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      <invstOrSec>
        <name>California Housing Finance Agency</name>
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        <name>California Statewide Communities Development Authority</name>
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          <isin value="US13078YYL37"/>
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        <name>Territory of Guam</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Burbank-Glendale-Pasadena Airport Authority Brick Campaign</name>
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      <invstOrSec>
        <name>Lompoc Valley Medical Center</name>
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          <maturityDt>2041-02-01</maturityDt>
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        <name>Corona-Norco Unified School District</name>
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        <name>City of San Jose CA</name>
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        <name>Garvey School District</name>
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        <name>Norman Y Mineta San Jose International Airport SJC</name>
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        <name>California School Finance Authority</name>
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        <name>Roseville Joint Union High School District</name>
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        <name>California Municipal Finance Authority</name>
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        <name>State of California</name>
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        <name>Antelope Valley Community College District</name>
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      <invstOrSec>
        <name>Paramount Unified School District</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Washington Township Health Care District</name>
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          <isin value="US940204ED85"/>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
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          <isin value="US13081CAC29"/>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>City of Wildomar CA</name>
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          <isin value="US968118BS79"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Oakland Unified School District/Alameda County</name>
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          <isin value="US672325R587"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-08-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>State of California</name>
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          <isin value="US13063D4G06"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-10-01</maturityDt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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          <isin value="US74529JRK33"/>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-01</maturityDt>
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        <name>California Statewide Communities Development Authority</name>
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          <isin value="US13080SX332"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Colton Joint Unified School District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-08-01</maturityDt>
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        <name>City of Los Angeles Department of Airports</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California Enterprise Development Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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          <maturityDt>2031-07-01</maturityDt>
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        <name>Santa Maria Bonita School District</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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        <name>City &amp; County of San Francisco CA</name>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Series 2026</title>
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        <name>Windsor Joint Powers Financing Authority</name>
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        <name>Mendocino-Lake Community College District</name>
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        <name>California State Public Works Board</name>
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        <name>Regents of the University of California Medical Center Pooled Revenue</name>
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        <name>Antelope Valley Community College District</name>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <name>Patriots Energy Group Financing Agency</name>
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        <name>California Housing Finance Agency</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>California County Tobacco Securitization Agency</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Community Choice Financing Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Cambria Community Services District Wastewater Revenue</name>
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        <name>California School Finance Authority</name>
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        <name>Sierra View Local Health Care District CA</name>
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        <name>Antelope Valley Community College District</name>
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      </invstOrSec>
      <invstOrSec>
        <name>San Francisco City &amp; County Redevelopment Agency Successor Agency</name>
        <lei>5493001TPOZL3UK8DX25</lei>
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        <cusip>79772ADM6</cusip>
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          <isin value="US79772ADM62"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1684390.20000000</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>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
        <cusip>13048TS38</cusip>
        <identifiers>
          <isin value="US13048TS386"/>
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        <balance>425000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>426983.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
        <lei>N/A</lei>
        <title>Puerto Rico Sales Tax Financing Corp. Sales Tax</title>
        <cusip>74529JQD0</cusip>
        <identifiers>
          <isin value="US74529JQD09"/>
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        <balance>31000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>28257.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>River Islands Public Financing Authority</name>
        <lei>N/A</lei>
        <title>River Islands Public Financing Authority</title>
        <cusip>76827QJC8</cusip>
        <identifiers>
          <isin value="US76827QJC87"/>
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        <balance>2550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2559973.05000000</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>2047-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Truckee-Donner Public Utility District Electric System Revenue</name>
        <lei>N/A</lei>
        <title>Truckee-Donner Public Utility District Electric System</title>
        <cusip>89781AAL9</cusip>
        <identifiers>
          <isin value="US89781AAL98"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1350526.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>California Health Facilities Financing Authority, Series 2024 B</title>
        <cusip>13032UL30</cusip>
        <identifiers>
          <isin value="US13032UL300"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2048035.80000000</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>2058-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>City of Carlsbad CA</name>
        <lei>N/A</lei>
        <title>City of Carlsbad, Series 2003 A</title>
        <cusip>142585BH0</cusip>
        <identifiers>
          <isin value="US142585BH03"/>
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        <balance>1520000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1537650.09000000</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>2036-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000000</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 Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Series M TEBS 2023 A</title>
        <cusip>130489AA5</cusip>
        <identifiers>
          <isin value="US130489AA52"/>
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        <balance>3300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3592146.03000000</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>2046-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.28000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>San Francisco City &amp; County Redevelopment Agency Successor Agency</name>
        <lei>5493001TPOZL3UK8DX25</lei>
        <title>San Francisco City &amp; County Redevelopment Agency Successor Agency</title>
        <cusip>79770GAW6</cusip>
        <identifiers>
          <isin value="US79770GAW69"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>750627.53000000</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>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>California Health Facilities Financing Authority, Series 2024A</title>
        <cusip>13032US82</cusip>
        <identifiers>
          <isin value="US13032US826"/>
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        <balance>5655000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5852936.31000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Conejo Valley Unified School District</name>
        <lei>N/A</lei>
        <title>Conejo Valley Unified School District, Series E</title>
        <cusip>206849HP9</cusip>
        <identifiers>
          <isin value="US206849HP93"/>
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        <balance>4240000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2774232.42000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts</title>
        <cusip>88035MBW4</cusip>
        <identifiers>
          <isin value="US88035MBW47"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2294513.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.79000155</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
        <title>California School Finance Authority</title>
        <cusip>13058TCK4</cusip>
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          <isin value="US13058TCK43"/>
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        <balance>415000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>412644.21000000</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>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Wildomar CA</name>
        <lei>N/A</lei>
        <title>City of Wildomar, Series 2026</title>
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          <isin value="US968118BU26"/>
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        <balance>550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>559787.03000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2055-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Ravenswood City School District</name>
        <lei>N/A</lei>
        <title>Ravenswood City School District, Series 2025B</title>
        <cusip>754405KH0</cusip>
        <identifiers>
          <isin value="US754405KH02"/>
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        <balance>840000.00000000</balance>
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        <valUSD>403166.57000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>California Health Facilities Financing Authority, Series 2024 B</title>
        <cusip>13032UK80</cusip>
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          <isin value="US13032UK807"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>787300.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Los Nietos School District</name>
        <lei>N/A</lei>
        <title>Los Nietos School District, Series E</title>
        <cusip>545590JL6</cusip>
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          <isin value="US545590JL63"/>
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        <balance>1000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-01</maturityDt>
          <couponKind>None</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>Village of Bridgeview IL</name>
        <lei>N/A</lei>
        <title>Village of Bridgeview</title>
        <cusip>108555GG2</cusip>
        <identifiers>
          <isin value="US108555GG22"/>
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        <balance>1080000.00000000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>City of Los Angeles Department of Airports</name>
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      <invstOrSec>
        <name>California School Finance Authority</name>
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          <isin value="US13059TFH77"/>
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      <invstOrSec>
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          <isin value="US13058TKB51"/>
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      <invstOrSec>
        <name>City of Newport Beach CA</name>
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          <isin value="US651784UT54"/>
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        <name>California Municipal Finance Authority</name>
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          <isin value="US13051BAD82"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>City of Newport Beach CA</name>
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          <isin value="US651784UU28"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-09-02</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Southern California Public Power Authority</name>
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          <isin value="US842471AY05"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Municipal Finance Authority</name>
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        <title>California Municipal Finance Authority</title>
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          <isin value="US13048T4N04"/>
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          <maturityDt>2042-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Municipal Finance Authority</name>
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          <isin value="US13048TVD26"/>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California Community Choice Financing Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Ceres Unified School District</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Clovis Unified School District</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
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          <isin value="US13013JFW18"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Central Valley Energy Authority</name>
        <lei>254900G5IPQ9MA3FRJ55</lei>
        <title>Central Valley Energy Authority, Series 2025</title>
        <cusip>15569DAA0</cusip>
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          <isin value="US15569DAA00"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3212574.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>California Community Choice Financing Authority, Series 2026B</title>
        <cusip>13013JHM1</cusip>
        <identifiers>
          <isin value="US13013JHM18"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3128195.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Series 2026</title>
        <cusip>13051AQJ0</cusip>
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          <isin value="US13051AQJ06"/>
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        <balance>850000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>852013.23000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Imperial Community College District</name>
        <lei>549300VO268A8SG7J029</lei>
        <title>Imperial Community College District</title>
        <cusip>452641JD6</cusip>
        <identifiers>
          <isin value="US452641JD61"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>362860.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-01</maturityDt>
          <couponKind>None</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>California Housing Finance Agency</name>
        <lei>549300BOPCVLBA552Z14</lei>
        <title>California Housing Finance Agency, Series LTD OBLIG BDS 2024 Q</title>
        <cusip>130331AE1</cusip>
        <identifiers>
          <isin value="US130331AE17"/>
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        <balance>980000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>991881.72000000</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>4.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>California Community Choice Financing Authority, Series 2025 E</title>
        <cusip>13013JHG4</cusip>
        <identifiers>
          <isin value="US13013JHG40"/>
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        <balance>7500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8113235.25000000</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>2056-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority, Series VV</title>
        <cusip>74526YGW9</cusip>
        <identifiers>
          <isin value="US74526YGW93"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>55361.14000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Antelope Valley Community College District</name>
        <lei>N/A</lei>
        <title>Antelope Valley Community College District, Series D</title>
        <cusip>03667PKT8</cusip>
        <identifiers>
          <isin value="US03667PKT83"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>377675.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Los Angeles Department of Airports</name>
        <lei>N/A</lei>
        <title>City of Los Angeles Department of Airports</title>
        <cusip>544445GW3</cusip>
        <identifiers>
          <isin value="US544445GW30"/>
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        <balance>1305000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1354035.64000000</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>2038-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>San Diego County Regional Airport Authority</name>
        <lei>N/A</lei>
        <title>San Diego County Regional Airport Authority, Series 2025 B</title>
        <cusip>79739GTD8</cusip>
        <identifiers>
          <isin value="US79739GTD87"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5288488.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>California Health Facilities Financing Authority</title>
        <cusip>13032UNE4</cusip>
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          <isin value="US13032UNE46"/>
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        <balance>2550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2536928.96000000</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>2042-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pasadena Unified School District</name>
        <lei>N/A</lei>
        <title>Pasadena Unified School District, Series D</title>
        <cusip>702282SB1</cusip>
        <identifiers>
          <isin value="US702282SB15"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3286629.30000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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, Series 2025A</title>
        <cusip>13048V3F3</cusip>
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          <isin value="US13048V3F35"/>
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        <balance>775000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>800649.32000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
        <lei>N/A</lei>
        <title>Puerto Rico Sales Tax Financing Corp. Sales Tax</title>
        <cusip>74529JPV1</cusip>
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        <balance>114000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>114365.63000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</annualizedRt>
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      <invstOrSec>
        <name>City of Los Angeles Department of Airports</name>
        <lei>N/A</lei>
        <title>City of Los Angeles Department of Airports</title>
        <cusip>544445Y60</cusip>
        <identifiers>
          <isin value="US544445Y601"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>495064.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>Cambria Community Services District Wastewater Revenue</name>
        <lei>N/A</lei>
        <title>Cambria Community Services District Wastewater</title>
        <cusip>13201RAR1</cusip>
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          <isin value="US13201RAR12"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1019224.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Rancho Cordova CA</name>
        <lei>N/A</lei>
        <title>City of Rancho Cordova, Series 2026</title>
        <cusip>75211RTB3</cusip>
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        <balance>340000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>352752.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Housing Finance Agency</name>
        <lei>549300BOPCVLBA552Z14</lei>
        <title>California Housing Finance Agency, Series LTD OBLIG 2024 J</title>
        <cusip>130331AF8</cusip>
        <identifiers>
          <isin value="US130331AF81"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3005203.20000000</valUSD>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Santa Maria Bonita School District</name>
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        <name>Roseville Joint Union High School District</name>
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          <maturityDt>2044-08-01</maturityDt>
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        <name>California Community Choice Financing Authority</name>
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          <isin value="US13013JHW99"/>
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          <maturityDt>2036-02-01</maturityDt>
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        <name>California Municipal Finance Authority</name>
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        <name>Chicago Board of Education Dedicated Capital Improvement Tax</name>
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        <name>California Public Finance Authority</name>
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        <name>California Educational Facilities Authority</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <name>California Municipal Finance Authority</name>
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      <invstOrSec>
        <name>Hastings Campus Housing Finance Authority</name>
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      <invstOrSec>
        <name>California School Finance Authority</name>
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          <isin value="US13058TVE71"/>
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      <invstOrSec>
        <name>Ceres Unified School District</name>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US13059TEV70"/>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Antelope Valley Community College District</name>
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          <isin value="US03667PKM31"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-01</maturityDt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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        <title>California Municipal Finance Authority</title>
        <cusip>13049YAJ0</cusip>
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          <isin value="US13049YAJ01"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Community Choice Financing Authority</name>
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          <isin value="US13013JJD90"/>
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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>2035-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Statewide Communities Development Authority</name>
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        <title>California Statewide Communities Development Authority, Series 2024A</title>
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          <isin value="US13080ST793"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Moreno Valley Public Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US61685SAX09"/>
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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>2056-05-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Golden State Tobacco Securitization Corp.</name>
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          <maturityDt>2050-06-01</maturityDt>
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        <name>Santa Barbara Community College District</name>
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          <isin value="US801283HP03"/>
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          <maturityDt>2047-08-01</maturityDt>
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        <name>State of California</name>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Series 2026A</title>
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          <isin value="US130483MA54"/>
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        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority</title>
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        <name>California Statewide Communities Development Authority</name>
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      <invstOrSec>
        <name>Ceres Unified School District</name>
        <lei>N/A</lei>
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        <balance>3035000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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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>Indio Finance Authority</name>
        <lei>N/A</lei>
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        <cusip>45571LDQ7</cusip>
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          <isin value="US45571LDQ77"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Garden Grove Public Financing Authority</name>
        <lei>N/A</lei>
        <title>Garden Grove Public Financing Authority, Series 2024A</title>
        <cusip>36527RBQ0</cusip>
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          <isin value="US36527RBQ02"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3797874.00000000</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>2054-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>California Community Choice Financing Authority, Series 2024C</title>
        <cusip>13013JEB8</cusip>
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          <isin value="US13013JEB89"/>
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        <balance>9000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9399417.30000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-01</maturityDt>
          <couponKind>Variable</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>13048T6J7</cusip>
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          <isin value="US13048T6J73"/>
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        <balance>4310000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4326852.10000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>California Health Facilities Financing Authority, Series 2024 B</title>
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          <isin value="US13032UK989"/>
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        <curCd>USD</curCd>
        <valUSD>1038279.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Bernardino City Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US796714EZ21"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>California Infrastructure &amp; Economic Development Bank</name>
        <lei>549300C1OG9RDIM8ET06</lei>
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        <cusip>13034A5L0</cusip>
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          <isin value="US13034A5L05"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Santa Barbara Housing Authority</name>
        <lei>549300H08071W16B9131</lei>
        <title>Santa Barbara Housing Authority, Series 2026</title>
        <cusip>80136RAA7</cusip>
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          <isin value="US80136RAA77"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1498384.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Southern California Public Power Authority</name>
        <lei>5493003B5TD5FWUKMD34</lei>
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        <cusip>842469EP9</cusip>
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          <isin value="US842469EP97"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4272239.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Mt San Antonio Community College District</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Public Finance Authority</name>
        <lei>N/A</lei>
        <title>California Public Finance Authority, Series 2025</title>
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          <isin value="US13056HAB42"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Series 2025A</title>
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          <isin value="US13048V3D86"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority, Series 2026A</title>
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          <maturityDt>2036-05-01</maturityDt>
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          <annualizedRt>4.20000000</annualizedRt>
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      <invstOrSec>
        <name>San Diego Housing Authority, Inc.</name>
        <lei>549300X9H1ODNOOT1Q87</lei>
        <title>San Diego Housing Authority, Inc., Series 2003C</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2036-02-01</maturityDt>
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        <name>San Rafael City Elementary School District</name>
        <lei>N/A</lei>
        <title>San Rafael City Elementary School District</title>
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      <invstOrSec>
        <name>Colton Joint Unified School District</name>
        <lei>N/A</lei>
        <title>Colton Joint Unified School District, Series A</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>City of Oakland CA</name>
        <lei>549300BRTTFKDQCGL048</lei>
        <title>City of Oakland, Series 2023 D</title>
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          <isin value="US672240YN27"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5382580.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Burbank-Glendale-Pasadena Airport Authority Brick Campaign</name>
        <lei>N/A</lei>
        <title>Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Series 2024B</title>
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        <name>Alameda Corridor Transportation Authority</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
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          <isin value="US130179YQ10"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>County of Santa Barbara CA</name>
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          <isin value="US80136PCV31"/>
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          <maturityDt>2036-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Housing Finance Agency</name>
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          <isin value="US13032WBA18"/>
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        <name>CMFA Special Finance Agency</name>
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          <isin value="US12574WAA80"/>
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          <maturityDt>2056-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>North Carolina Housing Finance Agency</name>
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          <isin value="US65821GAA22"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-05-01</maturityDt>
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        <name>California Public Finance Authority</name>
        <lei>N/A</lei>
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        <cusip>13057GAA7</cusip>
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          <isin value="US13057GAA76"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
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          <isin value="US13048T5H27"/>
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        <curCd>USD</curCd>
        <valUSD>1499140.79000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>Antelope Valley Community College District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-02-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>City of Dallas TX</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-08-15</maturityDt>
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        <name>Golden State Tobacco Securitization Corp.</name>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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          <isin value="US13048TVL42"/>
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          <maturityDt>2029-11-01</maturityDt>
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        <name>California Municipal Finance Authority</name>
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          <isin value="US130493CL10"/>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California Community Housing Agency</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>Mountain House Community Facilities District</name>
        <lei>N/A</lei>
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        <name>Lucia Mar Unified School District</name>
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        <name>Department of Veterans Affairs Veteran's Farm &amp; Home Purchase Program</name>
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        <name>Stanislaus Regional Housing Authority</name>
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        <name>California Educational Facilities Authority</name>
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        <name>Virginia Housing Development Authority</name>
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        <name>California Municipal Finance Authority</name>
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          <isin value="US13050WAH43"/>
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        <name>New Hampshire Business Finance Authority</name>
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        <name>California State University</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>Burbank-Glendale-Pasadena Airport Authority Brick Campaign</name>
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      <invstOrSec>
        <name>California State University</name>
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      <invstOrSec>
        <name>City of Rancho Cordova CA</name>
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      <invstOrSec>
        <name>El Monte Union High School District</name>
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        <name>California Community Choice Financing Authority</name>
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          <isin value="US13013JEP75"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pajaro Valley Water Management Agency</name>
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          <isin value="US69580AAQ31"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-03-01</maturityDt>
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      <invstOrSec>
        <name>Hastings Campus Housing Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US418338AC37"/>
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          <maturityDt>2061-07-01</maturityDt>
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          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
        <cusip>13048TVG5</cusip>
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          <isin value="US13048TVG56"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Inglewood Joint Powers Authority</name>
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          <isin value="US45710PAY60"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-08-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Palomar Health</name>
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          <isin value="US697528AV90"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Infrastructure &amp; Economic Development Bank</name>
        <lei>549300C1OG9RDIM8ET06</lei>
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          <isin value="US13034AD230"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-08-01</maturityDt>
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          <annualizedRt>1.75000000</annualizedRt>
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      <invstOrSec>
        <name>Los Nietos School District</name>
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          <maturityDt>2048-08-01</maturityDt>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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          <isin value="US13048V3E69"/>
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          <maturityDt>2040-11-01</maturityDt>
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        <name>New Hampshire Business Finance Authority</name>
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          <maturityDt>2040-07-20</maturityDt>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of Illinois</name>
        <lei>54930048FV8RWPR02D67</lei>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>El Monte Union High School District</name>
        <lei>N/A</lei>
        <title>El Monte Union High School District, Series F</title>
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          <maturityDt>2047-06-01</maturityDt>
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        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority</title>
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          <maturityDt>2040-09-02</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Modesto Elementary School District</name>
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        <title>Modesto Elementary School District</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-08-01</maturityDt>
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      <invstOrSec>
        <name>City of Lake Elsinore CA</name>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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        <name>College of the Sequoias Tulare Area Improvement District No. 3</name>
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          <isin value="US19428UFY82"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Stanislaus Regional Housing Authority</name>
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          <isin value="US854492AM74"/>
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        <name>Mountain House Community Facilities District</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Commonwealth of Puerto Rico</name>
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        <name>Mt San Antonio Community College District</name>
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        <name>Public Finance Authority</name>
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          <isin value="US74446EAA47"/>
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        <name>El Monte City School District</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Alisal Union School District</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California County Tobacco Securitization Agency</name>
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        <name>California Enterprise Development Authority</name>
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        <name>Davis Joint Unified School District</name>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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          <isin value="US130493DG16"/>
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      <invstOrSec>
        <name>New York Transportation Development Corp.</name>
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          <isin value="US650116HR05"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Moorpark Unified School District</name>
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          <isin value="US616259FB86"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-01</maturityDt>
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        <name>Mountain View School District School Facilities Improvement District No. 3</name>
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          <isin value="US62440DAR08"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-08-01</maturityDt>
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        <name>California Housing Finance Agency</name>
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          <isin value="US13034DAM65"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-07-01</maturityDt>
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          <annualizedRt>4.10000000</annualizedRt>
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      <invstOrSec>
        <name>California School Finance Authority</name>
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        <cusip>13059TBS7</cusip>
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          <isin value="US13059TBS78"/>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Mountain House Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US62412LAD73"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-09-01</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="US13080SWN07"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
        <lei>549300C1OG9RDIM8ET06</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2059-11-01</maturityDt>
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        <name>City of Lincoln CA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority</title>
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        <name>Santa Clara County Financing Authority</name>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
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          <isin value="US13048TP499"/>
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        <name>Tennergy Corp.</name>
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        <title>Tennergy Corp.</title>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
        <lei>N/A</lei>
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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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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority</title>
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        <name>River Islands Public Financing Authority</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
        <lei>N/A</lei>
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          <isin value="US74529JRL16"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>California State Public Works Board</name>
        <lei>N/A</lei>
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          <isin value="US13068XTH25"/>
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        <curCd>USD</curCd>
        <valUSD>2156358.00000000</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>2049-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City &amp; County of San Francisco CA Special Tax District No. 2020-1</name>
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          <isin value="US79771HAB96"/>
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          <maturityDt>2026-09-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Mountain View School District School Facilities Improvement District No. 3</name>
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          <isin value="US62440DAQ25"/>
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        <curCd>USD</curCd>
        <valUSD>896820.81000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <cusip>79766DUG2</cusip>
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          <isin value="US79766DUG23"/>
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        <curCd>USD</curCd>
        <valUSD>2267761.25000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Antelope Valley Community College District</name>
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          <isin value="US03667PLN05"/>
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        <curCd>USD</curCd>
        <valUSD>1110251.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Los Angeles County Public Works Financing Authority</name>
        <lei>N/A</lei>
        <title>Los Angeles County Public Works Financing Authority, Series 2024 H</title>
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          <isin value="US54473EYP32"/>
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        <curCd>USD</curCd>
        <valUSD>2207820.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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          <isin value="US13051AGA07"/>
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        <balance>625000.00000000</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>2043-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Sierra Sands Unified School District</name>
        <lei>N/A</lei>
        <title>Sierra Sands Unified School District</title>
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          <isin value="US826482CV14"/>
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        <curCd>USD</curCd>
        <valUSD>956101.23000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>California Educational Facilities Authority</name>
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          <isin value="US130179GT50"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-05-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>California Housing Finance Agency</name>
        <lei>549300BOPCVLBA552Z14</lei>
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        <name>City of Upland CA</name>
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        <name>Stanislaus Regional Housing Authority</name>
        <lei>N/A</lei>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <name>Alisal Union School District</name>
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        <name>Sierra View Local Health Care District CA</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
        <title>California School Finance Authority</title>
        <cusip>13058TCJ7</cusip>
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        <name>Black Belt Energy Gas District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
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          <isin value="US13034DBT00"/>
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      <invstOrSec>
        <name>Ontario Public Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US68304REK23"/>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Alameda Unified School District-Alameda County</name>
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          <isin value="US010824NF35"/>
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          <maturityDt>2052-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Texas Water Development Board</name>
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          <isin value="US88285ADU97"/>
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        <curCd>USD</curCd>
        <valUSD>1615929.90000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>River Islands Public Financing Authority</name>
        <lei>N/A</lei>
        <title>River Islands Public Financing Authority, Series 2022 A-1</title>
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          <isin value="US76827QGQ01"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
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          <isin value="US74514L3M75"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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          <isin value="US79766DWX38"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Stanislaus Regional Housing Authority</name>
        <lei>N/A</lei>
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          <isin value="US854492AN57"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Orange County Community Facilities District</name>
        <lei>N/A</lei>
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          <isin value="US68423PC650"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-07-01</maturityDt>
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        <name>Roseville Joint Union High School District</name>
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          <isin value="US777849XD71"/>
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        <name>San Luis Obispo Public Financing Authority</name>
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          <isin value="US798641CQ77"/>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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          <maturityDt>2040-07-01</maturityDt>
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        <name>San Diego Unified School District CA</name>
        <lei>N/A</lei>
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        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
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          <isin value="US13013JHK51"/>
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      <invstOrSec>
        <name>Windsor Joint Powers Financing Authority</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>County of Sacramento CA Airport System Revenue</name>
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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>
        <name>California Housing Finance Agency</name>
        <lei>549300BOPCVLBA552Z14</lei>
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          <isin value="US13034DAX21"/>
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        <valUSD>1887333.12000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-08-01</maturityDt>
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      <invstOrSec>
        <name>San Joaquin Area Flood Control Agy Levee Construction &amp; Maintenance Assmnt Dist</name>
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          <isin value="US79806NAB55"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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          <isin value="US74529JPX71"/>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2058-07-01</maturityDt>
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      <invstOrSec>
        <name>North Kern/Cawelo Financing Authority</name>
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          <isin value="US660313DW44"/>
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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>2054-05-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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          <isin value="US13048V3X41"/>
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        <curCd>USD</curCd>
        <valUSD>1584331.11000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-10-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Ravenswood City School District</name>
        <lei>N/A</lei>
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          <isin value="US754405KJ67"/>
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        <balance>940000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>423657.81000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Golden Valley Unified School District Financing Authority</name>
        <lei>N/A</lei>
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        <cusip>38131ABW8</cusip>
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          <isin value="US38131ABW80"/>
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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>2056-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chicago Board of Education Dedicated Capital Improvement Tax</name>
        <lei>N/A</lei>
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        <cusip>167510BJ4</cusip>
        <identifiers>
          <isin value="US167510BJ40"/>
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        <balance>735000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>773081.16000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
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        <cusip>13032U3Y2</cusip>
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          <isin value="US13032U3Y20"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2709981.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-08-15</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Series 2026</title>
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          <isin value="US13048V6W31"/>
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        <balance>2000000.00000000</balance>
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        <valUSD>2116384.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <name>Territory of Guam</name>
        <lei>N/A</lei>
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        <valUSD>170339.86000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>GU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Territory of Guam</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-01-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Lake Tahoe Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US511012LW43"/>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Santa Barbara Community College District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-08-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>City of Lincoln CA</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>East Bay Municipal Utility District Wastewater System Revenue</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>City of Fresno CA Airport Revenue</name>
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      <invstOrSec>
        <name>California Pollution Control Financing Authority</name>
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          <isin value="US13054WAQ06"/>
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      <invstOrSec>
        <name>California Public Finance Authority</name>
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          <isin value="US13057EFP43"/>
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      <invstOrSec>
        <name>Toll Road Investors Partnership II LP</name>
        <lei>N/A</lei>
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          <isin value="US88948ABM80"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Beverly Hills Unified School District CA</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-01</maturityDt>
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      <invstOrSec>
        <name>California Public Finance Authority</name>
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        <cusip>13057GAB5</cusip>
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          <isin value="US13057GAB59"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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          <isin value="US79766DMA45"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Lake Elsinore CA</name>
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        <name>Commonwealth of Puerto Rico</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California Pollution Control Financing Authority</name>
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        <name>San Francisco Community College District</name>
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        <name>Ravenswood City School District</name>
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        <name>Burbank-Glendale-Pasadena Airport Authority Brick Campaign</name>
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        <name>California County Tobacco Securitization Agency</name>
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      <invstOrSec>
        <name>City of Wildomar CA</name>
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        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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      <invstOrSec>
        <name>El Monte City School District</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sweetwater Union High School District</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>County of Sacramento CA Airport System Revenue</name>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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          <isin value="US13048TR701"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Community Housing Agency</name>
        <lei>N/A</lei>
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          <isin value="US13013FAS39"/>
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          <maturityDt>2043-02-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Enterprise Development Authority</name>
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          <isin value="US13069BBC90"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-01-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Los Angeles Department of Airports</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-05-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Los Nietos School District</name>
        <lei>N/A</lei>
        <title>Los Nietos School District, Series E</title>
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          <isin value="US545590JM47"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-08-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Series 2023B</title>
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          <isin value="US13051AGB89"/>
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        <balance>1850000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-09-01</maturityDt>
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      <invstOrSec>
        <name>Pajaro Valley Water Management Agency</name>
        <lei>N/A</lei>
        <title>Pajaro Valley Water Management Agency</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-03-01</maturityDt>
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        <name>El Dorado Irrigation District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-03-01</maturityDt>
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        <name>City of Long Beach CA Airport System Revenue</name>
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        <name>California Housing Finance Agency</name>
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          <maturityDt>2037-11-01</maturityDt>
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        <name>Santa Barbara Housing Authority</name>
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        <name>Modesto Elementary School District</name>
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        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
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      <invstOrSec>
        <name>Pasadena Public Financing Authority</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-06-01</maturityDt>
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      <invstOrSec>
        <name>City of Irvine CA</name>
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        <name>California Municipal Finance Authority</name>
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      <invstOrSec>
        <name>California Enterprise Development Authority</name>
        <lei>549300544P6FSHU1HB46</lei>
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          <isin value="US13067VBT08"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2059-11-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Alisal Union School District</name>
        <lei>N/A</lei>
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          <isin value="US016394NU82"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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          <isin value="US13048V3G18"/>
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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>2054-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</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="US13048TVK68"/>
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        <curCd>USD</curCd>
        <valUSD>205113.67000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Diego Housing Authority, Inc.</name>
        <lei>549300X9H1ODNOOT1Q87</lei>
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          <isin value="US79728FLK56"/>
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        <balance>212000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>209666.22000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
        <lei>N/A</lei>
        <title>Puerto Rico Sales Tax Financing Corp. Sales Tax</title>
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          <isin value="US74529JRJ69"/>
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        <balance>385000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>385060.18000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.32900000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Matching Fund Special Purpose Securitization Corp.</name>
        <lei>N/A</lei>
        <title>Matching Fund Special Purpose Securitization Corp.</title>
        <cusip>57665NAB1</cusip>
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          <isin value="US57665NAB10"/>
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        <balance>205000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>205706.51000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>VI</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CSCDA Community Improvement Authority</name>
        <lei>N/A</lei>
        <title>CSCDA Community Improvement Authority</title>
        <cusip>126292BC4</cusip>
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          <isin value="US126292BC47"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1522598.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2057-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>East Bay Municipal Utility District Water System Revenue</name>
        <lei>N/A</lei>
        <title>East Bay Municipal Utility District Water System, Series 2024 A</title>
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          <isin value="US271014Q709"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2119510.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alisal Union School District</name>
        <lei>N/A</lei>
        <title>Alisal Union School District, Series 2026 D</title>
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          <isin value="US016394NT10"/>
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        <balance>1665000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>517620.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-08-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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          <isin value="US74529JPW98"/>
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        <balance>382000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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        <name>West Patterson Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US955232GD95"/>
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        <balance>4045000.00000000</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>2056-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Alameda Corridor Transportation Authority</name>
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          <isin value="US010869JU04"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Virgin Islands Hotel Development Financing Corp.</name>
        <lei>N/A</lei>
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          <isin value="US92766AAN81"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>VI</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-12-01</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <name>California School Finance Authority</name>
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        <balance>450000.00000000</balance>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US13059TFU88"/>
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        <balance>1050000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1054280.43000000</valUSD>
        <pctVal>0.127006464681</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Doylestown Hospital Authority</name>
        <lei>N/A</lei>
        <title>Doylestown Hospital Authority, Series 2019A</title>
        <cusip>261333HC5</cusip>
        <identifiers>
          <isin value="US261333HC54"/>
        </identifiers>
        <balance>5000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5295.40000000</valUSD>
        <pctVal>0.000637923282</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>County of Sacramento CA Airport System Revenue</name>
        <lei>N/A</lei>
        <title>County of Sacramento, Series 2025A</title>
        <cusip>786107XC1</cusip>
        <identifiers>
          <isin value="US786107XC13"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2091253.80000000</valUSD>
        <pctVal>0.251927992147</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Los Nietos School District</name>
        <lei>N/A</lei>
        <title>Los Nietos School District, Series E</title>
        <cusip>545590JJ1</cusip>
        <identifiers>
          <isin value="US545590JJ18"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>368103.40000000</valUSD>
        <pctVal>0.044344474336</pctVal>
        <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>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>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority</title>
        <cusip>13080SWM2</cusip>
        <identifiers>
          <isin value="US13080SWM24"/>
        </identifiers>
        <balance>375000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>385300.61000000</valUSD>
        <pctVal>0.046416178203</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
        <cusip>13048VJE9</cusip>
        <identifiers>
          <isin value="US13048VJE92"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>376984.95000000</valUSD>
        <pctVal>0.045414411929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-01</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>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
        <lei>54930055TIDYHNDP4F84</lei>
        <title>San Francisco City &amp; County Airport Comm-San Francisco International Airport, Series 2023 C</title>
        <cusip>79766DVY2</cusip>
        <identifiers>
          <isin value="US79766DVY20"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5452919.00000000</valUSD>
        <pctVal>0.656899193686</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-01</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>
      <invstOrSec>
        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>California Community Choice Financing Authority</title>
        <cusip>13013JCM6</cusip>
        <identifiers>
          <isin value="US13013JCM62"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5294593.50000000</valUSD>
        <pctVal>0.637826125978</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.24999880</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
        <cusip>13049YBF7</cusip>
        <identifiers>
          <isin value="US13049YBF79"/>
        </identifiers>
        <balance>2605000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2690580.50000000</valUSD>
        <pctVal>0.324127345555</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Series 2026A</title>
        <cusip>13048V6S2</cusip>
        <identifiers>
          <isin value="US13048V6S29"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3274625.70000000</valUSD>
        <pctVal>0.394485775775</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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 &amp; County of San Francisco CA Special Tax District No. 2020-1</name>
        <lei>N/A</lei>
        <title>City &amp; County of San Francisco</title>
        <cusip>79771HAF0</cusip>
        <identifiers>
          <isin value="US79771HAF01"/>
        </identifiers>
        <balance>1600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1389770.24000000</valUSD>
        <pctVal>0.167422063314</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>74514L3P0</cusip>
        <identifiers>
          <isin value="US74514L3P07"/>
        </identifiers>
        <balance>765550.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>701230.40000000</valUSD>
        <pctVal>0.084475431296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>Antelope Valley Community College District</name>
        <lei>N/A</lei>
        <title>Antelope Valley Community College District, Series 2026</title>
        <cusip>03667PLQ3</cusip>
        <identifiers>
          <isin value="US03667PLQ36"/>
        </identifiers>
        <balance>1675000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1836461.46000000</valUSD>
        <pctVal>0.221233811158</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-01</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>North Lake Tahoe Public Financing Authority</name>
        <lei>N/A</lei>
        <title>North Lake Tahoe Public Financing Authority</title>
        <cusip>66038WBJ4</cusip>
        <identifiers>
          <isin value="US66038WBJ45"/>
        </identifiers>
        <balance>4425000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4806757.14000000</valUSD>
        <pctVal>0.579057728440</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>74514L3T2</cusip>
        <identifiers>
          <isin value="US74514L3T29"/>
        </identifiers>
        <balance>845867.57000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>607967.32000000</valUSD>
        <pctVal>0.073240266781</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-11-01</maturityDt>
          <couponKind>Variable</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>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>542976.75000000</valUSD>
        <pctVal>0.065411019174</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>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>MFS Municipal Series Trust</ncom:nameOfApplicant>
      <ncom:signature>James Byrne</ncom:signature>
      <ncom:signerName>James Byrne</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
