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        <name>Livermore Valley Joint Unified School District/CA</name>
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        <name>Long Beach Bond Finance Authority</name>
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          <isin value="US542409CS46"/>
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        <name>Beverly Hills Unified School District CA</name>
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        <name>California Health Facilities Financing Authority</name>
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          <isin value="US13033L8M26"/>
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        <name>California Educational Facilities Authority</name>
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        <name>Anaheim Public Financing Authority</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>San Diego County Regional Airport Authority</name>
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        <name>M-S-R Energy Authority</name>
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        <name>Poway Unified School District</name>
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        <name>Napa Valley Community College District</name>
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        <name>Los Rios Community College District</name>
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        <name>San Diego Association of Governments</name>
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      <invstOrSec>
        <name>City of San Francisco CA Public Utilities Commission Water Revenue</name>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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          <maturityDt>2042-03-01</maturityDt>
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      <invstOrSec>
        <name>Southwestern Community College District</name>
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        <name>Vallecitos Water District</name>
        <lei>N/A</lei>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Sweetwater Union High School District</name>
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        <valUSD>4810386.00000000</valUSD>
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        <name>Poway Unified School District Public Financing Authority</name>
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        <name>Val Verde Unified School District</name>
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        <name>Southern California Public Power Authority</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>San Bernardino City Unified School District</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Cotati-Rohnert Park Unified School District</name>
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        <name>El Camino Community College District Foundation/The</name>
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        <name>Eastern Municipal Water District Financing Authority</name>
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        <name>California State University</name>
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        <name>California State University</name>
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      <invstOrSec>
        <name>Golden State Tobacco Securitization Corp</name>
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      <invstOrSec>
        <name>State of California</name>
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          <maturityDt>2026-03-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>South Bayside Waste Management Authority</name>
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        <name>San Jose Redevelopment Agency Successor Agency</name>
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          <isin value="US798147Z728"/>
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        <name>Temecula Redevelopment Agency Successor Agency</name>
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          <isin value="US87972DAW20"/>
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        <name>California State University</name>
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          <isin value="US13077CL857"/>
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        <name>California Educational Facilities Authority</name>
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          <isin value="US130178VU75"/>
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        <name>California Educational Facilities Authority</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Cerritos Community College District</name>
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        <name>Los Angeles Community College District/CA</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>County of San Bernardino CA</name>
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        <name>California State University</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
        <lei>549300C1OG9RDIM8ET06</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Los Angeles Department of Water &amp; Power Power System Revenue</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Los Angeles Unified School District/CA</name>
        <lei>N/A</lei>
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          <maturityDt>2036-07-01</maturityDt>
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        <name>Oakland Unified School District/Alameda County</name>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Los Angeles County Public Works Financing Authority</name>
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        <name>California Educational Facilities Authority</name>
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        <name>West Valley-Mission Community College District</name>
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        <name>North Orange County Community College District/CA</name>
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        <name>Anaheim Public Financing Authority</name>
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        <name>Sacramento City Financing Authority</name>
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        <name>City of Richmond CA Wastewater Revenue</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>West Sonoma County Union High School District</name>
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        <name>California Educational Facilities Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Golden State Tobacco Securitization Corp</name>
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        <name>Compton Unified School District/CA</name>
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        <name>Grossmont-Cuyamaca Community College District</name>
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        <name>Golden State Tobacco Securitization Corp</name>
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        <name>Ceres Unified School District</name>
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        <name>University of California</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>Alameda Corridor Transportation Authority</name>
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          <maturityDt>2030-10-01</maturityDt>
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        <name>State of California</name>
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          <isin value="US13063DSP41"/>
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          <maturityDt>2037-11-01</maturityDt>
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        <name>California Health Facilities Financing Authority</name>
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        <issuerCat>MUN</issuerCat>
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        <name>California Municipal Finance Authority</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-04-01</maturityDt>
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      <invstOrSec>
        <name>University of California</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

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          <maturityDt>2047-05-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Bay Area Toll Authority</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>University of California</name>
        <lei>N/A</lei>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Westminster Redevelopment Agency Successor Agency</name>
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        <name>Poway Unified School District</name>
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        <name>Centinela Valley Union High School District</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>San Jacinto Unified School District</name>
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        <name>Solana Beach School District</name>
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        <name>Newport Mesa Unified School District</name>
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        <name>Municipal Improvement Corp of Los Angeles</name>
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      <invstOrSec>
        <name>Chabot-Las Positas Community College District</name>
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        <name>Los Angeles Department of Water &amp; Power Power System Revenue</name>
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          <maturityDt>2038-07-01</maturityDt>
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      <invstOrSec>
        <name>City of Santa Rosa CA Wastewater Revenue</name>
        <lei>N/A</lei>
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          <isin value="US802649QE69"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Poway Unified School District Public Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US73885QBN88"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Los Angeles Department of Airports</name>
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          <isin value="US544445HQ52"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-05-15</maturityDt>
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      <invstOrSec>
        <name>Val Verde Unified School District</name>
        <lei>N/A</lei>
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        <balance>1000000.00000000</balance>
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        <valUSD>1259370.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-03-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Municipal Improvement Corp of Los Angeles</name>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Southern California Public Power Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Los Angeles County Metropolitan Transportation Authority</name>
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        <name>San Leandro Unified School District</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Fresno Unified School District</name>
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        <name>County of San Bernardino CA</name>
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        <name>North Orange County Community College District/CA</name>
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        <name>University of California</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Cerritos Community College District</name>
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        <name>Poway Unified School District</name>
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        <name>Anaheim Public Financing Authority</name>
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        <name>California State University</name>
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        <name>Chico Unified School District</name>
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        <name>North Orange County Community College District/CA</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Palomar Health</name>
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        <name>San Bernardino Community College District</name>
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        <name>Folsom Ranch Financing Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Riverside Unified School District</name>
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        <name>Bay Area Toll Authority</name>
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        <name>Long Beach Community College District</name>
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        <name>Citrus Community College District</name>
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      <invstOrSec>
        <name>Poway Unified School District Public Financing Authority</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>State of California</name>
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        <name>San Diego County Regional Airport Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>State of California</name>
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          <isin value="US13063CY207"/>
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        <name>San Marcos Schools Financing Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Folsom Ranch Financing Authority</name>
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        <name>Grossmont Union High School District</name>
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        <name>Carlsbad Unified School District</name>
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        <name>Freddie Mac Multifamily ML Certificates</name>
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        <name>City of Sacramento CA Transient Occupancy Tax Revenue</name>
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        <name>State of California</name>
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        <name>Gilroy Unified School District</name>
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        <name>East Side Union High School District</name>
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      <invstOrSec>
        <name>Robla School District/CA</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>California State University</name>
        <lei>N/A</lei>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Carlsbad Unified School District</name>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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          <isin value="US79766DSC47"/>
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        <balance>17130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20647816.80000000</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>2050-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Sacramento County Sanitation Districts Financing Authority</name>
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          <isin value="US786134VM51"/>
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        <balance>1000000.00000000</balance>
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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>2032-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California State Public Works Board</name>
        <lei>N/A</lei>
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          <isin value="US13068LCV53"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-03-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Coast Community College District</name>
        <lei>N/A</lei>
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        <cusip>190335JR1</cusip>
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          <isin value="US190335JR13"/>
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        <balance>540000.00000000</balance>
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        <valUSD>660722.40000000</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>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>California Statewide Communities Development Authority</name>
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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>2047-08-15</maturityDt>
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          <annualizedRt>0.03000000</annualizedRt>
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      <invstOrSec>
        <name>Chabot-Las Positas Community College District</name>
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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>2030-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Irvine Unified School District</name>
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        <name>Long Beach Community College District</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>California State Public Works Board</name>
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        <name>City of San Francisco CA Public Utilities Commission Water Revenue</name>
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        <name>State of California</name>
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        <name>California Municipal Finance Authority</name>
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        <name>State of California</name>
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      <invstOrSec>
        <name>City of Sacramento CA Transient Occupancy Tax Revenue</name>
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        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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        <name>California Health Facilities Financing Authority</name>
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      <invstOrSec>
        <name>Poway Unified School District Public Financing Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Poway Unified School District</name>
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        <name>Tahoe-Truckee Unified School District</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>California State University</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>Poway Unified School District</name>
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        <name>Sierra Joint Community College District</name>
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        <name>State of California</name>
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        <name>Lancaster Redevelopment Agency Successor Agency</name>
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        <name>FHLMC Multifamily VRD Certificates</name>
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        <name>California State University</name>
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        <name>Foothill-Eastern Transportation Corridor Agency</name>
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        <name>Las Virgenes Unified School District</name>
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        <name>Municipal Improvement Corp of Los Angeles</name>
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        <name>Compton Unified School District/CA</name>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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      <invstOrSec>
        <name>Oakland Unified School District/Alameda County</name>
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      <invstOrSec>
        <name>Roseville Natural Gas Financing Authority</name>
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        <name>Municipal Improvement Corp of Los Angeles</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Jose Redevelopment Agency Successor Agency</name>
        <lei>N/A</lei>
        <title>SAN JOSE REDEV-REF</title>
        <cusip>798147Z80</cusip>
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          <isin value="US798147Z801"/>
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        <balance>2750000.00000000</balance>
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        <valUSD>2773595.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>San Diego County Regional Airport Authority</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Imperial Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US452678HJ71"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6092600.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>El Camino Community College District Foundation/The</name>
        <lei>N/A</lei>
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          <isin value="US282726EZ77"/>
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        <curCd>USD</curCd>
        <valUSD>1243100.00000000</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>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Marin Healthcare District</name>
        <lei>N/A</lei>
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        <balance>3000000.00000000</balance>
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        <valUSD>3313560.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Riverside County Public Financing Authority</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California State Public Works Board</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>San Bernardino City Unified School District</name>
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        <name>San Ramon Public Financing Authority</name>
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        <name>Eastern Municipal Water District Financing Authority</name>
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        <name>State of California</name>
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        <name>Los Angeles Community College District/CA</name>
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        <name>University of California</name>
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        <name>Los Angeles County Metropolitan Transportation Authority</name>
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        <name>City of Los Angeles Department of Airports</name>
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      <invstOrSec>
        <name>East Bay Regional Park District</name>
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        <name>California Municipal Finance Authority</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Modesto Irrigation District</name>
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      <invstOrSec>
        <name>Coast Community College District</name>
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          <maturityDt>2034-08-01</maturityDt>
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        <name>California Statewide Communities Development Authority</name>
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        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2036-08-01</maturityDt>
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        <name>Milpitas Redevelopment Agency Successor Agency</name>
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        <name>State of California</name>
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        <name>Oakland Unified School District/Alameda County</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>San Rafael City Elementary School District</name>
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        <name>Norco Financing Authority</name>
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        <name>Los Angeles Community College District/CA</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>State of California Department of Water Resources</name>
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        <name>FHLMC Multifamily VRD Certificates</name>
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        <name>Bay Area Toll Authority</name>
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        <name>La Quinta Redevelopment Agency Successor Agency</name>
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        <name>Palmdale Elementary School District</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>M-S-R Public Power Agency</name>
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        <name>Santa Clara Unified School District</name>
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        <name>Coast Community College District</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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          <isin value="US88034MPB62"/>
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        <name>Jurupa Unified School District</name>
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        <name>San Pablo Redevelopment Agency Successor Agency</name>
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        <name>California State Public Works Board</name>
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        <name>University of California</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>Newport Mesa Unified School District</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Riverside County Infrastructure Financing Authority</name>
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        <name>Bay Area Toll Authority</name>
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      <invstOrSec>
        <name>Los Angeles Department of Water</name>
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          <isin value="US544525QD34"/>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>California State University</name>
        <lei>N/A</lei>
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          <isin value="US13077CVY73"/>
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        <curCd>USD</curCd>
        <valUSD>1447180.65000000</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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      <invstOrSec>
        <name>Golden State Tobacco Securitization Corp</name>
        <lei>N/A</lei>
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          <isin value="US38122NYZ94"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Los Angeles County Public Works Financing Authority</name>
        <lei>N/A</lei>
        <title>LA CO PUB WRKS-D</title>
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          <isin value="US54473ESU90"/>
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        <curCd>USD</curCd>
        <valUSD>1354578.40000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Citrus Community College District</name>
        <lei>N/A</lei>
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          <isin value="US17741REN44"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-01</maturityDt>
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          <annualizedRt>0.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Marin Community College District</name>
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          <isin value="US56781RGG65"/>
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        <curCd>USD</curCd>
        <valUSD>1698015.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Newark Unified School District/CA</name>
        <lei>N/A</lei>
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          <isin value="US650264TM63"/>
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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>2044-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Oakland Unified School District/Alameda County</name>
        <lei>N/A</lei>
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          <isin value="US672325XT95"/>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1036737.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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          <isin value="US13048TP317"/>
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        <balance>3050000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3264933.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Gilroy School Facilities Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US376069AU48"/>
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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>
        <name>Gilroy Unified School District</name>
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          <isin value="US376087ET52"/>
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        <name>Los Angeles Community College District/CA</name>
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        <name>Riverside County Transportation Commission</name>
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        <name>Inglewood Redevelopment Agency Successor Agency</name>
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        <name>Los Angeles Department of Water &amp; Power Power System Revenue</name>
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        <name>Palomar Health</name>
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      <invstOrSec>
        <name>Moreno Valley Unified School District Financing Authority</name>
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      <invstOrSec>
        <name>Poway Unified School District</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Long Beach Bond Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Los Angeles Department of Airports</name>
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        <name>Fresno Unified School District</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Inglewood Unified School District</name>
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      <invstOrSec>
        <name>Los Angeles Community College District/CA</name>
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        <name>Northstar Community Services District</name>
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        <name>California Health Facilities Financing Authority</name>
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          <isin value="US13033LM958"/>
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      <invstOrSec>
        <name>Lodi Public Financing Authority</name>
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          <isin value="US540258AP54"/>
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        <invCountry>US</invCountry>

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          <maturityDt>2032-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Hayward Unified School District</name>
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          <isin value="US4212903M72"/>
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        <invCountry>US</invCountry>

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        <name>Foothill-De Anza Community College District</name>
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        <name>Los Angeles Unified School District/CA</name>
        <lei>N/A</lei>
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        <name>California Public Finance Authority</name>
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        <name>Oceanside Unified School District/CA</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Long Beach Bond Finance Authority</name>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-11-15</maturityDt>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Hemet Unified School District Financing Authority</name>
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        <name>Riverside County Public Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Poway Unified School District Public Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Los Angeles Department of Water &amp; Power Power System Revenue</name>
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        <name>Richmond Joint Powers Financing Authority</name>
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        <name>Chino Valley Unified School District</name>
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        <name>San Diego County Regional Airport Authority</name>
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        <name>Los Angeles County Public Works Financing Authority</name>
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        <name>San Marcos Unified School District</name>
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        <name>Riverside County Transportation Commission</name>
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        <name>Bay Area Toll Authority</name>
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        <name>Redwood City Redevelopment Agency Successor Agency</name>
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        <name>University of California</name>
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        <name>Foothill-Eastern Transportation Corridor Agency</name>
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      <invstOrSec>
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        <lei>N/A</lei>
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      <invstOrSec>
        <name>University of California</name>
        <lei>N/A</lei>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Suisun City Redevelopment Agency</name>
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          <isin value="US865060AU15"/>
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      <invstOrSec>
        <name>Ross Valley Public Financing Authority</name>
        <lei>N/A</lei>
        <title>ROSS VLY PUB FING</title>
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          <isin value="US778388CM88"/>
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        <invCountry>US</invCountry>

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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of San Francisco CA Public Utilities Commission Water Revenue</name>
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          <isin value="US79765R2N83"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Oakland Unified School District/Alameda County</name>
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          <isin value="US672325XA05"/>
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        <name>Marina Coast Water District</name>
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          <isin value="US56808CBF59"/>
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        <curCd>USD</curCd>
        <valUSD>4901264.70000000</valUSD>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Los Angeles Unified School District/CA</name>
        <lei>N/A</lei>
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        <cusip>544647AX8</cusip>
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          <isin value="US544647AX80"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Los Angeles Department of Water &amp; Power Power System Revenue</name>
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          <isin value="US544495H494"/>
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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 State Public Works Board</name>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <name>California Health Facilities Financing Authority</name>
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          <isin value="US13033L8C44"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-01</maturityDt>
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        <name>M-S-R Energy Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>San Diego County Regional Airport Authority</name>
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        <name>West Sonoma County Union High School District</name>
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        <name>Yucaipa Valley Water District Financing Corp</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Westminster Redevelopment Agency Successor Agency</name>
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        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
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        <name>San Diego County Regional Transportation Commission</name>
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        <name>San Diego Unified School District/CA</name>
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      <invstOrSec>
        <name>San Juan Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US798306EG73"/>
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      <invstOrSec>
        <name>San Joaquin County Transportation Authority</name>
        <lei>N/A</lei>
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          <isin value="US798110CL41"/>
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      <invstOrSec>
        <name>City of Clovis CA Sewer Revenue</name>
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          <isin value="US18934VCJ17"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Rafael City High School District/CA</name>
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          <isin value="US799289ML42"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-08-01</maturityDt>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
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          <isin value="US88033U2Z10"/>
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          <maturityDt>2025-09-01</maturityDt>
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      <invstOrSec>
        <name>Ukiah Unified School District/CA</name>
        <lei>N/A</lei>
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          <isin value="US903698DF28"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-01</maturityDt>
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      <invstOrSec>
        <name>Northern California Energy Authority</name>
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          <isin value="US664840AD77"/>
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        <balance>5000000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Torrance CA</name>
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          <isin value="US891380BD89"/>
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        <valUSD>3015780.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of California</name>
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        <title>CALIFORNIA</title>
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          <isin value="US13063C5D83"/>
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        <balance>10020000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Stockton Public Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Simi Valley Unified School District</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Municipal Finance Authority</name>
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        <name>Inglewood Unified School District</name>
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        <name>Los Angeles County Metropolitan Transportation Authority</name>
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        <name>San Marcos Unified School District</name>
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        <name>Los Angeles Department of Water &amp; Power Power System Revenue</name>
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        <name>Vacaville Unified School District</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Silicon Valley Clean Water</name>
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        <name>Santa Clara Unified School District</name>
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        <name>San Bernardino City Unified School District</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>University of California</name>
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        <name>San Diego Community College District</name>
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        <name>Foothill-De Anza Community College District</name>
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        <name>California State University</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>San Mateo Foster City Public Financing Authority</name>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
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          <isin value="US13032UMN53"/>
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        <curCd>USD</curCd>
        <valUSD>15379560.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Santa Ana College Improvement District #1 Rancho Santiago Community College Dist</name>
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          <isin value="US801181BV95"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of San Francisco CA Public Utilities Commission Water Revenue</name>
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          <maturityDt>2031-11-01</maturityDt>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CA ST HLTH FACS-A-REF</title>
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          <isin value="US13032UFP84"/>
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      <invstOrSec>
        <name>California School Finance Authority</name>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Municipal Finance Authority</name>
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        <name>Los Angeles Community College District/CA</name>
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        <title>LOS ANGELES CCD-A-REF</title>
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        <name>Suisun City Redevelopment Agency</name>
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        <name>Fresno Unified School District</name>
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        <name>Golden State Tobacco Securitization Corp</name>
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        <name>State of California</name>
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        <name>West Contra Costa Unified School District</name>
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        <name>California State Public Works Board</name>
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        <name>University of California</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>San Jacinto Unified School District</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>University of California</name>
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      <invstOrSec>
        <name>Municipal Improvement Corp of Los Angeles</name>
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      <invstOrSec>
        <name>Eastern Municipal Water District</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Vernon CA Electric System Revenue</name>
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        <assetCat>DBT</assetCat>
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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 Statewide Communities Development Authority</name>
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          <isin value="US13080SWC42"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Sacramento CA Airport System Revenue</name>
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        <title>SACRAMENTO CNTY CA AR</title>
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          <isin value="US786107RE43"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Los Angeles County Metropolitan Transportation Authority</name>
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          <isin value="US54466HEZ55"/>
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        <curCd>USD</curCd>
        <valUSD>4422230.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Los Angeles Department of Airports</name>
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          <isin value="US544445PL73"/>
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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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      <invstOrSec>
        <name>Los Angeles Unified School District/CA</name>
        <lei>N/A</lei>
        <title>LOS ANGELES USD-BAM</title>
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          <isin value="US544647AB60"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Hayward Unified School District</name>
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        <name>State of California</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>San Diego County Regional Airport Authority</name>
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        <name>Sacramento County Sanitation Districts Financing Authority</name>
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        <name>Oceanside Unified School District/CA</name>
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        <name>California Educational Facilities Authority</name>
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        <name>M-S-R Energy Authority</name>
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        <name>San Diego Association of Governments</name>
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        <name>Puerto Rico Commonwealth Aqueduct &amp; Sewer Authority</name>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
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          <isin value="US40065FDF80"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>New Haven Unified School District</name>
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          <isin value="US645002G597"/>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Sacramento County Sanitation Districts Financing Authority</name>
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          <isin value="US786134US31"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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        <title>PR SALES TAX FING-A1</title>
        <cusip>74529JQB4</cusip>
        <identifiers>
          <isin value="US74529JQB43"/>
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        <balance>1005000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>883857.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST</title>
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          <isin value="US13063DAX66"/>
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        <balance>3750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4706137.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Riverside County Public Financing Authority</name>
        <lei>N/A</lei>
        <title>RIVERSIDE PUB FIN-A</title>
        <cusip>76912TMQ3</cusip>
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          <isin value="US76912TMQ30"/>
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        <balance>820000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1011355.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CA STWD CMNTYS-A-REF</title>
        <cusip>13080SMS0</cusip>
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          <isin value="US13080SMS04"/>
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        <balance>1525000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1748366.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of San Francisco CA Public Utilities Commission Water Revenue</name>
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          <isin value="US79765RU808"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1769325.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Mateo Foster City Public Financing Authority</name>
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        <balance>6000000.00000000</balance>
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        <valUSD>7596660.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Puerto Rico Commonwealth Aqueduct &amp; Sewer Authority</name>
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          <isin value="US745160RR48"/>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Santa Monica-Malibu Unified School District</name>
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        <name>San Diego Unified School District/CA</name>
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      <invstOrSec>
        <name>California Community College Financing Authority</name>
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          <isin value="US13012RAW97"/>
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        <name>San Diego County Regional Airport Authority</name>
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      <invstOrSec>
        <name>State of California</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Union Sanitary District Financing Authority</name>
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      <invstOrSec>
        <name>Carlsbad Unified School District</name>
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        <name>California Health Facilities Financing Authority</name>
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          <isin value="US13032UUT32"/>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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          <isin value="US13049YCL39"/>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
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          <isin value="US130179EW08"/>
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      <invstOrSec>
        <name>Inglewood Unified School District</name>
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          <isin value="US457110LV41"/>
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          <maturityDt>2032-08-01</maturityDt>
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      <invstOrSec>
        <name>County of Sacramento CA Airport System Revenue</name>
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          <maturityDt>2035-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Santa Ana Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US801155PF34"/>
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        <balance>3680000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-01</maturityDt>
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      <invstOrSec>
        <name>Irvine Unified School District</name>
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        <name>California Statewide Communities Development Authority</name>
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      <invstOrSec>
        <name>City of Roseville CA</name>
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        <name>Golden State Tobacco Securitization Corp</name>
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        <name>City &amp; County of San Francisco CA</name>
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        <name>Los Angeles Community College District/CA</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Orange County Water District</name>
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        <name>San Bernardino Community College District</name>
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        <name>University of California</name>
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        <name>San Diego County Regional Airport Authority</name>
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        <name>New Haven Unified School District</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Santa Clara Unified School District</name>
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        <name>Abag Finance Authority for Nonprofit Corps</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>San Diego Community College District</name>
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        <name>California State Public Works Board</name>
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        <name>El Camino Community College District Foundation/The</name>
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        <name>Los Angeles Unified School District/CA</name>
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      <invstOrSec>
        <name>San Diego County Regional Airport Authority</name>
        <lei>N/A</lei>
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        <name>Anaheim Housing &amp; Public Improvements Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>State of California</name>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Anaheim Housing &amp; Public Improvements Authority</name>
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          <isin value="US032556JC73"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Poway Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US738855VS12"/>
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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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        <name>Eastern Municipal Water District Financing Authority</name>
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          <isin value="US27677SBL60"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of San Francisco CA Public Utilities Commission Water Revenue</name>
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          <isin value="US79765RE547"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>South San Francisco Public Facilities Financing Authority</name>
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          <isin value="US840035AX74"/>
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        <valUSD>1731075.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Stockton Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US861419TQ25"/>
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        <valUSD>3995110.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Stockton Public Financing Authority</name>
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        <name>Newport Mesa Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>West Contra Costa Unified School District</name>
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        <name>Anaheim Public Financing Authority</name>
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        <name>Tulare Local Health Care District</name>
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        <name>State of California</name>
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        <name>San Diego Unified School District/CA</name>
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      <invstOrSec>
        <name>San Diego Community College District</name>
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        <name>Southwestern Community College District</name>
        <lei>N/A</lei>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
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          <isin value="US13063DRA80"/>
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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>Alameda Unified School District-Alameda County/CA</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Cerritos Community College District</name>
        <lei>N/A</lei>
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          <isin value="US156792FT53"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Riverside County Public Financing Authority</name>
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          <isin value="US76912KCL44"/>
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        <valUSD>6019150.00000000</valUSD>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-11-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
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          <isin value="US130179BS23"/>
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        <valUSD>7613775.00000000</valUSD>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Encinitas CA</name>
        <lei>N/A</lei>
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          <isin value="US292528BX30"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1082740.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Long Beach Community College District</name>
        <lei>N/A</lei>
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          <isin value="US542411NC39"/>
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        <balance>2000000.00000000</balance>
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        <valUSD>2296760.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Anaheim Public Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US03255LHR33"/>
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        <valUSD>5155200.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>San Rafael City Elementary School District</name>
        <lei>N/A</lei>
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          <isin value="US799306PG45"/>
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        <balance>2645000.00000000</balance>
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          <maturityDt>2042-08-01</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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        <name>Irvine Unified School District</name>
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          <isin value="US463612JX02"/>
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        <name>California State University</name>
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          <isin value="US13077DAY85"/>
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        <name>Palomar Health</name>
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        <name>Northstar Community Services District</name>
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        <name>Tustin Community Facilities District</name>
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        <name>Marin Community College District</name>
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      <invstOrSec>
        <name>California Community College Financing Authority</name>
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        <invCountry>US</invCountry>

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        <name>Palomar Health</name>
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          <isin value="US697527BD01"/>
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          <maturityDt>2036-08-01</maturityDt>
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      <invstOrSec>
        <name>Hartnell Community College District/CA</name>
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        <name>San Mateo County Community College District</name>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of California</name>
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          <isin value="US13063CQC72"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Fresno Unified School District</name>
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          <isin value="US3582325F94"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-08-01</maturityDt>
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      <invstOrSec>
        <name>California Enterprise Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Colton Joint Unified School District</name>
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          <isin value="US197036MD52"/>
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        <name>Bay Area Toll Authority</name>
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        <name>California Educational Facilities Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Carlsbad Unified School District</name>
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        <name>Los Angeles Department of Water &amp; Power Power System Revenue</name>
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        <name>El Dorado Irrigation District</name>
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      <invstOrSec>
        <name>Palomar Health</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Los Angeles Department of Water</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <valUSD>1312077.40000000</valUSD>
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      <invstOrSec>
        <name>Golden State Tobacco Securitization Corp</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Southern California Public Power Authority</name>
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        <name>La Quinta Redevelopment Agency Successor Agency</name>
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          <isin value="US50420BAU61"/>
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        <name>University of California</name>
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        <name>University of California</name>
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        <name>University of California</name>
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        <name>San Diego Association of Governments South Bay Expressway Revenue</name>
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        <name>San Francisco City &amp; County Public Utilities Commission Wastewater Revenue</name>
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        <name>California Educational Facilities Authority</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>San Bernardino Community College District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Santa Monica Community College District</name>
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          <maturityDt>2036-08-01</maturityDt>
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        <name>City of Riverside CA Electric Revenue</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Stockton Public Financing Authority</name>
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        <name>Riverside Unified School District</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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      <invstOrSec>
        <name>Poway Unified School District Public Financing Authority</name>
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        <name>Municipal Improvement Corp of Los Angeles</name>
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        <name>City of Long Beach CA Airport System Revenue</name>
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        <name>San Leandro Unified School District</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>California State University</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Abag Finance Authority for Nonprofit Corps</name>
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        <name>Alameda Corridor Transportation Authority</name>
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        <name>Bay Area Toll Authority</name>
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        <name>Bay Area Toll Authority</name>
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        <name>San Ysidro School District</name>
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        <name>El Segundo Unified School District</name>
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        <name>State of California</name>
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        <name>Los Angeles County Metropolitan Transportation Authority</name>
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        <name>Fresno Unified School District</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>California State Public Works Board</name>
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        <name>State of California</name>
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        <name>Riverside Unified School District Financing Authority</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Vallecitos Water District</name>
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          <isin value="US919176AR81"/>
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        <invCountry>US</invCountry>

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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Poway Unified School District</name>
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          <isin value="US738855VQ55"/>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Santa Clara Unified School District</name>
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          <isin value="US801495Z213"/>
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        <name>California Educational Facilities Authority</name>
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        <name>San Marcos Unified School District</name>
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        <name>Bay Area Toll Authority</name>
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        <name>San Jose Unified School District</name>
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      <invstOrSec>
        <name>University of California</name>
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        <name>Norwalk-La Mirada Unified School District</name>
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        <name>Anaheim Public Financing Authority</name>
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      <invstOrSec>
        <name>Central School District</name>
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        <name>San Diego County Water Authority</name>
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        <name>Santa Clarita Community College District</name>
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        <name>Santa Clarita Community College District</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>San Marcos Unified School District</name>
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        <name>San Mateo Joint Powers Financing Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>San Bernardino Community College District</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California School Finance Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Community College Financing Authority</name>
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        <name>University of California</name>
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        <name>Beverly Hills Unified School District CA</name>
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        <name>Anaheim Housing &amp; Public Improvements Authority</name>
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        <name>Poway Unified School District</name>
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        <name>Abag Finance Authority for Nonprofit Corps</name>
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        <name>West Sacramento Area Flood Control Agency</name>
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        <name>Tulare County Transportation Authority</name>
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      <invstOrSec>
        <name>State of California</name>
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        <name>M-S-R Energy Authority</name>
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          <isin value="US55374SAH31"/>
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        <name>University of California</name>
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        <title>UNIV CA-AK</title>
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          <isin value="US91412GST30"/>
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        <name>Palomar Health</name>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>California State University</name>
        <lei>N/A</lei>
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        <cusip>13077DGZ9</cusip>
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          <isin value="US13077DGZ96"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Paramount Redevelopment Agency Successor Agency</name>
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          <isin value="US699202DU89"/>
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        <balance>3000000.00000000</balance>
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        <valUSD>2650920.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Poway Unified School District</name>
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          <isin value="US738855G588"/>
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        <valUSD>2441340.00000000</valUSD>
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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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      <invstOrSec>
        <name>Stockton Public Financing Authority</name>
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          <isin value="US86139QAQ82"/>
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        <invCountry>US</invCountry>

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        <name>City of Santa Clara CA Electric Revenue</name>
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        <name>Union Sanitary District Financing Authority</name>
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          <isin value="US90811QAS12"/>
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        <name>Tulare Union High School District</name>
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        <name>Walnut Valley Unified School District</name>
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        <name>Southwestern Community College District</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>County of Sacramento CA Airport System Revenue</name>
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      <invstOrSec>
        <name>Los Angeles Community College District/CA</name>
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        <name>Riverside County Transportation Commission</name>
        <lei>5493003G0IESJS57M350</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Riverside Unified School District</name>
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        <name>Norwalk-La Mirada Unified School District</name>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of San Francisco CA Public Utilities Commission Water Revenue</name>
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          <isin value="US79765RJ678"/>
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        <balance>8000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9048480.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Poway Unified School District Public Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US73885QJP54"/>
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        <invCountry>US</invCountry>

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        <name>City of San Francisco CA Public Utilities Commission Water Revenue</name>
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        <name>State of California</name>
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        <name>Riverside Unified School District Financing Authority</name>
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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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          <isCashCollateral>N</isCashCollateral>
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        <name>Sacramento Regional Transit District</name>
        <lei>5493008QT6Z7SDGMA159</lei>
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        <name>Riverside Community College District</name>
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        <name>Riverside County Redevelopment Successor Agency</name>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>VANGUARD CALIFORNIA TAX-FREE FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Christine M. Buchanan</ncom:signature>
      <ncom:signerName>Christine M. Buchanan</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
