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      <invstOrSec>
        <name>California Housing Finance Agency</name>
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      <invstOrSec>
        <name>South Bayside Waste Management Authority</name>
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        <name>Colton Joint Unified School District</name>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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        <name>California Health Facilities Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Deutsche Bank Spears/Lifers Trust</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-05-01</maturityDt>
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      <invstOrSec>
        <name>Sacramento Area Flood Control Agency</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Berkeley CA</name>
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        <name>University of California</name>
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        <name>Ukiah Public Financing Authority</name>
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        <name>Cerritos Community College District</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Escondido Union High School District</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>Stockton Community Facilities District</name>
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          <isin value="US861341TH86"/>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>San Ramon Valley Fire Protection District</name>
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          <isin value="US799400EC62"/>
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        <name>California Statewide Communities Development Authority</name>
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          <isin value="US13081DAC02"/>
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          <maturityDt>2040-12-01</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>Washington Township Health Care District</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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          <isin value="US13049SCR31"/>
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          <maturityDt>2042-08-15</maturityDt>
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        <name>North Orange County Community College District/CA</name>
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        <name>California Housing Finance Agency</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Alhambra Unified School District</name>
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        <name>Foothill-Eastern Transportation Corridor Agency</name>
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        <name>City of Long Beach CA Harbor Revenue</name>
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        <name>Regents of the University of California Medical Center Pooled Revenue</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>San Mateo Foster City School District/CA</name>
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      <invstOrSec>
        <name>San Joaquin Hills Transportation Corridor Agency</name>
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      <invstOrSec>
        <name>Modesto Elementary School District/Stanislaus County</name>
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          <maturityDt>2046-08-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>City of Los Angeles CA Wastewater System Revenue</name>
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        <name>Anaheim Public Financing Authority</name>
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          <isin value="US03255LHQ59"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Eureka City Schools</name>
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        <invCountry>US</invCountry>

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        <name>West Contra Costa Unified School District</name>
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          <isin value="US95234ABW45"/>
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        <fairValLevel>2</fairValLevel>
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        <name>California School Finance Authority</name>
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          <isin value="US13058TKC35"/>
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        <name>San Rafael City Elementary School District</name>
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          <isin value="US799306PG45"/>
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        <name>California Enterprise Development Authority</name>
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        <name>Perris Union High School District/CA</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <name>Ukiah Unified School District/CA</name>
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        <name>State of California</name>
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        <name>Los Rios Community College District</name>
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        <name>Irvine Facilities Financing Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>City of Clovis CA Sewer Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vallecitos Water District</name>
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        <name>Los Banos Unified School District</name>
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        <name>State of California</name>
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        <name>San Joaquin County Transportation Authority Measure K Sales Tax Revenue</name>
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        <name>City of Vernon CA Electric System Revenue</name>
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        <name>Sacramento City Unified School District/CA</name>
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        <name>Elk Grove Unified School District</name>
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        <name>North Lake Tahoe Public Financing Authority</name>
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      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
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        <name>Beverly Hills Unified School District CA</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Foothill-Eastern Transportation Corridor Agency</name>
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        <name>Washington Township Health Care District</name>
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        <name>Moreno Valley Community Redevelopment Agency</name>
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        <name>Jurupa Unified School District</name>
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        <name>Coast Unified School District</name>
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        <name>California State Public Works Board</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>San Diego Public Facilities Financing Authority</name>
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        <name>Freddie Mac Pool</name>
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        <name>San Marcos Unified School District</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <name>Mesa Water District</name>
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      <invstOrSec>
        <name>Foothill-De Anza Community College District</name>
        <lei>N/A</lei>
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          <isin value="US345102MS34"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC Multifamily VRD Certificates</name>
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        <title>FEDERAL HOME LOAN MTG</title>
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          <isin value="US31350ACU07"/>
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        <curCd>USD</curCd>
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        <name>Long Beach Bond Finance Authority</name>
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          <isin value="US54241AAY91"/>
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        <name>Los Angeles Department of Water &amp; Power</name>
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          <maturityDt>2037-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>San Joaquin County Transportation Authority Measure K Sales Tax Revenue</name>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
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          <isin value="US130179TM60"/>
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        <name>Grossmont Healthcare District</name>
        <lei>N/A</lei>
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          <isin value="US399223DD58"/>
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      <invstOrSec>
        <name>Peralta Community College District</name>
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          <isin value="US713575XF09"/>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Sweetwater Union High School District</name>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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        <name>Riverside Unified School District</name>
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        <name>Bay Area Toll Authority</name>
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        <name>San Francisco Community College District</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <name>City of San Francisco CA Public Utilities Commission Water Revenue</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Riverside Community College District</name>
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        <name>California Educational Facilities Authority</name>
        <lei>N/A</lei>
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        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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        <name>Mount San Antonio Community College District</name>
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        <name>Glendale Unified School District/CA</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>California Statewide Communities Development Authority</name>
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        <name>California County Tobacco Securitization Agency</name>
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        <name>Sweetwater Union High School District</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>Franklin-Mckinley School District</name>
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        <name>California Housing Finance Agency</name>
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        <name>East Side Union High School District</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>Sunnyvale School District</name>
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        <name>City of Ontario CA Community Facilities District No 45</name>
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        <name>Poway Unified School District</name>
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        <name>California School Finance Authority</name>
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        <name>Riverside Community College District</name>
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        <name>Puerto Rico Commonwealth Aqueduct &amp; Sewer Authority</name>
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        <name>Southern California Public Power Authority</name>
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        <name>Stockton Unified School District</name>
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        <name>California Health Facilities Financing Authority</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>Alameda County Joint Powers Authority</name>
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        <name>State of California</name>
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        <name>Peralta Community College District</name>
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        <name>West Contra Costa Unified School District</name>
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        <name>Freddie Mac Multifamily ML Certificates</name>
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        <name>JPMorgan Chase Putters/Drivers Trust</name>
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        <name>Independent Cities Finance Authority</name>
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        <name>Fresno Unified School District</name>
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        <name>California State University</name>
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        <name>Fairfield-Suisun Unified School District</name>
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        <name>California Municipal Finance 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>Abag Finance Authority for Nonprofit Corps</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Southwestern Community College District</name>
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        <name>Puerto Rico Commonwealth Aqueduct &amp; Sewer Authority</name>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
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        <name>Fontana Public Facilities Financing Authority</name>
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        <name>East Bay Municipal Utility District Wastewater System Revenue</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Ukiah Unified School District/CA</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 Mateo Joint Powers Financing Authority</name>
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          <maturityDt>2055-06-15</maturityDt>
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        <name>State of California</name>
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        <name>City &amp; County of San Francisco CA Community Facilities District No 2014-1</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>South Coast Water District Financing Authority</name>
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        <name>California School Finance Authority</name>
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        <name>California Housing Finance Agency</name>
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        <name>Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue</name>
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      <invstOrSec>
        <name>Pasadena Public Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US702274DR97"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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          <isin value="US13080SH723"/>
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        <curCd>USD</curCd>
        <valUSD>6761520.23000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Roseville CA</name>
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          <isin value="US7778702C90"/>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-09-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Sweetwater Union High School District</name>
        <lei>N/A</lei>
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          <isin value="US870462VF21"/>
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        <curCd>USD</curCd>
        <valUSD>1657446.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-01</maturityDt>
          <couponKind>None</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CA ST MUNI FIN AUTH</title>
        <cusip>13048TW74</cusip>
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          <isin value="US13048TW743"/>
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        <balance>1125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1163764.80000000</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>2034-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California State University</name>
        <lei>N/A</lei>
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        <cusip>13077CY65</cusip>
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          <isin value="US13077CY652"/>
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        <curCd>USD</curCd>
        <valUSD>583522.88000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Mizuho Floater/Residual Trust</name>
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          <isin value="US60700HET23"/>
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        <curCd>USD</curCd>
        <valUSD>2100000.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-12</maturityDt>
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          <annualizedRt>3.05000000</annualizedRt>
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      <invstOrSec>
        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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          <isin value="US544525XC77"/>
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        <balance>1000000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Infrastructure &amp; Economic Development Bank</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>CA INFRA&amp;ECO DEV BANK</title>
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          <isin value="US13035ACF49"/>
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        <balance>3350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3269008.06000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>
        <cusip>13063DUT3</cusip>
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          <isin value="US13063DUT35"/>
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        <balance>5000000.00000000</balance>
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        <valUSD>5057962.50000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-03-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>City &amp; County of San Francisco CA</name>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Perris Union High School District/CA</name>
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        <name>Santa Barbara Secondary High School District</name>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <name>San Diego Public Facilities Financing Authority</name>
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        <name>San Mateo Joint Powers Financing Authority</name>
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        <name>Southern California Public Power Authority</name>
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        <invCountry>US</invCountry>

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        <name>San Diego County Regional Transportation Commission</name>
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        <name>California Public Finance Authority</name>
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          <isin value="US13057GAD16"/>
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        <name>West Contra Costa Unified School District</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Long Beach Unified School District</name>
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      <invstOrSec>
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        <lei>5493000UQOV6R4ZWS346</lei>
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      <invstOrSec>
        <name>Brentwood Infrastructure Financing Authority</name>
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      <invstOrSec>
        <name>Oxnard Union High School District</name>
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      <invstOrSec>
        <name>San Francisco Community College District</name>
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          <isin value="US797683HE28"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-06-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Freddie Mac Multifamily ML Certificates</name>
        <lei>N/A</lei>
        <title>FHLMC 2023-ML18-AUS</title>
        <cusip>3137HASQ0</cusip>
        <identifiers>
          <isin value="US3137HASQ09"/>
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        <curCd>USD</curCd>
        <valUSD>8186927.44000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-09-25</maturityDt>
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          <annualizedRt>2.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Riverside Community College District</name>
        <lei>N/A</lei>
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        <cusip>76886PJG9</cusip>
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          <isin value="US76886PJG90"/>
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        <balance>2490000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2407008.30000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-08-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>La Canada Unified School District</name>
        <lei>N/A</lei>
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        <cusip>502516SA6</cusip>
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          <isin value="US502516SA67"/>
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        <balance>3250000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-08-01</maturityDt>
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      <invstOrSec>
        <name>West Contra Costa Unified School District</name>
        <lei>N/A</lei>
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        <cusip>95234ABG9</cusip>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Bay Area Toll Authority</name>
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        <balance>500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Chino Valley Unified School District</name>
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          <maturityDt>2044-08-01</maturityDt>
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        <name>JPMorgan Chase Putters/Drivers Trust</name>
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        <name>North Orange County Community College District/CA</name>
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        <name>Local Public Schools Funding Authority School Improvement District No 2016-1</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <name>California State University</name>
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        <name>State of California</name>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
        <lei>N/A</lei>
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          <isin value="US1301787Y65"/>
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      <invstOrSec>
        <name>Colton Joint Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US197036QP47"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-08-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
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          <isin value="US13016NER17"/>
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          <maturityDt>2033-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Marcos Unified School District</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-08-01</maturityDt>
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      <invstOrSec>
        <name>Newport Mesa Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US652113WR88"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-08-01</maturityDt>
          <couponKind>None</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Los Angeles CA Wastewater System Revenue</name>
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          <isin value="US53945CGN48"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-06-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Housing Finance Agency</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-09-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>California Municipal Finance Authority</name>
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        <cusip>13049SFH2</cusip>
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          <isin value="US13049SFH22"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2058-08-15</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>San Jose Evergreen Community College District</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>California Municipal Finance Authority</name>
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        <name>State of California</name>
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        <name>Long Beach Bond Finance Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Community Choice Financing Authority</name>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <name>San Francisco City &amp; County Public Utilities Commission Wastewater Revenue</name>
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        <name>Southern California Public Power Authority</name>
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      <invstOrSec>
        <name>Sunnyvale School District</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>City of Vernon CA Electric System Revenue</name>
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          <maturityDt>2047-11-01</maturityDt>
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          <annualizedRt>2.25000000</annualizedRt>
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        <name>Metropolitan Water District of Southern California</name>
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          <isin value="US59266TTH40"/>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Las Virgenes Unified School District</name>
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          <isin value="US518021SA95"/>
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          <maturityDt>2026-09-01</maturityDt>
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        <name>San Rafael City High School District/CA</name>
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          <maturityDt>2047-08-01</maturityDt>
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        <name>Mesa Water District</name>
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          <isin value="US59059CAY57"/>
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          <maturityDt>2040-03-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>State of California</name>
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          <maturityDt>2042-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Public Finance Authority</name>
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        <name>San Joaquin Hills Transportation Corridor Agency</name>
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        <name>El Segundo Unified School District</name>
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        <name>San Diego Public Facilities Financing Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California School Finance Authority</name>
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        <name>Montebello Unified School District</name>
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        <name>Oakland Unified School District/Alameda County</name>
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        <name>M-S-R Energy Authority</name>
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          <isin value="US55374SAB60"/>
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        <fairValLevel>2</fairValLevel>
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        <name>San Jose Redevelopment Agency Successor Agency</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-08-01</maturityDt>
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        <name>San Francisco Bay Area Rapid Transit District</name>
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        <name>Local Public Schools Funding Authority School Improvement District No 2016-1</name>
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        <name>Lammersville Joint Unified School District</name>
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        <name>Berkeley Unified School District/CA</name>
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        <name>University of California</name>
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        <name>Simi Valley Unified School District</name>
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        <name>California Health Facilities Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue</name>
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          <isin value="US54466HHF64"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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          <isin value="US13048VZF83"/>
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        <curCd>USD</curCd>
        <valUSD>999593.70000000</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>2040-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alameda Corridor Transportation Authority</name>
        <lei>N/A</lei>
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          <isin value="US010869GZ28"/>
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        <balance>1060000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1084679.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Juan Unified School District</name>
        <lei>N/A</lei>
        <title>SAN JUAN UNIF SD</title>
        <cusip>798306YD2</cusip>
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          <isin value="US798306YD23"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11614.73000000</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>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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        <cusip>13080SXW9</cusip>
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          <isin value="US13080SXW96"/>
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        <balance>480000.00000000</balance>
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        <valUSD>530330.64000000</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>2046-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
        <lei>N/A</lei>
        <title>TNDR OPT-FLTRS-XG0100</title>
        <cusip>88033SX58</cusip>
        <identifiers>
          <isin value="US88033SX588"/>
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        <balance>34700000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.91000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City &amp; County of San Francisco CA Special Tax District No 2020-1</name>
        <lei>N/A</lei>
        <title>SAN FRANCISCO CO-REV</title>
        <cusip>79771HAF0</cusip>
        <identifiers>
          <isin value="US79771HAF01"/>
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        <balance>1700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1541169.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Sacramento CA Transient Occupancy Tax Revenue</name>
        <lei>N/A</lei>
        <title>SACRAMENTO TRANS-A</title>
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          <isin value="US786073AW65"/>
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        <valUSD>9592109.26000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Santa Monica Public Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US802437HZ95"/>
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        <balance>5500000.00000000</balance>
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          <maturityDt>2046-07-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>North Orange County Community College District/CA</name>
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        <name>Long Beach Unified School District</name>
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        <name>San Diego Unified School District/CA</name>
        <lei>N/A</lei>
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        <name>Chaffey Joint Union High School District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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      <invstOrSec>
        <name>City of Roseville CA</name>
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      <invstOrSec>
        <name>State of California</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Diego Community College District</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>5432128.00000000</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>2036-08-01</maturityDt>
          <couponKind>None</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Palomar Health</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>4556488.34000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
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          <isin value="US13063DU971"/>
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        <curCd>USD</curCd>
        <valUSD>1762019.40000000</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>2042-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Pomona Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US732098NP98"/>
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        <curCd>USD</curCd>
        <valUSD>3593673.43000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Foothill-Eastern Transportation Corridor Agency</name>
        <lei>N/A</lei>
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          <isin value="US345105HU75"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1303168.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Tustin Unified School District</name>
        <lei>N/A</lei>
        <title>TUSTIN USD-A-REF</title>
        <cusip>901073GJ9</cusip>
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          <isin value="US901073GJ95"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3034115.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Oakland Unified School District/Alameda County</name>
        <lei>N/A</lei>
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        <cusip>672325J24</cusip>
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          <isin value="US672325J246"/>
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        <balance>7000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6314672.00000000</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>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>West Contra Costa Unified School District</name>
        <lei>N/A</lei>
        <title>W CONTRA COSTA CA UNI</title>
        <cusip>9523473G5</cusip>
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          <isin value="US9523473G59"/>
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        <balance>1400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1365988.68000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Washington Township Health Care District</name>
        <lei>N/A</lei>
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        <cusip>940642GE5</cusip>
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          <isin value="US940642GE58"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1229030.33000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CSCDA Community Improvement Authority</name>
        <lei>N/A</lei>
        <title>CSCDA CMNTY IMPT AUTH</title>
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          <isin value="US126292BG50"/>
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        <curCd>USD</curCd>
        <valUSD>7457764.86000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-04-01</maturityDt>
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          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>Pittsburg Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US724581XH14"/>
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        <valUSD>2558805.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <name>Mountain House Public Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US62412PBP09"/>
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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>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Elk Grove Finance 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>2027-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Fresno Unified School District</name>
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        <name>West Contra Costa Unified School District</name>
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      <invstOrSec>
        <name>State of California</name>
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        <title>CALIFORNIA STATE -REF</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
        <lei>N/A</lei>
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        <name>West Contra Costa Unified School District</name>
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        <name>California Housing Finance Agency</name>
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        <name>Palomar Health</name>
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        <name>California School Finance Authority</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>University of California</name>
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        <name>Ukiah Public Financing Authority</name>
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        <name>Poway Unified School District Public Financing Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>University of California</name>
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        <name>City of Long Beach CA Harbor Revenue</name>
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        <name>State of California</name>
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        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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        <name>California State University</name>
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        <name>El Camino Healthcare District</name>
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        <name>California Community Choice Financing Authority</name>
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        <name>CSCDA Community Improvement Authority</name>
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        <name>Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue</name>
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      <invstOrSec>
        <name>North Orange County Community College District/CA</name>
        <lei>N/A</lei>
        <title>N ORANGE CNTY CMNTY</title>
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          <isin value="US661334FR83"/>
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        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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          <isin value="US13080SYC24"/>
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          <maturityDt>2037-03-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California State Public Works Board</name>
        <lei>N/A</lei>
        <title>CA ST PUB WKS-D</title>
        <cusip>13068XFC8</cusip>
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          <isin value="US13068XFC83"/>
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          <maturityDt>2041-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>Ontario Montclair School District</name>
        <lei>N/A</lei>
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          <isin value="US683119GW56"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>Santa Rosa High School District</name>
        <lei>N/A</lei>
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          <isin value="US802615G405"/>
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          <maturityDt>2039-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Rancho Cordova CA</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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          <isin value="US13034AV497"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Ventura Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US923004TV76"/>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Irvine CA</name>
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        <title>IRVINE SPL TAX</title>
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          <isin value="US46360TFX63"/>
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        <balance>2420000.00000000</balance>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>San Rafael City High School District/CA</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-08-01</maturityDt>
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      <invstOrSec>
        <name>Freddie Mac Multifamily ML Certificates</name>
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        <title>FRETE 2023-ML16 ACA</title>
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        <name>State of California</name>
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        <name>California Housing Finance Agency</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Val Verde Unified School District</name>
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        <name>Long Beach Bond Finance 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>Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue</name>
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        <name>Transbay Joint Powers Authority</name>
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        <name>Moulton-Niguel Water District Public Facilities Corp</name>
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        <name>State of California</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>New Issuer: BB Company ID:1021514</name>
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        <name>California Public Finance Authority</name>
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        <name>Deutsche Bank Spears/Lifers Trust</name>
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        <name>Poway Unified School District</name>
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        <name>California School Finance Authority</name>
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        <name>Pleasanton Unified School District</name>
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        <name>Regents of the University of California Medical Center Pooled Revenue</name>
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        <name>California School Finance Authority</name>
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        <name>Lammersville Joint Unified School District</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>Sweetwater Union High School District</name>
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        <name>Santa Monica Community College District</name>
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        <name>Westminster Redevelopment Agency Successor Agency</name>
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        <name>Washington Township Health Care District</name>
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        <name>City of Lincoln CA</name>
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        <name>Sanger Unified School District</name>
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          <isin value="US800860EE44"/>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Merced Union High School District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-01</maturityDt>
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        <name>California Educational Facilities Authority</name>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>California Municipal 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>California Statewide Communities Development Authority</name>
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        <name>Hayward Unified School District</name>
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        <name>South Coast Water District Financing Authority</name>
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        <name>San Bernardino City Unified School District</name>
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        <name>New Haven Unified School District</name>
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        <name>Alameda Corridor Transportation Authority</name>
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      </invstOrSec>
      <invstOrSec>
        <name>San Bernardino City Unified School District</name>
        <lei>N/A</lei>
        <title>SAN BERNARDINO USD-D</title>
        <cusip>796711UQ0</cusip>
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          <isin value="US796711UQ09"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3356364.00000000</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>2036-08-01</maturityDt>
          <couponKind>None</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Newport Mesa Unified School District</name>
        <lei>N/A</lei>
        <title>NEWPORT MESA USD-CABS</title>
        <cusip>652113WN7</cusip>
        <identifiers>
          <isin value="US652113WN74"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>684491.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Southern California Public Power Authority</name>
        <lei>5493003B5TD5FWUKMD34</lei>
        <title>STHRN CA</title>
        <cusip>842471AY0</cusip>
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          <isin value="US842471AY05"/>
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        <curCd>USD</curCd>
        <valUSD>4593819.29000000</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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>San Diego Unified School District/CA</name>
        <lei>N/A</lei>
        <title>SAN DIEGO USD</title>
        <cusip>797356GL0</cusip>
        <identifiers>
          <isin value="US797356GL00"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3133102.20000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST SCH FIN</title>
        <cusip>13059RBT9</cusip>
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          <isin value="US13059RBT95"/>
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        <balance>975000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1021155.82000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Clovis CA Sewer Revenue</name>
        <lei>N/A</lei>
        <title>CLOVIS WSTWTR-REF</title>
        <cusip>18934VCJ1</cusip>
        <identifiers>
          <isin value="US18934VCJ17"/>
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        <balance>2250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2351640.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tahoe-Truckee Unified School District</name>
        <lei>N/A</lei>
        <title>TAHOE-TRUCKEE USD-B</title>
        <cusip>873884NR7</cusip>
        <identifiers>
          <isin value="US873884NR70"/>
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        <balance>2645000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2727006.11000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Colton Joint Unified School District</name>
        <lei>N/A</lei>
        <title>COLTON JT USD-F-CABS</title>
        <cusip>197036QQ2</cusip>
        <identifiers>
          <isin value="US197036QQ20"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1851752.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Los Angeles CA Wastewater System Revenue</name>
        <lei>N/A</lei>
        <title>LOS ANGELES WSTWTR-A</title>
        <cusip>53945CGQ7</cusip>
        <identifiers>
          <isin value="US53945CGQ78"/>
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        <balance>1660000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1745349.73000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Riverside Community College District</name>
        <lei>N/A</lei>
        <title>RIVERSIDE CMNTY CLG</title>
        <cusip>76886PJL8</cusip>
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          <isin value="US76886PJL85"/>
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        <balance>6050000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5473713.91000000</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>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CA ST MUNI FIN AUTH-A</title>
        <cusip>13048TZ63</cusip>
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          <isin value="US13048TZ639"/>
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        <balance>6500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6544862.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CA MUNI FIN AUTH-REF</title>
        <cusip>13048VZ50</cusip>
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          <isin value="US13048VZ502"/>
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        <balance>1110000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Washington Township Health Care District</name>
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          <isin value="US940204GS37"/>
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        <balance>1000000.00000000</balance>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Milpitas Unified School District/CA</name>
        <lei>549300BL87026BFAVO38</lei>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>California State Public Works Board</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Placentia-Yorba Linda Unified School District</name>
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      <invstOrSec>
        <name>Southern California Public Power Authority</name>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>Los Angeles Unified School District/CA</name>
        <lei>N/A</lei>
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        <balance>560000.00000000</balance>
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        <assetCat>DBT</assetCat>
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      <invstOrSec>
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      <invstOrSec>
        <name>Walnut Valley Unified School District</name>
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        <name>Oakland Unified School District/Alameda County</name>
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      <invstOrSec>
        <name>Livermore Valley Joint Unified School District/CA</name>
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          <isin value="US538310K281"/>
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        <name>El Segundo Unified School District</name>
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      <invstOrSec>
        <name>Palo Alto Unified School District</name>
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          <isin value="US697379YR07"/>
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        <name>State of California</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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          <isin value="US88035JGE64"/>
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        <name>Freddie Mac Multifamily ML Certificates</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mount San Antonio Community College District</name>
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        <name>Freddie Mac Pool</name>
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        <name>Los Angeles County Public Works Financing Authority</name>
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        <name>Local Public Schools Funding Authority School Improvement District No 2016-1</name>
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        <name>State of California</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <name>West Sonoma County Union High School 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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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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        <name>Local Public Schools Funding Authority School Improvement District No 2016-1</name>
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        <name>Foothill-Eastern Transportation Corridor Agency</name>
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        <name>California Municipal Finance Authority</name>
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      <invstOrSec>
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        <name>Los Angeles County Facilities 2 Inc</name>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>City &amp; County of San Francisco CA Special Tax District No 2020-1</name>
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        <name>California Municipal Finance Authority</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>Freddie Mac Multifamily ML Certificates</name>
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        <name>Alameda County Water District Financing Authority</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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        <name>West Contra Costa Unified School District</name>
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        <name>Shasta-Tehama-Trinity Joint Community College District</name>
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      <invstOrSec>
        <name>State of California</name>
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      <invstOrSec>
        <name>South Coast Water District Financing Authority</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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      <invstOrSec>
        <name>Madera Unified School District</name>
        <lei>N/A</lei>
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        <name>Long Beach Community College District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-08-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>California Statewide Communities Development Authority</name>
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          <isin value="US13080SWG55"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Fresno Unified School District</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-01</maturityDt>
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      <invstOrSec>
        <name>Menifee Union School District</name>
        <lei>N/A</lei>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Oro Grande Elementary School District</name>
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        <name>Foothill-Eastern Transportation Corridor Agency</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>California County Tobacco Securitization Agency</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Irvine Unified School District</name>
        <lei>549300BNIP4XNVC0X742</lei>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California Enterprise Development Authority</name>
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        <name>CSCDA Community Improvement Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California Community Choice Financing Authority</name>
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        <name>Sacramento Municipal Utility District</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Mizuho Floater/Residual Trust</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Inglewood Redevelopment Agency Successor Agency</name>
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        <name>City &amp; County of San Francisco CA</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>Los Angeles County Public Works Financing Authority</name>
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        <name>Gilroy Public Facilities Financing Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Cathedral City Redevelopment Agency Successor Agency</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>State of California</name>
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          <isin value="US13063C6X39"/>
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          <maturityDt>2037-08-01</maturityDt>
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      <invstOrSec>
        <name>San Diego Unified School District/CA</name>
        <lei>N/A</lei>
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        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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        <name>California State Public Works Board</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>Beverly Hills Unified School District CA</name>
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        <name>California State University</name>
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      <invstOrSec>
        <name>Sanger Unified School District</name>
        <lei>N/A</lei>
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        <name>California Community Choice Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-01</maturityDt>
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      <invstOrSec>
        <name>State of California</name>
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          <isin value="US13063DKS61"/>
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          <maturityDt>2049-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Chino Valley Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-08-01</maturityDt>
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      <invstOrSec>
        <name>South Coast Water District Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US83743MCJ62"/>
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          <maturityDt>2037-02-01</maturityDt>
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        <name>Manteca Redevelopment Agency Successor Agency</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-10-01</maturityDt>
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        <name>Department of Veterans Affairs Veteran's Farm &amp; Home Purchase Program</name>
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          <maturityDt>2052-12-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>California Enterprise Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2059-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>California Health Facilities Financing Authority</name>
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        <cusip>13032UJ33</cusip>
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          <isin value="US13032UJ338"/>
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        <balance>700000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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          <maturityDt>2029-07-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>Newport Mesa Unified School District</name>
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        <name>Moreno Valley Unified School District/CA</name>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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          <maturityDt>2054-05-01</maturityDt>
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        <name>West Sonoma County Union High School District</name>
        <lei>N/A</lei>
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          <maturityDt>2049-08-01</maturityDt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>United Water Conservation District</name>
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        <name>East Side Union High School District</name>
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        <name>San Diego County Regional Airport Authority</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Freddie Mac Pool</name>
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        <name>South Bayside Waste Management Authority</name>
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      <invstOrSec>
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        <name>San Diego Unified School District/CA</name>
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        <name>Pittsburg Unified School District</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>Local Public Schools Funding Authority School Improvement District No 2016-1</name>
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        <name>University of California</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>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac Pool</name>
        <lei>N/A</lei>
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          <isin value="US3132Y7GN94"/>
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        <curCd>USD</curCd>
        <valUSD>8391228.79000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-09-01</maturityDt>
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          <annualizedRt>3.18000000</annualizedRt>
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      <invstOrSec>
        <name>Pleasanton Unified School District</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-06-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Los Angeles County Development Authority</name>
        <lei>N/A</lei>
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          <isin value="US54467WAH51"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-12-01</maturityDt>
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      <invstOrSec>
        <name>State of California</name>
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          <isin value="US13063D4Q87"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>State of California</name>
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        <cusip>13063DQ43</cusip>
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          <isin value="US13063DQ433"/>
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        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2042-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Elk Grove Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US287254CW48"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Sunnyvale Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US86754EAV83"/>
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        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2052-04-01</maturityDt>
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          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>Los Angeles County Public Works Financing Authority</name>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-12-01</maturityDt>
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      <invstOrSec>
        <name>Foothill-Eastern Transportation Corridor Agency</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-01-01</maturityDt>
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      <invstOrSec>
        <name>California School Finance Authority</name>
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          <isin value="US13058TLC26"/>
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        <isRestrictedSec>Y</isRestrictedSec>

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          <maturityDt>2026-08-01</maturityDt>
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        <name>Long Beach Bond Finance Authority</name>
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        <name>El Monte Union High School District</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Western Placer Waste Management Authority</name>
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    <signature>
      <ncom:dateSigned>2025-01-27</ncom:dateSigned>
      <ncom:nameOfApplicant>VANGUARD CALIFORNIA TAX-FREE FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Ashley Grim</ncom:signature>
      <ncom:signerName>Ashley Grim</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
