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        <lei>N/A</lei>
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        <cusip>797355N75</cusip>
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          <isin value="US797355N757"/>
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        <balance>4770000.00000000</balance>
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        <valUSD>2670484.50000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LONG BEACH CA CMNTY COLLEGE</name>
        <lei>N/A</lei>
        <title>LONGBEACH CA CC 0% 6/1/2028</title>
        <cusip>542411JG9</cusip>
        <identifiers>
          <isin value="US542411JG98"/>
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        <balance>2995000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2657583.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ROCKLIN CA UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>ROCKLIN CALIF UNI SCH DIST FGIC</title>
        <cusip>773754FF8</cusip>
        <identifiers>
          <ticker value="ROCSCD"/>
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        <balance>6370000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6068444.20000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>RIVERSIDE CA SWR REV</name>
        <lei>N/A</lei>
        <title>RIVSIDE CA SWR 5% 8/1/28</title>
        <cusip>769047HP9</cusip>
        <identifiers>
          <isin value="US769047HP90"/>
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        <balance>1935000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2367201.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>GOLDEN ST TOB SECURTZN CORP CALIF TOB SETTLEMENT REV</name>
        <lei>N/A</lei>
        <title>GOLDEN ST CA TOBAC 0% 6/1/24</title>
        <cusip>38122NGH9</cusip>
        <identifiers>
          <isin value="US38122NGH98"/>
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        <balance>8030000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7683344.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SAN DIEGO CNTY CA REG ARPT AUTH ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN DIEGO ARPT 5% 7/1/2037@</title>
        <cusip>79739GGM2</cusip>
        <identifiers>
          <isin value="US79739GGM24"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>933172.50000000</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>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SOUTH BAYSIDE WASTE MGMT AUTH CALIF SOLID WASTE ENTERPRISE</name>
        <lei>N/A</lei>
        <title>SOUTH BAYSIDE 5% 9/1/2021 @</title>
        <cusip>83646ABA0</cusip>
        <identifiers>
          <isin value="US83646ABA07"/>
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        <balance>1245000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1318492.35000000</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>2021-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PALMDALE CA ELEM SCH DIST</name>
        <lei>N/A</lei>
        <title>PALMDALE CA SD/AGMC 5% 8/1/41</title>
        <cusip>69671TEP0</cusip>
        <identifiers>
          <isin value="US69671TEP03"/>
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        <balance>1275000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1556877.00000000</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>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>
      <invstOrSec>
        <name>CA MUN FIN AUTH STUDENT HSG REV</name>
        <lei>N/A</lei>
        <title>CA MUN FIN AUT 5% 5/15/2034</title>
        <cusip>13049YBC4</cusip>
        <identifiers>
          <isin value="US13049YBC49"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12560500.00000000</valUSD>
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        <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>0.05000000</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>GOLDEN ST TOB SECURTZN CORP CALIF TOB SETTLEMENT REV</name>
        <lei>N/A</lei>
        <title>GOLDEN ST TOBAC SEC 5% 6/1/30</title>
        <cusip>38122NXS6</cusip>
        <identifiers>
          <isin value="US38122NXS60"/>
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        <balance>6000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6787980.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TRANSMISSION AGENCY OF NORTHERN CALIFORNIA</name>
        <lei>N/A</lei>
        <title>NO CA TRANSMISN 5% 5/1/36</title>
        <cusip>664848BW7</cusip>
        <identifiers>
          <isin value="US664848BW75"/>
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        <balance>2390000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2934035.70000000</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>2036-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LOS ANGELES CA DEPT ARPTS REV</name>
        <lei>N/A</lei>
        <title>LA CA AIRPT 5% 5/15/36@</title>
        <cusip>544445CA5</cusip>
        <identifiers>
          <isin value="US544445CA55"/>
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        <balance>3600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4376088.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CA MUN FIN AUTH STUDENT HSG REV</name>
        <lei>N/A</lei>
        <title>CA MUN FIN AUT 5% 5/15/2036</title>
        <cusip>13049YCD1</cusip>
        <identifiers>
          <isin value="US13049YCD13"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1875060.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LA QUINTA CALIF REDEV AGY SUCCESSOR AGY TAX ALLOC</name>
        <lei>N/A</lei>
        <title>SUCCESSOR AGENCY TO LA QUINTA REDEVELOPMENT AGENCY 5% 9/1/2024</title>
        <cusip>50420BAL6</cusip>
        <identifiers>
          <isin value="US50420BAL62"/>
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        <balance>3830000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4398755.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CA ST MFA REV 5% 6/1/27</title>
        <cusip>13048T2G7</cusip>
        <identifiers>
          <isin value="US13048T2G70"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>1276210.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SACRAMENTO CNTY CA ARPT SYS RV</name>
        <lei>N/A</lei>
        <title>SAC CNTY ARPT 18-E 5% 07/01/34</title>
        <cusip>786107SX1</cusip>
        <identifiers>
          <isin value="US786107SX15"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1290290.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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 FN AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MN A 5% 10/1/2038</title>
        <cusip>13048VDW5</cusip>
        <identifiers>
          <isin value="US13048VDW54"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>375144.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BEVERLY HILLS CA PUB FIN</name>
        <lei>N/A</lei>
        <title>BVRLY HLLS CA PUB FING AUTH LEREF-2007 REF PROJ-SER A</title>
        <cusip>088006HE4</cusip>
        <identifiers>
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        <name>OCEANSIDE CALIF UNI SCH DIST</name>
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        <name>CALIFORNIA MUN FIN AUTH REV</name>
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          <isin value="US13048TW909"/>
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        <name>LOS ANGELES CA DEPT ARPTS REV</name>
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        <name>CALIFORNIA ST PUB WKS BRD LSE</name>
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        <name>ORANGE CNTY CALIF SANTN WASTEWATER REV</name>
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        <name>CALIFORNIA STWIDE CMNTY MF REV</name>
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        <name>GOLDEN ST TOB SECURTZN CORP CALIF TOB SETTLEMENT REV</name>
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        <name>LOS ANGELES CA DEPT ARPTS REV</name>
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        <name>CALIFORNIA MUN FN AUTH REV</name>
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          <isin value="US13048VCC00"/>
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        <name>LOS ANGELES CA MUN IMP CRP LSE</name>
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        <name>CALIFORNIA HEALTH FACS FNG AUTH REV</name>
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        <name>LOS ANGELES CA MUN IMP CRP LSE</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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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SAN DIEGO CALIF ASSN GOVTS SOUTH BAY EXPWY TOLL REV</name>
        <lei>N/A</lei>
        <title>SAN DIEGO CALI 5% 7/1/2035</title>
        <cusip>797257AT9</cusip>
        <identifiers>
          <isin value="US797257AT99"/>
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        <curCd>USD</curCd>
        <valUSD>1889655.00000000</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>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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 FN AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MN A 5% 10/1/2031</title>
        <cusip>13048VDP0</cusip>
        <identifiers>
          <isin value="US13048VDP04"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>254824.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA STWD CMNTY DV AU RV</name>
        <lei>N/A</lei>
        <title>CA STWD 2018 5% 07/01/36</title>
        <cusip>13080STE4</cusip>
        <identifiers>
          <isin value="US13080STE45"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>631795.00000000</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>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SAN DIEGO CNTY CA REG ARPT AUTH ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN DIEGO ARPT 5% 7/1/2031@</title>
        <cusip>79739GGF7</cusip>
        <identifiers>
          <isin value="US79739GGF72"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1572700.00000000</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>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WASHINGTON TWP CA HEALTH CARE DIST</name>
        <lei>N/A</lei>
        <title>WA TWP CA HC DI 5% 8/1/43</title>
        <cusip>940642CE9</cusip>
        <identifiers>
          <isin value="US940642CE94"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5856500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WASHINGTON TWP CA HEALTH CARE DIST REV</name>
        <lei>N/A</lei>
        <title>WA TWP CA HC 5% 7/1/2032</title>
        <cusip>940204FP0</cusip>
        <identifiers>
          <isin value="US940204FP07"/>
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        <balance>890000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1127220.60000000</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>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>TULARE CA SWR REV</name>
        <lei>N/A</lei>
        <title>TULARE CA SWR 5% 11/15/26</title>
        <cusip>899124KD2</cusip>
        <identifiers>
          <isin value="US899124KD25"/>
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        <balance>965000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1183765.50000000</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>2026-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>TENDER OPT BD TR RCPTS / CTFS VAR STS</name>
        <lei>N/A</lei>
        <title>GOLDEN ST TOBACCO 15 DB/DB D7</title>
        <cusip>88033L6V6</cusip>
        <identifiers>
          <isin value="US88033L6V68"/>
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        <balance>5500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5500000.00000000</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>2045-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.01250000</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>SAN DIEGO CA UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>SAN DIEGO CA USD 0% 07/01/47</title>
        <cusip>797355R48</cusip>
        <identifiers>
          <isin value="US797355R485"/>
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        <balance>8700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8265696.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ROSEVILLE CA CITY SCH DIST</name>
        <lei>N/A</lei>
        <title>ROSEVILLE CA SCHOOL DISTRICT FGIC</title>
        <cusip>777798GU7</cusip>
        <identifiers>
          <ticker value="ROSSCD"/>
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        <balance>1745000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1628887.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ROCKLIN CA UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>ROCKLIN CALIF UNI SCH DIST FGIC</title>
        <cusip>773754FH4</cusip>
        <identifiers>
          <ticker value="ROCSCD"/>
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        <balance>5365000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4942989.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OAKLAND-ALAMEDA CNTY CA COL AU</name>
        <lei>N/A</lei>
        <title>OAKLAND-ALAMEDA CNTY CA COLISEUM AUTH LEASE REVENUE SER A-REF</title>
        <cusip>672211AZ2</cusip>
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          <isin value="US672211AZ26"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-02-01</maturityDt>
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      <invstOrSec>
        <name>CARLSBAD CA UNIFIED SCHOOL DIS</name>
        <lei>N/A</lei>
        <title>CARLSBAD CA USD 4% 5/1/2031</title>
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          <isin value="US142665EV62"/>
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        <balance>1500000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-01</maturityDt>
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        <name>SANTA MONICA-MALIBU UNSHDS CA</name>
        <lei>N/A</lei>
        <title>SANTA-MONICA CA 4% 7/1/2039</title>
        <cusip>802498RF4</cusip>
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          <isin value="US802498RF44"/>
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      <invstOrSec>
        <name>ANAHEIM CA PUB FI AUTH LSE REV</name>
        <lei>N/A</lei>
        <title>ANAHEIM CALIF PUB FING AUTH LEASE REV CAP APPREC-SUB-PUB IMPTS PJ-C I=FSA</title>
        <cusip>03255LBG3</cusip>
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          <isin value="US03255LBG32"/>
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      <invstOrSec>
        <name>CA EDL FACS AUTH REV</name>
        <lei>N/A</lei>
        <title>CA EDL FACS 5% 4/1/2031</title>
        <cusip>130179MW1</cusip>
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          <isin value="US130179MW16"/>
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        <balance>890000.00000000</balance>
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        <valUSD>1161610.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <name>RANCHO CUCAMONGA CALIF REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
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          <isin value="US75212CAQ24"/>
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        <curCd>USD</curCd>
        <valUSD>2000390.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>LAGUNA BEACH CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
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        <cusip>507192GM8</cusip>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SAN JACINTO CA UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>SAN JACINTO 5% 8/1/26</title>
        <cusip>797848GP7</cusip>
        <identifiers>
          <isin value="US797848GP77"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RIVERSIDE CA SWR REV</name>
        <lei>N/A</lei>
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          <isin value="US769047HM69"/>
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      <invstOrSec>
        <name>ANTELOPE VALLEY CA CMNTY COLLEGE DIST</name>
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        <title>ANTELOPE VL CCD 5% 8/1/39</title>
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          <isin value="US03667PEU21"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-08-01</maturityDt>
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      <invstOrSec>
        <name>ABC CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>A B C CALIF UNI SCH DIST CAP APPREC</title>
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          <ticker value="ABCSCD"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>POWAY CALIF UNI SCH DIST PUB FING AUTH SPL TAX REV</name>
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        <cusip>73885QGC7</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LOS ANGELES CA CMNTY REDEV AGY LEASE REV</name>
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          <ticker value="LOSDEV"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SAN DIEGO CNTY CA REG ARPT AUTH ARPT REV</name>
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        <cusip>79739GES1</cusip>
        <identifiers>
          <isin value="US79739GES12"/>
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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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      <invstOrSec>
        <name>SHASTA CALIF UN HIGH SCH DIST</name>
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          <isin value="US820174EN67"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH FACS FNG AUTH REV</name>
        <lei>5493007RI8BUDOGHZ546</lei>
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        <cusip>13032UQN1</cusip>
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          <isin value="US13032UQN18"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>POWAY CALIF UNI SCH DIST PUB FING AUTH SPL TAX REV</name>
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        <cusip>73885QGE3</cusip>
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          <isin value="US73885QGE35"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA MUN FN AUTH REV</name>
        <lei>N/A</lei>
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          <isin value="US13048VGB80"/>
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        <name>SAN FRANCISCO CA CITY and COUNTY AIRPORTS COMMISSION INTERNATIONAL AIRPORT REVENUE</name>
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        <cusip>79766DGF0</cusip>
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          <isin value="US79766DGF06"/>
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        <balance>23000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OAKLAND CA UNI SCH D ALAM CNTY</name>
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        <title>OAKLAND CA USD 5% 8/1/30</title>
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        <fairValLevel>2</fairValLevel>
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        <name>STOCKTON CA UNIFIED SCHOOL DIS</name>
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      <invstOrSec>
        <name>SAN LUIS OBISPO CNTY CA CMNTY COLLEGE DIST</name>
        <lei>N/A</lei>
        <title>SAN LUIS CA CCD 4% 8/1/2043</title>
        <cusip>798684EN2</cusip>
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          <isin value="US798684EN27"/>
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      <invstOrSec>
        <name>CARLSBAD CA UNIFIED SCHOOL DIS</name>
        <lei>N/A</lei>
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          <isin value="US142665EY02"/>
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        <invCountry>US</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>SAN DIEGO CNTY CA REG ARPT AUTH ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN DIEGO ARPT 5% 7/1/2029@</title>
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          <isin value="US79739GGD25"/>
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        <valUSD>2185230.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>LONG BEACH CA BD FIN AUTH LEAS</name>
        <lei>N/A</lei>
        <title>LONG BEACH CA BFA 5% 8/1/29</title>
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        <identifiers>
          <isin value="US542402KS01"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CALIFORNIA HLTH FACS FIN AUTH</name>
        <lei>N/A</lei>
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        <cusip>13033LEN3</cusip>
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          <isin value="US13033LEN38"/>
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        <balance>11000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11146080.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05625000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>TENDER OPT BD TR RCPTS / CTFS VAR STS</name>
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        <title>SAN FRAN ARPT 2018-XM0675-INV Q=MO D7@</title>
        <cusip>88034M5W2</cusip>
        <identifiers>
          <isin value="US88034M5W23"/>
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        <balance>5815000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5815000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.01400000</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>
      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CA ST MFA REV 4% 5/15/29</title>
        <cusip>13048TY72</cusip>
        <identifiers>
          <isin value="US13048TY723"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2414360.00000000</valUSD>
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        <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>0.04000000</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 DIEGO CNTY CA REG ARPT AUTH ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN DIEGO ARPT 5% 7/1/2036@</title>
        <cusip>79739GGL4</cusip>
        <identifiers>
          <isin value="US79739GGL41"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1870605.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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 MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CA ST MFA REV 5% 10/1/26</title>
        <cusip>13048TV75</cusip>
        <identifiers>
          <isin value="US13048TV752"/>
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        <balance>715000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>888416.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>LONG BEACH CA BD FIN AUTH LEAS</name>
        <lei>N/A</lei>
        <title>LONG BEACH BD CA 5% 8/1/27</title>
        <cusip>542402KQ4</cusip>
        <identifiers>
          <isin value="US542402KQ45"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1101120.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>MURRIETA VY CA UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>MURRIETA CA USD 5% 09/01/27</title>
        <cusip>626905LF8</cusip>
        <identifiers>
          <isin value="US626905LF81"/>
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        <balance>455000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>545599.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA ST</name>
        <lei>N/A</lei>
        <title>CA ST 5% 10/1/2022</title>
        <cusip>13063DQC5</cusip>
        <identifiers>
          <isin value="US13063DQC55"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11088500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>LOS ANGELES CA DEPT ARPTS REV</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CA 5% 5/15/2029@</title>
        <cusip>544445AN9</cusip>
        <identifiers>
          <isin value="US544445AN94"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3076150.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>LOS ANGELES CA HBR DEPT REV</name>
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        <cusip>544552ZF2</cusip>
        <identifiers>
          <isin value="US544552ZF29"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-08-01</maturityDt>
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      <invstOrSec>
        <name>PALOMAR HEALTH CALIF REV</name>
        <lei>N/A</lei>
        <title>PALOMAR HEALT 5% 11/1/2036</title>
        <cusip>697528AR8</cusip>
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          <isin value="US697528AR88"/>
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      <invstOrSec>
        <name>SACRAMENTO CALIF MUD ELEC REV</name>
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        <cusip>786005WU8</cusip>
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          <isin value="US786005WU80"/>
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        <name>ALAMEDA CO CA COP FING PROJ</name>
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        <title>ALAMEDA CA AMBAC</title>
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          <isin value="US010891SE05"/>
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      <invstOrSec>
        <name>CALIFORNIA STWD CMNTY DV AU RV</name>
        <lei>N/A</lei>
        <title>CA STWD 5% 3/1/2042</title>
        <cusip>13080SWG5</cusip>
        <identifiers>
          <isin value="US13080SWG55"/>
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        <balance>7500000.00000000</balance>
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      <invstOrSec>
        <name>CALIFORNIA STWD CMNTY DV AU RV</name>
        <lei>N/A</lei>
        <title>CA STWD 2018 5% 07/01/27</title>
        <cusip>13080SSV7</cusip>
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          <isin value="US13080SSV78"/>
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        <balance>245000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2027-07-01</maturityDt>
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      <invstOrSec>
        <name>YUBA CITY CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
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        <name>SANGER CA UNI SCH DIST</name>
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        <name>CALIFORNIA MUN FIN AUTH REV</name>
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        <name>MURRIETA CALIF PUB FING AUTH SPL TAX</name>
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        <name>CITY OF OAKLAND CA</name>
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        <name>CALIFORNIA HEALTH FACS FNG AUTH REV</name>
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        <name>STOCKTON CA UNIFIED SCHOOL DIS</name>
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        <name>CALIFORNIA HEALTH FACS FNG AUTH REV</name>
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        <name>CALIFORNIA ST</name>
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        <name>CA EDL FACS AUTH REV</name>
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        <name>VENTURA COUNTY PUBLIC FINANCING AUTHORITY</name>
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        <name>SAN MATEO CNTY CALIF JT PWRS FING AUTH LEASE REV</name>
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      <invstOrSec>
        <name>SAN JACINTO CA UNI SCH DIST</name>
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        <name>CALIFORNIA MUN FN AUTH REV</name>
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      <invstOrSec>
        <name>SAN MATEO CA UNIFIED SCH DIST</name>
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          <ticker value="SMTSCD"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LOS ANGELES CA DEPT ARPTS REV</name>
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          <isin value="US544445GY95"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>SACRAMENTO CNTY CA ARPT SYS RV</name>
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          <isin value="US786107SW32"/>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>LOS ANGELES CA MUN IMP CRP LSE</name>
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        <title>LA CA MUNI IMPT 5% 5/1/2031</title>
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          <isin value="US544587ZP67"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>CALIFORNIA INFRA and ECON DEV BK</name>
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          <isin value="US13033WZZ93"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CALIFORNIA STWD CMNTY DV AU RV</name>
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          <isin value="US13080STD61"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>ANTELOPE VALLEY CA CMNTY COLLEGE DIST</name>
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        <title>ANTELOPE VL CCD 5% 8/1/2034</title>
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          <isin value="US03667PFA57"/>
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        <balance>3000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>SAN JOSE CALIF FING AUTH LEASE</name>
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          <isin value="US798153LK64"/>
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        <name>ROCKLIN CA UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>ROCKLIN CALIF UNI SCH DIST FGIC</title>
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          <ticker value="ROCSCD"/>
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        <name>CALIFORNIA STWD CMNTY DV AU RV</name>
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        <name>S ORANGE CNTY CA PFA</name>
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        <name>WALNUT VLY CA USD BAN</name>
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        <name>TENDER OPT BD TR RCPTS / CTFS VAR STS</name>
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        <name>SAN DIEGO CA PUB FACS FING AUT</name>
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      </invstOrSec>
      <invstOrSec>
        <name>NORTH CITY W CA SCH FACS FING</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LOS ANGELES CA MUN IMP CRP LSE</name>
        <lei>N/A</lei>
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          <isin value="US544587B236"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ELK GROVE CA FIN AUTH SPL TAX</name>
        <lei>N/A</lei>
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          <isin value="US287254CY04"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>SANTA BARBARA CALIF FING AUTHREV</name>
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        <cusip>801262BF2</cusip>
        <identifiers>
          <isin value="US801262BF22"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1332670.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA ST PUB WKS BRD LSE</name>
        <lei>N/A</lei>
        <title>CA PUB WKS 5% 09/01/2024</title>
        <cusip>1306856F2</cusip>
        <identifiers>
          <isin value="US1306856F22"/>
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        <balance>1865000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2070821.40000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH SR LIVING HEALTH FAC REV</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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        <cusip>13081KAU4</cusip>
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          <isin value="US13081KAU43"/>
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        <curCd>USD</curCd>
        <valUSD>3973600.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>LOS ANGELES CA DEPT ARPTS REV</name>
        <lei>N/A</lei>
        <title>LA CA AIRPT 5% 5/15/2027 AMT</title>
        <cusip>5444354B3</cusip>
        <identifiers>
          <isin value="US5444354B36"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1505212.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>DEUTSCHE BANK SPEARS/LIFERS TRUST</name>
        <lei>N/A</lei>
        <title>CA ST DB-8017 Q=DB D7</title>
        <cusip>25160RDC4</cusip>
        <identifiers>
          <isin value="US25160RDC43"/>
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        <balance>4290000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4290000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.01300000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>METROPOLITAN WTR DIST SOUTHN CALIF</name>
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        <title>S CA MET WTR 17A Q=CI V1</title>
        <cusip>59266TMV0</cusip>
        <identifiers>
          <isin value="US59266TMV07"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3500000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.01190000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>STOCKTON CA UNIFIED SCHOOL DIS</name>
        <lei>N/A</lei>
        <title>STOCKTON CA USD 5% 07/01/2026</title>
        <cusip>861419SS9</cusip>
        <identifiers>
          <isin value="US861419SS99"/>
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        <balance>1110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1216782.00000000</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>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LONG BEACH CA CMNTY COLLEGE</name>
        <lei>N/A</lei>
        <title>LONGBEACH CA CC 0% 6/1/2031</title>
        <cusip>542411JK0</cusip>
        <identifiers>
          <isin value="US542411JK01"/>
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        <balance>8285000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>SAN PABLO CALIF REDEV AGY SUCCESSOR AGY TAX ALLOC</name>
        <lei>N/A</lei>
        <title>SAN PABLO CA RV 5% 6/15/2029</title>
        <cusip>799147AQ6</cusip>
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          <isin value="US799147AQ68"/>
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        <balance>1780000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>GOLDEN ST TOB SECURTZN CORP CALIF TOB SETTLEMENT REV</name>
        <lei>N/A</lei>
        <title>GOLDEN ST TOBAC 5% 6/1/2022</title>
        <cusip>38122NYW6</cusip>
        <identifiers>
          <isin value="US38122NYW63"/>
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        <fairValLevel>2</fairValLevel>
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        <name>WASHINGTON TWP CA HEALTH CARE DIST REV</name>
        <lei>N/A</lei>
        <title>WA TWP CA HC 5% 7/1/2030</title>
        <cusip>940204ET3</cusip>
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          <isin value="US940204ET38"/>
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        <balance>2500000.00000000</balance>
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        <valUSD>3066200.00000000</valUSD>
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        <name>SAN DIEGO CALIF ASSN GOVTS SOUTH BAY EXPWY TOLL REV</name>
        <lei>N/A</lei>
        <title>SAN DIEGO CALI 5% 7/1/2042</title>
        <cusip>797257AX0</cusip>
        <identifiers>
          <isin value="US797257AX02"/>
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        <balance>5000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>POWAY CALIF UNI SCH DIST PUB FING AUTH SPL TAX REV</name>
        <lei>N/A</lei>
        <title>POWAY CA UNI 5% 9/1/35</title>
        <cusip>73885QGF0</cusip>
        <identifiers>
          <isin value="US73885QGF00"/>
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        <balance>1580000.00000000</balance>
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        <valUSD>1839752.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-09-01</maturityDt>
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        <name>CALIFORNIA STWD CMNTY DV AU RV</name>
        <lei>N/A</lei>
        <title>CA STWD 2018 5% 07/01/34</title>
        <cusip>13080STC8</cusip>
        <identifiers>
          <isin value="US13080STC88"/>
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        <balance>885000.00000000</balance>
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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>2034-07-01</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>SAN DIEGO CNTY CA REG ARPT AUTH ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN DIEGO ARPT 5% 7/1/2026@</title>
        <cusip>79739GGA8</cusip>
        <identifiers>
          <isin value="US79739GGA85"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>497640.00000000</valUSD>
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        <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>0.05000000</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>CALIFORNIA ST PUB WKS BRD LSE</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE CA ST PRISONS L A-SER C</title>
        <cusip>130685P46</cusip>
        <identifiers>
          <isin value="US130685P469"/>
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        <balance>2875000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3078521.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</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>SACRAMENTO CNTY CA ARPT SYS RV</name>
        <lei>N/A</lei>
        <title>SAC CNTY ARPT 18C 5% 07/01/34@</title>
        <cusip>786107RT1</cusip>
        <identifiers>
          <isin value="US786107RT12"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5092400.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>EL DORADO CNTY CA SPL TAX</name>
        <lei>N/A</lei>
        <title>EL DORADO CNTY 5% 09/01/2023</title>
        <cusip>283113EC8</cusip>
        <identifiers>
          <isin value="US283113EC81"/>
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        <balance>1360000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1498325.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>LOS ANGELES CA DEPT ARPTS REV</name>
        <lei>N/A</lei>
        <title>LA CA AIRPT 5% 5/15/2023@</title>
        <cusip>5444356Z8</cusip>
        <identifiers>
          <isin value="US5444356Z85"/>
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        <balance>1390000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1572145.60000000</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>2023-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>LONG BEACH CA BD FIN AUTH LEAS</name>
        <lei>N/A</lei>
        <title>LONG BEACH CA SER A 5% 8/1/30</title>
        <cusip>542402KT8</cusip>
        <identifiers>
          <isin value="US542402KT83"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1099610.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>LOS ANGELES CA MUN IMP CRP LSE</name>
        <lei>N/A</lei>
        <title>LA CA MUNI IMPT 5% 5/1/2029</title>
        <cusip>544587ZM3</cusip>
        <identifiers>
          <isin value="US544587ZM37"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>584820.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>CALIFORNIA STWD CMNTY DV AU RV</name>
        <lei>N/A</lei>
        <title>CA STWD 5% 6/1/2039</title>
        <cusip>13080SWN0</cusip>
        <identifiers>
          <isin value="US13080SWN07"/>
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        <balance>475000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>577267.50000000</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>2039-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>
      <invstOrSec>
        <name>SAN JACINTO CA UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>SAN JACINTO 5% 8/1/25</title>
        <cusip>797848GN2</cusip>
        <identifiers>
          <isin value="US797848GN20"/>
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        <balance>875000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1029700.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ROSEVILLE CA CITY SCH DIST</name>
        <lei>N/A</lei>
        <title>ROSEVILLE CA SCHOOL DISTRICT FGIC</title>
        <cusip>777798GW3</cusip>
        <identifiers>
          <ticker value="ROSSCD"/>
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        <balance>1940000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1735058.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SANTA ROSA CA WSTWTR</name>
        <lei>N/A</lei>
        <title>SANTA ROSA CALIF WASTEWTR REV CAP APPREC-SER B AMBAC</title>
        <cusip>802649LM3</cusip>
        <identifiers>
          <isin value="US802649LM31"/>
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        <balance>4030000.00000000</balance>
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        <valUSD>4012540.83000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-09-01</maturityDt>
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          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SACRAMENTO CNTY CA ARPT SYS RV</name>
        <lei>N/A</lei>
        <title>SAC CNTY ARPT 18-E 5% 07/01/35</title>
        <cusip>786107SY9</cusip>
        <identifiers>
          <isin value="US786107SY97"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>1287910.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>SANTA MONICA-MALIBU UNSHDS CA</name>
        <lei>N/A</lei>
        <title>SANTA-MONICA CA 5% 7/1/2035</title>
        <cusip>802498RB3</cusip>
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          <isin value="US802498RB30"/>
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        <balance>400000.00000000</balance>
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        <valUSD>514236.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>IRVINE CALIF IMPT BD ACT 1915</name>
        <lei>N/A</lei>
        <title>IRVINE CA IMPT 5% 9/2/2044</title>
        <cusip>46360RF28</cusip>
        <identifiers>
          <isin value="US46360RF288"/>
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        <balance>2545000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2044-09-02</maturityDt>
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      <invstOrSec>
        <name>CORONA-NORCO CALIF UNI SCH DIST PUB FING AUTH SPL TAX REV</name>
        <lei>N/A</lei>
        <title>CORONA-NORCO SP 5% 09/01/2032</title>
        <cusip>21976TGH9</cusip>
        <identifiers>
          <isin value="US21976TGH95"/>
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        <balance>1125000.00000000</balance>
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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>2032-09-01</maturityDt>
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      <invstOrSec>
        <name>UNIVERSITY CA REVS</name>
        <lei>N/A</lei>
        <title>UNIV CAL REV 1.4% 5/15/2046 MT</title>
        <cusip>91412GJ97</cusip>
        <identifiers>
          <isin value="US91412GJ971"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3010440.00000000</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>2046-05-15</maturityDt>
          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CA ST MFA REV 5% 10/1/28</title>
        <cusip>13048TV91</cusip>
        <identifiers>
          <isin value="US13048TV919"/>
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        <balance>2130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2683182.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LONG BEACH CA HBR REV</name>
        <lei>N/A</lei>
        <title>LG BCH CA HBR 5% 5/15/2034@</title>
        <cusip>542424UY0</cusip>
        <identifiers>
          <isin value="US542424UY05"/>
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        <balance>1650000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2054662.50000000</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>2034-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>LOS ANGELES CA DEPT ARPTS REV</name>
        <lei>N/A</lei>
        <title>LA CA AIRPT 5% 5/15/2029 AMT</title>
        <cusip>5444354D9</cusip>
        <identifiers>
          <isin value="US5444354D91"/>
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        <balance>1575000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1885952.25000000</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>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RANCHO CUCAMONGA CALIF REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
        <lei>N/A</lei>
        <title>RANCHO CUCAMONG 5% 9/1/2025</title>
        <cusip>75212CAM1</cusip>
        <identifiers>
          <isin value="US75212CAM10"/>
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        <balance>1740000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2065171.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>SOUTH ORANGE CNTY CA PFA SPL</name>
        <lei>N/A</lei>
        <title>SO ORANGE CA PFA SER A 5% 8/15/2028</title>
        <cusip>839100JN5</cusip>
        <identifiers>
          <isin value="US839100JN53"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1081360.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>
      <invstOrSec>
        <name>ELK GROVE CA FIN AUTH SPL TAX</name>
        <lei>N/A</lei>
        <title>ELK GROVE CA FI 5% 9/1/2027</title>
        <cusip>287254DR4</cusip>
        <identifiers>
          <isin value="US287254DR44"/>
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        <balance>1875000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2282643.75000000</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>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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 STATEWIDE CMNTYS DEV AUTH SR LIVING HEALTH FAC REV</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STA 5% 1/1/2033</title>
        <cusip>13081KAP5</cusip>
        <identifiers>
          <isin value="US13081KAP57"/>
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        <balance>1595000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1987385.95000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA STWD CMNTY DV AU RV</name>
        <lei>N/A</lei>
        <title>CA STWD 5% 10/1/2026</title>
        <cusip>13080SNZ3</cusip>
        <identifiers>
          <isin value="US13080SNZ38"/>
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        <balance>1125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1402695.00000000</valUSD>
        <pctVal>0.059531673836</pctVal>
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        <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>0.05000000</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>
      <invstOrSec>
        <name>UPLAND CA CTFS PARTN</name>
        <lei>N/A</lei>
        <title>UPLAND CA COP 5% 1/1/2034</title>
        <cusip>915346FX3</cusip>
        <identifiers>
          <isin value="US915346FX32"/>
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        <balance>2230000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2723900.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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 SR LIVING REV</name>
        <lei>N/A</lei>
        <title>CALIF CA 5% 11/15/2049</title>
        <cusip>13049RBG0</cusip>
        <identifiers>
          <isin value="US13049RBG02"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3007800.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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 CA DEPT ARPTS REV</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CA 5% 5/15/2033@</title>
        <cusip>544445AS8</cusip>
        <identifiers>
          <isin value="US544445AS81"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2442160.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>
      <invstOrSec>
        <name>SAN JOSE CALIF ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN JOSE ARPT 5% 3/1/2032</title>
        <cusip>798136WK9</cusip>
        <identifiers>
          <isin value="US798136WK97"/>
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        <balance>235000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>298504.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MONTEBELLO CALIF PUB FING AUTHREV</name>
        <lei>N/A</lei>
        <title>MONTEBELLO HOME2 SUITES HILTON</title>
        <cusip>612286DU5</cusip>
        <identifiers>
          <isin value="US612286DU57"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2415320.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>SOUTH BAYSIDE WASTE MGMT AUTH CALIF SOLID WASTE ENTERPRISE</name>
        <lei>N/A</lei>
        <title>SOUTH BAYSIDE 5% 9/1/2024 @</title>
        <cusip>83646ABD4</cusip>
        <identifiers>
          <isin value="US83646ABD46"/>
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        <balance>440000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>WEST CONTRA COSTA CALIF UNI SCH DIST</name>
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        <title>WEST CONTRA USD</title>
        <cusip>952347D58</cusip>
        <identifiers>
          <isin value="US952347D582"/>
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        <balance>2555000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3033525.95000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>CA MUN FIN AUTH STUDENT HSG REV</name>
        <lei>N/A</lei>
        <title>CA MUN FIN AUT 5% 5/15/2033</title>
        <cusip>13049YCA7</cusip>
        <identifiers>
          <isin value="US13049YCA73"/>
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        <balance>1345000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1693933.35000000</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>2033-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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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 ARPT 5% 3/1/37@</title>
        <cusip>798136VR5</cusip>
        <identifiers>
          <isin value="US798136VR59"/>
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        <balance>2250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2770177.50000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CA ST MFA REV 5% 7/1/2029</title>
        <cusip>13048T4B6</cusip>
        <identifiers>
          <isin value="US13048T4B65"/>
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        <balance>575000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>714719.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ANTELOPE VALLEY CA CMNTY COLLEGE DIST</name>
        <lei>N/A</lei>
        <title>ANTELOPE VL CCD 5% 8/1/2032</title>
        <cusip>03667PEY4</cusip>
        <identifiers>
          <isin value="US03667PEY43"/>
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        <balance>1345000.00000000</balance>
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        <name>SAN JOSE CALIF FING AUTH LEASE</name>
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        <name>NORWALK LA MIRADA CA UNI SCH</name>
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        <name>SAN MATEO CNTY CALIF CMNTY COL DIST</name>
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        <name>MERCED CALIF UN HIGH SCH DIST</name>
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        <name>SAN JOSE CALIF ARPT REV</name>
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        <name>LOS ANGELES CA CCD</name>
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        <name>SAN MATEO CNTY CALIF CMNTY COL DIST</name>
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      <invstOrSec>
        <name>SAN DIEGO CNTY CA REG ARPT AUTH ARPT REV</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA STWD CMNTY DV AU RV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA MUN FIN AUTH LEASEREV</name>
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          <isin value="US13049UCW71"/>
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        <name>ELK GROVE CA FIN AUTH SPL TAX</name>
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          <isin value="US287254DT00"/>
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        <name>WEST CONTRA COSTA CALIF UNI SCH DIST</name>
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        <name>SAN DIEGO CA PUB FACS FING AUT</name>
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        <name>SAN MATEO FOSTER CITY CALIF PUB FING AUTH WASTEWATER REV</name>
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        <name>SACRAMENTO CALIF TRANSIENT OCCUPANCY TAX REV</name>
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        <name>ALAMEDA CORRIDOR TRAN A CA RV</name>
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        <name>ANTELOPE VALLEY CA CMNTY COLLEGE DIST</name>
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          <isin value="US03667PEZ18"/>
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      </invstOrSec>
      <invstOrSec>
        <name>VACAVILLE UNIFIED SCH DIST CA</name>
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          <isin value="US918608QU70"/>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>SAN JOSE CALIF ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN JOSE ARPT 5% 3/1/2037</title>
        <cusip>798136WQ6</cusip>
        <identifiers>
          <isin value="US798136WQ67"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>ELK GROVE CA FIN AUTH SPL TAX</name>
        <lei>N/A</lei>
        <title>ELK GROVE CA FI 5% 9/1/27</title>
        <cusip>287254CU8</cusip>
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          <isin value="US287254CU81"/>
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        <balance>1940000.00000000</balance>
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        <curCd>USD</curCd>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>LONG BEACH CA BD FIN AUTH LEAS</name>
        <lei>N/A</lei>
        <title>Long Beach Bond Finance Authority 5% 8/1/2025</title>
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          <isin value="US542402KN14"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>REDWOOD CITY CA ELEM SCH DIST</name>
        <lei>N/A</lei>
        <title>REDWOOD CITY CA ESD CAP APPREC FGIC</title>
        <cusip>757793AZ7</cusip>
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          <isin value="US757793AZ70"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH FACS FNG AUTH REV</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA HLTH 5% 11/15/32</title>
        <cusip>13032UNQ7</cusip>
        <identifiers>
          <isin value="US13032UNQ75"/>
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        <valUSD>1809892.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH FACS FNG AUTH REV</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA HLTH 0% 11/15/2042</title>
        <cusip>13032UPV4</cusip>
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          <isin value="US13032UPV43"/>
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        <valUSD>2186800.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-11-15</maturityDt>
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      <invstOrSec>
        <name>SAN DIEGO CALIF ASSN GOVTS SOUTH BAY EXPWY TOLL REV</name>
        <lei>N/A</lei>
        <title>SAN DIEGO CALI 5% 7/1/2029</title>
        <cusip>797257AM4</cusip>
        <identifiers>
          <isin value="US797257AM47"/>
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        <balance>1650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2110185.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CA ST MFA REV 5% 8/15/36</title>
        <cusip>13048T3T8</cusip>
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          <isin value="US13048T3T82"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>OAKLAND CA UNI SCH D ALAM CNTY</name>
        <lei>N/A</lei>
        <title>OAKLAND CA USD 5% 8/1/40</title>
        <cusip>672325XT9</cusip>
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          <isin value="US672325XT95"/>
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        <balance>3500000.00000000</balance>
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        <valUSD>4175185.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <name>TURLOCK CA</name>
        <lei>N/A</lei>
        <title>TURLOCK CALIF IRR DIST REV</title>
        <cusip>900190GA1</cusip>
        <identifiers>
          <isin value="US900190GA11"/>
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        <balance>10000000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2041-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05500000</annualizedRt>
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        <name>WESTERN RIVERSIDE WTR and WASTEWATER FING AUTH CALIF REV</name>
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        <title>WESTERN RIVERSIDE CNTY CALIF WTR and WSTWTR FIN AUTH WASTERN MUN WTR DIST IMPT</title>
        <cusip>95942TCY1</cusip>
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          <isin value="US95942TCY10"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CA EDL FACS AUTH REV</name>
        <lei>N/A</lei>
        <title>CA EDL FACS 5% 10/1/2046</title>
        <cusip>130179QG2</cusip>
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          <isin value="US130179QG20"/>
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        <name>CALIFORNIA ST PUB WKS BRD LSE</name>
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          <isin value="US13068LZU24"/>
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        <name>MURRIETA VY CA UNI SCH DIST</name>
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          <isin value="US626905LE17"/>
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      <invstOrSec>
        <name>CA EDL FACS AUTH REV</name>
        <lei>N/A</lei>
        <title>CA EDL FACS 5% 10/1/2034</title>
        <cusip>130179QA5</cusip>
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          <isin value="US130179QA59"/>
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      <invstOrSec>
        <name>SACRAMENTO CALIF TRANSIENT OCCUPANCY TAX REV</name>
        <lei>N/A</lei>
        <title>SACRAMENTO TRAN 5% 6/1/2035</title>
        <cusip>786073AR7</cusip>
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          <isin value="US786073AR70"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPIRE UNION CA SCH DIST SPL</name>
        <lei>N/A</lei>
        <title>EMPIRE UN CA SCH DIST SPL TAX CMNTY FACS DIST NO 1987-1-A AMBAC</title>
        <cusip>292109CW3</cusip>
        <identifiers>
          <ticker value="EMPSCD"/>
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        <balance>1665000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1561819.95000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WEST CONTRA COSTA CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>WEST CONTRA USD 5% 8/1/2028</title>
        <cusip>952347D82</cusip>
        <identifiers>
          <isin value="US952347D822"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1178220.00000000</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>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CA EDL FACS AUTH REV</name>
        <lei>N/A</lei>
        <title>CA EDL FACS 5% 10/1/2036</title>
        <cusip>130179QC1</cusip>
        <identifiers>
          <isin value="US130179QC16"/>
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        <balance>840000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1076350.80000000</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>2036-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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 MATEO CNTY CALIF JT PWRS FING AUTH LEASE REV</name>
        <lei>N/A</lei>
        <title>SAN MATEO CN 5% 7/15/2026</title>
        <cusip>79904NGX2</cusip>
        <identifiers>
          <isin value="US79904NGX21"/>
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        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5086320.00000000</valUSD>
        <pctVal>0.215868127617</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>TURLOCK CA</name>
        <lei>N/A</lei>
        <title>TURLOCK IRR DST 5% 1/1/2031 Q</title>
        <cusip>900190KV0</cusip>
        <identifiers>
          <isin value="US900190KV02"/>
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        <balance>6375000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8415000.00000000</valUSD>
        <pctVal>0.357140387137</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>CALIFORNIA MUN FN AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MN A 5% 12/31/2034 @</title>
        <cusip>13048VBU1</cusip>
        <identifiers>
          <isin value="US13048VBU17"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3754590.00000000</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>2034-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>POWAY CA UNIFIED SCH DIST</name>
        <lei>N/A</lei>
        <title>POWAY CALIF UNI SCH DIST CAP APPREC-SCH FACS IMPT</title>
        <cusip>738850RA6</cusip>
        <identifiers>
          <isin value="US738850RA62"/>
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        <balance>9000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6778620.00000000</valUSD>
        <pctVal>0.287690905651</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OAKLAND-ALAMEDA CNTY CA COL AU</name>
        <lei>N/A</lei>
        <title>OAKLAND-ALAMEDA CNTY CA COLISEUM AUTH LEASE REVENUE SER A-REF</title>
        <cusip>672211AY5</cusip>
        <identifiers>
          <isin value="US672211AY50"/>
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        <balance>2935000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3178252.80000000</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>2022-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>CITY OF OAKLAND CA</name>
        <lei>N/A</lei>
        <title>OAKLAND CA 5% 1/15/2025</title>
        <cusip>672240RW0</cusip>
        <identifiers>
          <isin value="US672240RW09"/>
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        <balance>3460000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3591999.00000000</valUSD>
        <pctVal>0.152447761551</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LONG BEACH CA BD FIN AUTH LEAS</name>
        <lei>N/A</lei>
        <title>Long Beach Bond Finance Authority 5% 8/1/2026</title>
        <cusip>542402KP6</cusip>
        <identifiers>
          <isin value="US542402KP61"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1101630.00000000</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>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>CALIFORNIA STWD CMNTY DV AU RV</name>
        <lei>N/A</lei>
        <title>CA STWD 2018 5% 07/01/48</title>
        <cusip>13080STK0</cusip>
        <identifiers>
          <isin value="US13080STK05"/>
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        <balance>9000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11101770.00000000</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>2048-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>IRVINE CALIF IMPT BD ACT 1915</name>
        <lei>N/A</lei>
        <title>IRVINE CA IMPT 5% 9/2/2023</title>
        <cusip>46360RLU9</cusip>
        <identifiers>
          <isin value="US46360RLU94"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1104910.00000000</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>2023-09-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>SOUTH ORANGE CNTY CA PFA SPL</name>
        <lei>N/A</lei>
        <title>SO ORANGE CNTY PFA 5% 8/15/23</title>
        <cusip>839100JE5</cusip>
        <identifiers>
          <isin value="US839100JE54"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1082770.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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 FN AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MN A 5% 4/1/2037</title>
        <cusip>13048VGG7</cusip>
        <identifiers>
          <isin value="US13048VGG77"/>
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        <balance>1475000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1892941.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LOS ANGELES CA CCD</name>
        <lei>N/A</lei>
        <title>LA CA CCD 4% 8/1/2033</title>
        <cusip>54438CXH0</cusip>
        <identifiers>
          <isin value="US54438CXH05"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3041400.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EASTERN CALIF MUN WTR DIST WTR and WASTEWATER REV</name>
        <lei>N/A</lei>
        <title>EASTERN CA MUNI WTR18A Q=BA V1</title>
        <cusip>27627TBV3</cusip>
        <identifiers>
          <isin value="US27627TBV35"/>
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        <balance>1300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1300000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.01190000</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 MUN FN AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MN A 5% 4/1/2032</title>
        <cusip>13048VGD4</cusip>
        <identifiers>
          <isin value="US13048VGD47"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3892680.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>
      <invstOrSec>
        <name>SAN JOSE CALIF ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN JOSE ARPT 5% 3/1/2033</title>
        <cusip>798136WL7</cusip>
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          <isin value="US798136WL70"/>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CA ST MFA REV 5% 6/1/30</title>
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          <isin value="US13048T2K82"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>WASHINGTON TWP CA HEALTH CARE DIST REV</name>
        <lei>N/A</lei>
        <title>WA TWP CA HC 5.5% 7/1/38</title>
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          <isin value="US940204CS72"/>
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        <curCd>USD</curCd>
        <valUSD>3145322.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05500000</annualizedRt>
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      <invstOrSec>
        <name>LONG BEACH CA HBR REV</name>
        <lei>N/A</lei>
        <title>LG BCH CA HBR 5% 5/15/2035@</title>
        <cusip>542424UZ7</cusip>
        <identifiers>
          <isin value="US542424UZ79"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3108250.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SANTA MONICA-MALIBU UNSHDS CA</name>
        <lei>N/A</lei>
        <title>SANTA-MONICA CA 4% 7/1/2038</title>
        <cusip>802498RE7</cusip>
        <identifiers>
          <isin value="US802498RE78"/>
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        <balance>450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>537651.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SAN MATEO CA UNIFIED SCH DIST</name>
        <lei>N/A</lei>
        <title>SAN MATEO CALIF UN HIGH SCH DIST CAP APPREC-ELECTION OF 2000-B INSURER FGIC</title>
        <cusip>799017CH9</cusip>
        <identifiers>
          <isin value="US799017CH98"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1389150.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CA ST MFA REV 4% 5/15/30</title>
        <cusip>13048TY80</cusip>
        <identifiers>
          <isin value="US13048TY806"/>
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        <balance>1575000.00000000</balance>
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        <valUSD>1887653.25000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LONG BEACH CA BD FIN AUTH LEAS</name>
        <lei>N/A</lei>
        <title>LONG BEACH CA BFA 5% 8/1/24</title>
        <cusip>542402KM3</cusip>
        <identifiers>
          <isin value="US542402KM31"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1102140.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RIVERSIDE CA ELEC REV</name>
        <lei>N/A</lei>
        <title>RIVSIDE CA ELEC 5% 10/1/2043</title>
        <cusip>768874UU1</cusip>
        <identifiers>
          <isin value="US768874UU13"/>
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        <balance>3840000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4990425.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>CALIFORNIA MUN FN AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MN A 5% 4/1/2031</title>
        <cusip>13048VGC6</cusip>
        <identifiers>
          <isin value="US13048VGC63"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2607860.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>LAGUNA BEACH CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>LAGUNA BEACH CALIF UNI SCH DIST REF-ELECTION 2001</title>
        <cusip>507192GL0</cusip>
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          <isin value="US507192GL01"/>
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        <balance>485000.00000000</balance>
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        <valUSD>493725.15000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LONG BEACH CA HBR REV</name>
        <lei>N/A</lei>
        <title>LG BCH CA HBR 5% 5/15/2030@</title>
        <cusip>542424UU8</cusip>
        <identifiers>
          <isin value="US542424UU82"/>
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        <balance>1300000.00000000</balance>
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        <valUSD>1634438.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>LA QUINTA CALIF REDEV AGY SUCCESSOR AGY TAX ALLOC</name>
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        <cusip>50420BAM4</cusip>
        <identifiers>
          <isin value="US50420BAM46"/>
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        <valUSD>4685535.85000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-01</maturityDt>
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          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>SACRAMENTO CA FIN AUTH</name>
        <lei>N/A</lei>
        <title>SAC CA FIN AUTH 0 12/1/26</title>
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          <isin value="US785849QJ28"/>
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        <balance>6000000.00000000</balance>
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        <valUSD>5414880.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>CALIFORNIA ST PUB WKS BRD LSE</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST PUBLIC WKS BRD LREV SER A-VARIOUS CAPITAL PROJ</title>
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          <isin value="US130685Z948"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CA ST MFA REV 5% 7/1/2032</title>
        <cusip>13048T4F7</cusip>
        <identifiers>
          <isin value="US13048T4F79"/>
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        <valUSD>1721104.00000000</valUSD>
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        <name>CALIFORNIA MUN FN AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MN A 5% 10/1/2037</title>
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          <isin value="US13048VDV71"/>
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        <valUSD>690112.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>SAN FRANCISCO CA CITY and COUNTY AIRPORTS COMMISSION INTERNATIONAL AIRPORT REVENUE</name>
        <lei>N/A</lei>
        <title>SAN FRAN ARPT 5% 5/1/50@</title>
        <cusip>79766DSA8</cusip>
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          <isin value="US79766DSA80"/>
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        <balance>7000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8839250.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>CALIFORNIA PCF SOLID WST DISP</name>
        <lei>N/A</lei>
        <title>CALIFORNIA POLLUTN CTL FING AUTH SOLID WASTE DISP REV WASTE MGMT INC PROJ-SER C ***AMT***</title>
        <cusip>130536KL8</cusip>
        <identifiers>
          <isin value="US130536KL84"/>
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        <balance>7500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8183700.00000000</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>2027-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03250000</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>RANCHO CUCAMONGA CALIF REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
        <lei>N/A</lei>
        <title>RANCHO CUCAMONG 5% 9/1/2029</title>
        <cusip>75212CAR0</cusip>
        <identifiers>
          <isin value="US75212CAR07"/>
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        <balance>1850000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2168884.50000000</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>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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 JOSE CALIF ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN JOSE ARPT 5% 3/1/2030</title>
        <cusip>798136WH6</cusip>
        <identifiers>
          <isin value="US798136WH68"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>319135.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UPLAND CA CTFS PARTN</name>
        <lei>N/A</lei>
        <title>UPLAND CA COP 5% 1/1/2031</title>
        <cusip>915346FU9</cusip>
        <identifiers>
          <isin value="US915346FU92"/>
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        <balance>1350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1658731.50000000</valUSD>
        <pctVal>0.070398099829</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>MODESTO CALIF CTFS PARTN</name>
        <lei>N/A</lei>
        <title>MODESTO CA CTFS PARTN GOLF COURSE REFING PROJ SER B FGIC</title>
        <cusip>607715FF1</cusip>
        <identifiers>
          <ticker value="MODCTF"/>
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        <balance>785000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>824242.15000000</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>2023-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>UNIV CA REGTS MED CTR POOLED REV</name>
        <lei>N/A</lei>
        <title>UNIV CA MED CTR 5% 5/15/48</title>
        <cusip>913366GG9</cusip>
        <identifiers>
          <isin value="US913366GG99"/>
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        <balance>7300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8131616.00000000</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>2048-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>LA QUINTA CALIF REDEV AGY SUCCESSOR AGY TAX ALLOC</name>
        <lei>N/A</lei>
        <title>LA QUINTA CA RD 5% 9/1/2026</title>
        <cusip>50420BBX9</cusip>
        <identifiers>
          <isin value="US50420BBX91"/>
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        <balance>1860000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2206685.40000000</valUSD>
        <pctVal>0.093653770415</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>0.05000000</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 STWD CMNTY DV AU RV</name>
        <lei>N/A</lei>
        <title>CA STWD 5% 10/1/2033</title>
        <cusip>13080SPG3</cusip>
        <identifiers>
          <isin value="US13080SPG39"/>
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        <balance>1850000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2259331.00000000</valUSD>
        <pctVal>0.095888098397</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>LOS ANGELES CA MUN IMP CRP LSE</name>
        <lei>N/A</lei>
        <title>LA CA MUNI IMPT 5% 5/1/2030</title>
        <cusip>544587ZN1</cusip>
        <identifiers>
          <isin value="US544587ZN10"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1167410.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>LOS ANGELES CNTY CALIF REGL FING AUTH INSD REV</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CN 5% 11/15/2044</title>
        <cusip>54465YAN0</cusip>
        <identifiers>
          <isin value="US54465YAN04"/>
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        <balance>2250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2490930.00000000</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>2044-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>
      <invstOrSec>
        <name>ELK GROVE CA FIN AUTH SPL TAX</name>
        <lei>N/A</lei>
        <title>ELK GROVE CA FI 5% 9/1/2031</title>
        <cusip>287254DV5</cusip>
        <identifiers>
          <isin value="US287254DV55"/>
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        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3005325.00000000</valUSD>
        <pctVal>0.127548774090</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>SAN DIEGO CA UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>SAN DIEGO CALIF UNI SCH DIST CAP APPREC ELECTION 2008 C</title>
        <cusip>797355M76</cusip>
        <identifiers>
          <isin value="US797355M767"/>
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        <balance>1300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>920595.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA ST DEPT WTR RES CEN</name>
        <lei>N/A</lei>
        <title>CA WTR RES 5% 12/01/25 Q</title>
        <cusip>13066KC80</cusip>
        <identifiers>
          <isin value="US13066KC803"/>
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        <balance>2700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2904417.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MURRIETA VY CA UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>MURRIETA CA USD 5% 9/1/26</title>
        <cusip>626905MK6</cusip>
        <identifiers>
          <isin value="US626905MK67"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1801935.00000000</valUSD>
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        <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>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAN JOAQUIN HILLS CA TRANSN CORRIDOR AGY TOLL RD REV</name>
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        <title>SAN JOAQUIN HILLS CALIF TRANSNCORRIDOR AGY TOLL RD REV SR LIEN-CABS</title>
        <cusip>798111BC3</cusip>
        <identifiers>
          <ticker value="SJHTRN"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3754440.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH LEASEREV</name>
        <lei>N/A</lei>
        <title>CALIF CA 13049U 5% 6/1/2035</title>
        <cusip>13049UCV9</cusip>
        <identifiers>
          <isin value="US13049UCV98"/>
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        <balance>5110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6456331.70000000</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>2035-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LOS ANGELES CA WASTEWTR SYS</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CALIF WASTEWTR SYSREF-SUB-SER B</title>
        <cusip>5446527Z7</cusip>
        <identifiers>
          <isin value="US5446527Z76"/>
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        <balance>4800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5254416.00000000</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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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
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          <isin value="US13048T4H36"/>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>M-S-R PUB PWR AGY CA MODESTO- S CLARA-READG</name>
        <lei>N/A</lei>
        <title>M S R PUB PWR AGY CA SAN JUAN PROJ REV SER D MBIA ESCROWED TO MATURITY</title>
        <cusip>553751DN5</cusip>
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          <isin value="US553751DN58"/>
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        <valUSD>234567.73000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>0.06750000</annualizedRt>
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      <invstOrSec>
        <name>SAN JACINTO CA UNI SCH DIST</name>
        <lei>N/A</lei>
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        <cusip>797848GW2</cusip>
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          <isin value="US797848GW29"/>
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        <balance>3150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3690477.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CA ST MFA REV 5% 6/1/35</title>
        <cusip>13048T2Q5</cusip>
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          <isin value="US13048T2Q52"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>LOS ANGELES CALIF WTR and PWR RE</name>
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        <cusip>544495M27</cusip>
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          <isin value="US544495M270"/>
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        <balance>6000000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>CA POLLUTION CONROL FIN AUTH</name>
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        <title>CALIFORNIA POLLUTN CTL FING AUTH ENVIRONMENTAL IMPT REV VAR-AIR PRODS-B-RMKT-03/03/08</title>
        <cusip>13053RAM1</cusip>
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          <isin value="US13053RAM16"/>
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        <curCd>USD</curCd>
        <valUSD>5200000.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.01200000</annualizedRt>
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      <invstOrSec>
        <name>DEUTSCHE BANK SPEARS/LIFERS TRUST</name>
        <lei>N/A</lei>
        <title>SF CA 1500 MISSION ST APTS DBE-8038 DB/DB D7</title>
        <cusip>25160RGA5</cusip>
        <identifiers>
          <isin value="US25160RGA59"/>
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        <balance>15000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15000000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.01500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SACRAMENTO CALIF TRANSIENT OCCUPANCY TAX REV</name>
        <lei>N/A</lei>
        <title>SACRAMENTO TRAN 5% 6/1/2037</title>
        <cusip>786073AT3</cusip>
        <identifiers>
          <isin value="US786073AT37"/>
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        <balance>2405000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3060242.25000000</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>2037-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>POWAY CA UNIFIED SCH DIST</name>
        <lei>N/A</lei>
        <title>POWAY CALIF UNI SCH DIST CAP APPREC-SCH FACS IMPT</title>
        <cusip>738850RG3</cusip>
        <identifiers>
          <isin value="US738850RG33"/>
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        <balance>5130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3245443.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH FACS FNG AUTH REV</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA HLTH(SUTTER HL SY,CA) 5% 11/15/46</title>
        <cusip>13032UCK2</cusip>
        <identifiers>
          <isin value="US13032UCK25"/>
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        <balance>3335000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4026045.35000000</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>2046-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA STWD CMNTY DV AU RV</name>
        <lei>N/A</lei>
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        <cusip>13080STG9</cusip>
        <identifiers>
          <isin value="US13080STG92"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>626565.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <name>SUCCESSOR AGY PITTSBURG CALIF REDEV AGY</name>
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        <title>PITTSBURG CA 5% 9/1/28</title>
        <cusip>86459LBQ0</cusip>
        <identifiers>
          <isin value="US86459LBQ05"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4366915.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>CA POLLUTN CTL FING AUTH EXMPT</name>
        <lei>N/A</lei>
        <title>CA POLUTN CNTRL FING AUTH (EXXONMOBIL PJ) 2001 GUAR EXXON MOBIL CORP ***AMT***</title>
        <cusip>13053WAB4</cusip>
        <identifiers>
          <isin value="US13053WAB46"/>
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        <curCd>USD</curCd>
        <valUSD>6100000.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.01130000</annualizedRt>
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      <invstOrSec>
        <name>LOS ANGELES CA DEPT ARPTS REV</name>
        <lei>N/A</lei>
        <title>LA CA AIRPT SER D 5% 5/15/31@</title>
        <cusip>5444357H7</cusip>
        <identifiers>
          <isin value="US5444357H78"/>
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        <balance>2540000.00000000</balance>
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        <valUSD>3027299.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CA ST MFA REV 4% 1/1/2037</title>
        <cusip>13048T7X5</cusip>
        <identifiers>
          <isin value="US13048T7X58"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1498325.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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        <name>CALIFORNIA MUN FN AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MN A 5% 12/31/2047 @</title>
        <cusip>13048VCD8</cusip>
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          <isin value="US13048VCD82"/>
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        <balance>5000000.00000000</balance>
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        <valUSD>6101800.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>DEUTSCHE BANK SPEARS/LIFERS TRUST</name>
        <lei>N/A</lei>
        <title>CSCDA MFH HARBOR PARK APT DBE-8014 DB/DB D7</title>
        <cusip>25160RCN1</cusip>
        <identifiers>
          <isin value="US25160RCN17"/>
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        <balance>6045000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6045000.00000000</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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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GUAM INTL ARPT AUTH REV</name>
        <lei>N/A</lei>
        <title>GUAM INTL ARPT 6.375% 10/1/43@</title>
        <cusip>40064RDK2</cusip>
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          <isin value="US40064RDK23"/>
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        <balance>480000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>561508.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06375000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SAN JOSE CALIF ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN JOSE ARPT 5% 3/1/32@</title>
        <cusip>798136VL8</cusip>
        <identifiers>
          <isin value="US798136VL89"/>
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        <balance>850000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1055674.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SAN DIEGO CA PUB FACS FING AUT</name>
        <lei>N/A</lei>
        <title>SAN DIEGO CA PU SR A 5% 10/15/44</title>
        <cusip>797299KD5</cusip>
        <identifiers>
          <isin value="US797299KD53"/>
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        <balance>4005000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4797949.95000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EL DORADO CALIF IRR DIST REV</name>
        <lei>N/A</lei>
        <title>EL DORADO CA 5% 3/1/2036</title>
        <cusip>283062CG0</cusip>
        <identifiers>
          <isin value="US283062CG07"/>
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        <balance>330000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>404124.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SANTA MONICA-MALIBU UNSHDS CA</name>
        <lei>N/A</lei>
        <title>SANTA-MONICA CA 5% 7/1/2032</title>
        <cusip>802498QY4</cusip>
        <identifiers>
          <isin value="US802498QY42"/>
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        <balance>255000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>329559.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WASHINGTON TWP CA HEALTH CARE DIST</name>
        <lei>N/A</lei>
        <title>WA TWP CA HC DI 5.50% 8/1/2038</title>
        <cusip>940642CD1</cusip>
        <identifiers>
          <isin value="US940642CD12"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1783230.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MONTEBELLO CALIF PUB FING AUTHREV</name>
        <lei>N/A</lei>
        <title>MONTEBELLO HOME2 SUITES HILTON</title>
        <cusip>612286DR2</cusip>
        <identifiers>
          <isin value="US612286DR29"/>
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        <balance>6155000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7363780.45000000</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>2041-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CA ST MFA REV 5% 10/1/2037</title>
        <cusip>13048TX24</cusip>
        <identifiers>
          <isin value="US13048TX246"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>614300.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LONG BEACH CA HBR REV</name>
        <lei>N/A</lei>
        <title>LG BCH CA HBR 5% 5/15/2032@</title>
        <cusip>542424UW4</cusip>
        <identifiers>
          <isin value="US542424UW49"/>
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        <balance>1760000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2202323.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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 REV</name>
        <lei>N/A</lei>
        <title>CA ST MFA REV 5% 10/1/2039</title>
        <cusip>13048TX32</cusip>
        <identifiers>
          <isin value="US13048TX329"/>
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        <balance>1750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2139322.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA ST PUB WKS BRD LSE</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE CA ST PRISONS LA-SER C</title>
        <cusip>130685P20</cusip>
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          <isin value="US130685P204"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4309840.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05750000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SACRAMENTO CNTY CA ARPT SYS RV</name>
        <lei>N/A</lei>
        <title>SAC CNTY ARPT 18C 5% 07/01/36@</title>
        <cusip>786107RV6</cusip>
        <identifiers>
          <isin value="US786107RV67"/>
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        <balance>7500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9510375.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>LOS ANGELES CA MUN IMP CRP LSE</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CA MUNI IMPT CORPLEASE REVENUE REF-REAL PPTY-SER C</title>
        <cusip>544587XN3</cusip>
        <identifiers>
          <isin value="US544587XN38"/>
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        <valUSD>3253290.00000000</valUSD>
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        <debtSec>
          <maturityDt>2026-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA MUN FN AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MN A 5% 4/1/2036</title>
        <cusip>13048VGF9</cusip>
        <identifiers>
          <isin value="US13048VGF94"/>
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        <balance>1125000.00000000</balance>
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        <valUSD>1447177.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>CORONA-NORCO CALIF UNI SCH DIST PUB FING AUTH SPL TAX REV</name>
        <lei>N/A</lei>
        <title>CORONA-NORCO SP 5% 09/01/2035</title>
        <cusip>21976TGJ5</cusip>
        <identifiers>
          <isin value="US21976TGJ51"/>
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        <balance>585000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-09-01</maturityDt>
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          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>CA MUN FIN AUTH STUDENT HSG REV</name>
        <lei>N/A</lei>
        <title>CA MUN FIN AUT 5% 5/15/2035</title>
        <cusip>13049YCC3</cusip>
        <identifiers>
          <isin value="US13049YCC30"/>
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        <balance>1955000.00000000</balance>
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        <valUSD>2451061.70000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-15</maturityDt>
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          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA MUN FN AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MN A 5% 12/31/2038 @</title>
        <cusip>13048VBX5</cusip>
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          <isin value="US13048VBX55"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6197550.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA STWD CMNTY DV AU RV</name>
        <lei>N/A</lei>
        <title>CA STWD 2018 5% 07/01/31</title>
        <cusip>13080SSZ8</cusip>
        <identifiers>
          <isin value="US13080SSZ82"/>
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        <balance>765000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>977608.80000000</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>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CA ST MFA REV 5% 7/1/2031</title>
        <cusip>13048T4Y6</cusip>
        <identifiers>
          <isin value="US13048T4Y68"/>
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        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>986384.00000000</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>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>SAN JACINTO CA UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>SAN JACINTO 5% 8/1/27</title>
        <cusip>797848GQ5</cusip>
        <identifiers>
          <isin value="US797848GQ50"/>
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        <balance>1250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1463900.00000000</valUSD>
        <pctVal>0.062129270674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOS ANGELES CA DEPT ARPTS REV</name>
        <lei>N/A</lei>
        <title>LA CA AIRPT SER D 5% 5/15/29@</title>
        <cusip>5444357F1</cusip>
        <identifiers>
          <isin value="US5444357F13"/>
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        <balance>2550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3053446.50000000</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>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA STWD CMNTY DV AU RV</name>
        <lei>N/A</lei>
        <title>CA STWD 5% 10/1/2030</title>
        <cusip>13080SPD0</cusip>
        <identifiers>
          <isin value="US13080SPD08"/>
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        <balance>1100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1357048.00000000</valUSD>
        <pctVal>0.057594372915</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>CALIFORNIA MUN FIN AUTH MULTIFAMILY HSG REV</name>
        <lei>N/A</lei>
        <title>CA ST MFA MHSG 2.65% 8/1/2036</title>
        <cusip>130483DZ0</cusip>
        <identifiers>
          <isin value="US130483DZ07"/>
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        <balance>9956026.10000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10557867.88000000</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>2036-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02650000</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>SANTA ANA CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>SANTA ANA USD 4% 8/1/2048</title>
        <cusip>801155YG1</cusip>
        <identifiers>
          <isin value="US801155YG16"/>
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        <balance>5500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6389405.00000000</valUSD>
        <pctVal>0.271172260876</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</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 STWD CMNTY DV AU RV</name>
        <lei>N/A</lei>
        <title>CA STWD 2018 5% 07/01/28</title>
        <cusip>13080SSW5</cusip>
        <identifiers>
          <isin value="US13080SSW51"/>
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        <balance>660000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>860712.60000000</valUSD>
        <pctVal>0.036529439236</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>SACRAMENTO CNTY CA ARPT SYS RV</name>
        <lei>N/A</lei>
        <title>SAC CNTY ARPT 5% 7/1/35</title>
        <cusip>786107PD8</cusip>
        <identifiers>
          <isin value="US786107PD87"/>
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        <balance>790000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>976447.90000000</valUSD>
        <pctVal>0.041441352468</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>
      <invstOrSec>
        <name>LOS ANGELES CA DEPT ARPTS REV</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CA 5% 5/15/2031@</title>
        <cusip>544445AQ2</cusip>
        <identifiers>
          <isin value="US544445AQ26"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3674610.00000000</valUSD>
        <pctVal>0.155953848838</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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 FRANCISCO CALIF CITY and CNTY REDEV AGY SUCCESSOR AGY CMNTY FACS DIST SPL TAX</name>
        <lei>N/A</lei>
        <title>MISSION BAY SAN FRAN 5% 8/24</title>
        <cusip>79772AAM9</cusip>
        <identifiers>
          <isin value="US79772AAM99"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>816352.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PORT OAKLAND CALIF REV</name>
        <lei>N/A</lei>
        <title>PORT OAKLAND CA 5% 5/1/24@</title>
        <cusip>735000QP9</cusip>
        <identifiers>
          <isin value="US735000QP95"/>
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        <balance>2820000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3059333.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SAN JOSE CALIF ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN JOSE ARPT 5% 3/1/35@</title>
        <cusip>798136VP9</cusip>
        <identifiers>
          <isin value="US798136VP93"/>
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        <balance>3460000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4275522.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHAFFEY CA UNIFIED HSD</name>
        <lei>N/A</lei>
        <title>CHAFFEY CA UHSD 5.25% 8/1/2047</title>
        <cusip>157411RJ0</cusip>
        <identifiers>
          <isin value="US157411RJ01"/>
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        <balance>6460000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8075904.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA ST PUB WKS BRD LSE</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE CA ST PRISONS LA-SER C</title>
        <cusip>130685P61</cusip>
        <identifiers>
          <isin value="US130685P618"/>
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        <balance>9530000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10161076.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LONG BEACH CA HBR REV</name>
        <lei>N/A</lei>
        <title>LG BCH CA HBR 5% 5/15/2036@</title>
        <cusip>542424VA1</cusip>
        <identifiers>
          <isin value="US542424VA10"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3718200.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WEST CONTRA COSTA CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>WEST CONTRA COSTA USD CA 5% 8/1/23</title>
        <cusip>952347D33</cusip>
        <identifiers>
          <isin value="US952347D335"/>
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        <balance>365000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>418859.40000000</valUSD>
        <pctVal>0.017776780543</pctVal>
        <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>0.05000000</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>TORRANCE CALIF REV</name>
        <lei>N/A</lei>
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        <name>CALIFORNIA ST PUB WKS BRD LSE</name>
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        <name>RIVERSIDE CA SWR REV</name>
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        <name>SAN PABLO CALIF REDEV AGY SUCCESSOR AGY TAX ALLOC</name>
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        <name>UNIVERSITY CA REVS</name>
        <lei>N/A</lei>
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        <name>ELK GROVE CA FIN AUTH SPL TAX</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LOS ANGELES CALIF WTR and PWR RE</name>
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        <name>LOS ANGELES CA DEPT ARPTS REV</name>
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      <invstOrSec>
        <name>SANTA BARBARA CALIF FING AUTHREV</name>
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          <isin value="US801262BK17"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LONG BEACH CA BD FIN AUTH LEAS</name>
        <lei>N/A</lei>
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          <isin value="US542402KR28"/>
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        <name>SAN JOSE CALIF ARPT REV</name>
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        <name>SOUTH ORANGE CNTY CA PFA SPL</name>
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          <isin value="US839100JJ42"/>
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        <balance>1975000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>DEUTSCHE BANK SPEARS/LIFERS TRUST</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LADERA RANCH CFD 2004-1</name>
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          <isin value="US68423PUZ16"/>
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      <invstOrSec>
        <name>CALIFORNIA STWD CMNTY DV AU RV</name>
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        <title>CA STWD 2018 5% 07/01/29</title>
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          <isin value="US13080SSX35"/>
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        <balance>695000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>POWAY CALIF REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
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        <title>POWAY CAL REDEV 5% 12/15/29</title>
        <cusip>738798AW7</cusip>
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          <isin value="US738798AW78"/>
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        <name>LOS ANGELES CA DEPT ARPTS REV</name>
        <lei>N/A</lei>
        <title>LA CA AIRPT 5% 5/15/2049 @</title>
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          <isin value="US544445JP51"/>
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        <balance>4950000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2049-05-15</maturityDt>
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        <name>SAN MARCOS CA REDEVELOPMENT and SUCCESSOR AGENCY</name>
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          <isin value="US79876CAP32"/>
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        <name>CORONA-NORCO CALIF UNI SCH DIST PUB FING AUTH SPL TAX REV</name>
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          <isin value="US21976TGD81"/>
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        <name>SHASTA CALIF UN HIGH SCH DIST</name>
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        <name>CALIFORNIA HLTH FACS FIN AUTH</name>
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          <isin value="US13033LVR58"/>
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        <name>LOS ANGELES CA MUN IMP CRP LSE</name>
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          <isin value="US544587A659"/>
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        <name>MURRIETA CALIF PUB FING AUTH SPL TAX</name>
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          <ticker value="MURGEN"/>
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        <name>ANAHEIM CA PUB FI AUTH LSE REV</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SAN BERNADINO CTY UN SCH DIST</name>
        <lei>N/A</lei>
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          <isin value="US796711WL93"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>LOS ANGELES CALIF WTR and PWR RE</name>
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          <isin value="US544495DV33"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PALOMAR HEALTH CALIF REV</name>
        <lei>N/A</lei>
        <title>PALOMAR HEALT 5% 11/1/2042</title>
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        <identifiers>
          <isin value="US697528AU18"/>
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        <balance>3000000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA INFRASTRUCTURE and ECONOMIC DEV BK LEASE REV</name>
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        <cusip>13034RAT0</cusip>
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          <isin value="US13034RAT05"/>
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        <balance>6500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>TULARE CA SWR REV</name>
        <lei>N/A</lei>
        <title>TULARE CA SWR 5% 11/15/27</title>
        <cusip>899124KE0</cusip>
        <identifiers>
          <isin value="US899124KE08"/>
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        <balance>1500000.00000000</balance>
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          <isCashCollateral>N</isCashCollateral>
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        <name>ENCINITAS CA UN SCH DIST</name>
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        <name>SAN DIEGO CNTY CA REG ARPT AUTH ARPT REV</name>
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        <title>SAN DIEGO ARPT 5% 7/1/2030@</title>
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          <isin value="US79739GGE08"/>
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        <name>ELK GROVE CA FIN AUTH SPL TAX</name>
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        <title>ELK GROVE CA FI 5% 9/1/29</title>
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          <isin value="US287254CW48"/>
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        <name>ELK GROVE CA FIN AUTH SPL TAX</name>
        <lei>N/A</lei>
        <title>ELK GROVE CA FI 5% 9/1/30</title>
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          <isin value="US287254CX21"/>
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        <name>MONTEBELLO CALIF PUB FING AUTHREV</name>
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        <title>MONTEBELLO HOME2 SUITES HILTON</title>
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          <isin value="US612286DN15"/>
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        <name>FOOTHILL/ESTRN TRANSN CA TOLL</name>
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        <cusip>345105JC5</cusip>
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          <isin value="US345105JC59"/>
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        <invCountry>US</invCountry>
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        <name>CORONA-NORCO CALIF UNI SCH DIST PUB FING AUTH SPL TAX REV</name>
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        <name>SAN BERNARDINO CA CMNTY COL DT</name>
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        <name>ALAMEDA CORRIDOR TRAN A CA RV</name>
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        <name>CALIFORNIA MUN FIN AUTH LEASEREV</name>
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        <name>LOS ANGELES CA DEPT ARPTS REV</name>
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        <name>CARLSBAD CA UNIFIED SCHOOL DIS</name>
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        <name>STOCKTON CALIF PUB FING AUTH WTR REV</name>
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        <name>POWAY CA UNIFIED SCH DIST</name>
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      <invstOrSec>
        <name>ABAG FIN AU FOR NONPF CO CA RV</name>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
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          <isin value="US13048TY988"/>
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      <invstOrSec>
        <name>CALIFORNIA STWD CMNTY DV AU RV</name>
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      <invstOrSec>
        <name>LOS ANGELES CA DEPT ARPTS REV</name>
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          <isin value="US544445BR99"/>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
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          <isin value="US13048TF995"/>
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        <name>IRVINE CALIF IMPT BD ACT 1915</name>
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        <name>BEVERLY HILLS CA PUB FIN</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-01</maturityDt>
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      <invstOrSec>
        <name>SANTA MONICA CALIF PUB FING AUTH LEASE REV</name>
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        <title>SANTA MONICA PF 4% 7/1/2039</title>
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          <isin value="US802437FW82"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA HEALTH FACS FNG AUTH REV</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA HLTH 5% 11/15/2037</title>
        <cusip>13032UQQ4</cusip>
        <identifiers>
          <isin value="US13032UQQ49"/>
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        <fairValLevel>2</fairValLevel>
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        <name>LOS ANGELES CA DEPT ARPTS REV</name>
        <lei>N/A</lei>
        <title>LA CA AIRPT 5% 5/15/2028 AMT</title>
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          <isin value="US5444354C19"/>
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        <name>SANTA MONICA-MALIBU UNSHDS CA</name>
        <lei>N/A</lei>
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          <isin value="US802498RD95"/>
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        <name>PLACER CALIF UN HIGH SCH DIST</name>
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        <name>LOS ANGELES CA DEP WTR and PWR WTRWKS REV</name>
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        <title>LA CA DWAP 01-B4 Q=CI V1</title>
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          <isin value="US544525DD70"/>
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        <name>GOLDEN ST TOB SECURTZN CORP CALIF TOB SETTLEMENT REV</name>
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        <name>TRANSMISSION AGENCY OF NORTHERN CALIFORNIA</name>
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          <isin value="US664848BY32"/>
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        <name>RIVERSIDE CNTY CALIF TRANSN COMMN TOLL REV</name>
        <lei>5493003G0IESJS57M350</lei>
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      <invstOrSec>
        <name>ABC CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>A B C CALIF UNI SCH DIST SER C FGIC</title>
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          <isin value="US000416L473"/>
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        <name>MODESTO CALIF CTFS PARTN</name>
        <lei>N/A</lei>
        <title>MODESTO CA CTFS PARTN CMNTY CTR REFING PROJ SER A AMBAC</title>
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          <ticker value="MODCTF"/>
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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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      <invstOrSec>
        <name>ELK GROVE CA FIN AUTH SPL TAX</name>
        <lei>N/A</lei>
        <title>ELK GROVE CA FI 5% 9/1/2030</title>
        <cusip>287254DU7</cusip>
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          <isin value="US287254DU72"/>
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        <curCd>USD</curCd>
        <valUSD>2073597.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SACRAMENTO CNTY CA ARPT SYS RV</name>
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        <title>SAC CNTY ARPT 18C 5% 07/01/35@</title>
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          <isin value="US786107RU84"/>
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        <curCd>USD</curCd>
        <valUSD>6353800.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ALAMEDA CORRIDOR TRAN A CA RV</name>
        <lei>N/A</lei>
        <title>ACTA CA RV 5% 10/1/25</title>
        <cusip>010869GH2</cusip>
        <identifiers>
          <isin value="US010869GH20"/>
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        <balance>5245000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6016119.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MONTEBELLO CALIF PUB FING AUTHREV</name>
        <lei>N/A</lei>
        <title>MONTEBELLO HOME2 SUITES HILTON</title>
        <cusip>612286DP6</cusip>
        <identifiers>
          <isin value="US612286DP62"/>
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        <balance>1345000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1629306.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PERRIS CALIF UN HIGH SCH DIST</name>
        <lei>N/A</lei>
        <title>PERRIS CA UHSD 4% 9/1/2048</title>
        <cusip>714398KF0</cusip>
        <identifiers>
          <isin value="US714398KF07"/>
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        <balance>11000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13028730.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA STWD CMNTY DV AU RV</name>
        <lei>N/A</lei>
        <title>CA STWD 5% MT</title>
        <cusip>13080SYC2</cusip>
        <identifiers>
          <isin value="US13080SYC24"/>
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        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5002160.00000000</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>2037-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05000000</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>GOLDEN ST TOB SECURTZN CORP CALIF TOB SETTLEMENT REV</name>
        <lei>N/A</lei>
        <title>GOLDEN ST TOBAC 0% 6/1/2027</title>
        <cusip>38122NGL0</cusip>
        <identifiers>
          <isin value="US38122NGL01"/>
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        <balance>5390000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4906085.80000000</valUSD>
        <pctVal>0.208218821383</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SAN JOSE CALIF ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN JOSE ARPT 5% 3/1/2029</title>
        <cusip>798136WG8</cusip>
        <identifiers>
          <isin value="US798136WG85"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>256310.00000000</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>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>MONROVIA CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>MONROVIA CALIF UNI SCH DIST CAP APPREC-SER B FGIC</title>
        <cusip>611594GD8</cusip>
        <identifiers>
          <isin value="US611594GD88"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1928400.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</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>
      <invstOrSec>
        <name>CALIFORNIA MUN FN AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MN A 5% 7/1/2049</title>
        <cusip>13048VJY5</cusip>
        <identifiers>
          <isin value="US13048VJY56"/>
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        <balance>2100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2671011.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>S ORANGE CNTY CA PFA</name>
        <lei>N/A</lei>
        <title>S ORANGE CNY CA 5% 4/1/34</title>
        <cusip>839097BA9</cusip>
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          <isin value="US839097BA93"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2483500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>EL CAMINO CA HOSP DIST</name>
        <lei>N/A</lei>
        <title>EL CAMINO HOSP/NATL 0% 8/1/27</title>
        <cusip>282731DZ8</cusip>
        <identifiers>
          <ticker value="ECMMED"/>
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        <balance>1425000.00000000</balance>
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        <valUSD>1285763.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>UNION ELEM SCH DIST CALIF</name>
        <lei>N/A</lei>
        <title>UNION ELEM SCH DIST CALIF CAP APPREC-SER A INSURER FGIC</title>
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          <isin value="US906573AY62"/>
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        <balance>2995000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-09-01</maturityDt>
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          <annualizedRt>0.00000000</annualizedRt>
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        <name>STOCKTON CALIF PUB FING AUTH WTR REV</name>
        <lei>N/A</lei>
        <title>STOCKTON CALIF 5% 10/1/2036</title>
        <cusip>861398CB9</cusip>
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          <isin value="US861398CB91"/>
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        <balance>1585000.00000000</balance>
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      <invstOrSec>
        <name>ELK GROVE CA FIN AUTH SPL TAX</name>
        <lei>N/A</lei>
        <title>ELK GROVE CA FI 5% 9/1/28</title>
        <cusip>287254CV6</cusip>
        <identifiers>
          <isin value="US287254CV64"/>
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        <balance>4125000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LONG BEACH CA HBR REV</name>
        <lei>N/A</lei>
        <title>LG BCH CA HBR 5% 5/15/2027@</title>
        <cusip>542424UR5</cusip>
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          <isin value="US542424UR53"/>
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        <balance>2000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-15</maturityDt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>POWAY CALIF UNI SCH DIST PUB FING AUTH SPL TAX REV</name>
        <lei>N/A</lei>
        <title>POWAY CA UNI 5% 9/1/31</title>
        <cusip>73885QGB9</cusip>
        <identifiers>
          <isin value="US73885QGB95"/>
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        <balance>1260000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>STOCKTON CA UNIFIED SCHOOL DIS</name>
        <lei>N/A</lei>
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          <isin value="US861419TE94"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-08-01</maturityDt>
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      <invstOrSec>
        <name>CALIFORNIA STWD CMNTY DV AU RV</name>
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        <cusip>13080STB0</cusip>
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          <isin value="US13080STB06"/>
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        <curCd>USD</curCd>
        <valUSD>1075490.65000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA STWIDE CMNTY MF REV</name>
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        <cusip>13077VD74</cusip>
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          <ticker value="CASMFH"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>SAN JOSE CALIF ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN JOSE ARPT 5% 3/1/34@</title>
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          <isin value="US798136VN46"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>SANTA ROSA CA WSTWTR</name>
        <lei>N/A</lei>
        <title>SANTA ROSA CALIF WASTEWTR REV CAP APPREC-SER B AMBAC</title>
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          <isin value="US802649LP61"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>SAN FRANCISCO CA CITY and COUNTY AIRPORTS COMMISSION INTERNATIONAL AIRPORT REVENUE</name>
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        <cusip>79766DFS3</cusip>
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          <isin value="US79766DFS36"/>
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        <balance>1225000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>LONG BEACH CA UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>LONGBEACH CA SD 5.25% 8/1/2033</title>
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        <identifiers>
          <isin value="US542433SL29"/>
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        <balance>410000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>411361.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>POMONA CALIF WTSW REV</name>
        <lei>N/A</lei>
        <title>POMONA CALIF CA 4% 5/1/2037</title>
        <cusip>73209GAE0</cusip>
        <identifiers>
          <isin value="US73209GAE08"/>
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        <balance>4335000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5108970.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LOS ANGELES CO CALIF COP</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CNTY CA COPS REF-DISNEY CONCERT HALL PKG</title>
        <cusip>54466YCM9</cusip>
        <identifiers>
          <isin value="US54466YCM93"/>
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        <balance>1600000.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>RIVERSIDE CA SWR REV</name>
        <lei>N/A</lei>
        <title>RIVSIDE CA SWR 5% 8/1/29</title>
        <cusip>769047HQ7</cusip>
        <identifiers>
          <isin value="US769047HQ73"/>
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        <balance>2330000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>LOS ANGELES CA DEPT ARPTS REV</name>
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        <title>LA CA AIRPT 5% 5/15/2026 AMT</title>
        <cusip>5444354A5</cusip>
        <identifiers>
          <isin value="US5444354A52"/>
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        <balance>1705000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-15</maturityDt>
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        <name>IRVINE CALIF IMPT BD ACT 1915</name>
        <lei>N/A</lei>
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        <cusip>46360RQH3</cusip>
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          <isin value="US46360RQH39"/>
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        <balance>825000.00000000</balance>
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        <name>SAN DIEGO CALIF ASSN GOVTS SOUTH BAY EXPWY TOLL REV</name>
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        <cusip>797257AU6</cusip>
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          <isin value="US797257AU62"/>
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        <name>LOS ANGELES CA DEPT ARPTS REV</name>
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        <title>LA CA AIRPT 5% 5/15/2041 @</title>
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          <isin value="US5444357P94"/>
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        <name>SAN BERNARDINO CA CMNTY COL DT</name>
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          <isin value="US796720MB39"/>
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        <name>SANTA MONICA CALIF PUB FING AUTH LEASE REV</name>
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          <isin value="US802437FU27"/>
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      <invstOrSec>
        <name>STOCKTON CA UNIFIED SCHOOL DIS</name>
        <lei>N/A</lei>
        <title>STOCKTON CA USD 5% 8/1/2038</title>
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          <isin value="US861419TQ25"/>
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      <invstOrSec>
        <name>LOS ANGELES CALIF WTR and PWR RE</name>
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      <invstOrSec>
        <name>STOCKTON CALIF PUB FING AUTH WTR REV</name>
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          <isin value="US861398CC74"/>
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      <invstOrSec>
        <name>OAKLAND CA UNI SCH D ALAM CNTY</name>
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          <isin value="US672325YL50"/>
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      <invstOrSec>
        <name>MURRIETA CALIF PUB FING AUTH SPL TAX</name>
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        <cusip>62719DAP8</cusip>
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          <ticker value="MURGEN"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH LEASEREV</name>
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          <isin value="US13049UCX54"/>
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          <couponKind>Fixed</couponKind>
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        <name>CITY OF OAKLAND CA</name>
        <lei>N/A</lei>
        <title>OAKLAND CA 5% 1/15/29</title>
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          <isin value="US672240SX72"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>LONG BEACH CA HBR REV</name>
        <lei>N/A</lei>
        <title>LG BCH CA HBR 5% 5/15/2037@</title>
        <cusip>542424VB9</cusip>
        <identifiers>
          <isin value="US542424VB92"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>CA EDL FACS AUTH REV</name>
        <lei>N/A</lei>
        <title>CA EDL FACS 5% 4/1/2033</title>
        <cusip>130179MY7</cusip>
        <identifiers>
          <isin value="US130179MY71"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>VENTURA COUNTY PUBLIC FINANCING AUTHORITY</name>
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          <isin value="US923078AN94"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>ALAMEDA CORRIDOR TRAN A CA RV</name>
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          <isin value="US010869GZ28"/>
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        <name>SAN MATEO CA UNIFIED SCH DIST</name>
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          <ticker value="SMTSCD"/>
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        <name>CALIFORNIA MUN FIN AUTH REV</name>
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          <isin value="US13048T7S63"/>
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        <name>RICHMOND CALIF WASTEWATER REV</name>
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          <isin value="US764507DB29"/>
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        <name>STOCKTON CA UNIFIED SCHOOL DIS</name>
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          <isin value="US861419ST72"/>
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        <name>CALIFORNIA ST PUB WKS BRD LSE</name>
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          <isin value="US130685U246"/>
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      <invstOrSec>
        <name>LONG BEACH CA UNI SCH DIST</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>IRVINE CALIF IMPT BD ACT 1915</name>
        <lei>N/A</lei>
        <title>IRVINE CA IMPT 5% 9/2/2026</title>
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          <isin value="US46360RQK67"/>
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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>2026-09-02</maturityDt>
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      <invstOrSec>
        <name>SAN DIEGO CALIF ASSN GOVTS SOUTH BAY EXPWY TOLL REV</name>
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      <invstOrSec>
        <name>ELK GROVE CA UNI SCH DI SPL TX</name>
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      <invstOrSec>
        <name>DESERT SANDS CA UNI SCH DIST</name>
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          <isin value="US250433PW37"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA STWD CMNTY DV AU RV</name>
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          <isin value="US13080SVE17"/>
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          <couponKind>Fixed</couponKind>
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        <name>CALIFORNIA ST</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CITY OF OAKLAND CA</name>
        <lei>N/A</lei>
        <title>OAKLAND CA 5% 1/15/30</title>
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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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      <invstOrSec>
        <name>LOS ANGELES CA DEPT ARPTS REV</name>
        <lei>N/A</lei>
        <title>LA CA AIRPT 5% 5/15/2030 AMT</title>
        <cusip>5444354E7</cusip>
        <identifiers>
          <isin value="US5444354E74"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>SAN MARCOS CA REDEVELOPMENT and SUCCESSOR AGENCY</name>
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          <isin value="US79876CAQ15"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SAN MATEO CNTY CALIF CMNTY COL DIST</name>
        <lei>N/A</lei>
        <title>SAN MATEO CA CC 5% 9/1/2038</title>
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          <isin value="US799038NH33"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>SUCCESSOR AGY PITTSBURG CALIF REDEV AGY</name>
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        <title>PITTSBURG CA 5% 9/1/27</title>
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          <isin value="US86459LBP22"/>
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          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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        <name>SUCCESSOR AGY PITTSBURG CALIF REDEV AGY</name>
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        <title>PITTSBURG CA 5% 9/1/29</title>
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          <isin value="US86459LBR87"/>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
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          <isin value="US13048TZ225"/>
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      <invstOrSec>
        <name>PALOMAR POMERADO HEALTH CALIF</name>
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      <invstOrSec>
        <name>TENDER OPT BD TR RCPTS / CTFS VAR STS</name>
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        <title>CSCDA COTTAGES MISSION TRAIL 2019-XF1082-RSZ DB/DB D7</title>
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      <invstOrSec>
        <name>WASHINGTON TWP CA HEALTH CARE DIST REV</name>
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        <title>WA TWP CA HC 5% 7/1/2032</title>
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          <isin value="US940204EV83"/>
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        <name>TENDER OPT BD TR RCPTS / CTFS VAR STS</name>
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          <isin value="US88033SRV87"/>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
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          <isin value="US13048T3M30"/>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>DEUTSCHE BANK SPEARS/LIFERS TRUST</name>
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          <isin value="US25160RHC07"/>
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        <curCd>USD</curCd>
        <valUSD>7000000.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.01500000</annualizedRt>
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      <invstOrSec>
        <name>MURRIETA VY CA UNI SCH DIST</name>
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          <isin value="US626905LC50"/>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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      <invstOrSec>
        <name>WEST CONTRA COSTA CALIF UNI SCH DIST</name>
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          <isin value="US952347TC66"/>
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        <curCd>USD</curCd>
        <valUSD>1319799.50000000</valUSD>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>SAN JOSE CALIF ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN JOSE ARPT CA 5% 3/1/41@</title>
        <cusip>798136VS3</cusip>
        <identifiers>
          <isin value="US798136VS33"/>
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        <balance>10235000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12494478.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>SAN DIEGO CNTY CA REG ARPT AUTH ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN DIEGO ARPT 5% 7/1/2024@</title>
        <cusip>79739GFY7</cusip>
        <identifiers>
          <isin value="US79739GFY70"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH SR LIVING REV</name>
        <lei>N/A</lei>
        <title>CALIF CA 5% 11/15/2039</title>
        <cusip>13049RBF2</cusip>
        <identifiers>
          <isin value="US13049RBF29"/>
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        <balance>1155000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1407714.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAN FRANCISCO CA BART DIST TAX</name>
        <lei>N/A</lei>
        <title>SAN FRAN BART 4% 7/1/2039</title>
        <cusip>797669ZF8</cusip>
        <identifiers>
          <isin value="US797669ZF80"/>
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        <balance>2075000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2453687.50000000</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>2039-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BAY AREA TOLL AU CA BRIDGE REV</name>
        <lei>N/A</lei>
        <title>BAY AREA TOLL AUTHORITY CA 2.125% 4/1/2053</title>
        <cusip>072024UR1</cusip>
        <identifiers>
          <isin value="US072024UR14"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4218800.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.02125000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TULARE CA SWR REV</name>
        <lei>N/A</lei>
        <title>TULARE CA SWR 5% 11/15/28</title>
        <cusip>899124KF7</cusip>
        <identifiers>
          <isin value="US899124KF72"/>
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        <balance>1165000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1423303.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LONG BEACH CA HBR REV</name>
        <lei>N/A</lei>
        <title>LG BCH CA HBR 5% 5/15/2033@</title>
        <cusip>542424UX2</cusip>
        <identifiers>
          <isin value="US542424UX22"/>
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        <balance>1350000.00000000</balance>
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        <valUSD>1686001.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA ST PUB WKS BRD LSE</name>
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        <title>CALIFORNIA ST PUBLIC WKS BRD L JUDICIAL COUNCIL PROJS-SER D</title>
        <cusip>130685S35</cusip>
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          <isin value="US130685S356"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA ST</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST UNREFUNDED BALANCE-2007</title>
        <cusip>13062TU44</cusip>
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          <isin value="US13062TU441"/>
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        <balance>120000.00000000</balance>
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          <maturityDt>2026-05-01</maturityDt>
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      <invstOrSec>
        <name>CALIFORNIA MUN FN AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MN A 5% 7/1/2034</title>
        <cusip>13048VJW9</cusip>
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          <isin value="US13048VJW90"/>
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          <maturityDt>2034-07-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MODESTO CA ELEM SD STANISLAUS</name>
        <lei>N/A</lei>
        <title>MODESTO CA ELEM SD STANISLAUS CAP APPREC-SER A FGIC</title>
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          <isin value="US607735AN72"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-08-01</maturityDt>
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        <securityLending>
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      <invstOrSec>
        <name>TOBACCO SECURITIZATION SOUTH CA TOB SETTLEMENT REV</name>
        <lei>N/A</lei>
        <title>SO CAL TOBACCO 5% 6/1/2026</title>
        <cusip>888804CB5</cusip>
        <identifiers>
          <isin value="US888804CB50"/>
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        <balance>1000000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
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          <maturityDt>2026-06-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DESERT SANDS CA UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>DESERT SANDS CA USD 5% 06/01/2028</title>
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          <isin value="US250433PX10"/>
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        <balance>2000000.00000000</balance>
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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>2028-06-01</maturityDt>
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      <invstOrSec>
        <name>SAN MARCOS CA REDEVELOPMENT and SUCCESSOR AGENCY</name>
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        <title>SAN MARCOS CA REDE 5% 10/1/31</title>
        <cusip>79876CAR9</cusip>
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          <isin value="US79876CAR97"/>
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        <name>SAN FRANCISCO CA CITY and COUNTY AIRPORTS COMMISSION INTERNATIONAL AIRPORT REVENUE</name>
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      <invstOrSec>
        <name>ELK GROVE CA FIN AUTH SPL TAX</name>
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        <name>SANTA CLARA CA ELEC REV</name>
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        <name>LOS ANGELES CA DEPT ARPTS REV</name>
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        <cusip>544445AU3</cusip>
        <identifiers>
          <isin value="US544445AU38"/>
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        <fairValLevel>2</fairValLevel>
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        <name>SOUTH ORANGE CNTY CA PFA SPL</name>
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          <isin value="US839100JL97"/>
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      <invstOrSec>
        <name>MODESTO CALIF IRR DIST FING AUTH ELEC SYS REV</name>
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          <isin value="US607767CC25"/>
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        <name>TRANSMISSION AGENCY OF NORTHERN CALIFORNIA</name>
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          <isin value="US664848BZ07"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA STWD CMNTY DEV AUTH STUDENT HSG REV</name>
        <lei>N/A</lei>
        <title>CA STWD STUDENT 5% 5/15/2035</title>
        <cusip>13078RGH7</cusip>
        <identifiers>
          <isin value="US13078RGH75"/>
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        <balance>4725000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SAN PABLO CALIF REDEV AGY SUCCESSOR AGY TAX ALLOC</name>
        <lei>N/A</lei>
        <title>SAN PABLO CA RV 5% 6/15/2025</title>
        <cusip>799147AL7</cusip>
        <identifiers>
          <isin value="US799147AL71"/>
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        <balance>825000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PORT OAKLAND CALIF REV</name>
        <lei>N/A</lei>
        <title>PORT OAKLAND CA 5% 5/1/22@</title>
        <cusip>735000RA1</cusip>
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          <isin value="US735000RA18"/>
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        <balance>4000000.00000000</balance>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH FACS FNG AUTH REV</name>
        <lei>5493007RI8BUDOGHZ546</lei>
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          <isin value="US13032UGP75"/>
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        <name>SUCCESSOR AGY PITTSBURG CALIF REDEV AGY</name>
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          <isin value="US86459LBM90"/>
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        <name>SANTA MONICA-MALIBU UNSHDS CA</name>
        <lei>N/A</lei>
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          <isin value="US802498RC13"/>
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      <invstOrSec>
        <name>CALIFORNIA STWD CMNTY DV AU RV</name>
        <lei>N/A</lei>
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        <name>STOCKTON CA UNIFIED SCHOOL DIS</name>
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          <isin value="US861419TD12"/>
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      <invstOrSec>
        <name>SAN JOSE CALIF ARPT REV</name>
        <lei>N/A</lei>
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          <isin value="US798136VF12"/>
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        <name>SAN DIEGO CA CONVENT CTR EXPSN</name>
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      <invstOrSec>
        <name>WASHINGTON TWP CA HEALTH CARE DIST REV</name>
        <lei>N/A</lei>
        <title>WA TWP CA HC 5% 7/1/33</title>
        <cusip>940204EW6</cusip>
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          <isin value="US940204EW66"/>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>TOBACCO SECURITIZATION SOUTH CA TOB SETTLEMENT REV</name>
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        <cusip>888804BZ3</cusip>
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          <isin value="US888804BZ38"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SAN BERNADINO CTY UN SCH DIST</name>
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          <isin value="US796711WJ48"/>
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      <invstOrSec>
        <name>FOLSOM CORDOVA CA UNI SD NO 1</name>
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          <isin value="US34440NCJ37"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MURRIETA VY CA UNI SCH DIST</name>
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        <cusip>626905JF1</cusip>
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          <isin value="US626905JF10"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>ABAG FIN AU FOR NONPF CO CA RV</name>
        <lei>N/A</lei>
        <title>ABAG NON-PROFIT 5% 8/1/25</title>
        <cusip>00037CSF8</cusip>
        <identifiers>
          <isin value="US00037CSF85"/>
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        <balance>1245000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CA ST MFA REV 5% 7/1/2028</title>
        <cusip>13048T4V2</cusip>
        <identifiers>
          <isin value="US13048T4V20"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1558537.50000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RICHMOND CALIF WASTEWATER REV</name>
        <lei>N/A</lei>
        <title>RICHMOND CA WTR 4% 8/1/2049</title>
        <cusip>764507DC0</cusip>
        <identifiers>
          <isin value="US764507DC02"/>
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        <balance>4000000.00000000</balance>
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        <valUSD>4709560.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MORELAND CALIF SCH DIST</name>
        <lei>N/A</lei>
        <title>MORELAND CALIF SCH DIST ELECTION 2002-SER B FGIC</title>
        <cusip>616794JZ7</cusip>
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          <isin value="US616794JZ78"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>DEUTSCHE BANK SPEARS/LIFERS TRUST</name>
        <lei>N/A</lei>
        <title>CA HLTH FACS DIGNITY HLTH DBE-8011 DB/DB D7</title>
        <cusip>25160RBZ5</cusip>
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          <isin value="US25160RBZ55"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>SAN FRANCISCO CA CITY and COUNTY AIRPORTS COMMISSION INTERNATIONAL AIRPORT REVENUE</name>
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        <cusip>79766DMD8</cusip>
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          <isin value="US79766DMD83"/>
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        <name>SAN MATEO CNTY CALIF CMNTY COL DIST</name>
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        <title>SAN MATEO CA CC 5% 9/1/2037</title>
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        <name>GOLDEN ST TOB SECURTZN CORP CALIF TOB SETTLEMENT REV</name>
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          <isin value="US38122NYY20"/>
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        <name>SAN BERNARDINO CNTY CA COP</name>
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        <name>UPLAND CA CTFS PARTN</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>VACAVILLE UNIFIED SCH DIST CA</name>
        <lei>N/A</lei>
        <title>VACAVILLE USD 5% 8/1/2030</title>
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          <isin value="US918608QW37"/>
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        <name>LA QUINTA CALIF REDEV AGY SUCCESSOR AGY TAX ALLOC</name>
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        <title>LA QUINTA CA RD 5% 9/1/2028</title>
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          <isin value="US50420BBZ40"/>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CA EDL FACS AUTH REV</name>
        <lei>N/A</lei>
        <title>CA EDL FACS 5% 10/1/2038</title>
        <cusip>130179QE7</cusip>
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          <isin value="US130179QE71"/>
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        <balance>620000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>788832.20000000</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>2038-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>LOS ANGELES CA DEPT ARPTS REV</name>
        <lei>N/A</lei>
        <title>LA CA AIRPT SER D 5% 5/15/30@</title>
        <cusip>5444357G9</cusip>
        <identifiers>
          <isin value="US5444357G95"/>
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        <curCd>USD</curCd>
        <valUSD>2389280.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>LONG BEACH CA HBR REV</name>
        <lei>N/A</lei>
        <title>LG BCH CA HBR 5% 5/15/2026@</title>
        <cusip>542424UQ7</cusip>
        <identifiers>
          <isin value="US542424UQ70"/>
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        <curCd>USD</curCd>
        <valUSD>1377598.80000000</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>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CA ST MFA REV (BIOLA UNIV) 5% 10/1/27</title>
        <cusip>13048TV83</cusip>
        <identifiers>
          <isin value="US13048TV836"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>634675.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>LOS ANGELES CA DEPT ARPTS REV</name>
        <lei>N/A</lei>
        <title>LA CA AIRPT 5% 5/15/41@</title>
        <cusip>544445CB3</cusip>
        <identifiers>
          <isin value="US544445CB39"/>
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        <balance>3750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4516162.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CA ST MFA REV 5% 1/1/2033</title>
        <cusip>13048T7T4</cusip>
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          <isin value="US13048T7T47"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>645075.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CA ST MFA REV 5% 10/1/25</title>
        <cusip>13048TV67</cusip>
        <identifiers>
          <isin value="US13048TV679"/>
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        <balance>305000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>369394.65000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>POWAY CALIF REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
        <lei>N/A</lei>
        <title>POWAY CAL REDEV 5% 6/15/27</title>
        <cusip>738798AS6</cusip>
        <identifiers>
          <isin value="US738798AS66"/>
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        <balance>2385000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3103075.80000000</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>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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 STWD CMNTY DV AU RV</name>
        <lei>N/A</lei>
        <title>CA STWD 5% 10/1/2027</title>
        <cusip>13080SPA6</cusip>
        <identifiers>
          <isin value="US13080SPA68"/>
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        <balance>2360000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2938813.60000000</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>2027-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>POWAY CALIF UNI SCH DIST PUB FING AUTH SPL TAX REV</name>
        <lei>N/A</lei>
        <title>Poway USD PFA 5% 9/15/2026</title>
        <cusip>73885QBM0</cusip>
        <identifiers>
          <isin value="US73885QBM06"/>
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        <balance>935000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1073604.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>LONG BEACH CA HBR REV</name>
        <lei>N/A</lei>
        <title>LG BCH CA HBR 5% 5/15/2029@</title>
        <cusip>542424UT1</cusip>
        <identifiers>
          <isin value="US542424UT10"/>
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        <balance>1350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1703970.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>SAN JACINTO CA UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>SAN JACINTO 5% 8/1/30</title>
        <cusip>797848GT9</cusip>
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          <isin value="US797848GT99"/>
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        <balance>4070000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4766132.80000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SANTA BARBARA CALIF FING AUTHREV</name>
        <lei>N/A</lei>
        <title>SANTA CA 5% 4/1/37Q</title>
        <cusip>801262BJ4</cusip>
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          <isin value="US801262BJ44"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>1320920.00000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2037-04-01</maturityDt>
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      <invstOrSec>
        <name>SAN DIEGO CALIF ASSN GOVTS CAPGRNT RCPTS REV</name>
        <lei>N/A</lei>
        <title>SAN DIEGO 1.80% 11/15/2027</title>
        <cusip>797258AE0</cusip>
        <identifiers>
          <isin value="US797258AE04"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-15</maturityDt>
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        <name>GOLDEN ST TOB SECURTZN CORP CALIF TOB SETTLEMENT REV</name>
        <lei>N/A</lei>
        <title>GOLDEN ST TOBAC CA 5% 6/1/2021</title>
        <cusip>38122NYV8</cusip>
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          <isin value="US38122NYV80"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA STWD CMNTY DV AU RV</name>
        <lei>N/A</lei>
        <title>CA STWD 5% 10/1/2028</title>
        <cusip>13080SPB4</cusip>
        <identifiers>
          <isin value="US13080SPB42"/>
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        <balance>1230000.00000000</balance>
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        <valUSD>1527512.40000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-01</maturityDt>
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      <invstOrSec>
        <name>LOS ANGELES CA DEPT ARPTS REV</name>
        <lei>N/A</lei>
        <title>LA CA AIRPT 5% 5/15/2049 @</title>
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        <identifiers>
          <isin value="US544445MC02"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5028560.00000000</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>2049-05-15</maturityDt>
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      <invstOrSec>
        <name>SAN PABLO CALIF REDEV AGY SUCCESSOR AGY TAX ALLOC</name>
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      <invstOrSec>
        <name>CALIFORNIA ST</name>
        <lei>N/A</lei>
        <title>CA ST UNREFUNDED BALANCE-2007</title>
        <cusip>13062TU51</cusip>
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          <isin value="US13062TU516"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RANCHO CUCAMONGA CALIF REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
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          <isin value="US75212CAP41"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>WEST CONTRA COSTA CALIF UNI SCH DIST</name>
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          <isin value="US952347D749"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>WASHINGTON TWP CA HEALTH CARE DIST REV</name>
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        <title>WA TWP CA HC 5% 7/1/2031</title>
        <cusip>940204FN5</cusip>
        <identifiers>
          <isin value="US940204FN58"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SACRAMENTO CALIF TRANSIENT OCCUPANCY TAX REV</name>
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        <title>SACRAMENTO TRAN 5% 6/1/2034</title>
        <cusip>786073AQ9</cusip>
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          <isin value="US786073AQ97"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LONG BEACH CA BD FIN AUTH LEAS</name>
        <lei>N/A</lei>
        <title>LONG BEACH CA 5% 8/1/31</title>
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          <isin value="US542402KU56"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>SOUTHWESTERN CMNTY COLLEGE DIST CA</name>
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        <cusip>845389BT1</cusip>
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          <isin value="US845389BT13"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>PORT OAKLAND CALIF REV</name>
        <lei>N/A</lei>
        <title>PORT OAKLAND CA 5% 11/1/2025@</title>
        <cusip>735000RM5</cusip>
        <identifiers>
          <isin value="US735000RM55"/>
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        <balance>5135000.00000000</balance>
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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>2025-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CA ST MFA REV 5% 7/1/2035</title>
        <cusip>13048T4J9</cusip>
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          <isin value="US13048T4J91"/>
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        <balance>1500000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH SR LIVING HEALTH FAC REV</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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        <cusip>13081KAV2</cusip>
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          <isin value="US13081KAV26"/>
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        <name>POWAY CALIF UNI SCH DIST PUB FING AUTH SPL TAX REV</name>
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        <title>POWAY CA UNI 5% 9/1/30</title>
        <cusip>73885QFZ7</cusip>
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          <isin value="US73885QFZ72"/>
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        <name>LOS ANGELES CA DEPT ARPTS REV</name>
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          <isin value="US544445NU90"/>
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        <name>SANTA MONICA CALIF PUB FING AUTH LEASE REV</name>
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        <title>SANTA MONICA PF 5% 7/1/2042</title>
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          <isin value="US802437GT45"/>
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        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CA ST MFA REV 5% 5/15/33</title>
        <cusip>13048TZ30</cusip>
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          <isin value="US13048TZ308"/>
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        <name>PORT OAKLAND CALIF REV</name>
        <lei>N/A</lei>
        <title>PORT OAKLAND CA SER O ***AMT***</title>
        <cusip>735000PP0</cusip>
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          <isin value="US735000PP05"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>SAN DIEGO CALIF ASSN GOVTS SOUTH BAY EXPWY TOLL REV</name>
        <lei>N/A</lei>
        <title>SAN DIEGO CALI 5% 7/1/2033</title>
        <cusip>797257AR3</cusip>
        <identifiers>
          <isin value="US797257AR34"/>
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        <invCountry>US</invCountry>
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        <name>CALIFORNIA HEALTH FACS FNG AUTH REV</name>
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        <name>MONTEBELLO CALIF PUB FING AUTHREV</name>
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      <invstOrSec>
        <name>LONG BEACH CA HBR REV</name>
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        <name>CA MUN FIN AUTH STUDENT HSG REV</name>
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        <name>SACRAMENTO CALIF TRANSIENT OCCUPANCY TAX REV</name>
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      <invstOrSec>
        <name>RIVERSIDE CNTY CALIF TRANSN COMMN TOLL REV</name>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
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      <invstOrSec>
        <name>MUROC CALIF JT UNI SCH DIST</name>
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        <name>SANTA MONICA-MALIBU UNSHDS CA</name>
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        <name>TULARE CA SWR REV</name>
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        <name>WALNUT VLY CA USD BAN</name>
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        <name>TENDER OPT BD TR RCPTS / CTFS VAR STS</name>
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        <name>SANTA BARBARA CALIF FING AUTHREV</name>
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        <name>PLACER CALIF UN HIGH SCH DIST</name>
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        <name>ESCONDIDO CA UN HIGH SCH DIST</name>
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        <title>ESCONDIDO CALIF UN HIGH SCH DIST CAP APPREC-ELECTION 2008-SER A</title>
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      <invstOrSec>
        <name>CA MUN FIN AUTH STUDENT HSG REV</name>
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        <name>LOS ANGELES CA DEPT ARPTS REV</name>
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        <name>ORANGE CNTY CALIF SANTN WASTEWATER REV</name>
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        <name>SAN JACINTO CA UNI SCH DIST</name>
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        <name>SAN MARCOS CA REDEVELOPMENT and SUCCESSOR AGENCY</name>
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        <name>TENDER OPT BD TR RCPTS / CTFS VAR STS</name>
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        <name>CALIFORNIA MUN FIN AUTH LEASEREV</name>
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        <name>CALIFORNIA INFRA and ECON DEV BK</name>
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        <name>CALIFORNIA MUN FN AUTH REV</name>
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        <name>SANTA MONICA CALIF PUB FING AUTH LEASE REV</name>
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        <name>SAN DIEGO CA PUB FACS FING AUT</name>
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        <name>UNIVERSITY CA REVS</name>
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        <name>CALIFORNIA ST PUB WKS BRD LSE</name>
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        <name>ELK GROVE CA FIN AUTH SPL TAX</name>
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        <name>RANCHO CUCAMONGA CALIF REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
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        <name>CARLSBAD CA UNIFIED SCHOOL DIS</name>
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        <name>TULARE CA SWR REV</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>SAN FRANCISCO CA CITY and COUNTY AIRPORTS COMMISSION INTERNATIONAL AIRPORT REVENUE</name>
        <lei>N/A</lei>
        <title>SAN FRAN ARPT 5% 5/1/42@</title>
        <cusip>79766DKG3</cusip>
        <identifiers>
          <isin value="US79766DKG33"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3684270.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>
      <invstOrSec>
        <name>CALIFORNIA MUN FN AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MN A 5% 10/1/2034</title>
        <cusip>13048VDS4</cusip>
        <identifiers>
          <isin value="US13048VDS43"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>284130.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>SAN MARCOS CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>SAN MARCOS USD 0% 08/01/47</title>
        <cusip>798755DP6</cusip>
        <identifiers>
          <isin value="US798755DP61"/>
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        <balance>9000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4686210.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SAN DIEGO CNTY CA REG ARPT AUTH ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN DIEGO ARPT 5% 7/1/2030 Q</title>
        <cusip>79739GJA5</cusip>
        <identifiers>
          <isin value="US79739GJA58"/>
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        <balance>2550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3498090.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CA ST MFA REV 4% 1/1/2038</title>
        <cusip>13048T7Y3</cusip>
        <identifiers>
          <isin value="US13048T7Y32"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1792350.00000000</valUSD>
        <pctVal>0.076068992618</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LOS ANGELES CA DEPT W and PWR PWR ELEC PLT REV</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CA DEPT WTR and PWR ELEC PLT REV DEFEASED CUSIP ETM</title>
        <cusip>544509FQ0</cusip>
        <identifiers>
          <ticker value="LOSUTL"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35107.23000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04750000</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 CA CITY and COUNTY AIRPORTS COMMISSION INTERNATIONAL AIRPORT REVENUE</name>
        <lei>N/A</lei>
        <title>SAN FRAN ARPT 5% 5/1/41@</title>
        <cusip>79766DGE3</cusip>
        <identifiers>
          <isin value="US79766DGE31"/>
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        <balance>9695000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11683735.35000000</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>2041-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA MUN FN AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MN A 5% 10/1/2035</title>
        <cusip>13048VDT2</cusip>
        <identifiers>
          <isin value="US13048VDT26"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>283558.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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 STWD CMNTY DV AU RV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV COTTAGE HEALTH OBLIG GRP</title>
        <cusip>130795Y68</cusip>
        <identifiers>
          <isin value="US130795Y682"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3090870.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</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>ROCKLIN CA UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>ROCKLIN CALIF UNI SCH DIST</title>
        <cusip>773754FE1</cusip>
        <identifiers>
          <isin value="US773754FE17"/>
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        <balance>2610000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2519172.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>STOCKTON CA UNIFIED SCHOOL DIS</name>
        <lei>N/A</lei>
        <title>STOCKTON CA USD 5% 07/01/2024</title>
        <cusip>861419SQ3</cusip>
        <identifiers>
          <isin value="US861419SQ34"/>
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        <balance>1350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1480855.50000000</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>2024-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LONG BEACH CA HBR REV</name>
        <lei>N/A</lei>
        <title>LONG BEACH CA HBR 5% 5/15/22</title>
        <cusip>542424ST4</cusip>
        <identifiers>
          <isin value="US542424ST48"/>
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        <balance>2735000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2758985.95000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-05-15</maturityDt>
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          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>SAN BERNADINO CTY UN SCH DIST</name>
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        <title>SAN BERNAD CA AGM 5% 8/1/24</title>
        <cusip>796711WK1</cusip>
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          <isin value="US796711WK11"/>
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        <valUSD>1428525.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-08-01</maturityDt>
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      <invstOrSec>
        <name>SAN DIEGO CNTY CA REG ARPT AUTH ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN DIEGO ARPT 5% 7/1/2034@</title>
        <cusip>79739GGJ9</cusip>
        <identifiers>
          <isin value="US79739GGJ94"/>
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        <balance>1000000.00000000</balance>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MODESTO CA ELEM SD STANISLAUS</name>
        <lei>N/A</lei>
        <title>MODESTO CALIF ELEM SCH DIST STANISLAUS CNTY CAP APPREC-SER A FGIC</title>
        <cusip>607735AS6</cusip>
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          <ticker value="MODSCD"/>
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          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>PORT OAKLAND CALIF REV</name>
        <lei>N/A</lei>
        <title>PORT OAKLAND CA 5% 11/1/2026@</title>
        <cusip>735000RN3</cusip>
        <identifiers>
          <isin value="US735000RN39"/>
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        <balance>2285000.00000000</balance>
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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>2026-11-01</maturityDt>
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          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>SAN DIEGO CNTY CA REG ARPT AUTH ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN DIEGO ARPT 5% 7/1/2033@</title>
        <cusip>79739GGH3</cusip>
        <identifiers>
          <isin value="US79739GGH39"/>
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        <balance>1330000.00000000</balance>
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        <valUSD>1667301.30000000</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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        <name>LA QUINTA CALIF REDEV AGY SUCCESSOR AGY TAX ALLOC</name>
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        <name>TRACY CA OPER PARTNERSHIP JT PWRS AUTH LEASE REV</name>
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        <name>TURLOCK CA</name>
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        <name>CALIFORNIA MUN FIN AUTH REV</name>
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          <isin value="US13048T4K64"/>
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        <name>CALIFORNIA MUN FIN AUTH REV</name>
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          <isin value="US13048T4W03"/>
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        <name>CALIFORNIA ST PUB WKS BRD LSE</name>
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        <name>CA EDL FACS AUTH REV</name>
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        <name>SACRAMENTO CNTY CA ARPT SYS RV</name>
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        <name>DESERT SANDS CA UNI SCH DIST</name>
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        <name>SAN DIEGO CNTY CA REG ARPT AUTH ARPT REV</name>
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          <isin value="US79739GFQ47"/>
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        <name>SAN FRANCISCO CA CITY and COUNTY AIRPORTS COMMISSION INTERNATIONAL AIRPORT REVENUE</name>
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          <isin value="US79766DFT19"/>
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        <name>SACRAMENTO CA CITY FING AUTH LEASE REV</name>
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      <invstOrSec>
        <name>CALIFORNIA MUN FN AUTH REV</name>
        <lei>N/A</lei>
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          <isin value="US13048VBT44"/>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA STWD CMNTY DV AU RV</name>
        <lei>N/A</lei>
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          <isin value="US13080STH75"/>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA ST</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST MBIA-IBC</title>
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          <isin value="US13062N4C84"/>
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      <invstOrSec>
        <name>SANTA MONICA-MALIBU UNSHDS CA</name>
        <lei>N/A</lei>
        <title>SANTA-MONICA CA 5% 7/1/2031</title>
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          <isin value="US802498QX68"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>WASHINGTON TWP CA HEALTH CARE DIST REV</name>
        <lei>N/A</lei>
        <title>WA TWP CA HC 5% 7/1/2036</title>
        <cusip>940204FT2</cusip>
        <identifiers>
          <isin value="US940204FT29"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>SANTA BARBARA CALIF FING AUTHREV</name>
        <lei>N/A</lei>
        <title>SANTA CA 5% 4/1/2032Q</title>
        <cusip>801262BD7</cusip>
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          <isin value="US801262BD73"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SACRAMENTO CALIF MUD ELEC REV</name>
        <lei>N/A</lei>
        <title>SAC MUD CA ELEC 5% 8/15/2041</title>
        <cusip>786005VB1</cusip>
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          <isin value="US786005VB19"/>
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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>2041-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PORT OAKLAND CALIF REV</name>
        <lei>N/A</lei>
        <title>PORT OAKLAND CA 5% 11/1/2027@</title>
        <cusip>735000RP8</cusip>
        <identifiers>
          <isin value="US735000RP86"/>
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        <balance>4000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>SAN FRANCISCO CA CITY and COUNTY AIRPORTS COMMISSION INTERNATIONAL AIRPORT REVENUE</name>
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        <title>SAN FRAN ARPT 5% 5/1/2040 AMT</title>
        <cusip>79766DFE4</cusip>
        <identifiers>
          <isin value="US79766DFE40"/>
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        <balance>1865000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>ANTELOPE VALLEY CA CMNTY COLLEGE DIST</name>
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        <title>ANTELOPE VL CCD 5% 8/1/2035</title>
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          <isin value="US03667PFB31"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA STWD CMNTY DV AU RV</name>
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        <title>CA STWD 2018 5% 07/01/32</title>
        <cusip>13080STA2</cusip>
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          <isin value="US13080STA23"/>
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        <name>CALIFORNIA HSG FIN AGY MUN CTFS</name>
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        <title>CALIFORNIA HG 4% 3/20/2033</title>
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          <isin value="US13033DAC92"/>
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        <name>GOLDEN ST TOB SECURTZN CORP CALIF TOB SETTLEMENT REV</name>
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        <cusip>38122NYX4</cusip>
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          <isin value="US38122NYX47"/>
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        <name>LADERA RANCH CFD 2004-1</name>
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          <isin value="US68423PUY41"/>
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        <name>BAY AREA TOLL AU CA BRIDGE REV</name>
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        <title>BATA CA SER C 2.1% 4/1/45 MT</title>
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          <isin value="US072024UL44"/>
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        <name>CITY OF OAKLAND CA</name>
        <lei>N/A</lei>
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          <isin value="US672240SW99"/>
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        <name>SANTA MONICA-MALIBU UNSHDS CA</name>
        <lei>N/A</lei>
        <title>SANTA-MONICA CA 5% 7/1/2030</title>
        <cusip>802498QW8</cusip>
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          <isin value="US802498QW85"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>LAGUNA BEACH CALIF UNI SCH DIST</name>
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        <name>SACRAMENTO CALIF MUD ELEC REV</name>
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        <name>SAN DIEGO CALIF ASSN GOVTS SOUTH BAY EXPWY TOLL REV</name>
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        <name>LADERA RANCH CFD 2004-1</name>
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        <name>CALIFORNIA PUB FIN AUTH UNIV HSG REV</name>
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        <name>RICHMOND CALIF WASTEWATER REV</name>
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        <name>CALIFORNIA MUN FN AUTH REV</name>
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          <isin value="US13048VGH50"/>
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        <fairValLevel>2</fairValLevel>
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        <name>UPLAND CA CTFS PARTN</name>
        <lei>N/A</lei>
        <title>UPLAND CA COP 5% 1/1/2033</title>
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          <isin value="US915346FW58"/>
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        <balance>2835000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>POWAY CALIF UNI SCH DIST PUB FING AUTH SPL TAX REV</name>
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        <cusip>73885QGD5</cusip>
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          <isin value="US73885QGD51"/>
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        <name>CALIFORNIA HLTH FACS FIN AUTH</name>
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        <name>CALIFORNIA EDL FACS AUTH REV</name>
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          <ticker value="CASEDU"/>
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        <name>LADERA RANCH CFD 2004-1</name>
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        <name>GUAM INTL ARPT AUTH REV</name>
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          <isin value="US40064RDL06"/>
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        <name>LOS ANGELES CA MUN IMP CRP LSE</name>
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          <isin value="US544587K310"/>
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        <name>LOS ANGELES CA MULTIFAMILY REV</name>
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        <title>LA CA MFH LN LND 94A L=JP*VR1@</title>
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        <name>EMPIRE UNION CA SCH DIST SPL</name>
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        <title>EMPIRE UN CA SCH DIST SPL TAX CMNTY FACS DIST NO 1987-1-A AMBAC</title>
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          <ticker value="EMPSCD"/>
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        <name>CARLSBAD CA UNIFIED SCHOOL DIS</name>
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      <invstOrSec>
        <name>CALIFORNIA MUN FN AUTH REV</name>
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      <invstOrSec>
        <name>VENTURA COUNTY PUBLIC FINANCING AUTHORITY</name>
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        <name>LOS ANGELES CALIF WTR and PWR RE</name>
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        <name>LONG BEACH CA BD FIN AUTH NAT GAS PUR REV</name>
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          <isin value="US54241AAP84"/>
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        <name>IRVINE CALIF IMPT BD ACT 1915</name>
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        <name>POWAY CALIF REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
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          <isin value="US738798AX51"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>LOS ANGELES CA DEPT ARPTS REV</name>
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        <title>LA CA AIRPT 5% 5/15/22@</title>
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          <isin value="US544445BL20"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SANTA MONICA-MALIBU UNSHDS CA</name>
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        <title>SANTA-MONICA CA 5% 7/1/2033</title>
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          <isin value="US802498QZ17"/>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CALIFORNIA MUN FN AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MN A 5% 10/1/2032</title>
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          <isin value="US13048VDQ86"/>
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        <name>SAN FRANCISCO CA CITY and COUNTY AIRPORTS COMMISSION INTERNATIONAL AIRPORT REVENUE</name>
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          <isin value="US79766DFR52"/>
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        <name>LAGUNA BEACH CALIF UNI SCH DIST</name>
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        <name>SAN DIEGO CALIF ASSN GOVTS SOUTH BAY EXPWY TOLL REV</name>
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          <isin value="US797257AP77"/>
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        <name>SOUTH BAYSIDE WASTE MGMT AUTH CALIF SOLID WASTE ENTERPRISE</name>
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          <isin value="US83646AAY91"/>
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        <name>DEUTSCHE BANK SPEARS/LIFERS TRUST</name>
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          <isin value="US25160RDN08"/>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
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          <isin value="US13048T4D22"/>
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      <invstOrSec>
        <name>CALIFORNIA STWD CMNTY DEV AUTH STUDENT HSG REV</name>
        <lei>N/A</lei>
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          <isin value="US13078RGJ32"/>
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        <name>CALIFORNIA ST</name>
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      <invstOrSec>
        <name>POWAY CA UNIFIED SCH DIST</name>
        <lei>N/A</lei>
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          <isin value="US738850QQ24"/>
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      <invstOrSec>
        <name>SUCCESSOR AGY PITTSBURG CALIF REDEV AGY</name>
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          <isin value="US86459LBL18"/>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SAN DIEGO CNTY CA REG ARPT AUTH ARPT REV</name>
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        <title>SAN DIEGO ARPT 5% 7/1/2047@</title>
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          <isin value="US79739GGP54"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>CALIFORNIA STWIDE CMNTY MF REV</name>
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          <isin value="US13077VD581"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VACAVILLE UNIFIED SCH DIST CA</name>
        <lei>N/A</lei>
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          <isin value="US918608QY92"/>
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        <name>LOS ANGELES CA DEPT ARPTS REV</name>
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        <identifiers>
          <isin value="US5444353Y48"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CA EDL FACS AUTH REV</name>
        <lei>N/A</lei>
        <title>CA EDL FACS 5% 10/1/2042</title>
        <cusip>130179QF4</cusip>
        <identifiers>
          <isin value="US130179QF47"/>
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        <balance>4000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-10-01</maturityDt>
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      <invstOrSec>
        <name>DESERT SANDS CA UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>DESERT SANDS CA USD 5% 6/1/31</title>
        <cusip>250433QA0</cusip>
        <identifiers>
          <isin value="US250433QA08"/>
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        <balance>1750000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SAN JOSE CALIF ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN JOSE ARPT 5% 3/1/2034</title>
        <cusip>798136WM5</cusip>
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          <isin value="US798136WM53"/>
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        <balance>500000.00000000</balance>
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      <invstOrSec>
        <name>CALIFORNIA HLTH FACS FIN AUTH</name>
        <lei>N/A</lei>
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        <cusip>13033LVQ7</cusip>
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          <isin value="US13033LVQ75"/>
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        <fairValLevel>2</fairValLevel>
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        <name>LAGUNA BEACH CALIF UNI SCH DIST</name>
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        <cusip>507192GP1</cusip>
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        <name>LOS ANGELES CA DEPT ARPTS REV</name>
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          <isin value="US544445BN85"/>
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        <name>CALIFORNIA STWD CMNTY DV AU RV</name>
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        <name>MONTEBELLO CALIF PUB FING AUTHREV</name>
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        <name>ESCONDIDO CA UN HIGH SCH DIST</name>
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        <name>SAN PABLO CALIF REDEV AGY SUCCESSOR AGY TAX ALLOC</name>
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          <isin value="US799147AM54"/>
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        <name>LA QUINTA CALIF REDEV AGY SUCCESSOR AGY TAX ALLOC</name>
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        <name>CALIFORNIA MUN FIN AUTH REV</name>
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      <invstOrSec>
        <name>CALIFORNIA HLTH FACS FIN AUTH</name>
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      <invstOrSec>
        <name>BEVERLY HILLS CA PUB FIN</name>
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        <cusip>088006HC8</cusip>
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          <isin value="US088006HC81"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CA ST MFA REV 5% 7/1/2033</title>
        <cusip>13048T4G5</cusip>
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          <isin value="US13048T4G52"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA ST</name>
        <lei>N/A</lei>
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          <isin value="US13063BVY54"/>
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        <balance>3500000.00000000</balance>
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        <valUSD>3814300.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA STWD CMNTY DV AU RV</name>
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        <title>CA STWD 5% 6/1/2051</title>
        <cusip>13080SWP5</cusip>
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          <isin value="US13080SWP54"/>
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        <valUSD>1721001.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>POWAY CALIF REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
        <lei>N/A</lei>
        <title>POWAY CAL REDEV 5% 12/15/28</title>
        <cusip>738798AV9</cusip>
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          <isin value="US738798AV95"/>
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        <valUSD>2719706.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA INFRASTRUCTURE and ECONOMIC DEV BK LEASE REV</name>
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        <title>CALIFORNIA IE 5% 8/1/2049</title>
        <cusip>13034RAU7</cusip>
        <identifiers>
          <isin value="US13034RAU77"/>
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        <balance>11000000.00000000</balance>
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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>2049-08-01</maturityDt>
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      <invstOrSec>
        <name>STOCKTON CA UNIFIED SCHOOL DIS</name>
        <lei>N/A</lei>
        <title>STOCKTON CA USD 5% 8/1/2027</title>
        <cusip>861419TG4</cusip>
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          <isin value="US861419TG43"/>
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        <balance>265000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>311348.50000000</valUSD>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SAN DIEGO CNTY CA REG ARPT AUTH ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN DIEGO ARPT 5% 7/1/2025@</title>
        <cusip>79739GFZ4</cusip>
        <identifiers>
          <isin value="US79739GFZ46"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-01</maturityDt>
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        <name>PALOMAR CALIF CMNTY COLLEGE DIST</name>
        <lei>N/A</lei>
        <title>PALOMAR CA CCD 5% 8/1/2035</title>
        <cusip>697511EW9</cusip>
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          <isin value="US697511EW94"/>
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        <balance>1410000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-08-01</maturityDt>
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        <name>LAGUNA BEACH CALIF UNI SCH DIST</name>
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        <cusip>507192GR7</cusip>
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          <isin value="US507192GR70"/>
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          <maturityDt>2028-08-01</maturityDt>
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        <name>FOOTHILL-DE ANZA CA CMTY COL D</name>
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          <isin value="US345102DN48"/>
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      <invstOrSec>
        <name>CALIFORNIA HLTH FACS FIN AUTH</name>
        <lei>N/A</lei>
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          <isin value="US13033LVT15"/>
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        <name>SAN FRANCISCO CA CITY and COUNTY AIRPORTS COMMISSION INTERNATIONAL AIRPORT REVENUE</name>
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          <isin value="US79766DLW73"/>
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        <name>STOCKTON CA UNIFIED SCHOOL DIS</name>
        <lei>N/A</lei>
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          <isin value="US861419SV29"/>
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      <invstOrSec>
        <name>SAN PABLO CALIF REDEV AGY SUCCESSOR AGY TAX ALLOC</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA ST</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST UNREFUNDED BALANCE</title>
        <cusip>13062T4E1</cusip>
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          <isin value="US13062T4E14"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5016.95000000</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>2029-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</annualizedRt>
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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>CA ST MFA REV 5% 10/1/32</title>
        <cusip>13048TW58</cusip>
        <identifiers>
          <isin value="US13048TW586"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1240090.00000000</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>2032-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>BAY AREA TOLL AU CA BRIDGE REV</name>
        <lei>N/A</lei>
        <title>BATA CA SER B 2.85% 4/1/47 MT</title>
        <cusip>072024UK6</cusip>
        <identifiers>
          <isin value="US072024UK60"/>
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        <balance>7000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7636370.00000000</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>2047-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.02850000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA STWD CMNTY DEV AUTH STUDENT HSG REV</name>
        <lei>N/A</lei>
        <title>CA STWD STUDENT 5% 5/15/2047</title>
        <cusip>13078RHF0</cusip>
        <identifiers>
          <isin value="US13078RHF01"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1202280.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SAN JOSE CALIF ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN JOSE ARPT 5% 3/1/36@</title>
        <cusip>798136VQ7</cusip>
        <identifiers>
          <isin value="US798136VQ76"/>
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        <balance>2250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2775127.50000000</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>2036-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SAN FRANCISCO CA CITY and COUNTY AIRPORTS COMMISSION INTERNATIONAL AIRPORT REVENUE</name>
        <lei>N/A</lei>
        <title>SAN FRAN ARPT 5% 1/1/2047@</title>
        <cusip>79766DNT2</cusip>
        <identifiers>
          <isin value="US79766DNT27"/>
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        <balance>3005000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3773498.70000000</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>2047-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA STWD CMNTY DV AU RV</name>
        <lei>N/A</lei>
        <title>CA STWD 5% 10/1/2029</title>
        <cusip>13080SPC2</cusip>
        <identifiers>
          <isin value="US13080SPC25"/>
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        <balance>675000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>835636.50000000</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>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>
      <invstOrSec>
        <name>CALIFORNIA MUN FN AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MN A 5% 10/1/2033</title>
        <cusip>13048VDR6</cusip>
        <identifiers>
          <isin value="US13048VDR69"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>285061.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DESERT SANDS CA UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>DESERT SANDS CA USD 5% 6/1/30</title>
        <cusip>250433PZ6</cusip>
        <identifiers>
          <isin value="US250433PZ67"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2830350.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAN FRANCISCO CA CITY and COUNTY AIRPORTS COMMISSION INTERNATIONAL AIRPORT REVENUE</name>
        <lei>N/A</lei>
        <title>SAN FRAN ARPT 5% 5/1/2044 @</title>
        <cusip>79766DRH4</cusip>
        <identifiers>
          <isin value="US79766DRH43"/>
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        <balance>8390000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9616701.90000000</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>2044-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA MUN FN AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MN A 5% 12/31/2043 @</title>
        <cusip>13048VBY3</cusip>
        <identifiers>
          <isin value="US13048VBY39"/>
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        <curCd>USD</curCd>
        <valUSD>7357980.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2043-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <name>WESTERN RIVERSIDE WTR and WASTEWATER FING AUTH CALIF REV</name>
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        <title>WESTERN RIVERSIDE CNTY CALIF WTR and WSTWTR FIN AUTH WASTERN MUN WTR DIST IMPT</title>
        <cusip>95942TCX3</cusip>
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          <isin value="US95942TCX37"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LOS ANGELES CA DEPT ARPTS REV</name>
        <lei>N/A</lei>
        <title>LA CA AIRPT SER D 5% 5/15/28@</title>
        <cusip>5444357E4</cusip>
        <identifiers>
          <isin value="US5444357E48"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>PORT OAKLAND CALIF REV</name>
        <lei>N/A</lei>
        <title>PORT OAKLAND CA 5% 11/1/2028@</title>
        <cusip>735000RQ6</cusip>
        <identifiers>
          <isin value="US735000RQ69"/>
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        <balance>4925000.00000000</balance>
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        <curCd>USD</curCd>
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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>2028-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>LOS ANGELES CA DEPT ARPTS REV</name>
        <lei>N/A</lei>
        <title>LA CA AIRPT 5% 5/15/23@</title>
        <cusip>544445BM0</cusip>
        <identifiers>
          <isin value="US544445BM03"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2023-05-15</maturityDt>
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      <invstOrSec>
        <name>WEST CONTRA COSTA CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>WEST CONTRA USD 5% 8/1/2026</title>
        <cusip>952347D66</cusip>
        <identifiers>
          <isin value="US952347D665"/>
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        <balance>2550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3020271.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UPLAND CA CTFS PARTN</name>
        <lei>N/A</lei>
        <title>UPLAND CA COP 4% 1/1/2036</title>
        <cusip>915346FZ8</cusip>
        <identifiers>
          <isin value="US915346FZ89"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1115760.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA ST</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>NORTHERN CA PWR AGY PUB PWR</name>
        <lei>N/A</lei>
        <title>NORTHERN CALIF PWR AGY PUB PWRREV AMBAC PREREFUNDED 7-1-21 @100</title>
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          <isin value="US664843NV77"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07500000</annualizedRt>
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      <invstOrSec>
        <name>SOUTH BAYSIDE WASTE MGMT AUTH CALIF SOLID WASTE ENTERPRISE</name>
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        <identifiers>
          <isin value="US83646AAZ66"/>
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        <curCd>USD</curCd>
        <valUSD>866769.91000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>LONG BEACH CA HBR REV</name>
        <lei>N/A</lei>
        <title>LG BCH CA HBR 5% 5/15/2031@</title>
        <cusip>542424UV6</cusip>
        <identifiers>
          <isin value="US542424UV65"/>
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        <balance>2400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3007944.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
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        <title>CA ST MFA REV 5% 6/1/28</title>
        <cusip>13048T2H5</cusip>
        <identifiers>
          <isin value="US13048T2H53"/>
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        <balance>1000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>CENTER UNI SCH DIST CALIF</name>
        <lei>N/A</lei>
        <title>CENTER UNI SCH DIST CALIF CAP APPREC-SER C I=MBIA</title>
        <cusip>151847CG3</cusip>
        <identifiers>
          <isin value="US151847CG32"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SAN BERNADINO CTY UN SCH DIST</name>
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        <identifiers>
          <isin value="US796711WN59"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2275480.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAN MATEO CNTY CALIF CMNTY COL DIST</name>
        <lei>N/A</lei>
        <title>SAN MATEO CA CC 5% 9/1/2040</title>
        <cusip>799038NK6</cusip>
        <identifiers>
          <isin value="US799038NK61"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1468258.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAN PABLO CALIF REDEV AGY SUCCESSOR AGY TAX ALLOC</name>
        <lei>N/A</lei>
        <title>SAN PABLO CA RV 5% 6/15/2028</title>
        <cusip>799147AP8</cusip>
        <identifiers>
          <isin value="US799147AP85"/>
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        <balance>1865000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2164500.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LOS ANGELES CA MUN IMP CRP LSE</name>
        <lei>N/A</lei>
        <title>LA CA MUNI IMPT 5% 5/1/2030</title>
        <cusip>544587B31</cusip>
        <identifiers>
          <isin value="US544587B319"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>466964.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CA MUN FIN AUTH STUDENT HSG REV</name>
        <lei>N/A</lei>
        <title>CA MUN FIN AUT 5% 5/15/2043</title>
        <cusip>13049YCJ8</cusip>
        <identifiers>
          <isin value="US13049YCJ82"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1845210.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>WALNUT VLY CA USD BAN</name>
        <lei>N/A</lei>
        <title>WALNUT VALLEY CA UNI SCH DIST CAP APPREC BD-SER D FGIC</title>
        <cusip>932889PR3</cusip>
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          <isin value="US932889PR36"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-01</maturityDt>
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          <annualizedRt>0.00000000</annualizedRt>
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        <name>STOCKTON CA UNIFIED SCHOOL DIS</name>
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        <title>STOCKTON CA USD 5% 8/1/2042</title>
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          <isin value="US861419TS80"/>
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        <name>LOS ANGELES CA DEPT ARPTS REV</name>
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        <title>LA CA AIRPT 5% 5/15/26@</title>
        <cusip>544445BQ1</cusip>
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          <isin value="US544445BQ17"/>
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        <name>METRO WTR DIST SC WTRWKS REVS</name>
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        <title>MET WTR SO CA 00B-3 Q=CI V1</title>
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          <isin value="US592663XH65"/>
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        <name>CALIFORNIA ST UNIV REV</name>
        <lei>N/A</lei>
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        <cusip>13077DGF3</cusip>
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          <isin value="US13077DGF33"/>
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        <balance>5000000.00000000</balance>
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        <name>CALIFORNIA EDL FACS AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA EDL FACS AUTH REV POMONA COLLEGE-A</title>
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          <isin value="US130175W574"/>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CA ST MFA REV 5% 6/1/2043</title>
        <cusip>13048T2T9</cusip>
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          <isin value="US13048T2T91"/>
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        <balance>3750000.00000000</balance>
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        <name>SACRAMENTO CNTY CA ARPT SYS RV</name>
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      <invstOrSec>
        <name>UNIVERSITY CA REVS</name>
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        <name>LOS ANGELES CA MUN IMP CRP LSE</name>
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      <invstOrSec>
        <name>CALIFORNIA MUN FN AUTH REV</name>
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        <name>MURRIETA VY CA UNI SCH DIST</name>
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          <isin value="US626905LD34"/>
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        <name>IRVINE CALIF IMPT BD ACT 1915</name>
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        <name>LOS ANGELES CA MUN IMP CRP LSE</name>
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        <name>OAKLAND CA REDEV AGY</name>
        <lei>N/A</lei>
        <title>OAKLAND CA REDEV AGY SUB-TAX ALLOC CENT DIST REDEV AMBAC</title>
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          <ticker value="OAKDEV"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WASHINGTON TWP CA HEALTH CARE DIST REV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PORT OAKLAND CALIF REV</name>
        <lei>N/A</lei>
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          <isin value="US735000RR43"/>
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        <name>CALIFORNIA MUN FIN AUTH LEASEREV</name>
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        <name>CALIFORNIA ST</name>
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        <name>MONTEBELLO CALIF PUB FING AUTHREV</name>
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        <name>UPLAND CA CTFS PARTN</name>
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        <name>CALIFORNIA STWD CMNTY DV AU RV</name>
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        <name>SAN MARCOS CALIF UNI SCH DIST</name>
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        <name>SAN FRANCISCO CALIF CITY and CNTY REDEV AGY SUCCESSOR AGY CMNTY FACS DIST SPL TAX</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ANTELOPE VALLEY CA CMNTY COLLEGE DIST</name>
        <lei>N/A</lei>
        <title>ANTELOPE VL CCD 5% 8/1/2031</title>
        <cusip>03667PEX6</cusip>
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          <isin value="US03667PEX69"/>
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        <balance>1325000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1691521.50000000</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>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>POWAY CA UNIFIED SCH DIST</name>
        <lei>N/A</lei>
        <title>POWAY CALIF UNI SCH DIST CAP APPREC-SCH FACS IMPT</title>
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          <isin value="US738850QY57"/>
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        <curCd>USD</curCd>
        <valUSD>3859512.80000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SANTA BARBARA CALIF FING AUTHREV</name>
        <lei>N/A</lei>
        <title>SANTA CA 5% 4/1/2036Q</title>
        <cusip>801262BH8</cusip>
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          <isin value="US801262BH87"/>
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        <balance>2135000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2829024.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>
      <invstOrSec>
        <name>IRVINE CALIF IMPT BD ACT 1915</name>
        <lei>N/A</lei>
        <title>IRVINE CA IMPT 4% 9/2/2038</title>
        <cusip>46360RE86</cusip>
        <identifiers>
          <isin value="US46360RE869"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1197170.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-09-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</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>SANTA ROSA CA WSTWTR</name>
        <lei>N/A</lei>
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        <cusip>802649LS0</cusip>
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          <isin value="US802649LS01"/>
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        <balance>6800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6371736.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SAN DIEGO CNTY CA REG ARPT AUTH ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN DIEGO ARPT 5% 7/1/2029 Q</title>
        <cusip>79739GHZ2</cusip>
        <identifiers>
          <isin value="US79739GHZ28"/>
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        <balance>2720000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3660712.00000000</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>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WEST CONTRA COSTA CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>W CONTRA COSTA CA UNIF SCH DIST REF</title>
        <cusip>952347ZE5</cusip>
        <identifiers>
          <isin value="US952347ZE58"/>
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        <balance>8265000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9092409.15000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LOS ANGELES CA DEPT ARPTS REV</name>
        <lei>N/A</lei>
        <title>LA CA AIRPT 4% 5/15/49@</title>
        <cusip>544445NV7</cusip>
        <identifiers>
          <isin value="US544445NV73"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5871200.00000000</valUSD>
        <pctVal>0.249179161135</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA PUB FIN AUTH UNIV HSG REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA HSG 5% 7/1/2027</title>
        <cusip>13058BAA7</cusip>
        <identifiers>
          <isin value="US13058BAA70"/>
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        <balance>1550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1441608.50000000</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>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>SAN DIEGO CNTY CA REG ARPT AUTH ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN DIEGO ARPT 5% 7/1/2028@</title>
        <cusip>79739GGC4</cusip>
        <identifiers>
          <isin value="US79739GGC42"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1271530.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAN BERNARDINO CNTY CA COP</name>
        <lei>N/A</lei>
        <title>SAN BERNADINO CNTY CA CTFS PARTN CAP FACS PROJ SER B ESCROWED TO MATURITY</title>
        <cusip>796815KR8</cusip>
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          <isin value="US796815KR88"/>
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        <valUSD>9538277.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06875000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>POWAY CALIF UNI SCH DIST PUB FING AUTH SPL TAX REV</name>
        <lei>N/A</lei>
        <title>POWAY CA UNI 5% 9/1/36</title>
        <cusip>73885QGH6</cusip>
        <identifiers>
          <isin value="US73885QGH65"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CA ST MFA REV 5% 7/1/2032</title>
        <cusip>13048T4Z3</cusip>
        <identifiers>
          <isin value="US13048T4Z34"/>
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        <balance>1385000.00000000</balance>
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        <valUSD>1702663.60000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>CALIFORNIA ST PUB WKS BRD LSE</name>
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          <isin value="US13068LGJ89"/>
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        <valUSD>7910560.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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          <maturityDt>2029-06-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
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    <signature>
      <ncom:dateSigned>2020-03-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Laura M. Del Prato</ncom:nameOfApplicant>
      <ncom:signature>Laura M. Del Prato</ncom:signature>
      <ncom:signerName>Laura M. Del Prato</ncom:signerName>
      <ncom:title>President and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
