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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-08-15</maturityDt>
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      <invstOrSec>
        <name>California Infrastructure and Economic Development Bank Clean Water State Revolving Fund Revenue Bonds, Green Series 2018</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>California Infrastructure and Economic Development Bank Clean Water State Revolving Fund Revenue Bonds, Green Series 2018</title>
        <cusip>13034AZB9</cusip>
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          <isin value="US13034AZB96"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2008 Series 2018B-1</name>
        <lei>N/A</lei>
        <title>Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2008 Series 2018B-1</title>
        <cusip>5446466W7</cusip>
        <identifiers>
          <isin value="US5446466W72"/>
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        <balance>1000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Western Riverside Water &amp; Wastewater Financing Authority, California, Revenue Bonds, Western Municipal Water District, Series 2009</name>
        <lei>N/A</lei>
        <title>Western Riverside Water &amp; Wastewater Financing Authority, California, Revenue Bonds, Western Municipal Water District, Series 2009</title>
        <cusip>95942TCY1</cusip>
        <identifiers>
          <isin value="US95942TCY10"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>501880.00000000</valUSD>
        <pctVal>0.938708039747</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority, Revenue Bonds, Providence Health &amp; Services, Series 2014B</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>California Health Facilities Financing Authority, Revenue Bonds, Providence Health &amp; Services, Series 2014B</title>
        <cusip>13033L4N4</cusip>
        <identifiers>
          <isin value="US13033L4N45"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>169296.00000000</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>2044-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2018A-1</name>
        <lei>N/A</lei>
        <title>Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2018A-1</title>
        <cusip>38122NZV7</cusip>
        <identifiers>
          <isin value="US38122NZV71"/>
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        <balance>1100000.00000000</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>2047-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A</name>
        <lei>N/A</lei>
        <title>Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A</title>
        <cusip>38122NYJ5</cusip>
        <identifiers>
          <isin value="US38122NYJ52"/>
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        <balance>180000.00000000</balance>
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        <valUSD>206575.20000000</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>2040-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1</name>
        <lei>N/A</lei>
        <title>Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1</title>
        <cusip>74529JPV1</cusip>
        <identifiers>
          <isin value="US74529JPV16"/>
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        <balance>8000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7930.08000000</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>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1</name>
        <lei>N/A</lei>
        <title>Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1</title>
        <cusip>888794AU8</cusip>
        <identifiers>
          <isin value="US888794AU85"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000040.00000000</valUSD>
        <pctVal>1.870458253107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority, Revenue Bonds, Providence Health &amp; Services, Refunding Series 2014A</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>California Health Facilities Financing Authority, Revenue Bonds, Providence Health &amp; Services, Refunding Series 2014A</title>
        <cusip>13032UUR7</cusip>
        <identifiers>
          <isin value="US13032UUR75"/>
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        <balance>35000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>42156.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C</name>
        <lei>N/A</lei>
        <title>San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C</title>
        <cusip>79771P3Z6</cusip>
        <identifiers>
          <isin value="US79771P3Z64"/>
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        <balance>15000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15643.20000000</valUSD>
        <pctVal>0.029258782193</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015</name>
        <lei>N/A</lei>
        <title>San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015</title>
        <cusip>797214CF8</cusip>
        <identifiers>
          <isin value="US797214CF87"/>
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        <balance>20000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21876.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A</title>
        <cusip>13080KAJ0</cusip>
        <identifiers>
          <isin value="US13080KAJ07"/>
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        <balance>150000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Subordinate Series 2019S-H</name>
        <lei>5493001FUZGUQMIP5D78</lei>
        <title>Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Subordinate Series 2019S-H</title>
        <cusip>072024VX7</cusip>
        <identifiers>
          <isin value="US072024VX72"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
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        <valUSD>1815540.00000000</valUSD>
        <pctVal>3.395755946608</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B</name>
        <lei>N/A</lei>
        <title>San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B</title>
        <cusip>798111GC8</cusip>
        <identifiers>
          <isin value="US798111GC88"/>
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        <balance>250000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Los Angeles County Metropolitan Transportation Authority, California, Proposition C Sales Tax Revenue Bonds, Senior Lien Series 2017A</name>
        <lei>54930051IHTXE1N9RB42</lei>
        <title>Los Angeles County Metropolitan Transportation Authority, California, Proposition C Sales Tax Revenue Bonds, Senior Lien Series 2017A</title>
        <cusip>54466HFB7</cusip>
        <identifiers>
          <isin value="US54466HFB78"/>
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        <balance>1150000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education?Multiple Projects, Series 2014A</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education?Multiple Projects, Series 2014A</title>
        <cusip>13048DAP3</cusip>
        <identifiers>
          <isin value="US13048DAP33"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
          <isDefault>N</isDefault>
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        <name>Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1</name>
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        <name>California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series 2019-2</name>
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        <name>Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1</name>
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        <name>California Municipal Finance Authority, Special Facility Revenue Bonds, United Airlines, Inc Los Angeles International Airport Project, Series 2019</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <name>Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017A</name>
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        <title>Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017A</title>
        <cusip>544495Z64</cusip>
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        <name>San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D</name>
        <lei>N/A</lei>
        <title>San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D</title>
        <cusip>79771P3G8</cusip>
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      <invstOrSec>
        <name>California Community Housing Agency, California, Essential Housing Revenue Bonds, Serenity at Larkspur Apartments, Series 2020A</name>
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        <title>California Community Housing Agency, California, Essential Housing Revenue Bonds, Serenity at Larkspur Apartments, Series 2020A</title>
        <cusip>13013FAC8</cusip>
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        <name>California Health Facilities Financing Authority, Insured Revenue Bonds, Community Program for Persons with Developmental Disabilities, Series 2011A</name>
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        <title>California Health Facilities Financing Authority, Insured Revenue Bonds, Community Program for Persons with Developmental Disabilities, Series 2011A</title>
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        <name>ABAG Finance Authority for Nonprofit Corporations, California, Revenue Bonds, Sharp HealthCare, Refunding Series 2009D</name>
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        <name>San Benito High School District, San Benito and Santa Clara Counties, California, General Obligation Bonds, 2016 Election Series 2017</name>
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        <name>Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017</name>
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        <name>San Marcos Unified School District, San Diego County, California, General Obligation Bonds, 2010 Election, Series 2012B</name>
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      <invstOrSec>
        <name>California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016A</name>
        <lei>N/A</lei>
        <title>California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016A</title>
        <cusip>13059TCR8</cusip>
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      <invstOrSec>
        <name>California Municipal Finance Authority, Charter School Revenue Bonds, Partnerships to Uplift Communities Project, Series 2012A</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Charter School Revenue Bonds, Partnerships to Uplift Communities Project, Series 2012A</title>
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      <invstOrSec>
        <name>Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-09-01</maturityDt>
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        <name>Patterson Public Finance Authority, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A</name>
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        <title>Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A</title>
        <cusip>745160RF0</cusip>
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          <isin value="US745160RF00"/>
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        <invCountry>US</invCountry>

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          <maturityDt>2028-07-01</maturityDt>
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      <invstOrSec>
        <name>California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A</name>
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        <title>California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A</title>
        <cusip>13048TP23</cusip>
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      <invstOrSec>
        <name>Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A</name>
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        <title>Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Affordable Housing Inc Projects, Senior Series 2014A</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Affordable Housing Inc Projects, Senior Series 2014A</title>
        <cusip>13049SBC7</cusip>
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          <isin value="US13049SBC70"/>
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        <balance>15000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A</name>
        <lei>N/A</lei>
        <title>Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A</title>
        <cusip>345105HA1</cusip>
        <identifiers>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Patterson Public Finance Authority, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A</name>
        <lei>N/A</lei>
        <title>Patterson Public Finance Authority, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A</title>
        <cusip>703380CH6</cusip>
        <identifiers>
          <isin value="US703380CH65"/>
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        <balance>210000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-01</maturityDt>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority, Revenue Bonds, Providence Health &amp; Services, Refunding Series 2014A</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>California Health Facilities Financing Authority, Revenue Bonds, Providence Health &amp; Services, Refunding Series 2014A</title>
        <cusip>13032UUT3</cusip>
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          <isin value="US13032UUT32"/>
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        <balance>40000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Carlsbad Unified School District, San Diego County, California, General Obligation Bonds, Series 2009B</name>
        <lei>N/A</lei>
        <title>Carlsbad Unified School District, San Diego County, California, General Obligation Bonds, Series 2009B</title>
        <cusip>142665CP1</cusip>
        <identifiers>
          <isin value="US142665CP13"/>
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        <balance>2100000.00000000</balance>
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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>Variable</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Governmental Purpose Series 2016C</name>
        <lei>54930055TIDYHNDP4F84</lei>
        <title>San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Governmental Purpose Series 2016C</title>
        <cusip>79766DGG8</cusip>
        <identifiers>
          <isin value="US79766DGG88"/>
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        <balance>1820000.00000000</balance>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2008 Series 2018B-1</name>
        <lei>N/A</lei>
        <title>Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2008 Series 2018B-1</title>
        <cusip>5446466U1</cusip>
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      <invstOrSec>
        <name>Sacramento, California, Wastewater Revenue Bonds, Series 2019</name>
        <lei>N/A</lei>
        <title>Sacramento, California, Wastewater Revenue Bonds, Series 2019</title>
        <cusip>786087BR6</cusip>
        <identifiers>
          <isin value="US786087BR65"/>
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        <balance>1190000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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        <debtSec>
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      <invstOrSec>
        <name>Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A</name>
        <lei>N/A</lei>
        <title>Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A</title>
        <cusip>75213RAR6</cusip>
        <identifiers>
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      <invstOrSec>
        <name>California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Affordable Housing Inc Projects, Senior Series 2014A</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Affordable Housing Inc Projects, Senior Series 2014A</title>
        <cusip>13049SBE3</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D</name>
        <lei>N/A</lei>
        <title>San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D</title>
        <cusip>79771P3H6</cusip>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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        <name>Livermore, California, Certificates of Participation, Governmental Certificates Series 2014B</name>
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      <invstOrSec>
        <name>Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2018A</name>
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        <cusip>544445ET2</cusip>
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        <name>Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A</name>
        <lei>5493003B5TD5FWUKMD34</lei>
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        <cusip>842471AS3</cusip>
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        <name>Long Beach, California, Harbor Revenue Bonds, Series 2017C</name>
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        <title>Long Beach, California, Harbor Revenue Bonds, Series 2017C</title>
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        <name>Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C</name>
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        <title>Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C</title>
        <cusip>345105GX2</cusip>
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        <name>M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C</name>
        <lei>549300UEMSS1JTK5YB98</lei>
        <title>M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C</title>
        <cusip>55374SAJ9</cusip>
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        <invCountry>US</invCountry>

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        <name>San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011</name>
        <lei>N/A</lei>
        <title>San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011</title>
        <cusip>797049AJ2</cusip>
        <identifiers>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>River Islands Public Financing Authority, California, Special Tax Bonds, Community Facilities District 2015-1, Tender Option Bond Trust 2019-MIZ9002</name>
        <lei>N/A</lei>
        <title>River Islands Public Financing Authority, California, Special Tax Bonds, Community Facilities District 2015-1, Tender Option Bond Trust 2019-MIZ9002</title>
        <cusip>60700HAD1</cusip>
        <identifiers>
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        <balance>1000000.00000000</balance>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Refunding Subordinate Lien Series 2016B</name>
        <lei>N/A</lei>
        <title>San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Refunding Subordinate Lien Series 2016B</title>
        <cusip>79730CGX6</cusip>
        <identifiers>
          <isin value="US79730CGX65"/>
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        <balance>335000.00000000</balance>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A</name>
        <lei>N/A</lei>
        <title>Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A</title>
        <cusip>345105GZ7</cusip>
        <identifiers>
          <isin value="US345105GZ71"/>
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        <name>Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Variable Rate Demand Obligation Series 2019A-2</name>
        <lei>N/A</lei>
        <title>Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Variable Rate Demand Obligation Series 2019A-2</title>
        <cusip>544525YL6</cusip>
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        <name>California Statewide Communities Development Authority, California, Redlands Community Hospital, Revenue Bonds, Series 2016</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority, California, Redlands Community Hospital, Revenue Bonds, Series 2016</title>
        <cusip>13080SPM0</cusip>
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        <balance>1000000.00000000</balance>
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      <invstOrSec>
        <name>Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporat</name>
        <lei>N/A</lei>
        <title>Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporat</title>
        <cusip>82706TAE1</cusip>
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          <isin value="US82706TAE10"/>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A</title>
        <cusip>13049SAB0</cusip>
        <identifiers>
          <isin value="US13049SAB07"/>
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        <balance>210000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011</name>
        <lei>N/A</lei>
        <title>National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011</title>
        <cusip>634900GA6</cusip>
        <identifiers>
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        <balance>80000.00000000</balance>
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        <invCountry>US</invCountry>

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        <debtSec>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A</title>
        <cusip>13080SEV2</cusip>
        <identifiers>
          <isin value="US13080SEV25"/>
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        <balance>150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>156679.50000000</valUSD>
        <pctVal>0.293050741838</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-01</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>Los Angeles, California, Wastewater System Revenue Bonds, Green Subordinate Lien Series 2017A</name>
        <lei>N/A</lei>
        <title>Los Angeles, California, Wastewater System Revenue Bonds, Green Subordinate Lien Series 2017A</title>
        <cusip>53945CGT1</cusip>
        <identifiers>
          <isin value="US53945CGT18"/>
        </identifiers>
        <balance>375000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>461197.50000000</valUSD>
        <pctVal>0.862616165540</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-06-01</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>California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012</name>
        <lei>N/A</lei>
        <title>California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012</title>
        <cusip>13054WAC1</cusip>
        <identifiers>
          <isin value="US13054WAC10"/>
        </identifiers>
        <balance>1075000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1102702.75000000</valUSD>
        <pctVal>2.062476960383</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-21</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>Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A</name>
        <lei>N/A</lei>
        <title>Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A</title>
        <cusip>745160QB0</cusip>
        <identifiers>
          <isin value="US745160QB05"/>
        </identifiers>
        <balance>45000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>45675.00000000</valUSD>
        <pctVal>0.085429763520</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-01</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>Patterson Public Finance Authority, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B</name>
        <lei>N/A</lei>
        <title>Patterson Public Finance Authority, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B</title>
        <cusip>703380CK9</cusip>
        <identifiers>
          <isin value="US703380CK94"/>
        </identifiers>
        <balance>35000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>38054.45000000</valUSD>
        <pctVal>0.071176413013</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>5.87500000</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>California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016C</name>
        <lei>N/A</lei>
        <title>California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016C</title>
        <cusip>13059TDF3</cusip>
        <identifiers>
          <isin value="US13059TDF30"/>
        </identifiers>
        <balance>260000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>275249.00000000</valUSD>
        <pctVal>0.514821170862</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-07-01</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>California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2014A</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2014A</title>
        <cusip>13033L3G0</cusip>
        <identifiers>
          <isin value="US13033L3G03"/>
        </identifiers>
        <balance>70000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>77658.00000000</valUSD>
        <pctVal>0.145250237010</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-15</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="The International Organization for Standardization (ISO) country code included within Part C.5. of this filing may differ from that used for other purposes, such as for fund portfolio compliance purposes and for financial reporting purposes (i.e. the preparation of the fund's schedule of investments included within Part F of Form N-PORT and Form N-CSR." noteItem="C.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-05-31</ncom:dateSigned>
      <ncom:nameOfApplicant>Nuveen California Municipal Value Fund 2 </ncom:nameOfApplicant>
      <ncom:signature>E. Scott Wickerham</ncom:signature>
      <ncom:signerName>E. Scott Wickerham</ncom:signerName>
      <ncom:title>Funds Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
