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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>REDLANDS CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
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          <isin value="US757606TH11"/>
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        <curCd>USD</curCd>
        <valUSD>1270250.00000000</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>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SOUTHERN CALIF WTR REPLENISHMENT DIST FING AUTH REPLENISHMENT ASSMT REV</name>
        <lei>N/A</lei>
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        <cusip>84251KAK1</cusip>
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          <isin value="US84251KAK16"/>
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        <balance>425000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>524012.25000000</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>2025-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
        <lei>N/A</lei>
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        <cusip>13032UTH1</cusip>
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          <isin value="US13032UTH13"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1917495.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ABAG FIN AUTH FOR NONPROFIT CORPS CALIF REV</name>
        <lei>N/A</lei>
        <title>ABAG CA FIN AUTH FOR NONPROFIT ABAG FINANCE AUTHORITY FOR NONPROFIT CORPS</title>
        <cusip>00037CPX2</cusip>
        <identifiers>
          <isin value="US00037CPX29"/>
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        <balance>2810000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2840572.80000000</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>2024-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH STUDENT HSG REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST STWD CMNTYS DEVA CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO</title>
        <cusip>13078RFW5</cusip>
        <identifiers>
          <isin value="US13078RFW51"/>
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        <balance>1445000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1558100.15000000</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>2024-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WESTLANDS CALIF WTR DIST REV</name>
        <lei>N/A</lei>
        <title>WESTLANDS CA WTR DIST REVENUE WESTLANDS WATER DISTRICT</title>
        <cusip>960556BF4</cusip>
        <identifiers>
          <isin value="US960556BF47"/>
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        <balance>1430000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1762560.80000000</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>2025-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IMPERIAL CALIF IRR DIST ELEC REV</name>
        <lei>N/A</lei>
        <title>IMPERIAL CA IRR DIST ELEC REVE IMPERIAL IRRIGATION DISTRICT ELECTRIC SYSTEM REVEN</title>
        <cusip>452650FT6</cusip>
        <identifiers>
          <isin value="US452650FT65"/>
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        <balance>625000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>738406.25000000</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>2024-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST STATE OF CALIFORNIA</title>
        <cusip>13063CGA2</cusip>
        <identifiers>
          <isin value="US13063CGA27"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3416340.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>IMPERIAL CALIF IRR DIST ELEC REV</name>
        <lei>N/A</lei>
        <title>IMPERIAL CA IRR DIST ELEC REVE IMPERIAL IRRIGATION DISTRICT ELECTRIC SYSTEM REVEN</title>
        <cusip>452650HM9</cusip>
        <identifiers>
          <isin value="US452650HM94"/>
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        <balance>730000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>862458.50000000</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>2024-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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 MUN FIN AUTH LEASE REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST MUNI FIN AUTH LE CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
        <cusip>13049UCK3</cusip>
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          <isin value="US13049UCK34"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>596940.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>SAN FRANCISCO CALIF CITY &amp; CNTY ARPTS COMMN INTL ARPT REV</name>
        <lei>N/A</lei>
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        <cusip>79766DKU2</cusip>
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          <isin value="US79766DKU27"/>
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        <curCd>USD</curCd>
        <valUSD>3553170.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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        <name>State of California</name>
        <lei>N/A</lei>
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        <cusip>13063DDU9</cusip>
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          <isin value="US13063DDU90"/>
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        <balance>2665000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3428176.05000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>POMONA CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
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        <balance>665000.00000000</balance>
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        <valUSD>757528.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>LANCASTER CALIF REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
        <lei>N/A</lei>
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          <isin value="US513802DN51"/>
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        <valUSD>512534.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>SAN JOAQUIN CALIF DELTA CMNTY COLLEGE DIST</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2025-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>SOLANO CNTY CALIF CTFS PARTN</name>
        <lei>N/A</lei>
        <title>SOLANO CNTY CA COPS COUNTY OF SOLANO CA</title>
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          <isin value="US834131HE76"/>
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        <valUSD>860272.00000000</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>2025-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>SANTA ANA COLLEGE IMPT DIST NO 1 RANCHO SANTIAGO CMNTY COLLEGE DIST CALIF</name>
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          <isin value="US801181CL05"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LONG BEACH CALIF MARINA REV</name>
        <lei>N/A</lei>
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        <cusip>542426CJ8</cusip>
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          <isin value="US542426CJ87"/>
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        <valUSD>541548.80000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>SAN DIEGO ASSOCIATION OF GOVERNMENTS</name>
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          <isin value="US797257AL63"/>
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        <valUSD>1217610.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
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        <cusip>13033LH91</cusip>
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          <isin value="US13033LH917"/>
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        <valUSD>383628.00000000</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>2026-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
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        <cusip>13032UUP1</cusip>
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          <isin value="US13032UUP10"/>
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        <balance>1500000.00000000</balance>
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        <valUSD>1853970.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAN JOSE CALIF REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
        <lei>N/A</lei>
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        <cusip>798170BB1</cusip>
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          <isin value="US798170BB17"/>
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        <curCd>USD</curCd>
        <valUSD>1264900.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>CARLSBAD CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
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          <isin value="US142665CP13"/>
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        <balance>2750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3298735.00000000</valUSD>
        <pctVal>1.007093043035</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>6.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SAN FRANCISCO CALIF CITY &amp; CNTY PUB UTILS COMMN WTR REV</name>
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        <title>SAN FRANCISCO CITY &amp; CNTY CA P CITY OF SAN FRANCISCO CA PUBLIC UTILITIES COMMISSI</title>
        <cusip>79765R3X5</cusip>
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          <isin value="US79765R3X56"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10680.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>SAN FRANCISCO CALIF CITY &amp; CNTY ARPTS COMMN INTL ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN FRANCISCO CALIF CITY &amp;CNTY SAN FRANCISCO CITY &amp; COUNTY AIRPORT COMM-SAN FRANC</title>
        <cusip>79766DGR4</cusip>
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          <isin value="US79766DGR44"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1190080.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST STATE OF CALIFORNIA</title>
        <cusip>13063CJG6</cusip>
        <identifiers>
          <isin value="US13063CJG69"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3470670.00000000</valUSD>
        <pctVal>1.059584238100</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LOS ANGELES CNTY CALIF MET TRANSN AUTH SALES TAX REV</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CNTY CA MET TRANSP LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUT</title>
        <cusip>54466HDM5</cusip>
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          <isin value="US54466HDM51"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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        <name>SAN DIEGO CNTY CALIF REGL ARPT AUTH ARPT REV</name>
        <lei>N/A</lei>
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        <cusip>79739GGB6</cusip>
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          <isin value="US79739GGB68"/>
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        <valUSD>606135.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <annualizedRt>5.00000000</annualizedRt>
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        <name>STOCKTON CALIF REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

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          <annualizedRt>5.00000000</annualizedRt>
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        <name>FORMER INGLEWOOD CALIF REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
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        <name>CALIFORNIA MUN FIN AUTH REV</name>
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        <name>ANAHEIM CALIF REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
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        <title>ANAHEIM CA REDEV AGY SUCCESSOR ANAHEIM REDEVELOPMENT AGENCY SUCCESSOR AGENCY</title>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
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          <isin value="US13033LH834"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
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        <name>State of California</name>
        <lei>N/A</lei>
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          <isin value="US13063DPS17"/>
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        <name>TULARE CALIF LOC HEALTH CARE DIST</name>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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        <name>UNIV CALIF REGTS MED CTR POOLED REV</name>
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          <isin value="US913366GW40"/>
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        <valUSD>2321540.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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        <name>SACRAMENTO CALIF AREA FLOOD CTL AGY</name>
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          <isin value="US785840JC49"/>
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        <valUSD>1076193.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH LEASE REV</name>
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          <isin value="US13049UCL17"/>
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          <isCashCollateral>N</isCashCollateral>
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        <name>SOUTHERN CALIF PUB PWR AUTH PWR PROJ REV</name>
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          <isin value="US842475L372"/>
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        <isRestrictedSec>N</isRestrictedSec>

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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAN DIEGO CNTY CALIF REGL ARPT AUTH ARPT REV</name>
        <lei>N/A</lei>
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        <valUSD>583635.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>PERALTA CALIF CMNTY COLLEGE DIST</name>
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        <valUSD>660306.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SAN FRANCISCO CALIF CITY &amp; CNTY REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
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        <name>CALIFORNIA MUN FIN AUTH REV</name>
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        <name>SANTA ANA COLLEGE IMPT DIST NO 1 RANCHO SANTIAGO CMNTY COLLEGE DIST CALIF</name>
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        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
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        <name>State of California</name>
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        <name>SAN FRANCISCO CALIF CITY &amp; CNTY PUB UTILS COMMN WTR REV</name>
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        <name>CALIFORNIA EDL FACS AUTH REV</name>
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        <name>SOUTHERN CALIF PUB PWR AUTH PWR PROJ REV</name>
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        <name>State of California</name>
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          <isin value="US13063C5Y21"/>
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        <curCd>USD</curCd>
        <valUSD>3768900.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAN JOSE CALIF ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN JOSE CA ARPT REVENUE NORMAN Y MINETA SAN JOSE INTERNATIONAL AIRPORT SJC</title>
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          <isin value="US798136VE47"/>
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        <valUSD>2103799.80000000</valUSD>
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        <issuerCat>MUN</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SOUTHERN CALIF PUB PWR AUTH REV</name>
        <lei>N/A</lei>
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          <isin value="US84247PLK56"/>
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        <curCd>USD</curCd>
        <valUSD>1163460.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SAN JOSE CALIF ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN JOSE CA ARPT REVENUE NORMAN Y MINETA SAN JOSE INTERNATIONAL AIRPORT SJC</title>
        <cusip>798136VD6</cusip>
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          <isin value="US798136VD63"/>
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        <curCd>USD</curCd>
        <valUSD>1157880.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA STWD CMNTYS DEV AUT CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO</title>
        <cusip>13080SVC5</cusip>
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          <isin value="US13080SVC50"/>
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        <curCd>USD</curCd>
        <valUSD>2822988.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST HLTH FACS FING A CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY</title>
        <cusip>13033LL96</cusip>
        <identifiers>
          <isin value="US13033LL968"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1095630.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LONG BEACH CALIF HBR REV</name>
        <lei>N/A</lei>
        <title>LONG BEACH CA HARBOR REVENUE CITY OF LONG BEACH CA HARBOR REVENUE</title>
        <cusip>542424UR5</cusip>
        <identifiers>
          <isin value="US542424UR53"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2414180.00000000</valUSD>
        <pctVal>0.737041284806</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LOS ANGELES CALIF DEPT ARPTS ARPT REV</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CA DEPT OF ARPTS A CITY OF LOS ANGELES DEPARTMENT OF AIRPORTS</title>
        <cusip>544445ED7</cusip>
        <identifiers>
          <isin value="US544445ED76"/>
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        <balance>3990000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4839510.90000000</valUSD>
        <pctVal>1.477486903035</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>METROPOLITAN WTR DIST SOUTHN CALIF WTRWKS REV</name>
        <lei>N/A</lei>
        <title>MET WTR DIST OF STHRN CA METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA</title>
        <cusip>59266TLV1</cusip>
        <identifiers>
          <isin value="US59266TLV16"/>
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        <balance>1400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1724982.00000000</valUSD>
        <pctVal>0.526631381896</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA SCH FIN AUTH CHARTER SCH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST SCH FIN AUTH CHR CALIFORNIA SCHOOL FINANCE AUTHORITY</title>
        <cusip>13058TCZ1</cusip>
        <identifiers>
          <isin value="US13058TCZ12"/>
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        <balance>825000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>888978.75000000</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>2023-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SONOMA-MARIN AREA RAIL TRAN DIST CALIF MEASURE Q SALES TAX REV</name>
        <lei>N/A</lei>
        <title>SONOMA MARIN AREA RAIL TRANSPR SONOMA-MARIN AREA RAIL TRANSIT DISTRICT</title>
        <cusip>835588AJ3</cusip>
        <identifiers>
          <isin value="US835588AJ32"/>
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        <balance>725000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>783609.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>CONTRA COSTA CALIF TRANSN AUTH SALES TAX REV</name>
        <lei>N/A</lei>
        <title>CONTRA COSTA CA TRANSPRTN AUTH CONTRA COSTA TRANSPORTATION AUTHORITY</title>
        <cusip>21221MFL9</cusip>
        <identifiers>
          <isin value="US21221MFL90"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2982420.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.50900040</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST MUNI FIN AUTH RE CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
        <cusip>13048T3X9</cusip>
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          <isin value="US13048T3X94"/>
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        <curCd>USD</curCd>
        <valUSD>581245.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>SAN FRANCISCO CALIF CITY &amp; CNTY ARPTS COMMN INTL ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN FRANCISCO CALIF CITY &amp;CNTY SAN FRANCISCO CITY &amp; COUNTY AIRPORT COMM-SAN FRANC</title>
        <cusip>79766DND7</cusip>
        <identifiers>
          <isin value="US79766DND74"/>
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        <curCd>USD</curCd>
        <valUSD>2942400.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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        <name>CALIFORNIA EDL FACS AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST EDUCTNL FACS AUT CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY</title>
        <cusip>130179EH3</cusip>
        <identifiers>
          <isin value="US130179EH31"/>
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        <valUSD>489744.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>FRESNO CALIF JT PWRS FING AUTH LEASE REV</name>
        <lei>N/A</lei>
        <title>FRESNO CA JT PWRS FING AUTH LE FRESNO JOINT POWERS FINANCING AUTHORITY</title>
        <cusip>358184PM5</cusip>
        <identifiers>
          <isin value="US358184PM56"/>
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        <curCd>USD</curCd>
        <valUSD>1786470.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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        <name>BAKERSFIELD CALIF WASTEWTR REV</name>
        <lei>N/A</lei>
        <title>BAKERSFIELD CA WSTWTR REVENUE CITY OF BAKERSFIELD CA WASTEWATER REVENUE</title>
        <cusip>05753PCG5</cusip>
        <identifiers>
          <isin value="US05753PCG54"/>
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        <balance>1250000.00000000</balance>
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        <valUSD>1524175.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV</name>
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        <name>SACRAMENTO CALIF MUN UTIL DIST ELEC REV</name>
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        <name>LOS ANGELES CALIF DEPT ARPTS ARPT REV</name>
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        <name>GOLDEN ST TOB SECURITIZATION  CORP CALIF TOB SETTLEMENT REV</name>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV</name>
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        <name>GOLDEN ST TOB SECURITIZATION  CORP CALIF TOB SETTLEMENT REV</name>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV</name>
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        <name>SOUTH ORANGE CNTY CALIF PUB FING AUTH SPL TAX REV</name>
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        <name>SAN DIEGO CNTY CALIF REGL ARPT AUTH ARPT REV</name>
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        <name>ROSEVILLE CALIF FIN AUTH SPL TAX REV</name>
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        <name>HESPERIA CALIF CMNTY REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
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        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
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        <name>CALIFORNIA POLLUTN CTL FING AUTH SOLID WASTE DISP REV</name>
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        <name>SAN FRANCISCO CALIF CITY &amp; CNTY PUB UTILS COMMN WTR REV</name>
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      </invstOrSec>
      <invstOrSec>
        <name>FORMER INGLEWOOD CALIF REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
        <lei>N/A</lei>
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        <cusip>13032UTY4</cusip>
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          <isin value="US13032UTY46"/>
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        <curCd>USD</curCd>
        <valUSD>1390056.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>LONG BEACH CALIF HBR REV</name>
        <lei>N/A</lei>
        <title>LONG BEACH CA HARBOR REVENUE CITY OF LONG BEACH CA HARBOR REVENUE</title>
        <cusip>542424TY2</cusip>
        <identifiers>
          <isin value="US542424TY24"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1166710.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA HSG FIN AGY MUN CTFS</name>
        <lei>N/A</lei>
        <title>CALIFORNIA HSG FIN AGY MUNI CT CALIFORNIA HOUSING FINANCE</title>
        <cusip>13033DAA3</cusip>
        <identifiers>
          <isin value="US13033DAA37"/>
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        <balance>1484288.13000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1535154.68000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LOS ANGELES CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
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        <cusip>5446466L1</cusip>
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          <isin value="US5446466L18"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1282280.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA INFRASTRUCTURE &amp; ECONOMIC DEV BK REV</name>
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        <cusip>13034AE71</cusip>
        <identifiers>
          <isin value="US13034AE717"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3915930.00000000</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>2030-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA INFRASTRUCTURE &amp; ECONOMIC DEV BK REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST INFRASTRUCTURE &amp; CALIFORNIA INFRASTRUCTURE &amp; ECONOMIC DEVELOPMENT B</title>
        <cusip>13034AKN9</cusip>
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          <isin value="US13034AKN99"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>563225.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH STUDENT HSG REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST MUNI FIN AUTH ST CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
        <cusip>13049YDG3</cusip>
        <identifiers>
          <isin value="US13049YDG35"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>573500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ABAG FIN AUTH FOR NONPROFIT CORPS CALIF REV</name>
        <lei>N/A</lei>
        <title>ABAG CA FIN AUTH FOR NONPROFIT ABAG FINANCE AUTHORITY FOR NONPROFIT CORPS</title>
        <cusip>00037CWQ9</cusip>
        <identifiers>
          <isin value="US00037CWQ94"/>
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        <balance>990000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1190108.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>LOS ANGELES CALIF DEPT ARPTS ARPT REV</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CA DEPT OF ARPTS A CITY OF LOS ANGELES DEPARTMENT OF AIRPORTS</title>
        <cusip>544445LQ0</cusip>
        <identifiers>
          <isin value="US544445LQ07"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3749190.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>State of California</name>
        <lei>N/A</lei>
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        <cusip>13063DFX1</cusip>
        <identifiers>
          <isin value="US13063DFX12"/>
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        <balance>4130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4606519.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>TUSTIN CALIF UNI SCH DIST SPL TAX</name>
        <lei>N/A</lei>
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          <isin value="US901073GA86"/>
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        <balance>1000000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <annualizedRt>5.00000000</annualizedRt>
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        <name>LOS ANGELES CALIF UNI SCH DIST</name>
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        <name>ALAMEDA CORRIDOR TRANSN AUTH CALIF REV</name>
        <lei>N/A</lei>
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        <cusip>010869GE9</cusip>
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          <isin value="US010869GE98"/>
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        <name>CONTRA COSTA CALIF WTR DIST WTR REV</name>
        <lei>N/A</lei>
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          <isin value="US212218SG76"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2024-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>ALAMEDA CORRIDOR TRANSN AUTH CALIF REV</name>
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          <isin value="US010869GF63"/>
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        <balance>2160000.00000000</balance>
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        <valUSD>2388376.80000000</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>2023-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>SACRAMENTO CALIF REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
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        <title>SACRAMENTO CA REDEV AGY SUCCES SACRAMENTO REDEVELOPMENT AGENCY SUCCESSOR AGENCY</title>
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        <balance>1000000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-12-01</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>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
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        <cusip>13048T4T7</cusip>
        <identifiers>
          <isin value="US13048T4T73"/>
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        <balance>450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>531855.00000000</valUSD>
        <pctVal>0.162373597880</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</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>LOS ANGELES CALIF DEPT ARPTS ARPT REV</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CA DEPT OF ARPTS A CITY OF LOS ANGELES DEPARTMENT OF AIRPORTS</title>
        <cusip>544445EE5</cusip>
        <identifiers>
          <isin value="US544445EE59"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1233330.00000000</valUSD>
        <pctVal>0.376531628871</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOS ANGELES CNTY CALIF REDEV REF AUTH TAX ALLOCATION REV</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CNTY CA REDEV REFU LOS ANGELES COUNTY REDEVELOPMENT REFUNDING AUTHORI</title>
        <cusip>54465AEP3</cusip>
        <identifiers>
          <isin value="US54465AEP30"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2373760.00000000</valUSD>
        <pctVal>0.724701190558</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY TOB</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CNTY CA TOBACCO SEC CALIFORNIA COUNTY TOBACCO SECURITIZATION AGENCY</title>
        <cusip>13016NDY7</cusip>
        <identifiers>
          <isin value="US13016NDY76"/>
        </identifiers>
        <balance>1200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1265832.00000000</valUSD>
        <pctVal>0.386454383529</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA ST PUB WKS BRD LEASE REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST PUBLIC WKS BRD L CALIFORNIA STATE PUBLIC WORKS BOARD</title>
        <cusip>13068LH40</cusip>
        <identifiers>
          <isin value="US13068LH400"/>
        </identifiers>
        <balance>2005000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2560625.60000000</valUSD>
        <pctVal>0.781750649136</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STOCKTON CALIF REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
        <lei>N/A</lei>
        <title>STOCKTON CA REDEV AGY SUCCESSO STOCKTON REDEVELOPMENT AGENCY SUCCESSOR AGENCY</title>
        <cusip>861403AC7</cusip>
        <identifiers>
          <isin value="US861403AC79"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1251340.00000000</valUSD>
        <pctVal>0.382030023167</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</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>SAN DIEGO CNTY CALIF WTR AUTH WTR REV</name>
        <lei>N/A</lei>
        <title>SAN DIEGO CNTY CALIF WTR AUTH SAN DIEGO COUNTY WATER AUTHORITY</title>
        <cusip>797412CC5</cusip>
        <identifiers>
          <isin value="US797412CC56"/>
        </identifiers>
        <balance>2155000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2630565.40000000</valUSD>
        <pctVal>0.803103042102</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-01</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>SAN DIEGO CALIF REGL BLDG AUTH LEASE REV</name>
        <lei>N/A</lei>
        <title>SAN DIEGO CA REGL BLDG AUTH SAN DIEGO REGIONAL BUILDING AUTHORITY</title>
        <cusip>79730EFF2</cusip>
        <identifiers>
          <isin value="US79730EFF25"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1203350.00000000</valUSD>
        <pctVal>0.367378832593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TUOLUMNE WIND PROJ AUTH CALIF REV</name>
        <lei>N/A</lei>
        <title>TUOLUMNE CA WIND PROJ AUTH REV TUOLUMNE WIND PROJECT AUTHORITY</title>
        <cusip>89978KBC9</cusip>
        <identifiers>
          <isin value="US89978KBC99"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1248220.00000000</valUSD>
        <pctVal>0.381077497336</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST STATE OF CALIFORNIA</title>
        <cusip>13063DBN7</cusip>
        <identifiers>
          <isin value="US13063DBN75"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6356100.00000000</valUSD>
        <pctVal>1.940496611833</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST STATE OF CALIFORNIA</title>
        <cusip>13063DEE4</cusip>
        <identifiers>
          <isin value="US13063DEE40"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6353500.00000000</valUSD>
        <pctVal>1.939702840308</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LONG BEACH CALIF HBR REV</name>
        <lei>N/A</lei>
        <title>LONG BEACH CA HARBOR REVENUE CITY OF LONG BEACH CA HARBOR REVENUE</title>
        <cusip>542424UQ7</cusip>
        <identifiers>
          <isin value="US542424UQ70"/>
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        <balance>1100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1312685.00000000</valUSD>
        <pctVal>0.400758451708</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IMPERIAL CALIF IRR DIST ELEC REV</name>
        <lei>N/A</lei>
        <title>IMPERIAL CA IRR DIST ELEC REVE IMPERIAL IRRIGATION DISTRICT ELECTRIC SYSTEM REVEN</title>
        <cusip>452650HN7</cusip>
        <identifiers>
          <isin value="US452650HN77"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1215300.00000000</valUSD>
        <pctVal>0.371027128642</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LOS ANGELES CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CA UNIF SCH DIST LOS ANGELES UNIFIED SCHOOL DISTRICT/CA</title>
        <cusip>544647AW0</cusip>
        <identifiers>
          <isin value="US544647AW08"/>
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        <balance>3940000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5261436.60000000</valUSD>
        <pctVal>1.606299443947</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>SUCCESSOR AGY PITTSBURG CALIF REDEV AGY</name>
        <lei>N/A</lei>
        <title>PITTSBURG CA SUCCESSOR AGY RED PITTSBURG SUCCESSOR AGENCY REDEVELOPMENT AGENCY</title>
        <cusip>86459LBK3</cusip>
        <identifiers>
          <isin value="US86459LBK35"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3427680.00000000</valUSD>
        <pctVal>1.046459531229</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SAN DIEGO CNTY CALIF REGL ARPT AUTH ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN DIEGO CNTY CA REGL ARPT AU SAN DIEGO COUNTY REGIONAL AIRPORT AUTHORITY</title>
        <cusip>79739GGA8</cusip>
        <identifiers>
          <isin value="US79739GGA85"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>476312.00000000</valUSD>
        <pctVal>0.145416501026</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FEDERAL HOME LN MTG CORP MULTIFAMILY VAR RATE CTFS RELATING TO MUN SECS</name>
        <lei>N/A</lei>
        <title>FEDERAL HOME LOAN MTGE CORP VA FHLMC MULTIFAMILY VRD CERTIFICATES</title>
        <cusip>31350ACJ5</cusip>
        <identifiers>
          <isin value="US31350ACJ51"/>
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        <balance>1490000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1662840.00000000</valUSD>
        <pctVal>0.507659631853</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
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          <isin value="US13048TQ489"/>
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      <invstOrSec>
        <name>CALIFORNIA HSG FIN AGY MUN CTFS</name>
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          <isin value="US13033DAC92"/>
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        <curCd>USD</curCd>
        <valUSD>1013975.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH STUDENT HSG REV</name>
        <lei>N/A</lei>
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        <cusip>13078RGS3</cusip>
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          <isin value="US13078RGS31"/>
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        <balance>1355000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1493941.70000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>BURBANK CALIF REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
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        <cusip>12082RAJ5</cusip>
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          <isin value="US12082RAJ59"/>
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        <balance>625000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>717650.00000000</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>2023-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
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        <cusip>13048VBL1</cusip>
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          <isin value="US13048VBL18"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>LOS ANGELES CALIF DEPT ARPTS ARPT REV</name>
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          <isin value="US544445GK91"/>
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        <curCd>USD</curCd>
        <valUSD>3638730.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SACRAMENTO CALIF MUN UTIL DIST FING AUTH REV</name>
        <lei>N/A</lei>
        <title>SACRAMENTO CA MUNI UTILITY DIS SACRAMENTO MUNICIPAL UTILITY DISTRICT</title>
        <cusip>786009BY5</cusip>
        <identifiers>
          <isin value="US786009BY53"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>594655.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST MUNI FIN AUTH RE CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
        <cusip>13048VKP2</cusip>
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          <isin value="US13048VKP21"/>
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        <balance>1260000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1274011.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>CALIFORNIA INFRASTRUCTURE &amp; ECONOMIC DEV BK REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST INFRASTRUCTURE &amp; CALIFORNIA INFRASTRUCTURE &amp; ECONOMIC DEVELOPMENT B</title>
        <cusip>13034AZH6</cusip>
        <identifiers>
          <isin value="US13034AZH66"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3433430.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>0.50199828</annualizedRt>
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        <name>CALIFORNIA MUN FIN AUTH STUDENT HSG REV</name>
        <lei>N/A</lei>
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        <cusip>13049YBV2</cusip>
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          <isin value="US13049YBV20"/>
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        <curCd>USD</curCd>
        <valUSD>2764992.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH STUDENT HSG REV</name>
        <lei>N/A</lei>
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        <cusip>13078RFV7</cusip>
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          <isin value="US13078RFV78"/>
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        <balance>1500000.00000000</balance>
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        <valUSD>1591995.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

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          <annualizedRt>5.00000000</annualizedRt>
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        <name>NORTHERN CALIF ENERGY AUTH COMMODITY SUPPLY REV</name>
        <lei>N/A</lei>
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        <cusip>664840AD7</cusip>
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          <isin value="US664840AD77"/>
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        <valUSD>3275580.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>UNIVERSITY CALIF REVS</name>
        <lei>N/A</lei>
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          <isin value="US91412GTR64"/>
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        <name>CALIFORNIA MUN FIN AUTH REV</name>
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          <isin value="US13048VBM90"/>
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        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
        <lei>N/A</lei>
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          <isin value="US13032UQZ48"/>
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        <name>CALIFORNIA MUN FIN AUTH STUDENT HSG REV</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>State of California</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>GOLDEN ST TOB SECURITIZATION  CORP CALIF TOB SETTLEMENT REV</name>
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        <name>LONG BEACH CALIF MARINA REV</name>
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        <name>CALIFORNIA INFRASTRUCTURE &amp; ECONOMIC DEV BK REV</name>
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        <name>SAN DIEGO CNTY CALIF LTD REV OBLIGS</name>
        <lei>N/A</lei>
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          <isin value="US79742YAJ10"/>
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          <maturityDt>2024-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>CALIFORNIA EDL FACS AUTH REV</name>
        <lei>N/A</lei>
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          <isin value="US130179AL88"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>CALIFORNIA ST PUB WKS BRD LEASE REV</name>
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          <isin value="US13068LMB89"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>ANAHEIM CALIF REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
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          <isin value="US032564AJ59"/>
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        <curCd>USD</curCd>
        <valUSD>4997800.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>LONG BEACH CALIF MARINA REV</name>
        <lei>N/A</lei>
        <title>LONG BEACH CA MARINA REVENUE CITY OF LONG BEACH CA MARINA SYSTEM REVENUE</title>
        <cusip>542426CK5</cusip>
        <identifiers>
          <isin value="US542426CK50"/>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>937881.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>EL DORADO CALIF IRR DIST CTFS PARTN</name>
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          <isin value="US283059FG33"/>
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        <valUSD>1216720.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
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        <name>State of California</name>
        <lei>N/A</lei>
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          <couponKind>Fixed</couponKind>
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        <name>CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV</name>
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        <name>UPLAND CALIF CMNTY REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
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        <name>LOS ANGELES CALIF DEPT ARPTS ARPT REV</name>
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        <name>RIVERSIDE CALIF UNI SCH DIST</name>
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        <name>State of California</name>
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        <name>SAN FRANCISCO CALIF CITY &amp; CNTY REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV</name>
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        <valUSD>545060.00000000</valUSD>
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      <invstOrSec>
        <name>ROSEVILLE CALIF FIN AUTH SPL TAX REV</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US77781PCT21"/>
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        <valUSD>1236070.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SOUTH ORANGE CNTY CALIF PUB FING AUTH SPL TAX REV</name>
        <lei>N/A</lei>
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          <isin value="US839100JE54"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SAN FRANCISCO CALIF CITY &amp; CNTY</name>
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          <isin value="US797646A715"/>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>LOS ANGELES CALIF HBR DEPT REV</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CA HARBOR DEPT PORT OF LOS ANGELES</title>
        <cusip>544552YX4</cusip>
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          <isin value="US544552YX44"/>
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        <curCd>USD</curCd>
        <valUSD>1207940.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>SACRAMENTO CNTY CALIF ARPT SYS REV</name>
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        <cusip>786107QS4</cusip>
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          <isin value="US786107QS48"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>TULARE CALIF LOC HEALTH CARE DIST</name>
        <lei>N/A</lei>
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        <cusip>89910NDA6</cusip>
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          <isin value="US89910NDA63"/>
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        <balance>735000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>894237.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
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          <isin value="US13048TV596"/>
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        <balance>1110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1228037.40000000</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>2024-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RIVERSIDE CNTY CALIF REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
        <lei>N/A</lei>
        <title>RIVERSIDE CNTY CA REDEV SUCCES RIVERSIDE COUNTY REDEVELOPMENT SUCCESSOR AGENCY</title>
        <cusip>76913AJZ7</cusip>
        <identifiers>
          <isin value="US76913AJZ75"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>608145.00000000</valUSD>
        <pctVal>0.185664686207</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SEI Daily Income Trust: Government Fund; Class F Shares</name>
        <lei>N/A</lei>
        <title>SEI DAILY INCOME TRUST GOVERNMENT FUND (#36)</title>
        <cusip>783965593</cusip>
        <identifiers>
          <isin value="US7839655930"/>
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        <balance>191677.02000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>191677.02000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ABAG FIN AUTH FOR NONPROFIT CORPS CALIF REV</name>
        <lei>N/A</lei>
        <title>ABAG CA FIN AUTH FOR NONPROFIT ABAG FINANCE AUTHORITY FOR NONPROFIT CORPS</title>
        <cusip>00037CWP1</cusip>
        <identifiers>
          <isin value="US00037CWP12"/>
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        <balance>1390000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1625062.90000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>LANCASTER CALIF REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
        <lei>N/A</lei>
        <title>LANCASTER CA REDEV AGY SUCCESS LANCASTER REDEVELOPMENT AGENCY SUCCESSOR AGENCY</title>
        <cusip>513802DP0</cusip>
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          <isin value="US513802DP00"/>
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        <balance>570000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>RIVERSIDE CNTY CALIF REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
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        <title>RIVERSIDE CNTY CA REDEV SUCCES RIVERSIDE COUNTY REDEVELOPMENT SUCCESSOR AGENCY</title>
        <cusip>76913AJY0</cusip>
        <identifiers>
          <isin value="US76913AJY01"/>
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        <balance>560000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH STUDENT HSG REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST STWD CMNTYS DEVA CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO</title>
        <cusip>13078RGR5</cusip>
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          <isin value="US13078RGR57"/>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>PALM DESERT CALIF REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
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        <title>PALM DESERT CA REDEV AGY SUCCE PALM DESERT REDEVELOPMENT AGENCY SUCCESSOR AGENCY</title>
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          <isin value="US696624AH85"/>
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        <name>TULARE CALIF LOC HEALTH CARE DIST</name>
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          <isin value="US89910NCY58"/>
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        <name>LODI CALIF PUB FING AUTH ELEC REV</name>
        <lei>N/A</lei>
        <title>LODI CA PUBLIC FING AUTH ELEC LODI PUBLIC FINANCING AUTHORITY</title>
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          <isin value="US540258AH39"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <annualizedRt>5.00000000</annualizedRt>
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        <name>SAN FRANCISCO CALIF BAY AREA RAPID TRAN DIST SALES TAX REV</name>
        <lei>N/A</lei>
        <title>SAN FRANCISCO CA BAY AREA RAPI SAN FRANCISCO BAY AREA RAPID TRANSIT DISTRICT SALE</title>
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        <curCd>USD</curCd>
        <valUSD>605395.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LONG BEACH CALIF HBR REV</name>
        <lei>N/A</lei>
        <title>LONG BEACH CA HARBOR REVENUE CITY OF LONG BEACH CA HARBOR REVENUE</title>
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        <identifiers>
          <isin value="US542424UA29"/>
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        <valUSD>2754224.40000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <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 CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CA UNIF SCH DIST LOS ANGELES UNIFIED SCHOOL DISTRICT/CA</title>
        <cusip>5446465N8</cusip>
        <identifiers>
          <isin value="US5446465N82"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2436080.00000000</valUSD>
        <pctVal>0.743727283421</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</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>SANTA BARBARA CNTY CALIF LEASE REV</name>
        <lei>N/A</lei>
        <title>SANTA BARBARA CNTY CA SOLID WA COUNTY OF SANTA BARBARA CA</title>
        <cusip>80136PCJ0</cusip>
        <identifiers>
          <isin value="US80136PCJ03"/>
        </identifiers>
        <balance>1440000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1745179.20000000</valUSD>
        <pctVal>0.532797521222</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-01</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-05-31</ncom:dateSigned>
      <ncom:nameOfApplicant>SEI TAX EXEMPT TRUST</ncom:nameOfApplicant>
      <ncom:signature>James Hoffmayer</ncom:signature>
      <ncom:signerName>James Hoffmayer</ncom:signerName>
      <ncom:title>CFO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
