>San Jose Evergreen Community College District, Series B</title>
        <cusip>798189QY5</cusip>
        <identifiers>
          <isin value="US798189QY53"/>
          <other otherDesc="Inhouse Asset ID" value="798189QY5"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1138854.13000000</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>2040-09-01</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>San Jose Evergreen Community College District</name>
        <lei>5493006H31JIFYW6Z091</lei>
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        <curCd>USD</curCd>
        <valUSD>1111430.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>San Juan Unified School District</name>
        <lei>N/A</lei>
        <title>San Juan Unified School District, Series 2025</title>
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          <isin value="US798306B960"/>
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        <balance>2185000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2479855.70000000</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>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>San Juan Unified School District</name>
        <lei>N/A</lei>
        <title>San Juan Unified School District, Series 2025</title>
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        <balance>1835000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2066137.52000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>San Juan Unified School District</name>
        <lei>N/A</lei>
        <title>San Juan Unified School District, Series 2019N</title>
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          <isin value="US798306VV57"/>
          <other otherDesc="Inhouse Asset ID" value="798306VV5"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5011422.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>San Juan Unified School District</name>
        <lei>N/A</lei>
        <title>San Juan Unified School District, Series 2019</title>
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          <isin value="US798306VX14"/>
          <other otherDesc="Inhouse Asset ID" value="798306VX1"/>
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        <balance>3250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3255829.53000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>San Juan Unified School District</name>
        <lei>N/A</lei>
        <title>San Juan Unified School District, Series 2022</title>
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          <isin value="US798306YW04"/>
          <other otherDesc="Inhouse Asset ID" value="798306YW0"/>
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        <balance>1095000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1084858.44000000</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>2046-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>San Leandro Unified School District</name>
        <lei>N/A</lei>
        <title>San Leandro Unified School District, Series B</title>
        <cusip>798458ZG3</cusip>
        <identifiers>
          <isin value="US798458ZG33"/>
          <other otherDesc="Inhouse Asset ID" value="798458ZG3"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1582249.95000000</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>2052-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>San Marcos Unified School District</name>
        <lei>N/A</lei>
        <title>San Marcos Unified School District, Series A</title>
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        <identifiers>
          <isin value="US798755BS29"/>
          <other otherDesc="Inhouse Asset ID" value="798755BS2"/>
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        <balance>655000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>617838.77000000</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>2028-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>San Marcos Unified School District</name>
        <lei>N/A</lei>
        <title>San Marcos Unified School District, Series B</title>
        <cusip>798755DG6</cusip>
        <identifiers>
          <isin value="US798755DG62"/>
          <other otherDesc="Inhouse Asset ID" value="798755DG6"/>
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        <balance>565000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>358440.86000000</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>2038-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>San Marcos Unified School District</name>
        <lei>N/A</lei>
        <title>San Marcos Unified School District, Series B</title>
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          <isin value="US798755DP61"/>
          <other otherDesc="Inhouse Asset ID" value="798755DP6"/>
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        <balance>1370000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>529264.29000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>San Marcos Unified School District</name>
        <lei>N/A</lei>
        <title>San Marcos Unified School District, Series 2025</title>
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          <isin value="US798755GW85"/>
          <other otherDesc="Inhouse Asset ID" value="798755GW8"/>
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        <balance>440000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>492985.90000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>San Marcos Unified School District</name>
        <lei>N/A</lei>
        <title>San Marcos Unified School District, Series 2025</title>
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          <isin value="US798755HB30"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>349420.11000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>San Mateo Union High School District</name>
        <lei>N/A</lei>
        <title>San Mateo Union High School District, Series 2011A</title>
        <cusip>799017GT9</cusip>
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          <isin value="US799017GT90"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>513438.90000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-09-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00001080</annualizedRt>
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      <invstOrSec>
        <name>San Mateo Union High School District</name>
        <lei>N/A</lei>
        <title>San Mateo Union High School District, Series 2011A</title>
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          <isin value="US799017GU63"/>
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        <balance>1915000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2102891.18000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-09-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00001080</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Mateo Union High School District</name>
        <lei>N/A</lei>
        <title>San Mateo Union High School District, Series 2011A</title>
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          <isin value="US799017HW11"/>
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        <balance>1755000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1354683.45000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00001080</annualizedRt>
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      <invstOrSec>
        <name>San Mateo County Community College District</name>
        <lei>N/A</lei>
        <title>San Mateo County Community College District, Series A</title>
        <cusip>799038DM3</cusip>
        <identifiers>
          <isin value="US799038DM38"/>
          <other otherDesc="Inhouse Asset ID" value="799038DM3"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1770261.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>San Mateo County Community College District</name>
        <lei>N/A</lei>
        <title>San Mateo County Community College District, Series 2006B</title>
        <cusip>799038GA6</cusip>
        <identifiers>
          <isin value="US799038GA62"/>
          <other otherDesc="Inhouse Asset ID" value="799038GA6"/>
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        <balance>5070000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5037422.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>San Mateo County Transit District Sales Tax</name>
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        <fairValLevel>2</fairValLevel>
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        <name>San Ysidro School District</name>
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        <name>Sanger Unified School District</name>
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        <name>Santa Barbara Unified School District</name>
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        <name>Santa Clara Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Santa Clara Unified School District</name>
        <lei>N/A</lei>
        <title>Santa Clara Unified School District, Series 2019</title>
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      <invstOrSec>
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        <name>Sonoma County Junior College District</name>
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        <name>Sonoma County Junior College District</name>
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        <name>Southern California Public Power Authority</name>
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        <name>Southern California Public Power Authority</name>
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        <name>Southern California Public Power Authority</name>
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      <invstOrSec>
        <name>Southern California Public Power Authority</name>
        <lei>5493003B5TD5FWUKMD34</lei>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Southern California Public Power Authority</name>
        <lei>5493003B5TD5FWUKMD34</lei>
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          <isin value="US84247PNQ09"/>
          <other otherDesc="Inhouse Asset ID" value="84247PNQ0"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2846786.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Southwestern Community College District</name>
        <lei>N/A</lei>
        <title>Southwestern Community College District, Series 2004</title>
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          <isin value="US845389BU85"/>
          <other otherDesc="Inhouse Asset ID" value="845389BU8"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2358667.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Southwestern Community College District</name>
        <lei>N/A</lei>
        <title>Southwestern Community College District, Series C</title>
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          <isin value="US845389EW15"/>
          <other otherDesc="Inhouse Asset ID" value="845389EW1"/>
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        <balance>650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>366888.99000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Southwestern Community College District</name>
        <lei>N/A</lei>
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          <isin value="US845389EX97"/>
          <other otherDesc="Inhouse Asset ID" value="845389EX9"/>
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        <balance>6730000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2715369.25000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-01</maturityDt>
          <couponKind>None</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Southwestern Community College District</name>
        <lei>N/A</lei>
        <title>Southwestern Community College District, Series A</title>
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          <isin value="US845389JC06"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1947712.60000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Southwestern Community College District</name>
        <lei>N/A</lei>
        <title>Southwestern Community College District, Series 2025A</title>
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        <identifiers>
          <isin value="US845389PY51"/>
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        <balance>1750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1806449.05000000</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>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Stockton Public Financing Authority</name>
        <lei>N/A</lei>
        <title>Stockton Public Financing Authority, Series 2018A</title>
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        <identifiers>
          <isin value="US861398BX21"/>
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        <balance>1745000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1837836.27000000</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>2032-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Stockton Redevelopment Agency Successor Agency</name>
        <lei>N/A</lei>
        <title>Stockton Redevelopment Agency Successor Agency, Series A</title>
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          <isin value="US861403AG83"/>
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        <balance>1730000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1740842.43000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Stockton Redevelopment Agency Successor Agency</name>
        <lei>N/A</lei>
        <title>Stockton Redevelopment Agency Successor Agency, Series A</title>
        <cusip>861403AH6</cusip>
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          <isin value="US861403AH66"/>
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        <balance>1825000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1835888.86000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Stockton Unified School District</name>
        <lei>N/A</lei>
        <title>Stockton Unified School District, Series 2025A</title>
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          <isin value="US861419G608"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1141239.70000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Stockton Unified School District</name>
        <lei>N/A</lei>
        <title>Stockton Unified School District, Series 2025A</title>
        <cusip>861419G78</cusip>
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          <isin value="US861419G780"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1133834.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Stockton Unified School District</name>
        <lei>N/A</lei>
        <title>Stockton Unified School District, Series 2025A</title>
        <cusip>861419G86</cusip>
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          <isin value="US861419G863"/>
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        <balance>1195000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1343001.11000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Stockton Unified School District</name>
        <lei>N/A</lei>
        <title>Stockton Unified School District, Series 2025A</title>
        <cusip>861419H44</cusip>
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          <isin value="US861419H440"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3692543.40000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Pittsburg Successor Agency Redevelopment Agency</name>
        <lei>N/A</lei>
        <title>Pittsburg Successor Agency Redevelopment Agency, Series A</title>
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          <isin value="US86459LBR87"/>
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        <balance>1935000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1947007.06000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sunnyvale School District</name>
        <lei>N/A</lei>
        <title>Sunnyvale School District, Series 2015</title>
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          <isin value="US867578SV98"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500692.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sunnyvale School District</name>
        <lei>N/A</lei>
        <title>Sunnyvale School District, Series 2026</title>
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          <isin value="US867578YP56"/>
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        <balance>3865000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4487038.51000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sunnyvale School District</name>
        <lei>N/A</lei>
        <title>Sunnyvale School District, Series 2026</title>
        <cusip>867578YQ3</cusip>
        <identifiers>
          <isin value="US867578YQ30"/>
          <other otherDesc="Inhouse Asset ID" value="867578YQ3"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5775005.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>University of California</name>
        <lei>N/A</lei>
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        <name>University of California</name>
        <lei>N/A</lei>
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        <name>Upper Santa Clara Valley Joint Powers Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Ventura Unified School District</name>
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        <title>Ventura Unified School District, Series 2022A</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ventura Unified School District</name>
        <lei>N/A</lei>
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        <valUSD>985332.70000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-08-01</maturityDt>
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      <invstOrSec>
        <name>Victor Valley Union High School District</name>
        <lei>N/A</lei>
        <title>Victor Valley Union High School District, Series 2009A</title>
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          <isin value="US926055GV07"/>
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        <balance>1025000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1029770.86000000</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>2031-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.74999920</annualizedRt>
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      <invstOrSec>
        <name>Victor Valley Union High School District</name>
        <lei>N/A</lei>
        <title>Victor Valley Union High School District, Series 2016B</title>
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        <valUSD>1000303.40000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Vista Unified School District</name>
        <lei>N/A</lei>
        <title>Vista Unified School District, Series 2022B</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Walnut Valley Unified School District</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>West Contra Costa Unified School District</name>
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        <title>West Contra Costa Unified School District, Series 2023</title>
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        <fairValLevel>2</fairValLevel>
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        <name>West Contra Costa Unified School District</name>
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        <name>West Contra Costa Unified School District</name>
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        <name>West Contra Costa Unified School District</name>
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          <isin value="US95234ACF03"/>
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      <invstOrSec>
        <name>West Valley-Mission Community College District</name>
        <lei>N/A</lei>
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          <isin value="US95640HEX26"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Westminster School District</name>
        <lei>N/A</lei>
        <title>Westminster School District, Series 2013A</title>
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          <isin value="US960621CC24"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00001080</annualizedRt>
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      <invstOrSec>
        <name>Whittier Union High School District</name>
        <lei>N/A</lei>
        <title>Whittier Union High School District, Series 2026</title>
        <cusip>966782UQ5</cusip>
        <identifiers>
          <isin value="US966782UQ51"/>
          <other otherDesc="Inhouse Asset ID" value="966782UQ5"/>
        </identifiers>
        <balance>5035000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5444709.53000000</valUSD>
        <pctVal>0.123058707204</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>William S Hart Union High School District</name>
        <lei>N/A</lei>
        <title>William S Hart Union High School District, Series B</title>
        <cusip>969268AW1</cusip>
        <identifiers>
          <isin value="US969268AW13"/>
          <other otherDesc="Inhouse Asset ID" value="969268AW1"/>
        </identifiers>
        <balance>1250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>960544.75000000</valUSD>
        <pctVal>0.021709770649</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>William S Hart Union High School District</name>
        <lei>N/A</lei>
        <title>William S Hart Union High School District, Series 2005B</title>
        <cusip>969275PS9</cusip>
        <identifiers>
          <isin value="US969275PS96"/>
          <other otherDesc="Inhouse Asset ID" value="969275PS9"/>
        </identifiers>
        <balance>3940000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3582181.81000000</valUSD>
        <pctVal>0.080962751103</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>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>William S Hart Union High School District</name>
        <lei>N/A</lei>
        <title>William S Hart Union High School District, Series A</title>
        <cusip>969275QS8</cusip>
        <identifiers>
          <isin value="US969275QS87"/>
          <other otherDesc="Inhouse Asset ID" value="969275QS8"/>
        </identifiers>
        <balance>990000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>789373.83000000</valUSD>
        <pctVal>0.017841047807</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yosemite Community College District</name>
        <lei>N/A</lei>
        <title>Yosemite Community College District, Series 2010D</title>
        <cusip>987388DH5</cusip>
        <identifiers>
          <isin value="US987388DH57"/>
          <other otherDesc="Inhouse Asset ID" value="987388DH5"/>
        </identifiers>
        <balance>700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>594509.02000000</valUSD>
        <pctVal>0.013436807054</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yosemite Community College District</name>
        <lei>N/A</lei>
        <title>Yosemite Community College District, Series 2010D</title>
        <cusip>987388DQ5</cusip>
        <identifiers>
          <isin value="US987388DQ56"/>
          <other otherDesc="Inhouse Asset ID" value="987388DQ5"/>
        </identifiers>
        <balance>3610000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2265738.89000000</valUSD>
        <pctVal>0.051209141117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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 B.5.a have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>


    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-05-31</ncom:dateSigned>
      <ncom:nameOfApplicant>iShares Trust</ncom:nameOfApplicant>
      <ncom:signature>Chuck Pulsfort</ncom:signature>
      <ncom:signerName>Chuck Pulsfort</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
