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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>California State Public Works Board</name>
        <lei>N/A</lei>
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          <isin value="US13068LNA97"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-09-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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        <cusip>13058TJC5</cusip>
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          <isin value="US13058TJC53"/>
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        <curCd>USD</curCd>
        <valUSD>1497177.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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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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        <cusip>74529JQH1</cusip>
        <identifiers>
          <isin value="US74529JQH13"/>
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        <balance>6760000.00000000</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>
        <debtSec>
          <maturityDt>2051-07-01</maturityDt>
          <couponKind>None</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
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        <cusip>74514LJW8</cusip>
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          <isin value="US74514LJW81"/>
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        <balance>940000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>665897.88000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
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        <cusip>13032URK6</cusip>
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          <isin value="US13032URK69"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Metropolitan Water District of Southern California</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>East Bay Municipal Utility District Water System Revenue</name>
        <lei>N/A</lei>
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        <valUSD>8565150.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California State Public Works Board</name>
        <lei>N/A</lei>
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          <isin value="US13068L4U67"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Francisco City &amp; County Redevelopment Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-08-01</maturityDt>
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        <name>Santa Clara County Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Municipal Improvement Corp of Los Angeles</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Children's Trust Fund</name>
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        <name>Municipal Improvement Corp of Los Angeles</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>California Educational Facilities Authority</name>
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        <name>Commonwealth of Puerto Rico</name>
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        <invCountry>PR</invCountry>
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        <name>Chicago Board of Education</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-01</maturityDt>
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      <invstOrSec>
        <name>California State Public Works Board</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE</title>
        <cusip>13068L4X0</cusip>
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          <isin value="US13068L4X07"/>
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        <curCd>USD</curCd>
        <valUSD>32060250.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Los Angeles Department of Airports</name>
        <lei>549300E7TO710PTXPJ65</lei>
        <title>LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE</title>
        <cusip>544445AW9</cusip>
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          <isin value="US544445AW93"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11544400.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
        <lei>54930055TIDYHNDP4F84</lei>
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          <isin value="US79766DGG88"/>
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        <curCd>USD</curCd>
        <valUSD>1916553.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWR REVENUE</title>
        <cusip>74526QP63</cusip>
        <identifiers>
          <isin value="US74526QP637"/>
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        <balance>1285000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>885382.99000000</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>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWR REVENUE</title>
        <cusip>74526QL34</cusip>
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          <isin value="US74526QL347"/>
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        <balance>2150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1481380.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Los Angeles Community College District/CA</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CA CMNTY CLG DIST</title>
        <cusip>54438CQF2</cusip>
        <identifiers>
          <isin value="US54438CQF22"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11025500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>State of California Department of Water Resources</name>
        <lei>549300X618YEC5LGBQ98</lei>
        <title>CALIFORNIA ST DEPT OF WTR RESOURCES CENTRL VLY PROJ</title>
        <cusip>13067WMC3</cusip>
        <identifiers>
          <isin value="US13067WMC37"/>
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        <balance>24000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>28297680.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Norman Y Mineta San Jose International Airport SJC</name>
        <lei>N/A</lei>
        <title>SAN JOSE CA ARPT REVENUE</title>
        <cusip>798136VS3</cusip>
        <identifiers>
          <isin value="US798136VS33"/>
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        <balance>20000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23361600.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>California Public Finance Authority</name>
        <lei>N/A</lei>
        <title>CALIFORNIA PUBLIC FIN AUTH EDUCTNL FACS REVENUE</title>
        <cusip>13057KAB6</cusip>
        <identifiers>
          <isin value="US13057KAB61"/>
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        <balance>375000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>380021.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
        <lei>N/A</lei>
        <title>SAN DIEGO CA PUBLIC FACS FING AUTH WTR REVENUE</title>
        <cusip>79730CHD9</cusip>
        <identifiers>
          <isin value="US79730CHD92"/>
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        <balance>16460000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20238063.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>City of Los Angeles CA Wastewater System Revenue</name>
        <lei>N/A</lei>
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        <cusip>53945CJW1</cusip>
        <identifiers>
          <isin value="US53945CJW10"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2541000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
        <lei>N/A</lei>
        <title>SAN DIEGO CA PUBLIC FACS FING AUTH SWR REVENUE</title>
        <cusip>79730AJX7</cusip>
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          <isin value="US79730AJX72"/>
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        <balance>13595000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16640959.75000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-05-15</maturityDt>
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          <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 ELEC PWR AUTH PWR REVENUE</title>
        <cusip>74526QU91</cusip>
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          <isin value="US74526QU918"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>275605.60000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
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        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
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        <name>Metropolitan Water District of Southern California</name>
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        <invCountry>US</invCountry>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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          <isin value="US74526QQ544"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Los Angeles County Metropolitan Transportation Authority</name>
        <lei>54930051IHTXE1N9RB42</lei>
        <title>LOS ANGELES CNTY CA MET TRANSPRTN AUTH SALES TAX REVENUE</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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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 FING CORP SALES TAX REVENUE</title>
        <cusip>74529JPW9</cusip>
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        <name>California State University</name>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Los Angeles County Metropolitan Transportation Authority</name>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
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          <isin value="US13032UCL08"/>
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        <valUSD>4869970.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-11-15</maturityDt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Fremont Unified School District/Alameda County CA</name>
        <lei>N/A</lei>
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          <isin value="US3571546T52"/>
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        <curCd>USD</curCd>
        <valUSD>73176582.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>San Francisco Municipal Transportation Agency</name>
        <lei>N/A</lei>
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        <cusip>797686BU5</cusip>
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          <isin value="US797686BU54"/>
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        <balance>1200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1327080.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
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        <cusip>13016NCE2</cusip>
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          <isin value="US13016NCE22"/>
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        <curCd>USD</curCd>
        <valUSD>957034.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.13000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>San Francisco City &amp; County Redevelopment Agency Successor Agency</name>
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          <isin value="US79770GGV23"/>
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        <curCd>USD</curCd>
        <valUSD>1256490.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
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          <annualizedRt>3.13000000</annualizedRt>
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      <invstOrSec>
        <name>San Joaquin County Transportation Authority</name>
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          <isin value="US798110CM24"/>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of Santa Clara CA</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <curCd>USD</curCd>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
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        <name>BlackRock Liquidity Funds</name>
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          <isin value="US09248U1060"/>
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        <assetCat>STIV</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Los Angeles County Facilities Inc</name>
        <lei>N/A</lei>
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          <isin value="US54531FAS02"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Los Angeles CA Wastewater System Revenue</name>
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        <name>Cerritos Community College District</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>City &amp; County of San Francisco CA</name>
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        <name>Tobacco Securitization Authority of Northern California</name>
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        <name>City of Sacramento CA Water Revenue</name>
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        <name>Sacramento Municipal Utility District</name>
        <lei>E3GSVR6ZOU1MX2V7HF33</lei>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Ohlone Community College District</name>
        <lei>N/A</lei>
        <title>Ohlone Community College District</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Jose Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US798153KV39"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWR REVENUE</title>
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          <isin value="US74526QT779"/>
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        <curCd>USD</curCd>
        <valUSD>2260882.50000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.90000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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        <cusip>74529JQW8</cusip>
        <identifiers>
          <isin value="US74529JQW89"/>
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        <balance>5761000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
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        <cusip>13016NFC3</cusip>
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          <isin value="US13016NFC39"/>
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        <balance>15770000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2798859.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
        <lei>N/A</lei>
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        <cusip>74529JQF5</cusip>
        <identifiers>
          <isin value="US74529JQF56"/>
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        <balance>1909000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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        <cusip>13058TJH4</cusip>
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          <isin value="US13058TJH41"/>
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        <balance>735000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Community Housing Agency</name>
        <lei>N/A</lei>
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        <cusip>13013HAA8</cusip>
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          <isin value="US13013HAA86"/>
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        <balance>3230000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3617309.30000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California State University</name>
        <lei>N/A</lei>
        <title>California State University</title>
        <cusip>13077DEX6</cusip>
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          <isin value="US13077DEX66"/>
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        <balance>35250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>43719165.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Los Angeles County Metropolitan Transportation Authority</name>
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        <cusip>54466HJF4</cusip>
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          <isin value="US54466HJF47"/>
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        <balance>9940000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Commonwealth Aqueduct &amp; Sewer Authority</name>
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          <isin value="US745160RX16"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
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          <annualizedRt>5.35000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>San Francisco Bay Area Rapid Transit District</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-01</maturityDt>
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        <name>Norman Y Mineta San Jose International Airport SJC</name>
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          <maturityDt>2034-03-01</maturityDt>
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        <name>Chicago Board of Education</name>
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          <maturityDt>2029-11-01</maturityDt>
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        <name>Puerto Rico Public Buildings Authority</name>
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        <invCountry>PR</invCountry>
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          <maturityDt>2034-07-01</maturityDt>
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        <name>Chicago Board of Education</name>
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        <name>San Leandro Unified School District</name>
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        <invCountry>US</invCountry>
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          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWR REVENUE</title>
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        <balance>885000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>City of Los Angeles Department of Airports</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE</title>
        <cusip>544445PR4</cusip>
        <identifiers>
          <isin value="US544445PR44"/>
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        <balance>7000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8873830.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <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>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA ST HLTH FACS FING AUTH REVENUE</title>
        <cusip>13033LWH6</cusip>
        <identifiers>
          <isin value="US13033LWH67"/>
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        <balance>20220000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21203905.20000000</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>2040-11-15</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>
      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWR REVENUE</title>
        <cusip>74526QV25</cusip>
        <identifiers>
          <isin value="US74526QV254"/>
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        <balance>555000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>382402.77000000</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>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</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 Public Finance Authority</name>
        <lei>N/A</lei>
        <title>CALIFORNIA PUBLIC FIN AUTH EDUCTNL FACS REVENUE</title>
        <cusip>13057KAA8</cusip>
        <identifiers>
          <isin value="US13057KAA88"/>
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        <balance>385000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>397296.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWR REVENUE</title>
        <cusip>74526QV66</cusip>
        <identifiers>
          <isin value="US74526QV668"/>
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        <balance>11490000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7916770.86000000</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>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>California Pollution Control Financing Authority</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE</title>
        <cusip>130536PR0</cusip>
        <identifiers>
          <isin value="US130536PR00"/>
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        <balance>17500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17079072.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
        <lei>N/A</lei>
        <title>SAN DIEGO CA PUBLIC FACS FING AUTH WTR REVENUE</title>
        <cusip>79730CJC9</cusip>
        <identifiers>
          <isin value="US79730CJC91"/>
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        <balance>15180000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19054087.80000000</valUSD>
        <pctVal>0.586559806912</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>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
        <title>CALIFORNIA SCH FIN AUTH SCH FAC REVENUE</title>
        <cusip>13059TDM8</cusip>
        <identifiers>
          <isin value="US13059TDM80"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1600230.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>City &amp; County of San Francisco CA Community Facilities District No 2014-1</name>
        <lei>N/A</lei>
        <title>SAN FRANCISCO CITY &amp; CNTY CA CMNTY FACS DIST #2014-1 SPL TAX</title>
        <cusip>79772ECP2</cusip>
        <identifiers>
          <isin value="US79772ECP25"/>
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        <balance>1880000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2115488.80000000</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>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.97000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWR REVENUE</title>
        <cusip>74526QH21</cusip>
        <identifiers>
          <isin value="US74526QH212"/>
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        <balance>2945000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2029146.23000000</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>2019-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>Y</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWR REVENUE</title>
        <cusip>74526QX23</cusip>
        <identifiers>
          <isin value="US74526QX235"/>
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        <balance>935000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>644228.09000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2019-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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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>
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        <cusip>79770GGX8</cusip>
        <identifiers>
          <isin value="US79770GGX88"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1366612.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.38000000</annualizedRt>
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      <invstOrSec>
        <name>San Diego Community College District</name>
        <lei>N/A</lei>
        <title>SAN DIEGO CA CMNTY CLG DIST</title>
        <cusip>797272LS8</cusip>
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          <isin value="US797272LS80"/>
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        <balance>21370000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWR REVENUE</title>
        <cusip>74526QS86</cusip>
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          <isin value="US74526QS862"/>
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        <balance>955000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>658008.37000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWR REVENUE</title>
        <cusip>74526QW57</cusip>
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          <isin value="US74526QW575"/>
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        <balance>925000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>637337.95000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2017-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Los Angeles Department of Water</name>
        <lei>549300S8NXV6YU61GG95</lei>
        <title>LOS ANGELES CA DEPT OF WTR &amp; PWR WTRWKS REVENUE</title>
        <cusip>544525UG1</cusip>
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          <isin value="US544525UG19"/>
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        <balance>28620000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>34351155.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
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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 ELEC PWR AUTH PWR REVENUE</title>
        <cusip>74526QT93</cusip>
        <identifiers>
          <isin value="US74526QT936"/>
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        <balance>2230000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1565879.24000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Municipal Improvement Corp of Los Angeles</name>
        <lei>549300ZJ0YLTZNSR8F57</lei>
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          <isin value="US544587U558"/>
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        <curCd>USD</curCd>
        <valUSD>6730324.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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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 FING CORP SALES TAX REVENUE</title>
        <cusip>74529JRK3</cusip>
        <identifiers>
          <isin value="US74529JRK33"/>
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        <curCd>USD</curCd>
        <valUSD>117953.52000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-01</maturityDt>
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      <invstOrSec>
        <name>University of California</name>
        <lei>N/A</lei>
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          <isin value="US91412GEA94"/>
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        <curCd>USD</curCd>
        <valUSD>5035394.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-05-15</maturityDt>
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          <annualizedRt>6.30000000</annualizedRt>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US13058THG85"/>
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        <curCd>USD</curCd>
        <valUSD>3358891.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
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        <cusip>13016NDC5</cusip>
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          <isin value="US13016NDC56"/>
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        <curCd>USD</curCd>
        <valUSD>11396155.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <cusip>79766DGE3</cusip>
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          <isin value="US79766DGE31"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of San Francisco CA Public Utilities Commission Water Revenue</name>
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        <cusip>79765RH77</cusip>
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          <isin value="US79765RH771"/>
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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>2030-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Infrastructure &amp; Economic Development Bank</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>CALIFORNIA ST INFRASTRUCTURE &amp; ECON DEV BANK REVENUE</title>
        <cusip>13034AH29</cusip>
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          <isin value="US13034AH298"/>
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        <valUSD>922300.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Francisco Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US79771TNU78"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
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        <cusip>13063BRE4</cusip>
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          <isin value="US13063BRE47"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>Port of Oakland</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California State Public Works Board</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Mount San Antonio Community College District</name>
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        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <invCountry>PR</invCountry>
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          <maturityDt>2018-07-01</maturityDt>
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        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <invCountry>PR</invCountry>
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        <debtSec>
          <maturityDt>2018-01-01</maturityDt>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <cusip>74526QC91</cusip>
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          <isin value="US74526QC916"/>
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        <curCd>USD</curCd>
        <valUSD>408896.74000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-07-01</maturityDt>
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          <annualizedRt>5.40000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of California Department of Water Resources</name>
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          <isin value="US13067WRF13"/>
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        <curCd>USD</curCd>
        <valUSD>4021560.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.32000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <cusip>79766DRH4</cusip>
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          <isin value="US79766DRH43"/>
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        <curCd>USD</curCd>
        <valUSD>11327748.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Commonwealth Aqueduct &amp; Sewer Authority</name>
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          <isin value="US745160QG91"/>
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        <balance>3620000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3489643.80000000</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>2038-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.15000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Los Angeles County Metropolitan Transportation Authority</name>
        <lei>54930051IHTXE1N9RB42</lei>
        <title>LOS ANGELES CNTY CA MET TRANSPRTN AUTH SALES TAX REVENUE</title>
        <cusip>54466HFU5</cusip>
        <identifiers>
          <isin value="US54466HFU59"/>
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        <balance>19235000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24019129.20000000</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>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Chicago Board of Education</name>
        <lei>54930099NR6T9V7LVB43</lei>
        <title>CHICAGO IL BRD OF EDU</title>
        <cusip>167505NH5</cusip>
        <identifiers>
          <isin value="US167505NH52"/>
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        <balance>8075000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8655673.25000000</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>2040-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.52000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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        <title>PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE</title>
        <cusip>74529JRJ6</cusip>
        <identifiers>
          <isin value="US74529JRJ69"/>
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        <balance>380000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>397316.60000000</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>4.33000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE</title>
        <cusip>13016NEZ3</cusip>
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          <isin value="US13016NEZ33"/>
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        <curCd>USD</curCd>
        <valUSD>1718193.40000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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 ELEC PWR AUTH PWR REVENUE</title>
        <cusip>74526QU26</cusip>
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          <isin value="US74526QU264"/>
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        <balance>1075000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>740690.05000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</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 ELEC PWR AUTH PWR REVENUE</title>
        <cusip>74526QU67</cusip>
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          <isin value="US74526QU678"/>
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        <balance>7630000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5357694.44000000</valUSD>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA ST MUNI FIN AUTH REVENUE</title>
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          <isin value="US13048VMZ84"/>
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        <curCd>USD</curCd>
        <valUSD>1049991.60000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California State Public Works Board</name>
        <lei>N/A</lei>
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        <cusip>13068LMZ5</cusip>
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          <isin value="US13068LMZ57"/>
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        <valUSD>576340.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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 FING CORP SALES TAX REVENUE</title>
        <cusip>74529JPX7</cusip>
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          <isin value="US74529JPX71"/>
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        <balance>11287000.00000000</balance>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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        <cusip>13058THF0</cusip>
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          <isin value="US13058THF03"/>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US13058TJG67"/>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>CALIFORNIA ST INFRASTRUCTURE &amp; ECON DEV BANK REVENUE</title>
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          <isin value="US13034AG795"/>
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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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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Municipal Improvement Corp of Los Angeles</name>
        <lei>549300ZJ0YLTZNSR8F57</lei>
        <title>LOS ANGELES CA MUNI IMPT CORPLEASE REVENUE</title>
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          <isin value="US544587U483"/>
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        <balance>2295000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>San Francisco City &amp; County Public Utilities Commission Wastewater Revenue</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Evergreen School District</name>
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        <name>California County Tobacco Securitization Agency</name>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <name>Puerto Rico Public Buildings Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Norman Y Mineta San Jose International Airport SJC</name>
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          <isin value="US798136SD01"/>
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      <invstOrSec>
        <name>Chino Basin Regional Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US169498FR89"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-11-01</maturityDt>
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        <name>MASHANTUCKET WEST PEQUOT</name>
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          <isin value="US574754AL15"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Los Angeles Department of Water</name>
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          <isin value="US544525WH73"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-07-01</maturityDt>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-01-01</maturityDt>
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        <name>Puerto Rico Electric Power Authority</name>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
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      <invstOrSec>
        <name>City &amp; County of San Francisco CA Community Facilities District No 2014-1</name>
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          <maturityDt>2030-09-01</maturityDt>
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      <invstOrSec>
        <name>Marin Healthcare District</name>
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          <maturityDt>2041-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California State Public Works Board</name>
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          <isin value="US13068LZA69"/>
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      <invstOrSec>
        <name>University of California</name>
        <lei>N/A</lei>
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        <name>City of Los Angeles CA</name>
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        <name>Palomar Community College District</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>University of California</name>
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        <name>East Bay Municipal Utility District Water System Revenue</name>
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        <name>Los Angeles Community College District/CA</name>
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        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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          <isin value="US74526QS946"/>
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        <curCd>USD</curCd>
        <valUSD>1932684.27000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE</title>
        <cusip>13058TGU8</cusip>
        <identifiers>
          <isin value="US13058TGU88"/>
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        <balance>525000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>547249.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>City of Long Beach CA Harbor Revenue</name>
        <lei>N/A</lei>
        <title>LONG BEACH CA HARBOR REVENUE</title>
        <cusip>542424VW3</cusip>
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          <isin value="US542424VW30"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12467300.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>PUERTO RICO CMWLTH</title>
        <cusip>74514LVM6</cusip>
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          <isin value="US74514LVM61"/>
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        <balance>1025000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>726112.05000000</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>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.38000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hastings Campus Housing Finance Authority</name>
        <lei>N/A</lei>
        <title>HASTINGS CAMPUS HSG FIN AUTH CA CAMPUS HSG REVENUE</title>
        <cusip>418338AA7</cusip>
        <identifiers>
          <isin value="US418338AA70"/>
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        <balance>2530000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2592162.10000000</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>2045-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Evergreen School District</name>
        <lei>N/A</lei>
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        <cusip>300189DY0</cusip>
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          <isin value="US300189DY04"/>
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        <balance>1410000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1406404.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>PUERTO RICO CMWLTH</title>
        <cusip>74514LB71</cusip>
        <identifiers>
          <isin value="US74514LB717"/>
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        <balance>8805000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5761164.33000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Glendale Community College District/CA</name>
        <lei>N/A</lei>
        <title>GLENDALE CA CMNTY CLG DIST</title>
        <cusip>378394GX2</cusip>
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          <isin value="US378394GX25"/>
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        <balance>10450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13078802.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Los Angeles Community College District/CA</name>
        <lei>N/A</lei>
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          <isin value="US54438CXZ03"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11499200.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Coast Community College District</name>
        <lei>N/A</lei>
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          <isin value="US190335DH94"/>
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        <balance>26425000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23322969.25000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California State Public Works Board</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE</title>
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        <identifiers>
          <isin value="US13068LLA16"/>
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        <balance>2315000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2670167.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>San Francisco City &amp; County Public Utilities Commission Wastewater Revenue</name>
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          <isin value="US79768HCG11"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>City &amp; County of San Francisco CA Community Facilities District No 2014-1</name>
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          <isin value="US79772ECN76"/>
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        <name>San Francisco Bay Area Rapid Transit District</name>
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          <isin value="US797661VS12"/>
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        <invCountry>US</invCountry>
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        <name>Puerto Rico Commonwealth Aqueduct &amp; Sewer Authority</name>
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        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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          <isin value="US74529JRH04"/>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.33000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <balance>4130000.00000000</balance>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>California Health Facilities Financing Authority</name>
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          <isin value="US13033LRT60"/>
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        <name>Puerto Rico Electric Power Authority</name>
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        <cusip>74526QM82</cusip>
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          <isin value="US74526QM824"/>
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          <isin value="US13057KAD28"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>California School Finance Authority</name>
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          <isin value="US13058TJE10"/>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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      </invstOrSec>
      <invstOrSec>
        <name>San Diego County Water Authority</name>
        <lei>549300Y0QN5OFKA1G520</lei>
        <title>SAN DIEGO CNTY CA WTR AUTH</title>
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          <isin value="US797412BK81"/>
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        <curCd>USD</curCd>
        <valUSD>6620700.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>City &amp; County of San Francisco CA Community Facilities District No 2014-1</name>
        <lei>N/A</lei>
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        <cusip>79772ECQ0</cusip>
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          <isin value="US79772ECQ08"/>
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        <balance>2070000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2325748.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>San Diego County Water Authority</name>
        <lei>549300Y0QN5OFKA1G520</lei>
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          <isin value="US797412CZ42"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-05-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <cusip>13048VQB7</cusip>
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          <isin value="US13048VQB70"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1525155.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.61000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Francisco Unified School District</name>
        <lei>N/A</lei>
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        <cusip>79771TNV5</cusip>
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          <isin value="US79771TNV51"/>
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        <balance>16690000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18454133.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Mateo County Community College District</name>
        <lei>N/A</lei>
        <title>SAN MATEO CNTY CA CMNTY CLG DIST</title>
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          <isin value="US799038NA89"/>
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        <balance>32650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>40991422.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-09-01</maturityDt>
          <couponKind>Fixed</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>
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          <isin value="US74526QG222"/>
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        <balance>1638000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1150183.94000000</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>2020-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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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 ELEC PWR AUTH PWR REVENUE</title>
        <cusip>74526QW81</cusip>
        <identifiers>
          <isin value="US74526QW815"/>
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        <balance>395000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>256750.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2017-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>East Bay Municipal Utility District Water System Revenue</name>
        <lei>549300IZZ5HKLDKRTF96</lei>
        <title>EAST BAY CA MUNI UTILITY DIST WTR SYS REVENUE</title>
        <cusip>271014D66</cusip>
        <identifiers>
          <isin value="US271014D665"/>
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        <balance>5885000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6762630.05000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Vista Joint Powers Financing Authority</name>
        <lei>N/A</lei>
        <title>VISTA CA JT PWRS FING AUTH</title>
        <cusip>928317EY8</cusip>
        <identifiers>
          <isin value="US928317EY89"/>
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        <balance>15065000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>17967724.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>San Francisco City &amp; County Redevelopment Agency Successor Agency</name>
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        <cusip>79770GFA9</cusip>
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          <isin value="US79770GFA94"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>887130.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Hastings Campus Housing Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US418338AB53"/>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA ST STWD CMNTYS DEV AUTH STWD REVENUE</title>
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          <isin value="US13078YNT81"/>
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        <name>California State University</name>
        <lei>N/A</lei>
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          <isin value="US13077DMQ24"/>
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          <maturityDt>2029-11-01</maturityDt>
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          <annualizedRt>1.69000000</annualizedRt>
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        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US13058TGT16"/>
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      <invstOrSec>
        <name>California School Finance Authority</name>
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          <isin value="US13058TJD37"/>
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        <balance>2240000.00000000</balance>
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          <maturityDt>2050-06-01</maturityDt>
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      <invstOrSec>
        <name>San Francisco City &amp; County Redevelopment Agency Successor Agency</name>
        <lei>5493001TPOZL3UK8DX25</lei>
        <title>SAN FRANCISCO CITY &amp; CNTY CA REDEV AGY SUCCESSOR AGY TAX</title>
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          <isin value="US79770GGW06"/>
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        <balance>1000000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-01</maturityDt>
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          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
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        <name>Puerto Rico Electric Power Authority</name>
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      <invstOrSec>
        <name>Los Angeles Community College District/CA</name>
        <lei>N/A</lei>
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          <isin value="US54438CYA43"/>
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        <name>Fremont Union High School District</name>
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      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
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          <isin value="US79730CJB19"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Jose Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>San Francisco City &amp; County Public Utilities Commission Wastewater Revenue</name>
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          <isin value="US79768HFM51"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Grossmont-Cuyamaca Community College District</name>
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          <isin value="US399267GS63"/>
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        <name>California State Public Works Board</name>
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        <name>City of Los Angeles CA Wastewater System Revenue</name>
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        <name>Burbank-Glendale-Pasadena Airport Authority Brick Campaign</name>
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        <name>Commonwealth of Puerto Rico</name>
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        <name>Southern California Public Power Authority</name>
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        <title>STHRN CA PUBLIC PWR AUTH REVENUE</title>
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      <invstOrSec>
        <name>Sacramento Municipal Utility District</name>
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      <invstOrSec>
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        <name>University of California</name>
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        <name>Butte-Glenn Community College District</name>
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        <name>Commonwealth of Puerto Rico</name>
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          <maturityDt>2018-07-01</maturityDt>
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          <maturityDt>2021-06-30</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>California County Tobacco Securitization Agency</name>
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          <maturityDt>2045-06-01</maturityDt>
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        <name>Puerto Rico Electric Power Authority</name>
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        <invCountry>PR</invCountry>
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        <name>Commonwealth of Puerto Rico</name>
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        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Los Angeles Community College District/CA</name>
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        <name>City of Los Angeles Department of Airports</name>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Commonwealth of Puerto Rico</name>
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          <isin value="US74514LWA15"/>
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        <curCd>USD</curCd>
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        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Silicon Valley Tobacco Securitization Authority</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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        <name>Puerto Rico Electric Power Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2019-07-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Puerto Rico Electric Power Authority</name>
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        <curCd>USD</curCd>
        <valUSD>330726.72000000</valUSD>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Chicago Board of Trade</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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                <indexName>US Treasury Long Bond</indexName>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <cusip>79766DKH1</cusip>
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          <isin value="US79766DKH16"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Northern California Power Agency</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.31000000</annualizedRt>
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        <name>University of California</name>
        <lei>N/A</lei>
        <title>University of California</title>
        <cusip>91412G2K0</cusip>
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          <isin value="US91412G2K09"/>
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        <balance>20000000.00000000</balance>
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        <valUSD>24465400.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Golden State Tobacco Securitization Corp</name>
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        <cusip>38122NZW5</cusip>
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          <isin value="US38122NZW54"/>
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        <balance>55680000.00000000</balance>
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        <valUSD>57054739.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Los Angeles Department of Water</name>
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        <balance>8000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8126000.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-07-01</maturityDt>
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        <name>Tobacco Securitization Authority of Southern California</name>
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        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Eastern Municipal Water District Financing Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <invCountry>US</invCountry>
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        <name>San Diego Public Facilities Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-01-01</maturityDt>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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          <isin value="US74526QG552"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2018-07-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
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          <isin value="US74514LHD29"/>
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        <curCd>USD</curCd>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2018-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US13058TGV61"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Inland Empire Tobacco Securitization Corp</name>
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          <isin value="US45734TAJ34"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.68000000</annualizedRt>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STWD CMNTYS DEV AUTH REVENUE</title>
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          <isin value="US13080SNM25"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWR REVENUE</title>
        <cusip>74526QJ86</cusip>
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          <isin value="US74526QJ861"/>
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        <balance>3590000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>Commonwealth of Puerto Rico</name>
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        <fairValLevel>2</fairValLevel>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-01</maturityDt>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Tobacco Securitization Authority of Southern California</name>
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        <name>San Francisco Bay Area Rapid Transit District</name>
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        <name>Los Altos Elementary School District</name>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California State University</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST UNIV REVENUE</title>
        <cusip>13077C3U6</cusip>
        <identifiers>
          <isin value="US13077C3U68"/>
        </identifiers>
        <balance>31145000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>37354690.10000000</valUSD>
        <pctVal>1.149924364909</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>PUERTO RICO CMWLTH</title>
        <cusip>74514LKA4</cusip>
        <identifiers>
          <isin value="US74514LKA43"/>
        </identifiers>
        <balance>330000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>233772.66000000</valUSD>
        <pctVal>0.007196442451</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>City of Los Angeles Department of Airports</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE</title>
        <cusip>544445PQ6</cusip>
        <identifiers>
          <isin value="US544445PQ60"/>
        </identifiers>
        <balance>7045000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8955956.25000000</valUSD>
        <pctVal>0.275699578161</pctVal>
        <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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fremont Union High School District</name>
        <lei>N/A</lei>
        <title>FREMONT CA UNION HIGH SCH DIST SANTA CLARA CNTY</title>
        <cusip>357172ZW8</cusip>
        <identifiers>
          <isin value="US357172ZW82"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11471700.00000000</valUSD>
        <pctVal>0.353144071108</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-01</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>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
        <lei>N/A</lei>
        <title>PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE</title>
        <cusip>74529JQG3</cusip>
        <identifiers>
          <isin value="US74529JQG30"/>
        </identifiers>
        <balance>106226000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30313713.62000000</valUSD>
        <pctVal>0.933175400175</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>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>San Francisco City &amp; County Public Utilities Commission Wastewater Revenue</name>
        <lei>549300RA28ZEFOB6M782</lei>
        <title>SAN FRANCISCO CITY &amp; CNTY CA PUBLIC UTILS COMMISSION WSTWTR</title>
        <cusip>79768HCR7</cusip>
        <identifiers>
          <isin value="US79768HCR75"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6146950.00000000</valUSD>
        <pctVal>0.189227311375</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-01</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 Infrastructure &amp; Economic Development Bank</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>CALIFORNIA ST INFRASTRUCTURE &amp; ECON DEV BANK REVENUE</title>
        <cusip>13034AG95</cusip>
        <identifiers>
          <isin value="US13034AG951"/>
        </identifiers>
        <balance>37500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2706750.00000000</valUSD>
        <pctVal>0.083324416997</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-01-01</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>City of Los Angeles CA Wastewater System Revenue</name>
        <lei>549300E7TO710PTXPJ65</lei>
        <title>LOS ANGELES CA WSTWTR SYS REVENUE</title>
        <cusip>53945CGT1</cusip>
        <identifiers>
          <isin value="US53945CGT18"/>
        </identifiers>
        <balance>20000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24957800.00000000</valUSD>
        <pctVal>0.768299301579</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-06-01</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>Pomona Redevelopment Agency Successor Agency</name>
        <lei>N/A</lei>
        <title>POMONA CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION</title>
        <cusip>73209MAJ6</cusip>
        <identifiers>
          <isin value="US73209MAJ62"/>
        </identifiers>
        <balance>4155000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4752946.05000000</valUSD>
        <pctVal>0.146314383906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.98000000</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="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>

    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-09-30</ncom:dateSigned>
      <ncom:nameOfApplicant>BlackRock California Municipal Series Trust</ncom:nameOfApplicant>
      <ncom:signature>Ann Frechette</ncom:signature>
      <ncom:signerName>Ann Frechette</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
