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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>LOS ANGELES CALIF MUN IMPT CORP LEASE REV</name>
        <lei>N/A</lei>
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        <cusip>5445874Q8</cusip>
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          <isin value="US5445874Q86"/>
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        <curCd>USD</curCd>
        <valUSD>560760.50000000</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>2035-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <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>00037CWQ9</cusip>
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          <isin value="US00037CWQ94"/>
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        <curCd>USD</curCd>
        <valUSD>994541.82000000</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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CMNTY CHOICE FING A CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY</title>
        <cusip>13013JEB8</cusip>
        <identifiers>
          <isin value="US13013JEB89"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2082745.80000000</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>2055-08-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.00000040</annualizedRt>
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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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        <cusip>13048VT73</cusip>
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          <isin value="US13048VT737"/>
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        <balance>500000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
        <lei>N/A</lei>
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        <cusip>13032U2R8</cusip>
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          <isin value="US13032U2R87"/>
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        <valUSD>824271.98000000</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>2037-02-01</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>GUAM GOVT WTRWKS AUTH WTR &amp; WASTEWTR SYS REV</name>
        <lei>N/A</lei>
        <title>GUAM GOVT WTRWKS AUTH WTR &amp; WS GUAM GOVERNMENT WATERWORKS AUTHORITY</title>
        <cusip>40065FDV3</cusip>
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          <isin value="US40065FDV31"/>
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        <curCd>USD</curCd>
        <valUSD>1429248.98000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>GU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</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>State of California</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST STATE OF CALIFORNIA</title>
        <cusip>13063C6R6</cusip>
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          <isin value="US13063C6R60"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2476315.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>CALIFORNIA ST</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST STATE OF CALIFORNIA</title>
        <cusip>13063EKH8</cusip>
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          <isin value="US13063EKH89"/>
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        <balance>3985000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4142186.73000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST STATE OF CALIFORNIA</title>
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          <isin value="US13063DPS17"/>
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        <valUSD>1331573.03000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>California Housing Finance Agency</name>
        <lei>N/A</lei>
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          <isin value="US13033DAA37"/>
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        <curCd>USD</curCd>
        <valUSD>1368640.15000000</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>2035-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <name>SAN DIEGO CNTY CALIF REGL ARPT AUTH ARPT REV</name>
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        <cusip>79739GGC4</cusip>
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          <isin value="US79739GGC42"/>
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        <valUSD>1025997.60000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2028-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
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          <isin value="US13048VZ270"/>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>SOUTHERN CALIF PUB PWR AUTH PWR PROJ REV</name>
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          <isin value="US842475R643"/>
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        <name>CALIFORNIA INFRASTRUCTURE &amp; ECONOMIC DEV BK NATL CHARTER SCH REVOLVING LN FD REV</name>
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          <isin value="US13035ADK25"/>
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        <name>CALIFORNIA ST</name>
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        <name>CALIFORNIA EDL FACS AUTH REV</name>
        <lei>N/A</lei>
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          <isin value="US130179TK05"/>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA STWD CMNTYS DEV AUT CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO</title>
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        <name>TULARE CALIF LOC HEALTH CARE DIST</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>TULARE CALIF LOC HEALTH CARE DIST</name>
        <lei>N/A</lei>
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          <isin value="US89910NCY58"/>
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        <balance>585000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>596419.73000000</valUSD>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>SAN DIEGO CNTY CALIF REGL ARPT AUTH ARPT REV</name>
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        <cusip>79739GGB6</cusip>
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          <isin value="US79739GGB68"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>515374.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</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>LOS ANGELES CALIF UNI SCH DIST</name>
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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>1051869.60000000</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>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV</name>
        <lei>N/A</lei>
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        <cusip>38122NZA3</cusip>
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          <isin value="US38122NZA35"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1530489.00000000</valUSD>
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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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
        <lei>N/A</lei>
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        <cusip>13032U2Q0</cusip>
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          <isin value="US13032U2Q05"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>221578.98000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-01</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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        <name>LOS ANGELES CALIF DEPT ARPTS REV</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CA DEPT OF ARPTS A CITY OF LOS ANGELES DEPARTMENT OF AIRPORTS</title>
        <cusip>544445B57</cusip>
        <identifiers>
          <isin value="US544445B575"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1582056.90000000</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>2034-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>STOCKTON CALIF REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
        <lei>N/A</lei>
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        <cusip>861403AD5</cusip>
        <identifiers>
          <isin value="US861403AD52"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1024916.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>CALIFORNIA INFRASTRUCTURE &amp; ECONOMIC DEV BK NATL CHARTER SCH REVOLVING LN FD REV</name>
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          <isin value="US13035ACP21"/>
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        <valUSD>919226.30000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>BURBANK GLENDALE PASADENA ARPT AUTH CALIF ARPT REV</name>
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          <isin value="US120827DQ04"/>
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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>UNIVERSITY CALIF REVS</name>
        <lei>N/A</lei>
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        <name>RIVERSIDE CNTY CALIF PUB FING AUTH TAX ALLOC REV</name>
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        <name>CALIFORNIA MUN FIN AUTH STUDENT HSG REV</name>
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        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
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        <name>BAY AREA TOLL AUTH CALIF TOLL BRDG REV</name>
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        <name>VISTA CALIF JT PWRS FING AUTH REV</name>
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        <name>SAN FRANCISCO CALIF CITY &amp; CNTY PUB UTILS COMMN WASTEWATER REV</name>
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        <name>SAN FRANCISCO CALIF CITY &amp; CNTY ARPTS COMMN INTL ARPT REV</name>
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        <name>STOCKTON CALIF UNI SCH DIST</name>
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        <name>CALIFORNIA MUN FIN AUTH REV</name>
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        <name>SACRAMENTO CALIF MUN UTIL DIST ELEC REV</name>
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        <name>LOS ANGELES CNTY CALIF MET TRANSN AUTH SALES TAX REV</name>
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        <name>LOS ANGELES CALIF MUN IMPT CORP LEASE REV</name>
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        <name>N/A</name>
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        <name>SAN FRANCISCO CALIF CITY &amp; CNTY ARPTS COMMN INTL ARPT REV</name>
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        <name>CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV</name>
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        <name>MODESTO CALIF IRR DIST FING AUTH ELEC SYS REV</name>
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        <name>STOCKTON CALIF UNI SCH DIST</name>
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        <name>CALIFORNIA EDL FACS AUTH REV</name>
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        <name>INDIO CALIF ELEC FING AUTH ELEC REV</name>
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        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
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      <invstOrSec>
        <name>INDIO CALIF ELEC FING AUTH ELEC REV</name>
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          <isin value="US455701AH58"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SAN FRANCISCO CALIF CITY &amp; CNTY CTFS PARTN</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ANAHEIM CALIF HSG &amp; PUB IMPT AUTH REV</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
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        <cusip>13032UT73</cusip>
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          <isin value="US13032UT733"/>
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        <curCd>USD</curCd>
        <valUSD>2608250.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV</name>
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        <cusip>13080SYB4</cusip>
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          <isin value="US13080SYB41"/>
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        <valUSD>4305415.20000000</valUSD>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>LOS ANGELES CNTY CALIF PUB WKS FING AUTH LEASE REV</name>
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        <title>LOS ANGELES CNTY CA PUBLIC WKS LOS ANGELES COUNTY PUBLIC WORKS FINANCING AUTHORIT</title>
        <cusip>54473EXZ2</cusip>
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          <isin value="US54473EXZ23"/>
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        <curCd>USD</curCd>
        <valUSD>2247523.40000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>RIVERSIDE CNTY CALIF PUB FING AUTH TAX ALLOC REV</name>
        <lei>N/A</lei>
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        <cusip>76912TPB3</cusip>
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          <isin value="US76912TPB34"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>768117.98000000</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>2037-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of California</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST STATE OF CALIFORNIA</title>
        <cusip>13063D4B1</cusip>
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          <isin value="US13063D4B19"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5533871.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>ONTARIO CALIF PUB FING AUTH LEASE REV</name>
        <lei>N/A</lei>
        <title>ONTARIO PUB FING AUTH LEASE RE ONTARIO PUBLIC FINANCING AUTHORITY</title>
        <cusip>68304RDZ0</cusip>
        <identifiers>
          <isin value="US68304RDZ01"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1098096.00000000</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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        <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>13068XKV0</cusip>
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          <isin value="US13068XKV00"/>
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        <valUSD>829544.25000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>ANAHEIM CALIF REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
        <lei>N/A</lei>
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          <isin value="US032564AH93"/>
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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 ST UNIV REV</name>
        <lei>N/A</lei>
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        <name>SANTA ANA COLLEGE IMPT DIST NO 1 RANCHO SANTIAGO CMNTY COLLEGE DIST CALIF</name>
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        <name>HESPERIA CALIF CMNTY REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
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        <name>PALM SPRINGS CALIF ARPT PASSENGER FAC CHARGE REV</name>
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        <title>PALM SPRINGS CA ARPT PASSENGER CITY OF PALM SPRINGS CA PASSENGER FACILITY CHARGE</title>
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        <name>CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV</name>
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        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
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        <issuerCat>MUN</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>PASADENA CALIF PUB FING AUTH LEASE REV</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
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          <isin value="US13032UUP10"/>
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        <fairValLevel>2</fairValLevel>
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        <name>GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>TULARE CALIF LOC HEALTH CARE DIST</name>
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          <isin value="US89910NDB47"/>
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        <valUSD>1362255.71000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>MODESTO CALIF IRR DIST FING AUTH ELEC SYS REV</name>
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          <isin value="US607767CX61"/>
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        <curCd>USD</curCd>
        <valUSD>779707.18000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>VISTA CALIF JT PWRS FING AUTH REV</name>
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          <isin value="US928317FE17"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of California</name>
        <lei>N/A</lei>
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          <isin value="US13063DF295"/>
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        <valUSD>5433747.50000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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        <name>PASADENA CALIF PUB FING AUTH LEASE REV</name>
        <lei>N/A</lei>
        <title>PASADENA CA PUBLIC FING AUTH L PASADENA PUBLIC FINANCING AUTHORITY</title>
        <cusip>702274DF5</cusip>
        <identifiers>
          <isin value="US702274DF59"/>
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        <curCd>USD</curCd>
        <valUSD>2253866.20000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <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 MF FHLMC MULTIFAMILY VRD CERTIFICATES</title>
        <cusip>31350ACJ5</cusip>
        <identifiers>
          <isin value="US31350ACJ51"/>
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        <balance>1335000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1252380.05000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>SAN DIEGO CALIF ASSN GOVTS SOUTH BAY EXPWY TOLL REV</name>
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        <title>SAN DIEGO ASSN OF GOVTS CA SOU SAN DIEGO ASSOCIATION OF GOVERNMENTS SOUTH BAY EXP</title>
        <cusip>797257AL6</cusip>
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          <isin value="US797257AL63"/>
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        <valUSD>1039961.90000000</valUSD>
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        <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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        <name>CALIFORNIA SCH FIN AUTH CHARTER SCH REV</name>
        <lei>N/A</lei>
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          <isin value="US13058TVC16"/>
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        <name>VERNON CALIF ELEC SYS REV</name>
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          <isin value="US924397EM02"/>
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        <fairValLevel>2</fairValLevel>
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        <name>LOS ANGELES CALIF DEPT WTR &amp; PWR REV</name>
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        <name>CALIFORNIA INFRASTRUCTURE &amp; ECONOMIC DEV BK REV</name>
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        <name>CALIFORNIA PUB FIN AUTH REV</name>
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        <title>CALIFORNIA PUBLIC FIN AUTH REV CALIFORNIA PUBLIC FINANCE AUTHORITY</title>
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        <name>CALIFORNIA ST PUB WKS BRD LEASE REV</name>
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        <name>LOS ANGELES CALIF UNI SCH DIST</name>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>LOS ANGELES CALIF UNI SCH DIST CTFS PARTN</name>
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          <isin value="US544648WH75"/>
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        <curCd>USD</curCd>
        <valUSD>3331737.60000000</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV</name>
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          <isin value="US13013JDG85"/>
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        <valUSD>4195868.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>State of California</name>
        <lei>N/A</lei>
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          <isin value="US13062TH729"/>
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        <valUSD>2238810.20000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>BAY AREA TOLL AUTH CALIF TOLL BRDG REV</name>
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          <isin value="US072024ZZ84"/>
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        <valUSD>1104485.80000000</valUSD>
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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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        <securityLending>
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        <name>INDIO CALIF ELEC FING AUTH ELEC REV</name>
        <lei>N/A</lei>
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        <cusip>455701AJ1</cusip>
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          <isin value="US455701AJ15"/>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>194206.92000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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        <name>LOS ANGELES CALIF DEPT WTR &amp; PWR WTRWKS REV</name>
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        <cusip>544525P28</cusip>
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          <isin value="US544525P285"/>
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        <valUSD>1288206.29000000</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>2035-07-01</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 DIEGO CNTY CALIF REGL ARPT AUTH ARPT REV</name>
        <lei>N/A</lei>
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        <cusip>79739GGA8</cusip>
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          <isin value="US79739GGA85"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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        <name>California Housing Finance Agency</name>
        <lei>N/A</lei>
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          <isin value="US13033DAC92"/>
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        <issuerCat>MUN</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-03-20</maturityDt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>CALIFORNIA MUN FIN AUTH STUDENT HSG REV</name>
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        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
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        <name>CALIFORNIA INFRASTRUCTURE &amp; ECONOMIC DEV BK NATL CHARTER SCH REVOLVING LN FD REV</name>
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        <name>CALIFORNIA EDL FACS AUTH REV</name>
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        <name>SAN DIEGO CNTY CALIF REGL ARPT AUTH ARPT REV</name>
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        <name>LONG BEACH CALIF FIN AUTH LEASE REV</name>
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          <isin value="US54241QCX43"/>
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        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-05-31</ncom:dateSigned>
      <ncom:nameOfApplicant>SEI TAX EXEMPT TRUST</ncom:nameOfApplicant>
      <ncom:signature>Glenn Kurdziel</ncom:signature>
      <ncom:signerName>Glenn Kurdziel</ncom:signerName>
      <ncom:title>Controller and Chief Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
