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      <invstOrSec>
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        <name>Alvord Unified School District</name>
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        <name>Amador Water Agency</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>City of Beaumont CA</name>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
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          <isin value="US074434EN75"/>
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          <maturityDt>2044-09-01</maturityDt>
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      <invstOrSec>
        <name>Belmont-Redwood Shores School District/CA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Benicia Unified School District</name>
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          <isin value="US082023PF31"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
        <name>Benicia Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Berkeley CA</name>
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        <name>Beverly Hills Unified School District CA</name>
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        <name>Bonsall Unified School District</name>
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        <name>Brentwood Infrastructure Financing Authority</name>
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      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
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      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
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          <isin value="US13016NEP50"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
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          <isin value="US13016NEQ34"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NES9</cusip>
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          <isin value="US13016NES99"/>
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        <curCd>USD</curCd>
        <valUSD>2906602.29000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NET7</cusip>
        <identifiers>
          <isin value="US13016NET72"/>
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        <balance>1270000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1270665.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-06-01</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 County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NEU4</cusip>
        <identifiers>
          <isin value="US13016NEU46"/>
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        <balance>1850000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1842309.74000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-01</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 County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NEV2</cusip>
        <identifiers>
          <isin value="US13016NEV29"/>
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        <balance>3910000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3863612.15000000</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>2037-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NEW0</cusip>
        <identifiers>
          <isin value="US13016NEW02"/>
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        <balance>2130000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2084766.89000000</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>2038-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NEX8</cusip>
        <identifiers>
          <isin value="US13016NEX84"/>
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        <balance>3650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3534258.14000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-06-01</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>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NEY6</cusip>
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          <isin value="US13016NEY67"/>
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        <balance>3955000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3778594.74000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NFB5</cusip>
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          <isin value="US13016NFB55"/>
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        <balance>270000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>270000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NFJ8</cusip>
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          <isin value="US13016NFJ81"/>
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        <balance>505000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>505000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NFK5</cusip>
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          <isin value="US13016NFK54"/>
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        <balance>445000.00000000</balance>
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        <valUSD>454885.05000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NFL3</cusip>
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          <isin value="US13016NFL38"/>
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        <balance>480000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500658.19000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NFM1</cusip>
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          <isin value="US13016NFM11"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>636787.62000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NFN9</cusip>
        <identifiers>
          <isin value="US13016NFN93"/>
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        <balance>615000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>662715.27000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NFP4</cusip>
        <identifiers>
          <isin value="US13016NFP42"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>487341.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</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>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
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          <isin value="US13016NFQ25"/>
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        <curCd>USD</curCd>
        <valUSD>323932.86000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NFR0</cusip>
        <identifiers>
          <isin value="US13016NFR08"/>
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        <balance>245000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>263561.91000000</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>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NFS8</cusip>
        <identifiers>
          <isin value="US13016NFS80"/>
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        <balance>420000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>425127.07000000</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>2034-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NFT6</cusip>
        <identifiers>
          <isin value="US13016NFT63"/>
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        <balance>560000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>564108.44000000</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>2035-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NFV1</cusip>
        <identifiers>
          <isin value="US13016NFV10"/>
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        <balance>640000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>637013.50000000</valUSD>
        <pctVal>0.003313740836</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NFX7</cusip>
        <identifiers>
          <isin value="US13016NFX75"/>
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        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>782292.80000000</valUSD>
        <pctVal>0.004069482981</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NFZ2</cusip>
        <identifiers>
          <isin value="US13016NFZ24"/>
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        <balance>585000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>566186.75000000</valUSD>
        <pctVal>0.002945300459</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NGA6</cusip>
        <identifiers>
          <isin value="US13016NGA63"/>
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        <balance>285000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>274534.83000000</valUSD>
        <pctVal>0.001428128724</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NGH1</cusip>
        <identifiers>
          <isin value="US13016NGH17"/>
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        <balance>225000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>225000.00000000</valUSD>
        <pctVal>0.001170448802</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-01</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>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NGJ7</cusip>
        <identifiers>
          <isin value="US13016NGJ72"/>
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        <balance>275000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>281108.74000000</valUSD>
        <pctVal>0.001462326169</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NGK4</cusip>
        <identifiers>
          <isin value="US13016NGK46"/>
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        <balance>435000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>453721.49000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NGM0</cusip>
        <identifiers>
          <isin value="US13016NGM02"/>
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        <balance>1080000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1163792.66000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NGN8</cusip>
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          <isin value="US13016NGN84"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>243670.52000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NGP3</cusip>
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          <isin value="US13016NGP33"/>
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        <balance>450000.00000000</balance>
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        <valUSD>485899.29000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NGQ1</cusip>
        <identifiers>
          <isin value="US13016NGQ16"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>645457.74000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NGR9</cusip>
        <identifiers>
          <isin value="US13016NGR98"/>
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        <balance>1190000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1204526.69000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NGS7</cusip>
        <identifiers>
          <isin value="US13016NGS71"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>503668.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CO TOBACCO</title>
        <cusip>13016NGU2</cusip>
        <identifiers>
          <isin value="US13016NGU28"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>995333.60000000</valUSD>
        <pctVal>0.005177720088</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
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      </invstOrSec>
      <invstOrSec>
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      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CA CO CA TOBACCO-A</title>
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          <isin value="US13016NHJ63"/>
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        <units>PA</units>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CA CO CA TOBACCO-A</title>
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          <isin value="US13016NHK37"/>
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        <curCd>USD</curCd>
        <valUSD>208607.58000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CA CO CA TOBACCO-A</title>
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          <isin value="US13016NHM92"/>
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        <balance>860000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>926723.79000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CA CO CA TOBACCO-A</title>
        <cusip>13016NHP2</cusip>
        <identifiers>
          <isin value="US13016NHP24"/>
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        <balance>1075000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1160759.42000000</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>2032-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CA CO CA TOBACCO-A</title>
        <cusip>13016NHQ0</cusip>
        <identifiers>
          <isin value="US13016NHQ07"/>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>958087.71000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CA CO CA TOBACCO-A</title>
        <cusip>13016NHR8</cusip>
        <identifiers>
          <isin value="US13016NHR89"/>
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        <balance>910000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>921108.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CA CO CA TOBACCO-A</title>
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          <isin value="US13016NHT46"/>
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        <curCd>USD</curCd>
        <valUSD>1092539.05000000</valUSD>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CA CO CA TOBACCO-A</title>
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          <isin value="US13016NHU19"/>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
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          <isin value="US13016NHV91"/>
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        <name>California County Tobacco Securitization Agency</name>
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        <name>California Educational Facilities Authority</name>
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          <isin value="US130175SH62"/>
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        <name>California Educational Facilities Authority</name>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
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          <isin value="US1301783W46"/>
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        <valUSD>1463636.50000000</valUSD>
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      <invstOrSec>
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      <invstOrSec>
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        <name>California Municipal Finance Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Pollution Control Financing Authority</name>
        <lei>N/A</lei>
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      <invstOrSec>
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      <invstOrSec>
        <name>California Public Finance Authority</name>
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        <name>California Public Finance Authority</name>
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          <isin value="US13057EDV39"/>
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          <couponKind>Fixed</couponKind>
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        <name>California Public Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California Public Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US13057EER18"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Public Finance Authority</name>
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          <isin value="US13057EES90"/>
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        <fairValLevel>2</fairValLevel>
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        <name>California Public Finance Authority</name>
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          <isin value="US13057EET73"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>California Public Finance Authority</name>
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          <isin value="US13057EEU47"/>
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        <name>California Public Finance Authority</name>
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        <name>California Public Finance Authority</name>
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        <name>California Public Finance Authority</name>
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        <name>California State University</name>
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      <invstOrSec>
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      <invstOrSec>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Centinela Valley Union High School District</name>
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      <invstOrSec>
        <name>Centinela Valley Union High 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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      <invstOrSec>
        <name>Centinela Valley Union High School District</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Centinela Valley Union High School District</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Centinela Valley Union High School District</name>
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        <name>Centinela Valley Union High School District</name>
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        <name>Chaffey Joint Union High School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Chaffey Joint Union High School District</name>
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          <isin value="US157411VY22"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Chico Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US168520PU29"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isin value="US168520PV02"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Chino Community Facilities District</name>
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          <isin value="US169511VD13"/>
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        <name>Chino Community Facilities District</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Chino Community Facilities District</name>
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        <name>Clovis Unified School District</name>
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        <name>Clovis Unified School District</name>
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      <invstOrSec>
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      <invstOrSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Clovis Unified School District</name>
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          <isin value="US189342WD64"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Clovis Unified School District</name>
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          <isin value="US189342WE48"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>City of Clovis CA Sewer Revenue</name>
        <lei>N/A</lei>
        <title>CLOVIS WSTWTR-REF</title>
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          <isin value="US18934VBX10"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>City of Clovis CA Sewer Revenue</name>
        <lei>N/A</lei>
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          <isin value="US18934VCB80"/>
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        <curCd>USD</curCd>
        <valUSD>1419745.79000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Clovis CA Sewer Revenue</name>
        <lei>N/A</lei>
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          <isin value="US18934VCD47"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Clovis CA Sewer Revenue</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>City of Clovis CA Sewer Revenue</name>
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        <name>City of Clovis CA Sewer Revenue</name>
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        <name>City of Clovis CA Sewer Revenue</name>
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        <name>Coachella Valley Unified School District/CA</name>
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        <name>Coachella Valley Unified School District/CA</name>
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        <name>Coachella Valley Water District</name>
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        <name>Coachella Valley Water District</name>
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      <invstOrSec>
        <name>Coachella Valley Water District</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Coast Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US190327CL81"/>
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      <invstOrSec>
        <name>Coast Community College District</name>
        <lei>N/A</lei>
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          <maturityDt>2038-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>College of the Sequoias Visalia Area Improvement District No 2</name>
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          <isin value="US19428TDT43"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>College of the Sequoias Tulare Area Improvement District No 3</name>
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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>2040-08-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Colton Joint Unified School District</name>
        <lei>N/A</lei>
        <title>COLTON USD-A-CABS</title>
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          <isin value="US197036QY53"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Colton Joint Unified School District</name>
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        <title>COLTON USD-A-CABS</title>
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          <isin value="US197036RA68"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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        <name>Colton Joint Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US197036RB42"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Colton Joint Unified School District</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Contra Costa Water District</name>
        <lei>N/A</lei>
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          <isin value="US212218VU24"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Contra Costa County Public Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US21226PPB84"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Contra Costa County Public Financing Authority</name>
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          <isin value="US21226PPD41"/>
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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>2041-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Corona-Norco Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US219764KJ58"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Corona-Norco Unified School District</name>
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          <isin value="US219764KK22"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Corona-Norco Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US219764KL05"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Corona-Norco Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US219764RQ29"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Corona-Norco Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US219764RS84"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Corona-Norco Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US219764UM77"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Corona-Norco Unified School District</name>
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          <isin value="US219764UN50"/>
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        <name>Corona-Norco Unified School District</name>
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        <name>Corona-Norco Unified School District</name>
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        <name>Davis Joint Unified School District</name>
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      <invstOrSec>
        <name>Davis Joint Unified School District</name>
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      <invstOrSec>
        <name>Davis Joint Unified School District</name>
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      <invstOrSec>
        <name>Davis Joint Unified School District</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Del Mar Race Track Authority</name>
        <lei>N/A</lei>
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      <invstOrSec>
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        <name>El Dorado Union High School District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <name>El Rancho Unified School District</name>
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          <isin value="US283839E610"/>
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        <fairValLevel>2</fairValLevel>
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        <name>El Rancho Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac Multifamily ML Certificates</name>
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        <name>Freddie Mac Pool</name>
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        <name>Freddie Mac Pool</name>
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          <couponKind>Fixed</couponKind>
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        <name>Freddie Mac Pool</name>
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        <name>Freddie Mac Pool</name>
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          <isin value="US3132YBZF63"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC Multifamily VRD Certificates</name>
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        <name>Freddie Mac Multifamily ML Certificates</name>
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        <name>Freddie Mac Multifamily ML Certificates</name>
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        <title>FRETE 2023-ML16 ACA</title>
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        <name>Freddie Mac Multifamily ML Certificates</name>
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        <name>Freddie Mac Multifamily ML Certificates</name>
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        <name>Folsom Cordova Unified School District School Facilities Improvement Dist No 3</name>
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        <name>Folsom Ranch Financing Authority</name>
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      <invstOrSec>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Gateway Unified School District/CA</name>
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      <invstOrSec>
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      <invstOrSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Gavilan Joint Community College District</name>
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          <isin value="US368079JV27"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Gavilan Joint Community College District</name>
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          <isin value="US368079JW00"/>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Glendale Community College District</name>
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          <isin value="US378394HE35"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>Glendale Community College District</name>
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          <isin value="US378394HF00"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-08-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Glendale Community College District</name>
        <lei>N/A</lei>
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          <isin value="US378394HG82"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Glendale Community College District</name>
        <lei>N/A</lei>
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          <isin value="US378394HH65"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Glendale CA Electric Revenue</name>
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        <name>City of Glendale CA Electric Revenue</name>
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        <name>Golden State Tobacco Securitization Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Golden State Tobacco Securitization Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <name>Lammersville Joint Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lancaster Redevelopment Agency Successor Agency</name>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>City of Los Angeles CA Wastewater System Revenue</name>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>Long Beach Unified School District</name>
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          <isin value="US542433VT18"/>
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        <name>Long Beach Redevelopment Agency Successor Agency</name>
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        <name>Long Beach Redevelopment Agency Successor Agency</name>
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        <name>Long Beach Redevelopment Agency Successor Agency</name>
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        <name>Long Beach Redevelopment Agency Successor Agency</name>
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        <name>Long Beach Redevelopment Agency Successor Agency</name>
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      <invstOrSec>
        <name>Mammoth Unified School District/CA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Manhattan Beach Unified School District</name>
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        <name>Manteca Redevelopment Agency Successor Agency</name>
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      <invstOrSec>
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        <name>Moreno Valley Unified School District/CA</name>
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        <invCountry>US</invCountry>

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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mountain View Los Altos Union High School District/CA</name>
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      <invstOrSec>
        <name>Mountain View Los Altos Union High School District/CA</name>
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        <name>Mountain View-Whisman School District</name>
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        <name>Mountain View-Whisman School District</name>
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        <name>Mountain View-Whisman School District</name>
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        <name>Mountain View-Whisman School District</name>
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        <name>Murrieta Valley Unified School District</name>
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        <name>Newark Unified School District/CA</name>
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        <name>Norco Financing Authority</name>
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        <name>City of Norco CA</name>
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          <couponKind>Fixed</couponKind>
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        <name>City of Norco CA</name>
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          <isin value="US655534DZ51"/>
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        <name>North Orange County Community College District/CA</name>
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        <name>North Orange County Community College District/CA</name>
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        <name>Norwalk-La Mirada Unified School District</name>
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        <name>Oceanside Unified School District/CA</name>
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        <name>Oceanside Unified School District/CA</name>
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        <name>City of Ontario CA</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>City of Ontario CA</name>
        <lei>254900FN91TH1F225693</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>N/A</lei>
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          <isin value="US68304RDU14"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Ontario Public Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US68304RDV96"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Ontario Public Financing Authority</name>
        <lei>N/A</lei>
        <title>ONTARIO PUB FING-A</title>
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          <isin value="US68304RDW79"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Ontario Public Financing Authority</name>
        <lei>N/A</lei>
        <title>ONTARIO PUB FING-A</title>
        <cusip>68304RDX5</cusip>
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          <isin value="US68304RDX52"/>
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        <curCd>USD</curCd>
        <valUSD>589203.75000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Ontario Public Financing Authority</name>
        <lei>N/A</lei>
        <title>ONTARIO PUB FING-A</title>
        <cusip>68304RDY3</cusip>
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          <isin value="US68304RDY36"/>
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        <valUSD>689403.08000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Ontario Public Financing Authority</name>
        <lei>N/A</lei>
        <title>ONTARIO PUB FING-A</title>
        <cusip>68304RED8</cusip>
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          <isin value="US68304RED89"/>
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        <curCd>USD</curCd>
        <valUSD>1134371.50000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Ontario Public Financing Authority</name>
        <lei>N/A</lei>
        <title>ONTARIO PUB FING-A</title>
        <cusip>68304REE6</cusip>
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          <isin value="US68304REE62"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Ontario Public Financing Authority</name>
        <lei>N/A</lei>
        <title>ONTARIO PUB FING-A</title>
        <cusip>68304REF3</cusip>
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          <isin value="US68304REF38"/>
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        <curCd>USD</curCd>
        <valUSD>2428301.83000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Ontario Public Financing Authority</name>
        <lei>N/A</lei>
        <title>ONTARIO PUB FING-A</title>
        <cusip>68304REH9</cusip>
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          <isin value="US68304REH93"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ontario Public Financing Authority</name>
        <lei>N/A</lei>
        <title>ONTARIO PUB AUTH-B</title>
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          <isin value="US68304RES58"/>
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      <invstOrSec>
        <name>Ontario Public Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US68304RET32"/>
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        <name>City of Ontario CA Community Facilities District No 64</name>
        <lei>N/A</lei>
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          <isin value="US68305GAL77"/>
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      <invstOrSec>
        <name>Ontario Montclair School District</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Orange County Community Facilities District</name>
        <lei>N/A</lei>
        <title>ORANGE CO CMNTY FACS</title>
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          <isin value="US68423PZM57"/>
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        <balance>500000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Orange County Community Facilities District</name>
        <lei>N/A</lei>
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          <isin value="US68423PZN31"/>
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        <valUSD>950374.62000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Orange County Community Facilities District</name>
        <lei>N/A</lei>
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          <isin value="US68423PZP88"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1079522.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Orange County Local Transportation Authority Sales Tax Revenue</name>
        <lei>N/A</lei>
        <title>ORANGE CNTY CA LOCAL</title>
        <cusip>684273HV0</cusip>
        <identifiers>
          <isin value="US684273HV07"/>
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        <balance>2870000.00000000</balance>
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      <invstOrSec>
        <name>Orange County Local Transportation Authority Sales Tax Revenue</name>
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        <name>Oro Grande Elementary School District</name>
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        <name>City of Oxnard CA Gas Tax Revenue</name>
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      <invstOrSec>
        <name>City of Oxnard CA Gas Tax Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Oxnard School District</name>
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        <title>OXNARD SD-CABS-2006-B</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Oxnard School District</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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        <name>Oxnard School District</name>
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        <name>Oxnard Union High School District</name>
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      <invstOrSec>
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      <invstOrSec>
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        <name>Palomar Health</name>
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        <name>Palomar Health</name>
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        <name>Palomar Health</name>
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        <name>Palomar Health</name>
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        <name>Palomar Health</name>
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        <title>PALOMAR POMERADO HEALTH CALIF ELECTION 2004 GO BDS 2010A</title>
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      <invstOrSec>
        <name>Palomar Health</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Palomar Health</name>
        <lei>N/A</lei>
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        <valUSD>325864.34000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Palomar Health</name>
        <lei>N/A</lei>
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          <isin value="US69753RDE18"/>
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        <curCd>USD</curCd>
        <valUSD>652484.03000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Palomar Health</name>
        <lei>N/A</lei>
        <title>PALOMAR POMERADO-PREM</title>
        <cusip>69753RDG6</cusip>
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          <isin value="US69753RDG65"/>
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        <valUSD>11718.20000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Palomar Health</name>
        <lei>N/A</lei>
        <title>PALOMAR POMERADO-CONV</title>
        <cusip>69753RDH4</cusip>
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          <isin value="US69753RDH49"/>
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        <curCd>USD</curCd>
        <valUSD>2690841.96000000</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>Variable</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Palomar Health</name>
        <lei>N/A</lei>
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        <cusip>69753RDJ0</cusip>
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          <isin value="US69753RDJ05"/>
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        <balance>1130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>639408.81000000</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>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Palomar Health</name>
        <lei>N/A</lei>
        <title>PALOMAR POMERADO-AG</title>
        <cusip>69753RDK7</cusip>
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          <isin value="US69753RDK77"/>
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        <curCd>USD</curCd>
        <valUSD>5696319.37000000</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>2039-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Palos Verdes Peninsula Unified School District</name>
        <lei>N/A</lei>
        <title>PALOS VERDES USD-CAP</title>
        <cusip>697634TY9</cusip>
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          <isin value="US697634TY97"/>
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        <balance>320000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>316626.85000000</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>2026-11-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PARADISE CA UNIF SCH DIST COPS</name>
        <lei>N/A</lei>
        <title>PARADISE UNIF SD-COPS</title>
        <cusip>699042BS5</cusip>
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          <isin value="US699042BS55"/>
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        <balance>950000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>985058.61000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PARADISE CA UNIF SCH DIST COPS</name>
        <lei>N/A</lei>
        <title>PARADISE UNIF SD-COPS</title>
        <cusip>699042BV8</cusip>
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          <isin value="US699042BV84"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1133547.69000000</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>2039-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>PARADISE CA UNIF SCH DIST COPS</name>
        <lei>N/A</lei>
        <title>PARADISE UNIF SD-COPS</title>
        <cusip>699042BX4</cusip>
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          <isin value="US699042BX41"/>
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        <curCd>USD</curCd>
        <valUSD>2035055.40000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Paramount Redevelopment Agency Successor Agency</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Paramount Unified School District</name>
        <lei>N/A</lei>
        <title>PARAMOUNT USD-CABS</title>
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          <isin value="US699211HU50"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Paramount Unified School District</name>
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        <title>PARAMOUNT USD -C-REF</title>
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          <isin value="US699211NX26"/>
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        <name>Paramount Unified School District</name>
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          <isin value="US699211NY09"/>
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      <invstOrSec>
        <name>Paramount Unified School District</name>
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          <isin value="US699211PA05"/>
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      <invstOrSec>
        <name>Paramount Unified School District</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Paramount Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US699211PE27"/>
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        <curCd>USD</curCd>
        <valUSD>1629053.20000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Pasadena Area Community College District</name>
        <lei>N/A</lei>
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          <isin value="US702185GF05"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>1091519.10000000</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>2042-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
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      <invstOrSec>
        <name>Pomona Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US732098UW66"/>
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        <invCountry>US</invCountry>

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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Pomona Unified School District</name>
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        <title>POMONA USD-A</title>
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          <couponKind>Fixed</couponKind>
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        <name>Pomona Unified School District</name>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Port of Oakland</name>
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        <name>Port of Oakland</name>
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        <name>City of Porterville CA Water Revenue</name>
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      <invstOrSec>
        <name>City of Porterville CA Water Revenue</name>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>Poway Unified School District</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Poway Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US738850RG33"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Poway Unified School District</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Poway Unified School District</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Poway Unified School District</name>
        <lei>N/A</lei>
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      <invstOrSec>
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        <lei>N/A</lei>
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        <lei>N/A</lei>
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        <lei>N/A</lei>
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        <name>Poway Unified School District</name>
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        <name>Poway Unified School District</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Poway Unified School District</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>Romoland School District</name>
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      <invstOrSec>
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        <valUSD>101520.39000000</valUSD>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Romoland School District</name>
        <lei>N/A</lei>
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          <isin value="US776192RU24"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Romoland School District</name>
        <lei>N/A</lei>
        <title>ROMOLAND SCH DT-A</title>
        <cusip>776192RW8</cusip>
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          <isin value="US776192RW89"/>
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        <valUSD>101464.24000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Romoland School District</name>
        <lei>N/A</lei>
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        <cusip>776192RX6</cusip>
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          <isin value="US776192RX62"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Romoland School District</name>
        <lei>N/A</lei>
        <title>ROMOLAND SCH DT-A</title>
        <cusip>776192RY4</cusip>
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          <isin value="US776192RY46"/>
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        <valUSD>100895.71000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Romoland School District</name>
        <lei>N/A</lei>
        <title>ROMOLAND SCH DT-A</title>
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          <isin value="US776192RZ11"/>
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        <valUSD>100778.25000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Romoland School District</name>
        <lei>N/A</lei>
        <title>ROMOLAND SCH DT-A</title>
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          <isin value="US776192SA50"/>
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      <invstOrSec>
        <name>Romoland School District</name>
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        <name>Romoland School District</name>
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        <name>Romoland School District</name>
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        <name>Roseville Finance Authority</name>
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        <name>Roseville Finance Authority</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Roseville Finance Authority</name>
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          <isin value="US77781PCY16"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>San Diego Association of Governments South Bay Expressway Revenue</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego Community College District</name>
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          <isin value="US797272SQ51"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego Community College District</name>
        <lei>N/A</lei>
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          <isin value="US797272SR35"/>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>San Diego Housing Authority Inc</name>
        <lei>549300X9H1ODNOOT1Q87</lei>
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          <isin value="US79728FLL30"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
        <lei>N/A</lei>
        <title>SAN DIEGO PUB FACS-A</title>
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          <isin value="US797299NS95"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
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          <isin value="US797299NV25"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US797299PS77"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
        <lei>N/A</lei>
        <title>SAN DIEGO PUB FACS FI</title>
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          <isin value="US797299PU24"/>
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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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        <securityLending>
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      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US797299QT42"/>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
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          <isin value="US797299QU15"/>
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        <name>San Diego Public Facilities Financing Authority</name>
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        <name>San Diego Public Facilities Financing Authority</name>
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        <name>San Diego Public Facilities Financing Authority</name>
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        <name>San Diego Public Facilities Financing Authority</name>
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        <name>San Diego Public Facilities Financing Authority</name>
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      <invstOrSec>
        <name>San Diego Redevelopment Agency Successor Agency</name>
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      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>San Diego Unified School District/CA</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>San Diego Unified School District/CA</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>San Diego Unified School District/CA</name>
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      <invstOrSec>
        <name>San Diego Unified School District/CA</name>
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      <invstOrSec>
        <name>San Diego Unified School District/CA</name>
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        <name>San Diego Unified School District/CA</name>
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      <invstOrSec>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>San Diego Unified School District/CA</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>San Diego Unified School District/CA</name>
        <lei>N/A</lei>
        <title>SAN DIEGO UNIF SD-H2</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>San Diego Unified School District/CA</name>
        <lei>N/A</lei>
        <title>SAN DIEGO UNIF SD-H2</title>
        <cusip>797356NP3</cusip>
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          <isin value="US797356NP31"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Diego Unified School District/CA</name>
        <lei>N/A</lei>
        <title>SAN DIEGO UNIF SD-H2</title>
        <cusip>797356NQ1</cusip>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Diego Unified School District/CA</name>
        <lei>N/A</lei>
        <title>SAN DIEGO UNIF-ZR-6A</title>
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          <isin value="US797356RC81"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego Unified School District/CA</name>
        <lei>N/A</lei>
        <title>SAN DIEGO UNIF-ZR-6A</title>
        <cusip>797356RD6</cusip>
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          <isin value="US797356RD64"/>
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      <invstOrSec>
        <name>San Diego Unified School District/CA</name>
        <lei>N/A</lei>
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          <isin value="US797356RE48"/>
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        <name>San Diego Unified School District/CA</name>
        <lei>N/A</lei>
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        <name>San Diego Unified School District/CA</name>
        <lei>N/A</lei>
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          <isin value="US797356RG95"/>
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        <name>San Diego Unified School District/CA</name>
        <lei>N/A</lei>
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        <name>San Diego Unified School District/CA</name>
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      <invstOrSec>
        <name>San Diego Unified School District/CA</name>
        <lei>N/A</lei>
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        <name>San Diego Unified School District/CA</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>San Diego Unified School District/CA</name>
        <lei>N/A</lei>
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        <cusip>797356TG7</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>San Joaquin Regional Rail Commission</name>
        <lei>N/A</lei>
        <title>SAN JOAQUIN</title>
        <cusip>79811TAU3</cusip>
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          <isin value="US79811TAU34"/>
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        <curCd>USD</curCd>
        <valUSD>235923.86000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>San Joaquin Regional Rail Commission</name>
        <lei>N/A</lei>
        <title>SAN JOAQUIN</title>
        <cusip>79811TAV1</cusip>
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          <isin value="US79811TAV17"/>
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        <curCd>USD</curCd>
        <valUSD>294792.99000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>San Joaquin Regional Rail Commission</name>
        <lei>N/A</lei>
        <title>SAN JOAQUIN</title>
        <cusip>79811TAW9</cusip>
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          <isin value="US79811TAW99"/>
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        <balance>375000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>410341.84000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-01</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 Joaquin Regional Rail Commission</name>
        <lei>N/A</lei>
        <title>SAN JOAQUIN</title>
        <cusip>79811TAX7</cusip>
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          <isin value="US79811TAX72"/>
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        <curCd>USD</curCd>
        <valUSD>773660.09000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-01</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 Joaquin Regional Rail Commission</name>
        <lei>N/A</lei>
        <title>SAN JOAQUIN</title>
        <cusip>79811TAY5</cusip>
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          <isin value="US79811TAY55"/>
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        <balance>725000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>802499.17000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-01</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 Joaquin Regional Rail Commission</name>
        <lei>N/A</lei>
        <title>SAN JOAQUIN</title>
        <cusip>79811TAZ2</cusip>
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          <isin value="US79811TAZ21"/>
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        <balance>760000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>838120.48000000</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>2033-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>San Joaquin Regional Rail Commission</name>
        <lei>N/A</lei>
        <title>SAN JOAQUIN</title>
        <cusip>79811TBA6</cusip>
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          <isin value="US79811TBA60"/>
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        <balance>765000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>839581.23000000</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>2034-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>San Joaquin Regional Rail Commission</name>
        <lei>N/A</lei>
        <title>SAN JOAQUIN</title>
        <cusip>79811TBB4</cusip>
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          <isin value="US79811TBB44"/>
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        <balance>370000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>383052.01000000</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>2035-05-01</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>San Joaquin Regional Rail Commission</name>
        <lei>N/A</lei>
        <title>SAN JOAQUIN</title>
        <cusip>79811TBC2</cusip>
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          <isin value="US79811TBC27"/>
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        <balance>375000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>386660.93000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>San Joaquin Regional Rail Commission</name>
        <lei>N/A</lei>
        <title>SAN JOAQUIN</title>
        <cusip>79811TBD0</cusip>
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          <isin value="US79811TBD00"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Joaquin Regional Rail Commission</name>
        <lei>N/A</lei>
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        <cusip>79811TBE8</cusip>
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          <isin value="US79811TBE82"/>
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        <valUSD>635187.71000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Joaquin Regional Rail Commission</name>
        <lei>N/A</lei>
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        <cusip>79811TBF5</cusip>
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          <isin value="US79811TBF57"/>
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        <valUSD>772049.49000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>San Joaquin Regional Rail Commission</name>
        <lei>N/A</lei>
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        <cusip>79811TBG3</cusip>
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          <isin value="US79811TBG31"/>
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        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>San Joaquin Valley Clean Energy Authority</name>
        <lei>254900VA5DFN33OVGH87</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2056-01-01</maturityDt>
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      <invstOrSec>
        <name>Norman Y Mineta San Jose International Airport SJC</name>
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          <isin value="US798136WL70"/>
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        <name>Norman Y Mineta San Jose International Airport SJC</name>
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      <invstOrSec>
        <name>Norman Y Mineta San Jose International Airport SJC</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>City of San Jose CA</name>
        <lei>549300QHIHSH68W22O38</lei>
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        <name>City of San Luis Obispo CA Community Facilities District No 2019-1</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of San Luis Obispo CA Community Facilities District No 2019-1</name>
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        <name>City of San Luis Obispo CA Community Facilities District No 2019-1</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>San Marcos Unified School District</name>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Marcos Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Marcos Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US798755DM31"/>
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      <invstOrSec>
        <name>San Marcos Unified School District</name>
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          <isin value="US798755HD95"/>
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      <invstOrSec>
        <name>San Marcos Unified School District</name>
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          <isin value="US798755HE78"/>
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      <invstOrSec>
        <name>San Marcos Unified School District</name>
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          <isin value="US798755HF44"/>
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      <invstOrSec>
        <name>San Marcos Unified School District</name>
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      <invstOrSec>
        <name>San Marcos Unified School District</name>
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        <name>San Marcos Unified School District</name>
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      <invstOrSec>
        <name>San Marcos Schools Financing Authority</name>
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        <name>Santa Ana Unified School District</name>
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      <invstOrSec>
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      <invstOrSec>
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        <name>Santa Ana College Improvement District #1 Rancho Santiago Community College Dist</name>
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        <name>Santa Ana College Improvement District #1 Rancho Santiago Community College Dist</name>
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        <name>Santa Barbara Unified School District</name>
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        <name>Santa Barbara County College School District</name>
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          <couponKind>None</couponKind>
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        <name>Santa Barbara Housing Authority/CA</name>
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        <name>Santa Clara County Financing Authority</name>
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      <invstOrSec>
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          <isin value="US801733LT17"/>
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        <valUSD>2458612.88000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Santa Cruz County Capital Financing Authority</name>
        <lei>N/A</lei>
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        <name>Santa Cruz County Capital Financing Authority</name>
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          <isin value="US80181PGL58"/>
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        <name>Santa Cruz County Capital Financing Authority</name>
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          <isin value="US80181PGM32"/>
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      <invstOrSec>
        <name>Santa Cruz County Capital Financing Authority</name>
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          <isin value="US80181PGN15"/>
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          <isin value="US80181PGP62"/>
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        <name>Santa Margarita-Dana Point Authority</name>
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          <isin value="US80224AAR05"/>
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        <name>Santa Margarita-Dana Point Authority</name>
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      <invstOrSec>
        <name>Santa Monica Redevelopment Agency Successor Agency</name>
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      <invstOrSec>
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        <name>Sierra View Local Health Care District/CA</name>
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        <name>Sierra View Local Health Care District/CA</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

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      <invstOrSec>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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          <isin value="US83412PJV58"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Solano County Community College District</name>
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          <isin value="US83412PJW32"/>
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        <curCd>USD</curCd>
        <valUSD>765699.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Solana Beach School District</name>
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          <isin value="US83412VCF40"/>
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        <curCd>USD</curCd>
        <valUSD>256016.03000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Solana Beach School District</name>
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          <isin value="US83412VCH06"/>
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        <curCd>USD</curCd>
        <valUSD>563516.35000000</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>2037-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Solana Beach School District</name>
        <lei>N/A</lei>
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          <isin value="US83412VCJ61"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Solana Beach School District</name>
        <lei>N/A</lei>
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          <isin value="US83412VCK35"/>
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        <valUSD>334704.42000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Solana Beach School District</name>
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          <isin value="US83412VCN73"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Solano Irrigation District</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-08-01</maturityDt>
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        <name>Sonoma County Junior College District</name>
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        <name>Sonoma Valley Unified School District</name>
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        <name>South Bayside Waste Management Authority</name>
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        <name>South Bayside Waste Management Authority</name>
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        <name>South Orange County Public Financing Authority</name>
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          <isin value="US839100KU77"/>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isin value="US839100KV50"/>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>South San Francisco Public Facilities Financing Authority</name>
        <lei>N/A</lei>
        <title>S SAN FRANCISCO PUB-A</title>
        <cusip>840035AN9</cusip>
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          <isin value="US840035AN92"/>
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        <curCd>USD</curCd>
        <valUSD>371966.02000000</valUSD>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>South San Francisco Public Facilities Financing Authority</name>
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        <title>S SAN FRANCISCO PUB-A</title>
        <cusip>840035AS8</cusip>
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          <isin value="US840035AS89"/>
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        <name>South San Francisco Public Facilities Financing Authority</name>
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          <isin value="US840035AV19"/>
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        <name>South Tahoe Joint Powers Financing Authority</name>
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      <invstOrSec>
        <name>Southern California Public Power Authority</name>
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          <isin value="US842475M859"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Southern California Public Power Authority</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Southern California Public Power Authority</name>
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        <title>STHRN CA PUB PWR-B</title>
        <cusip>842475R80</cusip>
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          <isin value="US842475R809"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.70000000</annualizedRt>
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      <invstOrSec>
        <name>Southern California Public Power Authority</name>
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          <isin value="US842477UA78"/>
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        <valUSD>155372.20000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Pittsburg Successor Agency Redevelopment Agency</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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      </invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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        <name>Tobacco Securitization Authority of Northern California</name>
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      <invstOrSec>
        <name>Tobacco Securitization Authority of Southern California</name>
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        <name>Tobacco Securitization Authority of Southern California</name>
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        <name>Tobacco Securitization Authority of Southern California</name>
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          <isin value="US888804CJ86"/>
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        <name>Tobacco Securitization Authority of Southern California</name>
        <lei>N/A</lei>
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          <isin value="US888804CK59"/>
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        <name>Tobacco Securitization Authority of Southern California</name>
        <lei>N/A</lei>
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          <isin value="US888804CL33"/>
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        <name>Tobacco Securitization Authority of Southern California</name>
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        <name>Tobacco Securitization Authority of Southern California</name>
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          <isin value="US888804CN98"/>
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        <name>Tobacco Securitization Authority of Southern California</name>
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        <name>Tobacco Securitization Authority of Southern California</name>
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          <isin value="US888804CQ20"/>
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        <name>Tobacco Securitization Authority of Southern California</name>
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          <isin value="US888804CT68"/>
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      <invstOrSec>
        <name>Tracy Community Facilities District/CA</name>
        <lei>N/A</lei>
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        <name>Tracy Community Facilities District/CA</name>
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        <name>Tracy Community Facilities District/CA</name>
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      <invstOrSec>
        <name>Tracy Community Facilities District/CA</name>
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        <name>Twin Rivers Unified School District</name>
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        <name>Twin Rivers Unified School District</name>
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        <name>Washington Unified School District/Yolo County CA</name>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
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        <name>Washington Township Health Care District</name>
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      <invstOrSec>
        <name>Washington Township Health Care District</name>
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      <invstOrSec>
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        <name>West Contra Costa Unified School District</name>
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        <name>West Contra Costa Unified School District</name>
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        <name>West Contra Costa Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-08-01</maturityDt>
          <couponKind>None</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yuba Community College District</name>
        <lei>N/A</lei>
        <title>YUBA CMNTY CLG-C-BAM</title>
        <cusip>988176HX4</cusip>
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          <isin value="US988176HX40"/>
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        <balance>3755000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2425274.14000000</valUSD>
        <pctVal>0.012616263166</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Yuba Community College District</name>
        <lei>N/A</lei>
        <title>YUBA CMNTY CLG DT</title>
        <cusip>988176KE2</cusip>
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          <isin value="US988176KE22"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1001785.10000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Yuba Community College District</name>
        <lei>N/A</lei>
        <title>YUBA CMNTY CLG DT</title>
        <cusip>988176KF9</cusip>
        <identifiers>
          <isin value="US988176KF96"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2003167.40000000</valUSD>
        <pctVal>0.010420466151</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>US LONG BOND(CBT) Sep26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USU6"/>
        </identifiers>
        <balance>-86.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-58559.72000000</valUSD>
        <pctVal>-0.00030462735</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>CBOT US Treasure Bond Futures</issueTitle>
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                  <ticker value="USU6"/>
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            </descRefInstrmnt>
            <expDate>2026-09-21</expDate>
            <notionalAmt>-9592252.78000000</notionalAmt>
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            <unrealizedAppr>-58559.72000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>US 10yr Ultra Fut Sep26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="UXYU6"/>
        </identifiers>
        <balance>-1250.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1319821.25000000</valUSD>
        <pctVal>-0.00686570311</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>N/A</issuerName>
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                  <ticker value="UXYU6"/>
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            <expDate>2026-09-21</expDate>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>12m30y_8/18/2026_4.77%_RBC</title>
        <cusip>N/A</cusip>
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          <other otherDesc="CONTRACT_VANGUARD_ID" value="V1047618201"/>
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        <balance>0.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>257844.84000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>ROYAL BANK OF CANADA</counterpartyName>
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            <descRefInstrmnt>
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                <issuerName>N/A</issuerName>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">If Reference Index is below the Strike Rate, Seller pays Buyer</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">If Reference Index is above the Strike rate, Buyer pays Seller</otherPmntDesc>
            <terminationDt>2026-08-20</terminationDt>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>12m5y_08/20/2026_2.79%_MS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CONTRACT_VANGUARD_ID" value="V1047669501"/>
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        <balance>0.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>110460.00000000</valUSD>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO LLC</counterpartyName>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
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                  <other otherDesc="CONTRACT_VANGUARD_ID" value="V1047669501"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">If Reference Index is below the Strike Rate, Seller pays Buyer</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">If Reference Index is above the Strike rate, Buyer pays Seller</otherPmntDesc>
            <terminationDt>2026-08-24</terminationDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>12m20y_10/30/26_4.04%_JPM</title>
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          <other otherDesc="CONTRACT_VANGUARD_ID" value="V1048177801"/>
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        <balance>0.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>10627.33000000</valUSD>
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        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>JPMORGAN CHASE BANK, N.A.</counterpartyName>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">If Reference Index is below the Strike Rate, Seller pays Buyer</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">If Reference Index is above the Strike rate, Buyer pays Seller</otherPmntDesc>
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            <unrealizedAppr>10627.33000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>12m20y_11/2/26_4.06%_JPM</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CONTRACT_VANGUARD_ID" value="V1048179301"/>
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        <balance>0.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>43662.00000000</valUSD>
        <pctVal>0.000227129491</pctVal>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">If Reference Index is below the Strike Rate, Seller pays Buyer</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">If Reference Index is above the Strike rate, Buyer pays Seller</otherPmntDesc>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-28</ncom:dateSigned>
      <ncom:nameOfApplicant>VANGUARD CALIFORNIA TAX-FREE FUNDS</ncom:nameOfApplicant>
      <ncom:signature>My Trieu-Gatt</ncom:signature>
      <ncom:signerName>My Trieu-Gatt</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
