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        <name>Southern California Public Power Authority</name>
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        <name>University of California</name>
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        <name>Mizuho Floater/Residual Trust</name>
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        <name>California Housing Finance Agency</name>
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      <invstOrSec>
        <name>Stockton Public Financing Authority</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>California Statewide Communities Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hemet Unified School District</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>California Housing Finance Agency</name>
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        <name>Coast Community College District</name>
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        <name>Deutsche Bank Spears/Lifers Trust</name>
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        <name>Washington Township Health Care District</name>
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        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>University of California</name>
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        <name>Redding Joint Powers Financing Authority</name>
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        <name>University of California</name>
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        <name>California Statewide Communities Development Authority</name>
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          <isin value="US13080SQ641"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-03-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Livermore Valley Joint Unified School District/CA</name>
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      <invstOrSec>
        <name>California Enterprise Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2059-11-01</maturityDt>
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      <invstOrSec>
        <name>Oakland Unified School District/Alameda County</name>
        <lei>N/A</lei>
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          <isin value="US672325M208"/>
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        <valUSD>1277394.87000000</valUSD>
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        <invCountry>US</invCountry>

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          <maturityDt>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Stockton Community Facilities District</name>
        <lei>N/A</lei>
        <title>STOCKTON CMNTY FACS</title>
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          <isin value="US861341TH86"/>
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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>2049-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Los Angeles Department of Water &amp; Power</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2055-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Luis Coastal Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US798546FB85"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2054-08-01</maturityDt>
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      <invstOrSec>
        <name>San Ramon Valley Fire Protection District</name>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CA STWD CMNTYS DEV -F</title>
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          <isin value="US13081DAC02"/>
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          <maturityDt>2040-12-01</maturityDt>
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        <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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        <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>California Municipal Finance Authority</name>
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        <name>Transbay Joint Powers Authority</name>
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        <name>State of California</name>
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        <name>Antelope Valley Community College District</name>
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          <isin value="US03667PKU56"/>
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        <fairValLevel>2</fairValLevel>
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        <name>San Mateo Foster City School District/CA</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Modesto Elementary School District/Stanislaus County</name>
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        <name>Jefferson Union High School District</name>
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        <name>Anaheim 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>Roseville Joint Union High School District</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>West Contra Costa Unified School District</name>
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      <invstOrSec>
        <name>California School Finance Authority</name>
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        <name>San Bernardino City Unified School District</name>
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        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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        <name>University of California</name>
        <lei>N/A</lei>
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        <name>California Educational Facilities Authority</name>
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        <name>City of Vernon CA Electric System Revenue</name>
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      <invstOrSec>
        <name>Modesto Elementary School District/Stanislaus County</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Sacramento City Unified School District/CA</name>
        <lei>N/A</lei>
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          <isin value="US785870XW16"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-05-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Elk Grove Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US287281XR54"/>
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        <curCd>USD</curCd>
        <valUSD>4919632.62000000</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>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Los Angeles Department of Water &amp; Power</name>
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          <isin value="US544532FQ25"/>
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        <balance>735000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>757342.38000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>North Lake Tahoe Public Financing Authority</name>
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          <isin value="US66038WBH88"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Palomar Health</name>
        <lei>N/A</lei>
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        <cusip>697527BB4</cusip>
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          <isin value="US697527BB45"/>
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        <valUSD>301497.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Palomar Health</name>
        <lei>N/A</lei>
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        <cusip>69752RAN5</cusip>
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          <isin value="US69752RAN52"/>
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        <balance>120000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>76424.15000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Beverly Hills Unified School District CA</name>
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          <isin value="US088023MU73"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1649778.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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          <isin value="US13048VDS43"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>767852.03000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Foothill-Eastern Transportation Corridor Agency</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-01-15</maturityDt>
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        <name>Washington Township Health Care District</name>
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          <maturityDt>2053-07-01</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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        <name>Moreno Valley Community Redevelopment Agency</name>
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          <maturityDt>2031-08-01</maturityDt>
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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>Jefferson Union High School District</name>
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      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
        <lei>N/A</lei>
        <title>SAN DIEGO PUB FACS FI</title>
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          <isin value="US797299PV07"/>
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        <curCd>USD</curCd>
        <valUSD>683801.24000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-10-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Freddie Mac Pool</name>
        <lei>N/A</lei>
        <title>FR WE6119</title>
        <cusip>3132YBYQ3</cusip>
        <identifiers>
          <isin value="US3132YBYQ38"/>
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        <balance>7436536.73000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6590204.56000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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      <invstOrSec>
        <name>Southern California Public Power Authority</name>
        <lei>5493003B5TD5FWUKMD34</lei>
        <title>STHRN CA PUB PWR AUTH</title>
        <cusip>842469CF3</cusip>
        <identifiers>
          <isin value="US842469CF34"/>
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        <curCd>USD</curCd>
        <valUSD>213669.31000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Los Angeles Department of Water &amp; Power</name>
        <lei>549300S8NXV6YU61GG95</lei>
        <title>LOS ANGELES CA DEPT O</title>
        <cusip>544532DK7</cusip>
        <identifiers>
          <isin value="US544532DK72"/>
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        <balance>10370000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10301047.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Multifamily VRD Certificates</name>
        <lei>N/A</lei>
        <title>FEDERAL HOME LOAN MTG</title>
        <cusip>31350ACU0</cusip>
        <identifiers>
          <isin value="US31350ACU07"/>
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        <balance>4640000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3816797.18000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.35000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Los Angeles Department of Water &amp; Power</name>
        <lei>549300S8NXV6YU61GG95</lei>
        <title>LOS ANGELES WTR PWR-A</title>
        <cusip>5444956Q2</cusip>
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          <isin value="US5444956Q23"/>
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        <balance>4245000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4315212.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CA DEPT-A</title>
        <cusip>544525U89</cusip>
        <identifiers>
          <isin value="US544525U897"/>
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        <balance>820000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>848521.57000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Los Angeles Department of Water &amp; Power</name>
        <lei>549300S8NXV6YU61GG95</lei>
        <title>LOS ANGELES CA DEPT</title>
        <cusip>544532BP8</cusip>
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          <isin value="US544532BP87"/>
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        <balance>34750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>34750000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.06000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST EDU FAC</title>
        <cusip>130179TM6</cusip>
        <identifiers>
          <isin value="US130179TM60"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>154689.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Southern California Public Power Authority</name>
        <lei>5493003B5TD5FWUKMD34</lei>
        <title>STHRN CA PUB PWR AUTH</title>
        <cusip>842469CH9</cusip>
        <identifiers>
          <isin value="US842469CH99"/>
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        <balance>1550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1565718.71000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Grossmont Healthcare District</name>
        <lei>N/A</lei>
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          <isin value="US399223DD58"/>
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        <balance>3370000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Los Angeles County Public Works Financing Authority</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CO PUB-H</title>
        <cusip>54473EYJ7</cusip>
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          <isin value="US54473EYJ71"/>
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        <balance>2500000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

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          <maturityDt>2044-12-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Peralta Community College District</name>
        <lei>N/A</lei>
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        <name>Sweetwater Union High School District</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Riverside Unified School District</name>
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        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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        <name>Bay Area Toll Authority</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Los Angeles Housing 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>Mount San Antonio Community College District</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California County Tobacco Securitization Agency</name>
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        <name>County of Sacramento CA Airport System Revenue</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>City of San Francisco CA Public Utilities Commission Water Revenue</name>
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        <name>University of California</name>
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        <name>Rio Hondo Community College District/CA</name>
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        <name>San Francisco Bay Area Rapid Transit District Sales Tax Revenue</name>
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        <name>Glendale Community College District/CA</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>Stockton Unified School District</name>
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        <name>City of Richmond CA Wastewater Revenue</name>
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        <name>California School Finance Authority</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>Fairfield-Suisun Unified School District</name>
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        <name>N/A</name>
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        <name>Sacramento Municipal Utility District</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Ukiah Unified School District/CA</name>
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        <name>Chino Valley Unified School 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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        <name>Burlingame School District</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <name>California Public Finance Authority</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</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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        <name>Palomar Health</name>
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      <invstOrSec>
        <name>Santa Monica Public Financing Authority</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>California Housing Finance Agency</name>
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          <isin value="US13033DAA37"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hughson Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US444546FU42"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of San Francisco CA Public Utilities Commission Water Revenue</name>
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          <isin value="US79765R3D92"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>California Municipal Finance Authority</name>
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          <isin value="US13048VDQ86"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>California Statewide Communities Development Authority</name>
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          <isin value="US13078RJB78"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-05-15</maturityDt>
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      <invstOrSec>
        <name>Monterey Peninsula Unified School District</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
        <lei>N/A</lei>
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          <isin value="US130179JF20"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Hemet Unified School District</name>
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          <isin value="US423542RG69"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-08-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Municipal Improvement Corp of Los Angeles</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Moreno Valley Unified School District/CA</name>
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        <name>California Municipal Finance Authority</name>
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        <name>San Francisco Community College District</name>
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        <name>Freddie Mac Multifamily ML Certificates</name>
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        <name>Riverside Community College District</name>
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        <name>West Contra Costa Unified School District</name>
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        <name>California Infrastructure &amp; Economic Development Bank</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>
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        <name>State of California</name>
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        <name>Colton Joint Unified School District</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 Municipal Finance Authority</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>California Community Choice Financing Authority</name>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-02-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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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>California Health Facilities Financing Authority</name>
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        <name>Sunnyvale School District</name>
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        <name>City of Vernon CA Electric System Revenue</name>
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        <name>Las Virgenes Unified School District</name>
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        <name>San Rafael City High School District/CA</name>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>California Public Finance Authority</name>
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          <isin value="US13057GAP46"/>
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        <name>San Joaquin Hills Transportation Corridor Agency</name>
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        <fairValLevel>2</fairValLevel>
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        <name>El Segundo Unified School District</name>
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        <name>Montebello Unified School District</name>
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        <name>California School Finance Authority</name>
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        <name>California State Public Works Board</name>
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        <name>California State Public Works Board</name>
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      <invstOrSec>
        <name>Antelope Valley Community College District</name>
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        <name>Central Valley Energy Authority</name>
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          <isin value="US672325L960"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Jose Redevelopment Agency Successor Agency</name>
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          <isin value="US798170AQ94"/>
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        <valUSD>4236406.18000000</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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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
        <lei>N/A</lei>
        <title>JPM-PUTTERS-XF1910</title>
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          <isin value="US88035PDW59"/>
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        <balance>12000000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-12-01</maturityDt>
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          <annualizedRt>2.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
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          <isin value="US13063EKK19"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-03-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>University of California</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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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>Long Beach Community College District</name>
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        <name>Moreno Valley Unified School District Financing Authority</name>
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        <name>San Francisco Bay Area Rapid Transit District</name>
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      <invstOrSec>
        <name>Simi Valley Unified School District</name>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>California Community Choice Financing Authority</name>
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        <name>Alameda Corridor Transportation Authority</name>
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        <invCountry>US</invCountry>

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          <maturityDt>2035-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>San Juan Unified School District</name>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <name>City of Sacramento CA Transient Occupancy Tax Revenue</name>
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        <name>North Orange County Community College District/CA</name>
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        <name>California Municipal Finance Authority</name>
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      <invstOrSec>
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          <isin value="US724581XH14"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Los Angeles Department of Water &amp; Power</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Mountain House Public Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US62412PBP09"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-12-01</maturityDt>
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          <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="US287254CU81"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fresno Unified School District</name>
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          <isin value="US3582325G77"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-08-01</maturityDt>
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      <invstOrSec>
        <name>West Contra Costa Unified School District</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>State of California</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>2036-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Long Beach Bond Finance Authority</name>
        <lei>549300BKBZ5U7OZH3S21</lei>
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          <isin value="US54241ABB89"/>
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        <balance>1800000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Los Angeles County Public Works Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US54473EYL28"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-12-01</maturityDt>
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      <invstOrSec>
        <name>Los Angeles County Public Works Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Puerto Rico Commonwealth Aqueduct &amp; Sewer Authority</name>
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        <name>Ukiah Public Financing Authority</name>
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        <name>Lake Tahoe Unified School District</name>
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        <name>San Diego Community College District</name>
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      <invstOrSec>
        <name>State of California</name>
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        <name>San Francisco Bay Area Rapid Transit District</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Hayward Unified School District</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Palo Alto CA</name>
        <lei>N/A</lei>
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        <name>Livermore Valley Joint Unified School District/CA</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>University of California</name>
        <lei>N/A</lei>
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        <name>California Municipal Finance Authority</name>
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        <name>Redding Joint Powers Financing Authority</name>
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        <name>San Mateo Union High School District</name>
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        <name>California Housing Finance Agency</name>
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        <name>Cabrillo Community College District</name>
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        <name>California Enterprise Development Authority</name>
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        <name>Fresno Joint Powers Financing Authority</name>
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        <name>New Haven Unified School District</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>University of California</name>
        <lei>N/A</lei>
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          <isin value="US91412HVP53"/>
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        <name>Chaffey Community College District</name>
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        <name>Arcadia Unified School District/CA</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <name>Ukiah Public Financing Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Lammersville Joint Unified School District</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Sacramento City Unified School District/CA</name>
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        <name>City of Long Beach CA Harbor Revenue</name>
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        <name>San Francisco Bay Area Rapid Transit District</name>
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        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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        <name>Tracy Community Facilities District/CA</name>
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        <name>Long Beach Bond Finance Authority</name>
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        <name>California School Finance Authority</name>
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        <name>Chino Valley Unified School District</name>
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        <name>City of San Francisco CA Public Utilities Commission Water Revenue</name>
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        <name>Cathedral City Redevelopment Agency Successor Agency</name>
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        <name>State of California</name>
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        <name>RNR School Financing Authority</name>
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        <name>MENLO PARK CA CITY SCH DIST</name>
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        <name>California Community Choice Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California School Finance Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Santa Clara County Financing Authority</name>
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        <name>Tracy Community Facilities District/CA</name>
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        <name>San Diego Community College District</name>
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        <name>California Statewide Communities Development Authority</name>
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      <invstOrSec>
        <name>Morongo Unified School District</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Enterprise Development Authority</name>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>North Orange County Community College District/CA</name>
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          <isin value="US13080SYC24"/>
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          <maturityDt>2037-03-01</maturityDt>
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        <name>California State Public Works Board</name>
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          <maturityDt>2041-05-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Ventura Unified School District</name>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Rafael City High School District/CA</name>
        <lei>N/A</lei>
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          <isin value="US799289PF47"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Los Angeles Unified School District/CA</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>

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          <maturityDt>2049-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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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>California Housing Finance Agency</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Poway Unified School District Public Financing Authority</name>
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      <invstOrSec>
        <name>San Diego County Regional Airport Authority</name>
        <lei>N/A</lei>
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          <isin value="US79739GJL14"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Transbay Joint Powers Authority</name>
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          <isin value="US89356CAT36"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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          <isin value="US74529JQG30"/>
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        <valUSD>8059242.63000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Moulton-Niguel Water District Public Facilities Corp</name>
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          <isin value="US620220ET69"/>
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        <balance>2000000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-09-01</maturityDt>
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      <invstOrSec>
        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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          <isin value="US544525V960"/>
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        <valUSD>919816.04000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
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        <cusip>13063D4T2</cusip>
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          <isin value="US13063D4T27"/>
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        <balance>22800000.00000000</balance>
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        <valUSD>24266651.04000000</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>2042-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
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          <isin value="US13063ELN49"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-03-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Long Beach Unified School District</name>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Norwalk-La Mirada Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Riverside Unified School District</name>
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        <name>West Contra Costa Unified School District</name>
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        <name>West Contra Costa Unified School District</name>
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        <name>California State University</name>
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        <name>New Issuer: BB Company ID:1021514</name>
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        <name>California Housing Finance Agency</name>
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      <invstOrSec>
        <name>Glendale Community College District/CA</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>California County Tobacco Securitization Agency</name>
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        <name>Foothill-De Anza Community College District</name>
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        <name>Lancaster Redevelopment Agency Successor Agency</name>
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        <name>Palomar Health</name>
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          <maturityDt>2034-08-01</maturityDt>
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      <invstOrSec>
        <name>Antelope Valley Community College District</name>
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        <name>Lammersville Joint Unified School District</name>
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          <isin value="US513533GJ27"/>
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        <name>Regents of the University of California Medical Center Pooled Revenue</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-05-15</maturityDt>
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        <name>Arcadia Unified School District/CA</name>
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          <isin value="US039069LC17"/>
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          <maturityDt>2049-08-01</maturityDt>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US13059TFU88"/>
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          <maturityDt>2049-07-01</maturityDt>
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        <name>Burlingame School District</name>
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        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2042-08-01</maturityDt>
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        <name>State of California</name>
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        <name>Norwalk-La Mirada Unified School District</name>
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        <name>West Contra Costa 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>Long Beach Bond Finance Authority</name>
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        <name>California School Finance Authority</name>
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          <isin value="US13058TNA42"/>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Statewide Communities Development Authority</name>
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          <isin value="US13080SYT58"/>
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          <maturityDt>2037-04-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isin value="US13080SWC42"/>
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        <name>Bay Area Toll Authority</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>California School Finance Authority</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Folsom Cordova Unified School District</name>
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        <name>Tobacco Securitization Authority of Southern California</name>
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        <name>California County Tobacco Securitization Agency</name>
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        <name>West Sonoma County Union High School District</name>
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        <name>Tobacco Securitization Authority of Southern California</name>
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        <name>Antelope Valley Community College District</name>
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        <name>Los Angeles Housing Authority</name>
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        <name>Los Angeles Community College District/CA</name>
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          <isin value="US54438CYA43"/>
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        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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          <isin value="US544525U301"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Lincoln CA</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-09-01</maturityDt>
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        <name>Berryessa Union School District</name>
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        <name>Sanger Unified School District</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>California School Facilities Financing 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 Diego Public Facilities Financing Authority</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>California Educational Facilities Authority</name>
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        <name>California Educational Facilities Authority</name>
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          <isin value="US130179JE54"/>
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      <invstOrSec>
        <name>San Bernardino City Unified School District</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Newport Mesa Unified School District</name>
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      <invstOrSec>
        <name>California Community Choice Financing Authority</name>
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        <invCountry>US</invCountry>

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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Diego Unified School District/CA</name>
        <lei>N/A</lei>
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          <isin value="US797356GL00"/>
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        <balance>3000000.00000000</balance>
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      <invstOrSec>
        <name>Manhattan Beach Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US562785QD07"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Pleasanton Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US728835D225"/>
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        <balance>7830000.00000000</balance>
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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>2042-08-01</maturityDt>
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      <invstOrSec>
        <name>California School Finance Authority</name>
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          <isin value="US13059RBT95"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Folsom Cordova Unified School District</name>
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        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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      <invstOrSec>
        <name>Colton Joint Unified School District</name>
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        <name>California Municipal Finance Authority</name>
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        <name>City of Los Angeles CA Wastewater System Revenue</name>
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        <name>Riverside Community College District</name>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>University 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>State of California</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST -REF</title>
        <cusip>13063DQ35</cusip>
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          <isin value="US13063DQ359"/>
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        <balance>3320000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3596484.62000000</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>2037-04-01</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>Freddie Mac Multifamily ML Certificates</name>
        <lei>N/A</lei>
        <title>FHMLC 2024-ML25-SPC</title>
        <cusip>3137HH6G1</cusip>
        <identifiers>
          <isin value="US3137HH6G17"/>
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        <balance>1216575.91000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1117226.79000000</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>2038-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.54200000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Elk Grove Finance Authority</name>
        <lei>N/A</lei>
        <title>ELK GROVE CA FIN AUTH</title>
        <cusip>287254JJ6</cusip>
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          <isin value="US287254JJ63"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1693327.65000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-09-01</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>Mount San Antonio Community College District</name>
        <lei>N/A</lei>
        <title>MT SAN ANTONIO CCD-A</title>
        <cusip>623040KD3</cusip>
        <identifiers>
          <isin value="US623040KD38"/>
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        <balance>4150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4276576.66000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Freddie Mac Pool</name>
        <lei>N/A</lei>
        <title>FR WE2012</title>
        <cusip>3132Y7GV1</cusip>
        <identifiers>
          <isin value="US3132Y7GV11"/>
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        <balance>920309.35000000</balance>
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        <curCd>USD</curCd>
        <valUSD>792179.00000000</valUSD>
        <pctVal>0.014583102031</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.82000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Local Public Schools Funding Authority School Improvement District No 2016-1</name>
        <lei>N/A</lei>
        <title>LOCAL PUBLIC SCHS-B</title>
        <cusip>53957RCZ3</cusip>
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          <isin value="US53957RCZ38"/>
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        <balance>925000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>752905.51000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST</title>
        <cusip>13063CZY9</cusip>
        <identifiers>
          <isin value="US13063CZY91"/>
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        <balance>2480000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2479943.70000000</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>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Southern California Public Power Authority</name>
        <lei>5493003B5TD5FWUKMD34</lei>
        <title>STHRN CA PUB PWR AUTH</title>
        <cusip>842469CK2</cusip>
        <identifiers>
          <isin value="US842469CK29"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1003201.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Los Angeles Department of Water &amp; Power</name>
        <lei>549300S8NXV6YU61GG95</lei>
        <title>LOS ANGELES DEPT WTR</title>
        <cusip>5444954S0</cusip>
        <identifiers>
          <isin value="US5444954S07"/>
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        <balance>4345000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4382310.52000000</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>2038-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CA MUNI FIN AUTH-A</title>
        <cusip>13048TS38</cusip>
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          <isin value="US13048TS386"/>
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        <balance>2575000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2530870.42000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hartnell Community College District/CA</name>
        <lei>N/A</lei>
        <title>HARTNELL CMNTY CLG DT</title>
        <cusip>417123GM2</cusip>
        <identifiers>
          <isin value="US417123GM22"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1515544.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Los Angeles County Facilities 2 Inc</name>
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          <isin value="US54531PAS83"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>Chino Valley Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US169583LA78"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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        <title>LOS ANGELES WTR-C-REF</title>
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          <isin value="US544525M472"/>
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        <balance>585000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Folsom Cordova Unified School District</name>
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          <isin value="US34440PEN78"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-10-01</maturityDt>
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      <invstOrSec>
        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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          <isin value="US544525V390"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
        <lei>N/A</lei>
        <title>PR SALES TAX FING-A1</title>
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        <identifiers>
          <isin value="US74529JQE81"/>
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        <balance>2773000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2150885.21000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
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        <name>Modesto High School District</name>
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      <invstOrSec>
        <name>University of California</name>
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          <isin value="US13068XDG16"/>
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        <name>University of California</name>
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        <name>State of California</name>
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          <isin value="US13063DXD55"/>
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        <name>Fullerton Joint Union High School District</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Freddie Mac Multifamily ML Certificates</name>
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        <title>FEDERAL HOME LOAN MTG</title>
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          <isin value="US3137H9JM29"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-25</maturityDt>
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        <name>Alameda County Water District Financing Authority</name>
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        <name>University of California</name>
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        <name>Acalanes Union High School District</name>
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        <name>University of California</name>
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        <name>Monterey Peninsula Community College District</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Gilroy Public Facilities Financing Authority</name>
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        <name>Southern California Public Power Authority</name>
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        <name>Riverside County Transportation Commission</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>California Infrastructure &amp; Economic Development Bank</name>
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        <name>California State Public Works Board</name>
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        <name>Mountain House Public Financing Authority</name>
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        <lei>N/A</lei>
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          <isin value="US61687LCM54"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>South Coast Water District Financing Authority</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Jefferson Union High School District</name>
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          <isin value="US4724667N55"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>East Side Union High School District</name>
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          <isin value="US275282PD70"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-08-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
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          <isin value="US13032UXE36"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-04-01</maturityDt>
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      <invstOrSec>
        <name>Newport Mesa Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-08-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>California Statewide Communities Development Authority</name>
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          <isin value="US13080SWJ94"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-03-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ontario Public Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US68304REK23"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CA ST MUNI FIN-A-REF</title>
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          <isin value="US13048VLB26"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Diego Unified School District/CA</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-07-01</maturityDt>
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        <name>California Statewide Communities Development Authority</name>
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        <title>CALIFORNIA ST STWD CM</title>
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          <maturityDt>2040-05-15</maturityDt>
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        <name>California Municipal Finance Authority</name>
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          <maturityDt>2040-08-01</maturityDt>
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        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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        <name>San Francisco Municipal Transportation Agency</name>
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        <name>Sanger Unified School District</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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      <invstOrSec>
        <name>California Community Choice Financing Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>South Coast Water District Financing Authority</name>
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        <name>Manteca Redevelopment Agency Successor Agency</name>
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        <name>Department of Veterans Affairs Veteran's Farm &amp; Home Purchase Program</name>
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        <name>California Enterprise Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Desert Sands Unified School District</name>
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        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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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>West Sonoma County Union High School District</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>United Water Conservation District</name>
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        <name>San Diego Association of Governments South Bay Expressway Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>South Bayside Waste Management Authority</name>
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        <name>Local Public Schools Funding Authority School Improvement District No 2016-1</name>
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      <invstOrSec>
        <name>San Diego Unified School District/CA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>County of Sacramento CA Airport System Revenue</name>
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        <name>Acalanes Union High School District</name>
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        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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        <name>California School Finance Authority</name>
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        <name>California Educational Facilities Authority</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>San Diego Unified School District/CA</name>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>Merced Union High School District</name>
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          <isin value="US587635GU15"/>
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        <name>Commonwealth of Puerto Rico</name>
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          <isin value="US74514L3N58"/>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of San Francisco CA Public Utilities Commission Water Revenue</name>
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          <isin value="US79771FHB67"/>
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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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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>San Diego Unified School 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>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Los Angeles County Public Works Financing Authority</name>
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        <isRestrictedSec>N</isRestrictedSec>

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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California School Finance Authority</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Los Angeles Unified School District/CA</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>El Monte Union High School District</name>
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      <invstOrSec>
        <name>Los Angeles Department of Water &amp; Power</name>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
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        <curCd>USD</curCd>
        <valUSD>1495927.30000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Western Placer Waste Management Authority</name>
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          <isin value="US95921MAT45"/>
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        <valUSD>1191029.18000000</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>2040-06-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-07-29</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>
