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        <name>Burbank-Glendale-Pasadena Airport Authority Brick Campaign</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California County Tobacco Securitization Agency</name>
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        <name>California County Tobacco Securitization Agency</name>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
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        <name>California Health Facilities Financing Authority</name>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</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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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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        <title>California Municipal Finance Authority, United Airlined, Inc. Los Angeles Internation Airport Projects, Series 2019</title>
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        <valUSD>1019483.20000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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          <isin value="US13050WAA99"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-02-20</maturityDt>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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          <isin value="US13050WAD39"/>
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        <curCd>USD</curCd>
        <valUSD>1012634.78000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-11-20</maturityDt>
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          <annualizedRt>4.32586800</annualizedRt>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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          <isin value="US13050WAG69"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>California Pollution Control Financing Authority</name>
        <lei>N/A</lei>
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        <name>California Pollution Control Financing Authority</name>
        <lei>N/A</lei>
        <title>California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project</title>
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          <isin value="US13054WBA45"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Public Finance Authority</name>
        <lei>N/A</lei>
        <title>California Public Finance Authority, Health Care Hazelden Betty Ford Foundation Project, Series 2025</title>
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          <isin value="US13056HAA68"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Public Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US13056HAB42"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Public Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US13057EJG08"/>
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        <name>State of California</name>
        <lei>9845007J7054602FF597</lei>
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        <name>State of California</name>
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        <name>State of California</name>
        <lei>9845007J7054602FF597</lei>
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          <isin value="US13063EGP51"/>
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        <name>State of California Department of Water Resources</name>
        <lei>549300X618YEC5LGBQ98</lei>
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        <name>State of California Department of Water Resources</name>
        <lei>549300X618YEC5LGBQ98</lei>
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          <isin value="US13067WTT98"/>
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        <name>California Enterprise Development Authority</name>
        <lei>549300544P6FSHU1HB46</lei>
        <title>California Enterprise Development Authority, Riverside County, Rocketship Public Schools-Obligated Group No. 2, Series 2022A</title>
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        <name>California Enterprise Development Authority</name>
        <lei>549300544P6FSHU1HB46</lei>
        <title>California Enterprise Development Authority, Rocklin Academy Project, Series 2024</title>
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      <invstOrSec>
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        <name>Colton Joint Unified School District</name>
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        <name>Colton Joint Unified School District</name>
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          <isin value="US231237T998"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-08-01</maturityDt>
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        <name>Desert Community College District</name>
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          <isin value="US250375NC25"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>Desert Community College District</name>
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          <isin value="US250375NS76"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Desert Sands Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US250433WR68"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>East Bay Municipal Utility District Wastewater System Revenue</name>
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          <isin value="US271012JA51"/>
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        <fairValLevel>2</fairValLevel>
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        <name>East Bay Municipal Utility District Water System Revenue</name>
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          <isin value="US271014T364"/>
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        <name>Eastern Municipal Water District</name>
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        <name>Energy Southeast A Cooperative District</name>
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          <maturityDt>2054-07-01</maturityDt>
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        <name>Florida Development Finance Corp.</name>
        <lei>549300HC854CNBLMWC48</lei>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Foothill-De Anza Community College District</name>
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      <invstOrSec>
        <name>City of Glendale CA Electric Revenue</name>
        <lei>N/A</lei>
        <title>City of Glendale Electric, Series 2024</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Glendale CA Electric Revenue</name>
        <lei>N/A</lei>
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          <isin value="US378406RZ75"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Golden State Tobacco Securitization Corp.</name>
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          <isin value="US38122NB769"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Golden State Tobacco Securitization Corp.</name>
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          <isin value="US38122NB843"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Goleta Water District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Goleta Water District</name>
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          <isin value="US381625AL61"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Grossmont Healthcare District</name>
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          <isin value="US399223EA01"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-07-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Territory of Guam</name>
        <lei>N/A</lei>
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          <isin value="US40065NDC83"/>
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        <invCountry>GU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Idaho Housing &amp; Finance Association</name>
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          <isin value="US45130BCH42"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Imperial Irrigation District Electric System Revenue</name>
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          <isin value="US452650MF88"/>
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        <name>Imperial Irrigation District Electric System Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Institutional Tax Free Money Market Fund</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Jefferson County Port Authority</name>
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        <name>Jurupa Public Financing Authority</name>
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        <name>City of Los Angeles CA Wastewater System Revenue</name>
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        <name>City of Los Angeles CA Wastewater System Revenue</name>
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        <name>City of Los Angeles CA Wastewater System Revenue</name>
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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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        <name>Long Beach Bond Finance Authority</name>
        <lei>549300BKBZ5U7OZH3S21</lei>
        <title>Long Beach Bond Finance Authority, Series 2007A</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <name>City of Los Angeles Department of Airports</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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          <isin value="US544525P855"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <name>Los Angeles Housing Authority</name>
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        <name>Los Angeles Unified School District</name>
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          <isin value="US544647JL51"/>
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        <name>Los Angeles County Public Works Financing Authority</name>
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        <name>Lower Alabama Gas District (The)</name>
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        <name>M-S-R Energy Authority</name>
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        <name>Main Street Natural Gas, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Main Street Natural Gas, Inc.</name>
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        <name>Main Street Natural Gas, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Marina Joint Powers Financing Authority</name>
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        <name>Menlo Park City School District</name>
        <lei>N/A</lei>
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        <name>Menlo Park City School District</name>
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        <name>Metropolitan Water District of Southern California</name>
        <lei>5493003GD0S0P56RLT45</lei>
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        <name>Metropolitan Water District of Southern California</name>
        <lei>5493003GD0S0P56RLT45</lei>
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        <name>Modesto High School District</name>
        <lei>N/A</lei>
        <title>Modesto High School District, Election of 2022, Series B</title>
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        <name>Modesto High School District</name>
        <lei>N/A</lei>
        <title>Modesto High School District, Election of 2022, Series B</title>
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      <invstOrSec>
        <name>Mount Diablo Unified School District</name>
        <lei>N/A</lei>
        <title>Mount Diablo Unified School District</title>
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          <isin value="US621196V685"/>
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          <isin value="US645002M785"/>
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        <name>Ontario Public Financing Authority</name>
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        <name>Palmdale Elementary School District</name>
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        <name>Pasadena Public Financing Authority</name>
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        <name>Pennsylvania Housing Finance Agency</name>
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        <name>Placentia-Yorba Linda Unified School District</name>
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        <name>Kentucky Public Energy Authority</name>
        <lei>549300XEJZWHYSY4SL55</lei>
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          <isin value="US74440DFQ25"/>
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        <balance>950000.00000000</balance>
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        <invCountry>US</invCountry>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Public Finance Authority</name>
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        <name>Rancho Cucamonga Redevelopment Agency Successor Agency</name>
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        <name>Rio Hondo Community College District</name>
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        <name>Sacramento Municipal Utility District</name>
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        <name>San Diego Public Facilities Financing Authority</name>
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        <name>San Diego Unified School District</name>
        <lei>N/A</lei>
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          <maturityDt>2028-07-01</maturityDt>
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        <name>San Diego Unified School District</name>
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        <name>San Dieguito Union High School District</name>
        <lei>N/A</lei>
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        <name>City &amp; County of San Francisco CA</name>
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        <name>San Francisco Bay Area Rapid Transit District</name>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <name>San Francisco City &amp; County Public Utilities Commission Wastewater Revenue</name>
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        <name>City of San Francisco CA Public Utilities Commission Water Revenue</name>
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        <name>City of San Francisco CA Public Utilities Commission Water Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>San Joaquin Valley Clean Energy Authority</name>
        <lei>254900VA5DFN33OVGH87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Norman Y Mineta San Jose International Airport SJC</name>
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        <name>City of San Jose CA</name>
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        <name>San Mateo Union High School District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Mateo County Community College District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-09-01</maturityDt>
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        <name>San Mateo County Community College District</name>
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          <isin value="US799038DL54"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-01</maturityDt>
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        <name>San Mateo County Community College District</name>
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        <title>San Mateo County Community College District, Election of 2005, Series 2006B</title>
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          <isin value="US799038GJ71"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>799475.40000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-09-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Santa Clara Valley Water District</name>
        <lei>N/A</lei>
        <title>State of California Department of Water Resources, Central Valley Project, Water System, Series 2023A</title>
        <cusip>80168ADG9</cusip>
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          <isin value="US80168ADG94"/>
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        <balance>1665000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Santa Cruz County Redevelopment Successor Agency</name>
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          <isin value="US80182YDM66"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Santa Cruz County Redevelopment Successor Agency</name>
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          <isin value="US80182YDP97"/>
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        <name>Santa Cruz County Redevelopment Successor Agency</name>
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          <isin value="US80182YDQ70"/>
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        <name>South Dakota Housing Development Authority</name>
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        <name>South San Francisco Unified School District</name>
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        <name>Southeast Alabama Gas Supply District (The)</name>
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        <name>Southern California Logistics Airport Authority</name>
        <lei>N/A</lei>
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          <isin value="US842472EB49"/>
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        <lei>N/A</lei>
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          <isin value="US842472EC22"/>
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          <isin value="US842472EE87"/>
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          <isin value="US842472EG36"/>
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        <name>Southern California Water Replenishment District</name>
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        <title>Southern California Water Replenishment District</title>
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          <isin value="US84251KBU88"/>
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        <name>Tobacco Securitization Authority of Northern California</name>
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          <isin value="US888794BZ63"/>
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          <isin value="US888804CE99"/>
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        <name>Iowa Tobacco Settlement Authority</name>
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        <name>Regents of the University of California Medical Center Pooled Revenue</name>
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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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      </invstOrSec>
      <invstOrSec>
        <name>University of California</name>
        <lei>N/A</lei>
        <title>University of California, Series 2025CC</title>
        <cusip>91412HVS9</cusip>
        <identifiers>
          <isin value="US91412HVS92"/>
        </identifiers>
        <balance>2975000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3360411.25000000</valUSD>
        <pctVal>0.687595914579</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-15</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>University of California</name>
        <lei>N/A</lei>
        <title>University of California, Series 2025CD</title>
        <cusip>91412HWH2</cusip>
        <identifiers>
          <isin value="US91412HWH29"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2447792.60000000</valUSD>
        <pctVal>0.500858992035</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-15</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>University of California</name>
        <lei>N/A</lei>
        <title>University of California, Series 2025CD</title>
        <cusip>91412HWL3</cusip>
        <identifiers>
          <isin value="US91412HWL31"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2544740.80000000</valUSD>
        <pctVal>0.520696202806</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>University of California</name>
        <lei>N/A</lei>
        <title>University of California, Series 2026CF</title>
        <cusip>91412HYB3</cusip>
        <identifiers>
          <isin value="US91412HYB31"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1711652.70000000</valUSD>
        <pctVal>0.350232550762</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-11-15</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>Utah Housing Corp.</name>
        <lei>549300YXWQEI0S47WI02</lei>
        <title>Utah Housing Corp., Single Family Mortgage, Series 2025A</title>
        <cusip>917437RU1</cusip>
        <identifiers>
          <isin value="US917437RU11"/>
        </identifiers>
        <balance>970000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1099524.49000000</valUSD>
        <pctVal>0.224980959489</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ventura Unified School District</name>
        <lei>N/A</lei>
        <title>Ventura Unified School District, Election of 2022, Series 2022B</title>
        <cusip>923004UK9</cusip>
        <identifiers>
          <isin value="US923004UK92"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1001469.80000000</valUSD>
        <pctVal>0.204917342499</pctVal>
        <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>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>City of Vernon CA Electric System Revenue</name>
        <lei>N/A</lei>
        <title>City of Vernon, Electric System, Series 2021A</title>
        <cusip>924397EJ7</cusip>
        <identifiers>
          <isin value="US924397EJ72"/>
        </identifiers>
        <balance>650000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>651257.62000000</valUSD>
        <pctVal>0.133258117991</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-01</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>Vista Joint Powers Financing Authority</name>
        <lei>N/A</lei>
        <title>Vista Joint Powers Financing Authority, Series 2025A</title>
        <cusip>928317FL5</cusip>
        <identifiers>
          <isin value="US928317FL59"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>903806.85000000</valUSD>
        <pctVal>0.184933882014</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-01</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>Vista Joint Powers Financing Authority</name>
        <lei>N/A</lei>
        <title>Vista Joint Powers Financing Authority, Series 2025A</title>
        <cusip>928317FM3</cusip>
        <identifiers>
          <isin value="US928317FM33"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1226966.70000000</valUSD>
        <pctVal>0.251057750817</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-05-01</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>Vista Joint Powers Financing Authority</name>
        <lei>N/A</lei>
        <title>Vista Joint Powers Financing Authority, Series 2025A</title>
        <cusip>928317FN1</cusip>
        <identifiers>
          <isin value="US928317FN16"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>932505.15000000</valUSD>
        <pctVal>0.190806030501</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-01</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>Vista Joint Powers Financing Authority</name>
        <lei>N/A</lei>
        <title>Vista Joint Powers Financing Authority, Series 2025A</title>
        <cusip>928317FQ4</cusip>
        <identifiers>
          <isin value="US928317FQ47"/>
        </identifiers>
        <balance>885000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1077219.17000000</valUSD>
        <pctVal>0.220416920815</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-01</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, Capital Appreciation Election 2001, Series 2005B</title>
        <cusip>969275PS9</cusip>
        <identifiers>
          <isin value="US969275PS96"/>
        </identifiers>
        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2288328.25000000</valUSD>
        <pctVal>0.468229939391</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>Wisconsin Housing &amp; Economic Development Authority Home Ownership Revenue</name>
        <lei>N/A</lei>
        <title>Wisconsin Housing and Economic Development Authority, Home Ownership, Series 2024A</title>
        <cusip>97689QTU0</cusip>
        <identifiers>
          <isin value="US97689QTU03"/>
        </identifiers>
        <balance>920000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1006145.86000000</valUSD>
        <pctVal>0.205874141984</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 10 Year Note</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="TYM6COM"/>
          <other otherDesc="Future Ticker" value="TYM6 Comdty"/>
        </identifiers>
        <balance>87.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>42679.33000000</valUSD>
        <pctVal>0.008732899267</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CME Clearing House</counterpartyName>
              <counterpartyLei>LCZ7XYGSLJUHFXXNXD88</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>United States of America</issuerName>
                <issueTitle>U.S. Treasury 10 Year Note</issueTitle>
                <identifiers>
                  <ticker value="TYM6 Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-06-18</expDate>
            <notionalAmt>9898968.75000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>42679.33000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 30 Year Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="YB07206"/>
          <other otherDesc="Option Ticker" value="USK6C 128.0 Comdty"/>
        </identifiers>
        <balance>1500.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>199218.00000000</valUSD>
        <pctVal>0.040763309226</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>CME Clearing House</counterpartyName>
              <counterpartyLei>LCZ7XYGSLJUHFXXNXD88</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>United States of America</issuerName>
                <issueTitle>U.S. Treasury 30 Year Bond</issueTitle>
                <identifiers>
                  <ticker value="USM6 Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100000.00000000</shareNo>
            <exercisePrice>128.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-04-24</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>82030.50000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 30 Year Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="YB074F8"/>
          <other otherDesc="Option Ticker" value="USK6C 131.0 Comdty"/>
        </identifiers>
        <balance>-1500.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-117187.50000000</valUSD>
        <pctVal>-0.02397850746</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>CME Clearing House</counterpartyName>
              <counterpartyLei>LCZ7XYGSLJUHFXXNXD88</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>United States of America</issuerName>
                <issueTitle>U.S. Treasury 30 Year Bond</issueTitle>
                <identifiers>
                  <ticker value="USM6 Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100000.00000000</shareNo>
            <exercisePrice>131.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-04-24</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-46875.00000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>








    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-03-30</ncom:dateSigned>
      <ncom:nameOfApplicant>JPMorgan Trust I</ncom:nameOfApplicant>
      <ncom:signature>Timothy J. Clemens</ncom:signature>
      <ncom:signerName>Timothy J. Clemens</ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
