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      <invstOrSec>
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      <invstOrSec>
        <name>Mendocino-Lake Community College District</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-01</maturityDt>
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      <invstOrSec>
        <name>Bay Area Toll Authority</name>
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          <isin value="US072024VJ88"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QZN59"/>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-07-01</maturityDt>
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      <invstOrSec>
        <name>San Ysidro School District</name>
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          <maturityDt>2045-08-01</maturityDt>
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        <name>Black Belt Energy Gas District</name>
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        <name>Regents of the University of California Medical Center Pooled Revenue</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-05-15</maturityDt>
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      <invstOrSec>
        <name>Ontario Public Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US68304RDE71"/>
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        <balance>500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Toll Road Investors Partnership II LP</name>
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        <balance>902000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-02-15</maturityDt>
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        <name>California Statewide Communities Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-09-02</maturityDt>
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        <name>Napa Valley Unified School District</name>
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        <name>California Statewide Communities Development Authority</name>
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        <title>California Statewide Communities Development Authority</title>
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        <name>Sierra View Local Health Care District CA</name>
        <lei>N/A</lei>
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        <name>Alvord Unified School District</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>La Mesa-Spring Valley School District</name>
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        <name>CSCDA Community Improvement Authority</name>
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        <name>California County Tobacco Securitization Agency</name>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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          <isin value="US13048DCP15"/>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
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          <isin value="US13078YNX93"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Oxnard School District</name>
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          <isin value="US692020M805"/>
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      <invstOrSec>
        <name>Territory of Guam</name>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>GU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Cambria Community Services District Wastewater Revenue</name>
        <lei>N/A</lei>
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          <isin value="US13201RAS94"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-09-01</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>California School Finance Authority</name>
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          <isin value="US130591BG43"/>
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          <maturityDt>2050-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Sierra View Local Health Care District CA</name>
        <lei>N/A</lei>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Commonwealth of Puerto Rico</name>
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          <isin value="US74514L3H80"/>
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        <curCd>USD</curCd>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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        <title>California Municipal Finance Authority</title>
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          <isin value="US13048TS386"/>
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        <balance>425000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-02-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
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        <name>Puerto Rico Electric Power Authority</name>
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          <maturityDt>2021-07-01</maturityDt>
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        <name>River Islands Public Financing Authority</name>
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          <maturityDt>2047-09-01</maturityDt>
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        <name>San Diego County Regional Airport Authority</name>
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        <name>California Enterprise Development Authority</name>
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        <name>Truckee-Donner Public Utility District Electric System Revenue</name>
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        <name>San Francisco City &amp; County Redevelopment Agency Successor Agency</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>California Health Facilities Financing Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Mountain View-Whisman School District</name>
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        <name>Transbay Joint Powers Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Guam Power Authority</name>
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        <name>Ceres Unified School District</name>
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        <name>Guam Power Authority</name>
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        <name>Pittsburg Successor Agency Redevelopment Agency</name>
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        <name>California Statewide Communities Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Imperial Community College District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Fresno Joint Powers Financing Authority</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <name>Cambria Community Services District Wastewater Revenue</name>
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        <name>California Municipal Finance Authority</name>
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        <name>City of Victorville CA Electric Revenue</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Housing Finance Agency</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Puerto Rico Electric Power Authority</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-07-01</maturityDt>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
        <lei>N/A</lei>
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          <isin value="US130179GU24"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Commonwealth of Puerto Rico</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-11-01</maturityDt>
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          <annualizedRt>0.00000000</annualizedRt>
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        <name>City &amp; County of San Francisco CA</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-06-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Health Facilities Financing Authority</name>
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          <isin value="US13032UB491"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-08-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Santa Maria Bonita School District</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Puerto Rico Electric Power Authority</name>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-07-01</maturityDt>
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        <name>Doylestown Hospital Authority</name>
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        <name>City of Vernon CA Electric System Revenue</name>
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        <name>California Public Finance Authority</name>
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        <name>California School Finance Authority</name>
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        <name>New Hampshire Business Finance Authority</name>
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        <name>California Educational Facilities Authority</name>
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        <name>Tobacco Securitization Authority of Southern California</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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      <invstOrSec>
        <name>Hastings Campus Housing Finance Authority</name>
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        <name>Golden State Tobacco Securitization Corp.</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Ceres Unified School District</name>
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      <invstOrSec>
        <name>Mount San Antonio Community College District</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>County of Sacramento CA Airport System Revenue</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-07-01</maturityDt>
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        <name>Abag Finance Authority for Nonprofit Corps.</name>
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          <isin value="US00037CUQ13"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QZL93"/>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>San Diego County Regional Airport Authority</name>
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          <isin value="US79739GGN07"/>
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        <name>California School Finance Authority</name>
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          <isin value="US13058TSG66"/>
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        <name>San Rafael City Elementary School District</name>
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          <maturityDt>2047-08-01</maturityDt>
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        <name>California Statewide Communities Development Authority</name>
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          <isin value="US13080SSE53"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QKR29"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-07-01</maturityDt>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>California Housing Finance Agency</name>
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        <name>Public Finance Authority</name>
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        <name>California School Finance Authority</name>
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        <name>California Municipal Finance Authority</name>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-01</maturityDt>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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        <cusip>13058TJM3</cusip>
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          <isin value="US13058TJM36"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2058-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Golden State Tobacco Securitization Corp.</name>
        <lei>N/A</lei>
        <title>Golden State Tobacco Securitization Corp.</title>
        <cusip>38122ND90</cusip>
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          <isin value="US38122ND906"/>
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        <curCd>USD</curCd>
        <valUSD>4061337.20000000</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>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
        <cusip>13048TVL4</cusip>
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          <isin value="US13048TVL42"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
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          <isin value="US130493CL10"/>
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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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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>California Community Housing Agency</name>
        <lei>N/A</lei>
        <title>California Community Housing Agency</title>
        <cusip>13013FAU8</cusip>
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          <isin value="US13013FAU84"/>
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        <balance>3000000.00000000</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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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority</title>
        <cusip>13080SPM0</cusip>
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          <isin value="US13080SPM07"/>
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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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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lucia Mar Unified School District</name>
        <lei>N/A</lei>
        <title>Lucia Mar Unified School District</title>
        <cusip>54947THN2</cusip>
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          <isin value="US54947THN28"/>
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        <balance>2235000.00000000</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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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Department of Veterans Affairs Veteran's Farm &amp; Home Purchase Program</name>
        <lei>N/A</lei>
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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>2052-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Washington Township Health Care District</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-10-01</maturityDt>
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        <name>California Statewide Communities Development Authority</name>
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        <name>San Joaquin Area Flood Control Agy Levee Construction &amp; Maintenance Assmnt Dist</name>
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        <name>California Educational Facilities Authority</name>
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        <name>California State University</name>
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        <name>California Health Facilities Financing Authority</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2033-11-01</maturityDt>
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        <name>Pajaro Valley Water Management Agency</name>
        <lei>N/A</lei>
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        <name>Los Angeles County Development Authority</name>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>California Statewide Communities Development Authority</name>
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        <title>California Statewide Communities Development Authority</title>
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          <isin value="US13080SYW87"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Tennergy Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Truckee-Donner Public Utility District Water System Revenue</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-11-15</maturityDt>
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        <name>California Statewide Communities Development Authority</name>
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        <title>California Statewide Communities Development Authority</title>
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          <isin value="US13080SWP54"/>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>South Monterey County Joint Union High School District</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>River Islands Public Financing Authority</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>City of Fresno CA Airport Revenue</name>
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        <name>California Educational Facilities Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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      <invstOrSec>
        <name>California School Finance Authority</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Black Belt Energy Gas District</name>
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          <isin value="US09182TAW71"/>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>California Statewide Communities Development Authority</name>
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          <isin value="US13080SUX07"/>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>California County Tobacco Securitization Agency</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Black Belt Energy Gas District</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Texas Water Development Board</name>
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        <name>River Islands Public Financing Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>City of Chicago IL</name>
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        <name>Commonwealth of Puerto Rico</name>
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        <name>Toll Road Investors Partnership II LP</name>
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      <invstOrSec>
        <name>Beverly Hills Unified School District CA</name>
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        <name>California Public Finance Authority</name>
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          <isin value="US13057GAB59"/>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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          <isin value="US79766DMA45"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Commonwealth of Puerto Rico</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Victorville CA Electric Revenue</name>
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        <name>California Municipal Finance Authority</name>
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          <isin value="US13048TW669"/>
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        <name>California Pollution Control Financing Authority</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California County Tobacco Securitization Agency</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Ontario Public Financing Authority</name>
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        <name>Tahoe-Truckee Unified School District</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>City of Long Beach CA Marina System Revenue</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Community Housing Agency</name>
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      <invstOrSec>
        <name>Tobacco Securitization Authority of Southern California</name>
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        <name>Pajaro Valley Water Management Agency</name>
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        <name>California School Finance Authority</name>
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        <name>City of Fillmore CA Wastewater Revenue</name>
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        <name>Chicago Board of Education Dedicated Capital Improvement Tax</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>West Contra Costa Unified School District</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Sierra View Local Health Care District CA</name>
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        <name>Stockton Public Financing Authority</name>
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          <isin value="US86139TAV17"/>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Oxnard Union High School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>Marin Community College District</name>
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        <name>California Pollution Control Financing Authority</name>
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        <name>Matching Fund Special Purpose Securitization Corp.</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>California School Finance Authority</name>
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        <name>City of Tulare CA Sewer Revenue</name>
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        <name>California School Finance Authority</name>
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        <name>Doylestown Hospital Authority</name>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>California Health Facilities Financing Authority</title>
        <cusip>13032UYK8</cusip>
        <identifiers>
          <isin value="US13032UYK86"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>921458.60000000</valUSD>
        <pctVal>0.186752016008</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
        <cusip>74514L3Q8</cusip>
        <identifiers>
          <isin value="US74514L3Q89"/>
        </identifiers>
        <balance>35723.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>34508.67000000</valUSD>
        <pctVal>0.006993872206</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ontario Public Financing Authority</name>
        <lei>N/A</lei>
        <title>Ontario Public Financing Authority</title>
        <cusip>68304RDD9</cusip>
        <identifiers>
          <isin value="US68304RDD98"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>323475.15000000</valUSD>
        <pctVal>0.065558709193</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lee Lake Public Financing Authority</name>
        <lei>N/A</lei>
        <title>Lee Lake Public Financing Authority</title>
        <cusip>523831AT2</cusip>
        <identifiers>
          <isin value="US523831AT29"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1001080.80000000</valUSD>
        <pctVal>0.202889047416</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>City of Victorville CA Electric Revenue</name>
        <lei>N/A</lei>
        <title>City of Victorville</title>
        <cusip>92642CAP9</cusip>
        <identifiers>
          <isin value="US92642CAP95"/>
        </identifiers>
        <balance>725000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>782631.77000000</valUSD>
        <pctVal>0.158615982139</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
        <cusip>74514L3J4</cusip>
        <identifiers>
          <isin value="US74514L3J47"/>
        </identifiers>
        <balance>497583.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>519636.43000000</valUSD>
        <pctVal>0.105314716140</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="All applicable monthly total returns are reported excluding any sales loads or redemption fees for Item B.5." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2023-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>MFS Municipal Series Trust</ncom:nameOfApplicant>
      <ncom:signature>Kasey Phillips</ncom:signature>
      <ncom:signerName>Kasey Phillips</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
