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      <invstOrSec>
        <name>Placer Union High School District School Facilities Improvement District No 2</name>
        <lei>N/A</lei>
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        <cusip>72600PBS5</cusip>
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          <isin value="US72600PBS56"/>
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        <curCd>USD</curCd>
        <valUSD>3925443.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-08-01</maturityDt>
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      <invstOrSec>
        <name>Anaheim Union High School District</name>
        <lei>N/A</lei>
        <title>ANAHEIM CA UNION HIGH SCH DIST</title>
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          <isin value="US032591TH24"/>
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        <curCd>USD</curCd>
        <valUSD>1219330.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Saugus Union School District School Facilities Improvement District No 2014-1</name>
        <lei>N/A</lei>
        <title>SAUGUS CA UNION SCH DIST SCH FACS IMPT DIST #2014-1</title>
        <cusip>804237CB9</cusip>
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          <isin value="US804237CB96"/>
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        <curCd>USD</curCd>
        <valUSD>904566.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Francisco Bay Area Rapid Transit District</name>
        <lei>549300Y3C3QUMLE3FY58</lei>
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        <cusip>797661ZM0</cusip>
        <identifiers>
          <isin value="US797661ZM06"/>
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        <balance>1510000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1840946.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alameda Corridor Transportation Authority</name>
        <lei>N/A</lei>
        <title>ALAMEDA CA CORRIDOR TRANSPRTN AUTH</title>
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          <isin value="US010869HA67"/>
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        <balance>2250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2604195.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Manteca Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US564538FQ43"/>
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        <balance>360000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>442152.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>West Sonoma County Union High School District</name>
        <lei>N/A</lei>
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          <isin value="US956101HC67"/>
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        <curCd>USD</curCd>
        <valUSD>1411481.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Jose Evergreen Community College District</name>
        <lei>5493006H31JIFYW6Z091</lei>
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          <isin value="US798189QT68"/>
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        <curCd>USD</curCd>
        <valUSD>1348872.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-09-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Diego Redevelopment Agency Successor Agency</name>
        <lei>N/A</lei>
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          <isin value="US79730WAZ32"/>
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        <curCd>USD</curCd>
        <valUSD>269140.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.38000000</annualizedRt>
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      <invstOrSec>
        <name>Burlingame School District</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-08-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>California Municipal Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-01</maturityDt>
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        <name>Manteca Unified School District</name>
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        <name>La Canada Unified School District</name>
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        <name>Cotati-Rohnert Park Unified School District</name>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
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        <invCountry>US</invCountry>
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        <name>Chino Valley Unified School District</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>State Center Community College District</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Mendocino Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cotati-Rohnert Park Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-08-01</maturityDt>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
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          <isin value="US13063BKP66"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2510900.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-11-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>South Orange County Public Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US839100JN53"/>
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        <balance>775000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-15</maturityDt>
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      <invstOrSec>
        <name>Lucia Mar Unified School District</name>
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        <curCd>USD</curCd>
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          <maturityDt>2049-08-01</maturityDt>
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      <invstOrSec>
        <name>Beverly Hills Public Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US088013EY97"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>621950.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Los Angeles County Metropolitan Transportation Authority</name>
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          <isin value="US54466HDW34"/>
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        <balance>1500000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-06-01</maturityDt>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
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          <isin value="US13032UFE38"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Oceanside CA Water Revenue</name>
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        <name>City &amp; County of San Francisco CA</name>
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        <name>City of Oroville CA</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Sacramento Municipal Utility District</name>
        <lei>E3GSVR6ZOU1MX2V7HF33</lei>
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        <name>State of California</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Alvord Unified School District</name>
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        <debtSec>
          <maturityDt>2035-08-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Enterprise Development Authority</name>
        <lei>549300544P6FSHU1HB46</lei>
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          <isin value="US13067RCD35"/>
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        <valUSD>484412.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-09-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Diego Redevelopment Agency Successor Agency</name>
        <lei>N/A</lei>
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          <isin value="US79730WBC38"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-09-01</maturityDt>
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      <invstOrSec>
        <name>Beverly Hills Public Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US088013EZ62"/>
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        <curCd>USD</curCd>
        <valUSD>1548012.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-06-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Francisco Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US79771TNL79"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2368740.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-06-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Pittsburg Successor Agency Redevelopment Agency</name>
        <lei>N/A</lei>
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          <isin value="US86459LBB36"/>
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        <balance>955000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.39000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cotati-Rohnert Park Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US221623YT24"/>
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        <balance>710000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>878717.30000000</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>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST EDUCTNL FACS AUTH REVENUE</title>
        <cusip>1301783W4</cusip>
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          <isin value="US1301783W46"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>626980.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hartnell Community College District/CA</name>
        <lei>N/A</lei>
        <title>HARTNELL CA CMNTY CLG DIST</title>
        <cusip>417123GK6</cusip>
        <identifiers>
          <isin value="US417123GK65"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>538820.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA ST MUNI FIN AUTH REVENUE</title>
        <cusip>13048VKU1</cusip>
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          <isin value="US13048VKU16"/>
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        <balance>755000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>835437.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Hartnell Community College District/CA</name>
        <lei>N/A</lei>
        <title>HARTNELL CA CMNTY CLG DIST</title>
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          <isin value="US417123GD23"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>243046.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Saugus Union School District School Facilities Improvement District No 2014-1</name>
        <lei>N/A</lei>
        <title>SAUGUS CA UNION SCH DIST SCH FACS IMPT DIST #2014-1</title>
        <cusip>804237CA1</cusip>
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          <isin value="US804237CA14"/>
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          <maturityDt>2034-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>Westminster School District</name>
        <lei>N/A</lei>
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          <isin value="US960621HM50"/>
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        <name>Pittsburg Unified School District</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
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          <isin value="US79730CKK98"/>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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          <isin value="US13080SGP39"/>
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        <name>Rancho Water District Financing Authority</name>
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          <isin value="US752111NW09"/>
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      <invstOrSec>
        <name>Norman Y Mineta San Jose International Airport SJC</name>
        <lei>N/A</lei>
        <title>SAN JOSE CA ARPT REVENUE</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-03-01</maturityDt>
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      <invstOrSec>
        <name>City of Los Angeles Department of Airports</name>
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      <invstOrSec>
        <name>Madera Unified School District</name>
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      <invstOrSec>
        <name>Upper Santa Clara Valley Joint Powers Authority</name>
        <lei>N/A</lei>
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          <isin value="US916544EJ47"/>
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      <invstOrSec>
        <name>State of California</name>
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          <maturityDt>2036-03-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Los Angeles County Community Facilities District No 3</name>
        <lei>N/A</lei>
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          <isin value="US54466PFT03"/>
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        <valUSD>543171.20000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>San Francisco Bay Area Rapid Transit District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>San Francisco City &amp; County Redevelopment Agency Successor Agency</name>
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        <fairValLevel>2</fairValLevel>
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        <name>State Center Community College District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Dana Point CA</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California State University</name>
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        <name>California School Finance Authority</name>
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        <name>Redondo Beach Unified School District</name>
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        <name>Brisbane Elementary School District</name>
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        <name>Brisbane Elementary School District</name>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Liberty Union High School District</name>
        <lei>N/A</lei>
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          <isin value="US530319SD56"/>
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        <curCd>USD</curCd>
        <valUSD>1069340.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-08-01</maturityDt>
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      <invstOrSec>
        <name>Franklin-Mckinley School District</name>
        <lei>N/A</lei>
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          <isin value="US3538562L09"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Diego Redevelopment Agency Successor Agency</name>
        <lei>N/A</lei>
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          <isin value="US79730WBB54"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>281260.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-09-01</maturityDt>
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          <annualizedRt>3.63000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hueneme Elementary School District</name>
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          <isin value="US444258HJ92"/>
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        <balance>675000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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          <isin value="US13080SEY63"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-12-01</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Enterprise Development Authority</name>
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          <isin value="US13067RCB78"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Francisco Bay Area Rapid Transit District</name>
        <lei>549300Y3C3QUMLE3FY58</lei>
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          <isin value="US797661WX97"/>
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        <curCd>USD</curCd>
        <valUSD>1752885.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hueneme Elementary School District</name>
        <lei>N/A</lei>
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          <isin value="US444258HX86"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1995760.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-08-01</maturityDt>
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          <annualizedRt>2.64000000</annualizedRt>
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      <invstOrSec>
        <name>Beverly Hills Unified School District CA</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>State of California</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Lake Elsinore School Financing Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>Chula Vista Municipal Financing Authority</name>
        <lei>N/A</lei>
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        <name>La Canada Unified School District</name>
        <lei>N/A</lei>
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        <name>California Pollution Control Financing Authority</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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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Liberty Union High School District</name>
        <lei>N/A</lei>
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          <isin value="US530319SA18"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>West Sonoma County Union High School District</name>
        <lei>N/A</lei>
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          <isin value="US956101HD41"/>
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        <curCd>USD</curCd>
        <valUSD>1245430.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Francisco Bay Area Rapid Transit District</name>
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          <isin value="US797661ZV05"/>
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        <curCd>USD</curCd>
        <valUSD>3498162.40000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <cusip>13048TKE2</cusip>
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          <isin value="US13048TKE28"/>
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        <balance>915000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>961390.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>State Center Community College District</name>
        <lei>N/A</lei>
        <title>ST CENTER CA CMNTY CLG DIST</title>
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          <isin value="US856597HG74"/>
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        <curCd>USD</curCd>
        <valUSD>1792512.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>West Sonoma County Union High School District</name>
        <lei>N/A</lei>
        <title>W SONOMA CNTY CA UNION HIGH SCH DIST</title>
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          <isin value="US956101HB84"/>
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        <curCd>USD</curCd>
        <valUSD>632505.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Ukiah Unified School District/CA</name>
        <lei>N/A</lei>
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          <isin value="US903698EF19"/>
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        <balance>1085000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1344727.30000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mendocino Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US586596CK28"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>586140.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Franklin-Mckinley School District</name>
        <lei>N/A</lei>
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        <cusip>3538562J5</cusip>
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          <isin value="US3538562J52"/>
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        <balance>205000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>242016.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Alameda Corridor Transportation Authority</name>
        <lei>N/A</lei>
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          <isin value="US010869HJ76"/>
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        <balance>5075000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5881519.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Vacaville Unified School District</name>
        <lei>N/A</lei>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>63281.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Los Angeles Department of Airports</name>
        <lei>N/A</lei>
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        <balance>1500000.00000000</balance>
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        <valUSD>1779885.00000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2025-05-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA ST HLTH FACS FING AUTH REVENUE</title>
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        <valUSD>5840625.40000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-11-15</maturityDt>
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        <name>Cabrillo Unified School District</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>University of California</name>
        <lei>N/A</lei>
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        <balance>4215000.00000000</balance>
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      <invstOrSec>
        <name>Independent Cities Finance Authority</name>
        <lei>549300ZZZYTBUL6FR983</lei>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>City of Irvine CA</name>
        <lei>549300PJ9FL2XGFR8J79</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2031-09-01</maturityDt>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA ST HLTH FACS FING AUTH REVENUE</title>
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        <balance>1200000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-10-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Milpitas Unified School District/CA</name>
        <lei>549300BL87026BFAVO38</lei>
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        <cusip>601670MU3</cusip>
        <identifiers>
          <isin value="US601670MU38"/>
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        <curCd>USD</curCd>
        <valUSD>509080.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.35000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>13033LM95</cusip>
        <identifiers>
          <isin value="US13033LM958"/>
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        <balance>735000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>790992.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Winters Joint Unified School District</name>
        <lei>N/A</lei>
        <title>WINTERS CA JT UNIF SCH DIST YOLO SOLANO CNTYS</title>
        <cusip>976095KB4</cusip>
        <identifiers>
          <isin value="US976095KB44"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>236034.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>California Infrastructure &amp; Economic Development Bank</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>CALIFORNIA ST INFRASTRUCTURE &amp; ECON DEV BANK REVENUE</title>
        <cusip>13034AZE3</cusip>
        <identifiers>
          <isin value="US13034AZE36"/>
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        <balance>7970000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7970717.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-10-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.31000000</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>City of Dana Point CA</name>
        <lei>N/A</lei>
        <title>DANA POINT CA CMNTY FACS DISTSPL TAX</title>
        <cusip>235839DZ7</cusip>
        <identifiers>
          <isin value="US235839DZ70"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>507260.00000000</valUSD>
        <pctVal>0.086632518047</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.90000000</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>City of Chula Vista CA</name>
        <lei>N/A</lei>
        <title>CHULA VISTA CA INDL DEV REVENUE</title>
        <cusip>17131HCK2</cusip>
        <identifiers>
          <isin value="US17131HCK23"/>
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        <balance>895000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>898356.25000000</valUSD>
        <pctVal>0.153425982812</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.88000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>California Infrastructure &amp; Economic Development Bank</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>CALIFORNIA ST INFRASTRUCTURE &amp; ECON DEV BANK REVENUE</title>
        <cusip>13034AZH6</cusip>
        <identifiers>
          <isin value="US13034AZH66"/>
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        <balance>450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>448524.00000000</valUSD>
        <pctVal>0.076601276514</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>Floating</couponKind>
          <annualizedRt>0.48000000</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>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWR REVENUE</title>
        <cusip>74526QCK6</cusip>
        <identifiers>
          <isin value="US74526QCK67"/>
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        <balance>180000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>180878.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-07-01</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>
      <invstOrSec>
        <name>State Center Community College District</name>
        <lei>N/A</lei>
        <title>ST CENTER CA CMNTY CLG DIST</title>
        <cusip>856597HN2</cusip>
        <identifiers>
          <isin value="US856597HN26"/>
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        <balance>5225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5659302.00000000</valUSD>
        <pctVal>0.966525219124</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</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>Upper Santa Clara Valley Joint Powers Authority</name>
        <lei>N/A</lei>
        <title>UPPER SANTA CLARA VY CA JT PWRS AUTH REVENUE</title>
        <cusip>916544EK1</cusip>
        <identifiers>
          <isin value="US916544EK10"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>506204.00000000</valUSD>
        <pctVal>0.086452168840</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State Center Community College District</name>
        <lei>N/A</lei>
        <title>ST CENTER CA CMNTY CLG DIST</title>
        <cusip>856597HH5</cusip>
        <identifiers>
          <isin value="US856597HH57"/>
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        <balance>2285000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2538497.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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>74526QDD1</cusip>
        <identifiers>
          <isin value="US74526QDD16"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>302460.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mariposa County Unified School District</name>
        <lei>N/A</lei>
        <title>MARIPOSA CNTY CA UNIF SCH DIST</title>
        <cusip>570255BB4</cusip>
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          <isin value="US570255BB42"/>
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        <balance>1265000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1529498.85000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State Center Community College District</name>
        <lei>N/A</lei>
        <title>ST CENTER CA CMNTY CLG DIST</title>
        <cusip>856597HK8</cusip>
        <identifiers>
          <isin value="US856597HK86"/>
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        <balance>2615000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2860470.05000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Morongo Band of Mission Indians/The</name>
        <lei>N/A</lei>
        <title>MORONGO BAND OF MISSION INDIANS CA REVENUE</title>
        <cusip>61773RAB3</cusip>
        <identifiers>
          <isin value="US61773RAB33"/>
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        <balance>440000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>482156.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2042-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <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>74526QCL4</cusip>
        <identifiers>
          <isin value="US74526QCL41"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>125817.50000000</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>2023-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>San Diego Redevelopment Agency Successor Agency</name>
        <lei>N/A</lei>
        <title>SAN DIEGO CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION</title>
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        <identifiers>
          <isin value="US79730WAY66"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>262687.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Central Unified School District</name>
        <lei>549300AKOP2UG4D0YH67</lei>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-08-01</maturityDt>
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      <invstOrSec>
        <name>City of San Francisco CA Public Utilities Commission Water Revenue</name>
        <lei>N/A</lei>
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          <isin value="US79765RS752"/>
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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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      <invstOrSec>
        <name>Galt Joint Union High School District</name>
        <lei>N/A</lei>
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          <isin value="US364118GL73"/>
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        <curCd>USD</curCd>
        <valUSD>607055.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Hueneme Elementary School District</name>
        <lei>N/A</lei>
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          <isin value="US444258HK65"/>
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        <curCd>USD</curCd>
        <valUSD>1150870.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Beverly Hills Public Financing Authority</name>
        <lei>N/A</lei>
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        <cusip>088013EX1</cusip>
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          <isin value="US088013EX15"/>
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        <curCd>USD</curCd>
        <valUSD>406253.25000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-06-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Desert Community College District</name>
        <lei>N/A</lei>
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          <isin value="US250375GK24"/>
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        <curCd>USD</curCd>
        <valUSD>8947284.45000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Foster City CA</name>
        <lei>N/A</lei>
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          <isin value="US35005RAL50"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>301700.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>South Placer Wastewater Authority/CA</name>
        <lei>549300FGO2EDNXECW829</lei>
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        <cusip>839423CR9</cusip>
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          <isin value="US839423CR98"/>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1262772.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Galt Joint Union High School District</name>
        <lei>N/A</lei>
        <title>GALT CA JT UNION HIGH SCH DIST</title>
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          <isin value="US364118GN30"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1206590.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Francisco Bay Area Rapid Transit District</name>
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        <cusip>797661XY6</cusip>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>331887.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-08-01</maturityDt>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>
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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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      <invstOrSec>
        <name>Lake Elsinore School Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Liberty Union High School District</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA ST HLTH FACS FING AUTH REVENUE</title>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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          <isin value="US13048T7L11"/>
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      <invstOrSec>
        <name>Norman Y Mineta San Jose International Airport SJC</name>
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        <invCountry>US</invCountry>
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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>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State Center Community College District</name>
        <lei>N/A</lei>
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          <isin value="US856597HE27"/>
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        <curCd>USD</curCd>
        <valUSD>3136182.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-01</maturityDt>
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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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        <cusip>74526QES7</cusip>
        <identifiers>
          <isin value="US74526QES75"/>
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        <balance>130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>131066.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Oxnard Union High School District</name>
        <lei>N/A</lei>
        <title>OXNARD CA UNION HIGH SCH DIST</title>
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          <isin value="US692039RR33"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Eastern Municipal Water District</name>
        <lei>549300ZCFVRFDIRWK089</lei>
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        <cusip>27627TBT8</cusip>
        <identifiers>
          <isin value="US27627TBT88"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1999240.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.37000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA ST MUNI FIN AUTH REVENUE</title>
        <cusip>13048TN25</cusip>
        <identifiers>
          <isin value="US13048TN254"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>925912.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-01</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 Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
        <lei>54930055TIDYHNDP4F84</lei>
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        <cusip>79766DGE3</cusip>
        <identifiers>
          <isin value="US79766DGE31"/>
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        <balance>4905000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5614213.95000000</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>2041-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Franklin-Mckinley School District</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US3538562K26"/>
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        <balance>765000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>898010.55000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Diego County Regional Airport Authority</name>
        <lei>N/A</lei>
        <title>SAN DIEGO CNTY CA REGL ARPT AUTH</title>
        <cusip>79739GLJ3</cusip>
        <identifiers>
          <isin value="US79739GLJ30"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>537995.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Burlingame School District</name>
        <lei>N/A</lei>
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        <cusip>121457KS3</cusip>
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          <isin value="US121457KS32"/>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>215363.75000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Liberty Union High School District</name>
        <lei>N/A</lei>
        <title>LIBERTY CA UNION HIGH SCH DIST</title>
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          <isin value="US530319RY03"/>
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        <balance>670000.00000000</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>2035-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Diego Community College District</name>
        <lei>N/A</lei>
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        <cusip>797272QA2</cusip>
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          <isin value="US797272QA28"/>
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        <balance>4500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5234220.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Liberty Union High School District</name>
        <lei>N/A</lei>
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          <isin value="US530319RW47"/>
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          <maturityDt>2033-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Burlingame School District</name>
        <lei>N/A</lei>
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          <isin value="US121457KT15"/>
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        <balance>300000.00000000</balance>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
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        <title>CALIFORNIA STWD CMNTYS DEV AUTH REVENUE</title>
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          <isin value="US13080SBU78"/>
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          <maturityDt>2035-11-15</maturityDt>
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        <name>Eastern Municipal Water District</name>
        <lei>549300ZCFVRFDIRWK089</lei>
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          <isin value="US27627TBU51"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
        <lei>54930055TIDYHNDP4F84</lei>
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          <isin value="US79766DAF69"/>
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        <balance>3600000.00000000</balance>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>California Public Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US13057EAR53"/>
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        <balance>425000.00000000</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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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Miracosta Community College District</name>
        <lei>N/A</lei>
        <title>MIRACOSTA CA CMNTY CLG DIST</title>
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          <isin value="US604617BS84"/>
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        <balance>2000000.00000000</balance>
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        <valUSD>2246440.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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      <invstOrSec>
        <name>Oak Grove School District</name>
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        <name>Fresno Unified School District</name>
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        <name>Westminster School District</name>
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        <name>Franklin-Mckinley School District</name>
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        <name>Southern California Public Power Authority</name>
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        <name>City of Oceanside CA Water Revenue</name>
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        <name>Saugus Union School District School Facilities Improvement District No 2014-1</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Rancho Water District Financing Authority</name>
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        <name>Madera Unified School District</name>
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      <invstOrSec>
        <name>Chino Valley Unified School District</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Geyserville Unified School District</name>
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      <invstOrSec>
        <name>Abag Finance Authority for Nonprofit Corps</name>
        <lei>549300EWVCCTI6O2KU84</lei>
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          <isin value="US00037CRV45"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-01</maturityDt>
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      <invstOrSec>
        <name>San Francisco Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US79771TNK96"/>
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      <invstOrSec>
        <name>Beverly Hills Public Financing Authority</name>
        <lei>N/A</lei>
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        <cusip>088013FB8</cusip>
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          <isin value="US088013FB85"/>
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        <curCd>USD</curCd>
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          <maturityDt>2040-06-01</maturityDt>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
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          <isin value="US13033L4N45"/>
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      <invstOrSec>
        <name>Manteca Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US564538FS09"/>
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          <maturityDt>2034-08-01</maturityDt>
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      <invstOrSec>
        <name>Long Beach Unified School District</name>
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        <name>State of California</name>
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        <name>City of Irvine CA</name>
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        <name>State of California</name>
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        <name>Bay Area Toll Authority</name>
        <lei>5493001FUZGUQMIP5D78</lei>
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          <maturityDt>2045-04-01</maturityDt>
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        <name>City of Bakersfield CA Wastewater Revenue</name>
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        <name>Upper Santa Clara Valley Joint Powers Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <invCountry>PR</invCountry>
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          <maturityDt>2022-07-01</maturityDt>
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      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Encinitas Union School District/CA</name>
        <lei>N/A</lei>
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          <isin value="US292533GR10"/>
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        <curCd>USD</curCd>
        <valUSD>3384672.50000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-08-01</maturityDt>
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          <annualizedRt>2.28000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hartnell Community College District/CA</name>
        <lei>N/A</lei>
        <title>HARTNELL CA CMNTY CLG DIST</title>
        <cusip>417123GJ9</cusip>
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          <isin value="US417123GJ92"/>
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        <balance>380000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>410673.60000000</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>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Anaheim Union High School District</name>
        <lei>N/A</lei>
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          <isin value="US032591TJ89"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1210490.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vacaville Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US918608TW00"/>
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        <balance>140000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>170132.20000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alameda Corridor Transportation Authority</name>
        <lei>N/A</lei>
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          <isin value="US010869EE17"/>
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        <balance>740000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>605364.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <cusip>13048TVJ9</cusip>
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          <isin value="US13048TVJ95"/>
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        <balance>165000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>185098.65000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fresno Unified School District</name>
        <lei>549300WL4QIP65TFU882</lei>
        <title>FRESNO CA UNIF SCH DIST</title>
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          <isin value="US3582326H42"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1061270.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA ST MUNI FIN AUTH REVENUE</title>
        <cusip>13048TVC4</cusip>
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          <isin value="US13048TVC43"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>226344.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Upper Santa Clara Valley Joint Powers Authority</name>
        <lei>N/A</lei>
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        <cusip>916544EH8</cusip>
        <identifiers>
          <isin value="US916544EH80"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>382566.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Winters Joint Unified School District</name>
        <lei>N/A</lei>
        <title>WINTERS CA JT UNIF SCH DIST YOLO SOLANO CNTYS</title>
        <cusip>976095KE8</cusip>
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          <isin value="US976095KE82"/>
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        <balance>1780000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2035643.60000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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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>13034AZD5</cusip>
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          <isin value="US13034AZD52"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>700063.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-01</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Contra Costa Transportation Authority</name>
        <lei>549300SFTNA7H8BCAM10</lei>
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        <cusip>21221MFL9</cusip>
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          <isin value="US21221MFL90"/>
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        <balance>7000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6978510.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.36000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>La Canada Unified School District</name>
        <lei>N/A</lei>
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        <cusip>502516QS9</cusip>
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          <isin value="US502516QS93"/>
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        <balance>1445000.00000000</balance>
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        <valUSD>1672096.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Madera Unified School District</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Metropolitan Water District of Southern California</name>
        <lei>5493003GD0S0P56RLT45</lei>
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          <isin value="US59266TQJ33"/>
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        <balance>370000.00000000</balance>
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        <valUSD>485070.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Oxnard Union High School District</name>
        <lei>N/A</lei>
        <title>OXNARD CA UNION HIGH SCH DIST</title>
        <cusip>692039QK9</cusip>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1142900.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Diego County Regional Airport Authority</name>
        <lei>N/A</lei>
        <title>SAN DIEGO CNTY CA REGL ARPT AUTH</title>
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          <isin value="US79739GGE08"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1212480.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST EDUCTNL FACS AUTH REVENUE</title>
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          <isin value="US130178C950"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-01</maturityDt>
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      <invstOrSec>
        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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          <isin value="US79766DGF06"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-05-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Huntington Beach City School District</name>
        <lei>N/A</lei>
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          <isin value="US446186PU65"/>
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        <curCd>USD</curCd>
        <valUSD>1220287.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Glendale CA Electric Revenue</name>
        <lei>N/A</lei>
        <title>GLENDALE CA ELEC WKS REVENUE</title>
        <cusip>378406NQ1</cusip>
        <identifiers>
          <isin value="US378406NQ13"/>
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        <balance>1005000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1188794.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tahoe-Truckee Unified School District</name>
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          <isin value="US873884PG97"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>617850.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA ST MUNI FIN AUTH REVENUE</title>
        <cusip>13048TM91</cusip>
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          <isin value="US13048TM918"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>906312.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Brisbane Elementary School District</name>
        <lei>N/A</lei>
        <title>BRISBANE CA SCH DIST</title>
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          <isin value="US10973RCE09"/>
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        <balance>155000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>183068.95000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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>13067WNX6</cusip>
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          <isin value="US13067WNX64"/>
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        <balance>220000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>282891.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Upper Santa Clara Valley Joint Powers Authority</name>
        <lei>N/A</lei>
        <title>UPPER SANTA CLARA VY CA JT PWRS AUTH REVENUE</title>
        <cusip>916544EE5</cusip>
        <identifiers>
          <isin value="US916544EE59"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>773910.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA ST MUNI FIN AUTH REVENUE</title>
        <cusip>13048VBW7</cusip>
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          <isin value="US13048VBW72"/>
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        <balance>1025000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1189410.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vacaville Unified School District</name>
        <lei>N/A</lei>
        <title>VACAVILLE CA UNIF SCH DIST</title>
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          <isin value="US918608UE82"/>
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        <balance>2145000.00000000</balance>
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        <valUSD>2484918.15000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Los Angeles Department of Airports</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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          <maturityDt>2029-05-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Mendocino Unified School District</name>
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      <invstOrSec>
        <name>San Luis Coastal Unified School District</name>
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          <isin value="US798546DK03"/>
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        <name>Morongo Band of Mission Indians/The</name>
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        <name>State of California</name>
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      <invstOrSec>
        <name>Manteca Unified School District</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Fresno Unified School District</name>
        <lei>549300WL4QIP65TFU882</lei>
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        <invCountry>US</invCountry>
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          <maturityDt>2032-08-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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          <isin value="US13080SGT50"/>
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        <curCd>USD</curCd>
        <valUSD>891157.80000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Beverly Hills Public Financing Authority</name>
        <lei>N/A</lei>
        <title>BEVERLY HILLS CA PUBLIC FING AUTH WTR REVENUE</title>
        <cusip>088013EU7</cusip>
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          <isin value="US088013EU75"/>
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        <curCd>USD</curCd>
        <valUSD>159072.50000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Ross Valley Public Financing Authority</name>
        <lei>N/A</lei>
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        <cusip>778388CL0</cusip>
        <identifiers>
          <isin value="US778388CL06"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>589280.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Liberty Union High School District</name>
        <lei>N/A</lei>
        <title>LIBERTY CA UNION HIGH SCH DIST</title>
        <cusip>530319RX2</cusip>
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          <isin value="US530319RX20"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>298520.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>State Center Community College District</name>
        <lei>N/A</lei>
        <title>ST CENTER CA CMNTY CLG DIST</title>
        <cusip>856597HJ1</cusip>
        <identifiers>
          <isin value="US856597HJ14"/>
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        <balance>1860000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2050929.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Manteca Unified School District</name>
        <lei>N/A</lei>
        <title>MANTECA CA UNIF SCH DIST</title>
        <cusip>564538GA8</cusip>
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          <isin value="US564538GA81"/>
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        <balance>2635000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3040790.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hayward Unified School District</name>
        <lei>N/A</lei>
        <title>HAYWARD CA UNIF SCH DIST</title>
        <cusip>4212906F9</cusip>
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          <isin value="US4212906F94"/>
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        <balance>2355000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2415570.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.32000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ukiah Unified School District/CA</name>
        <lei>N/A</lei>
        <title>UKIAH CA UNIF SCH DIST</title>
        <cusip>903698EE4</cusip>
        <identifiers>
          <isin value="US903698EE44"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1246300.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Encinitas Union School District/CA</name>
        <lei>N/A</lei>
        <title>ENCINITAS CA UNION SCH DIST</title>
        <cusip>292533GS9</cusip>
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          <isin value="US292533GS92"/>
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        <balance>1270000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1294930.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.48000000</annualizedRt>
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      <invstOrSec>
        <name>Washington Township Health Care District</name>
        <lei>N/A</lei>
        <title>WASHINGTON TWP CA HLTH CARE DIST REVENUE</title>
        <cusip>940204CR9</cusip>
        <identifiers>
          <isin value="US940204CR99"/>
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        <balance>1240000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1243372.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Irvine CA</name>
        <lei>549300PJ9FL2XGFR8J79</lei>
        <title>IRVINE CA SPL TAX</title>
        <cusip>46360TFQ1</cusip>
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          <isin value="US46360TFQ13"/>
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        <balance>765000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>893657.70000000</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>2034-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Oceanside CA Water Revenue</name>
        <lei>N/A</lei>
        <title>OCEANSIDE CA WTR REVENUE</title>
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          <isin value="US675413DA39"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>125334.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Burlingame School District</name>
        <lei>N/A</lei>
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          <isin value="US121457KZ74"/>
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        <balance>200000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-08-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Mariposa County Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US570255BD08"/>
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      <invstOrSec>
        <name>Chino Valley Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US169583GX37"/>
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        <balance>650000.00000000</balance>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Manteca Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US564538FP69"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2031-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Franklin-Mckinley School District</name>
        <lei>N/A</lei>
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          <isin value="US3538562M81"/>
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        <balance>415000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-08-01</maturityDt>
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      <invstOrSec>
        <name>Manteca Unified School District</name>
        <lei>N/A</lei>
        <title>MANTECA CA UNIF SCH DIST</title>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>Allan Hancock Joint Community College District/CA</name>
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      <invstOrSec>
        <name>California Infrastructure &amp; Economic Development Bank</name>
        <lei>549300C1OG9RDIM8ET06</lei>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Los Angeles Department of Airports</name>
        <lei>N/A</lei>
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          <isin value="US544445FD67"/>
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          <maturityDt>2033-05-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Madera Unified School District</name>
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          <isin value="US556452HX16"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Bakersfield CA Wastewater Revenue</name>
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          <isin value="US05753PCN06"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Mendocino Unified School District</name>
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        <curCd>USD</curCd>
        <valUSD>3482694.20000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Oceanside CA Water Revenue</name>
        <lei>N/A</lei>
        <title>OCEANSIDE CA WTR REVENUE</title>
        <cusip>675413DF2</cusip>
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          <isin value="US675413DF26"/>
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        <balance>1065000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1253302.65000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Foster City CA</name>
        <lei>N/A</lei>
        <title>FOSTER CITY CA</title>
        <cusip>35005RAV3</cusip>
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          <isin value="US35005RAV33"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>537200.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Beverly Hills Public Financing Authority</name>
        <lei>N/A</lei>
        <title>BEVERLY HILLS CA PUBLIC FING AUTH WTR REVENUE</title>
        <cusip>088013EV5</cusip>
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          <isin value="US088013EV58"/>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>221098.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-06-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Compton Community College District</name>
        <lei>N/A</lei>
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          <isin value="US204709HF99"/>
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        <balance>1690000.00000000</balance>
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        <valUSD>2064639.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
        <title>CALIFORNIA SCH FIN AUTH SCH FAC REVENUE</title>
        <cusip>13059TFG9</cusip>
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          <isin value="US13059TFG94"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Gilroy Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US376087FF40"/>
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          <maturityDt>2030-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <cusip>13048TVL4</cusip>
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          <isin value="US13048TVL42"/>
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          <maturityDt>2029-11-01</maturityDt>
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        <name>Placer Union High School District School Facilities Improvement District No 2</name>
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      <invstOrSec>
        <name>Encinitas Union School District/CA</name>
        <lei>N/A</lei>
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        <name>San Luis Coastal Unified School District</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>City of Los Angeles Department of Airports</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Liberty Union High School District</name>
        <lei>N/A</lei>
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        <name>San Francisco Bay Area Rapid Transit District</name>
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      <invstOrSec>
        <name>Liberty Union High School District</name>
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        <name>East Bay Municipal Utility District Water System Revenue</name>
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          <maturityDt>2032-06-01</maturityDt>
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        <name>Oxnard Union High School District</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Oxnard School District</name>
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          <isin value="US692020U659"/>
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      <invstOrSec>
        <name>Ukiah Unified School District/CA</name>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <cusip>13048TKF9</cusip>
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          <isin value="US13048TKF92"/>
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        <balance>960000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Westminster School District</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Dana Point CA</name>
        <lei>N/A</lei>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Liberty Union High School District</name>
        <lei>N/A</lei>
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        <name>San Leandro Unified School District</name>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <name>Galt Joint Union High School District</name>
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        <name>Vista Unified School District</name>
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        <name>City &amp; County of San Francisco CA</name>
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        <name>Rio Elementary School District/CA</name>
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        <name>Geyserville Unified School District</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Pittsburg Unified School District</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>State Center Community College District</name>
        <lei>N/A</lei>
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          <isin value="US856597HM43"/>
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      <invstOrSec>
        <name>Oxnard Union High School District</name>
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          <maturityDt>2039-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Rafael City Elementary School District</name>
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          <isin value="US799306PF61"/>
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        <valUSD>630680.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Tahoe-Truckee Unified School District</name>
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          <isin value="US873884NQ97"/>
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          <maturityDt>2036-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
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          <isin value="US13063CHH60"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Orange County Water District</name>
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          <isin value="US68442CCQ78"/>
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        <balance>200000.00000000</balance>
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        <valUSD>267456.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Fresno Unified School District</name>
        <lei>549300WL4QIP65TFU882</lei>
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          <isin value="US3582326G68"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-08-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Moraga Elementary School District/CA</name>
        <lei>N/A</lei>
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          <isin value="US616421EF60"/>
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        <balance>2555000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Burbank-Glendale-Pasadena Airport Authority Brick Campaign</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Fresno Unified School District</name>
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          <maturityDt>2033-08-01</maturityDt>
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        <name>Beverly Hills Public Financing Authority</name>
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          <isin value="US088013FA03"/>
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        <name>Burlingame School District</name>
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        <name>Sonoma Valley Unified School District</name>
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        <name>Chino Valley Unified School District</name>
        <lei>N/A</lei>
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        <name>Franklin-Mckinley School District</name>
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          <maturityDt>2036-08-01</maturityDt>
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        <name>State of California</name>
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        <invCountry>US</invCountry>
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        <name>Beverly Hills Public Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US088013ET03"/>
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        <name>Fresno Unified School District</name>
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        <name>Winters Joint Unified School District</name>
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        <name>South Gate Utility Authority</name>
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        <name>Tracy Unified School District School Facilities Improvement District No 3</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-08-01</maturityDt>
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          <annualizedRt>2.43000000</annualizedRt>
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        <name>San Francisco City &amp; County Redevelopment Agency Successor Agency</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Municipal Finance Authority</name>
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          <maturityDt>2043-12-31</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Yolo County Public Agencies Financing Authority</name>
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        <name>Cotati-Rohnert Park Unified School District</name>
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        <name>Mount San Antonio Community College District</name>
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        <name>Burlingame School District</name>
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        <name>Alameda Corridor Transportation Authority</name>
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        <name>Santa Monica-Malibu Unified School District</name>
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          <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>Mountain View-Whisman School District</name>
        <lei>N/A</lei>
        <title>MOUNTAIN VIEW-WHISMAN CA SCH DIST</title>
        <cusip>62451FJU5</cusip>
        <identifiers>
          <isin value="US62451FJU57"/>
        </identifiers>
        <balance>225000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>285768.00000000</valUSD>
        <pctVal>0.048804954889</pctVal>
        <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>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>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA ST HLTH FACS FING AUTH REVENUE</title>
        <cusip>13032UDA3</cusip>
        <identifiers>
          <isin value="US13032UDA34"/>
        </identifiers>
        <balance>1210000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1441775.50000000</valUSD>
        <pctVal>0.246233966850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-15</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>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWR REVENUE</title>
        <cusip>74526QPQ9</cusip>
        <identifiers>
          <isin value="US74526QPQ90"/>
        </identifiers>
        <balance>2100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2169699.00000000</valUSD>
        <pctVal>0.370552552489</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>5.25000000</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>Burlingame School District</name>
        <lei>N/A</lei>
        <title>BURLINGAME CA ELEM SCH DIST</title>
        <cusip>121457KW4</cusip>
        <identifiers>
          <isin value="US121457KW44"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>164575.50000000</valUSD>
        <pctVal>0.028107065358</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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 Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA ST HLTH FACS FING AUTH REVENUE</title>
        <cusip>13033LY27</cusip>
        <identifiers>
          <isin value="US13033LY276"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1650330.00000000</valUSD>
        <pctVal>0.281851996037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Riverside Unified School District</name>
        <lei>N/A</lei>
        <title>RIVERSIDE CA UNIF SCH DIST</title>
        <cusip>769059ZL3</cusip>
        <identifiers>
          <isin value="US769059ZL30"/>
        </identifiers>
        <balance>1250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1508500.00000000</valUSD>
        <pctVal>0.257629526229</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>Upper Santa Clara Valley Joint Powers Authority</name>
        <lei>N/A</lei>
        <title>UPPER SANTA CLARA VY CA JT PWRS AUTH REVENUE</title>
        <cusip>916544EM7</cusip>
        <identifiers>
          <isin value="US916544EM75"/>
        </identifiers>
        <balance>1320000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1470202.80000000</valUSD>
        <pctVal>0.251088929946</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-01</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>
    </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>2020-10-16</ncom:dateSigned>
      <ncom:nameOfApplicant>EATON VANCE MUNICIPALS TRUST</ncom:nameOfApplicant>
      <ncom:signature>James Kirchner</ncom:signature>
      <ncom:signerName>James Kirchner</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
