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      <invstOrSec>
        <name>Santa Clara Valley Water District</name>
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      <invstOrSec>
        <name>California State University</name>
        <lei>N/A</lei>
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          <isin value="US13077CY819"/>
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      <invstOrSec>
        <name>Los Angeles Community College District/CA</name>
        <lei>N/A</lei>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California State Public Works Board</name>
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          <isin value="US13068L4M42"/>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Los Angeles Department of Airports</name>
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          <isin value="US544445QK81"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>University of California</name>
        <lei>N/A</lei>
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          <isin value="US91412HKR39"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Los Angeles Community College District/CA</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CMNTY CLG</title>
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        <name>San Francisco City &amp; County Public Utilities Commission Wastewater Revenue</name>
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        <name>San Mateo Foster City Public Financing Authority</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <name>University of California</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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        <name>San Francisco City &amp; County Public Utilities Commission Wastewater Revenue</name>
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        <name>University of California</name>
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          <couponKind>Fixed</couponKind>
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        <name>California State Public Works Board</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

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          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of California</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST-REF</title>
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          <isin value="US13063EHG44"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <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>2044-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST-REF</title>
        <cusip>13063CVM9</cusip>
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          <isin value="US13063CVM99"/>
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        <curCd>USD</curCd>
        <valUSD>155472.44000000</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>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>West Contra Costa Unified School District</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>57044.05000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>State of California</name>
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          <isin value="US13063DUJ52"/>
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          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>Mount San Antonio Community College District</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <name>State of California</name>
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        <name>Union Sanitary District Financing Authority</name>
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        <name>Yosemite Community College District</name>
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        <name>San Diego Public Facilities Financing Authority</name>
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      <invstOrSec>
        <name>California State Public Works Board</name>
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      <invstOrSec>
        <name>Long Beach Unified School District</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>University of California</name>
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          <isin value="US91412HSF19"/>
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      <invstOrSec>
        <name>San Diego Unified School District/CA</name>
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          <isin value="US797355R550"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

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        <name>City of Los Angeles Department of Airports</name>
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      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <name>West Contra Costa Unified School District</name>
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        <name>San Francisco City &amp; County Public Utilities Commission Wastewater Revenue</name>
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        <name>University of California</name>
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        <name>California State University</name>
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        <name>Coast Community College District</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>State of California Department of Water Resources</name>
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        <name>Los Angeles Community College District/CA</name>
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        <name>University of California</name>
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        <name>State of California</name>
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        <name>San Diego Public Facilities Financing Authority</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <name>Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue</name>
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        <name>Rio Hondo Community College District/CA</name>
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        <name>University of California</name>
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        <name>University of California</name>
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        <name>State of California</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Beverly Hills Unified School District CA</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>State of California Department of Water Resources</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Los Angeles CA Wastewater System Revenue</name>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Riverside Community College District</name>
        <lei>N/A</lei>
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          <isin value="US76886PKX05"/>
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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>2054-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Irvine Ranch Water District Water Service Corp</name>
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          <isin value="US463641CR93"/>
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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>2041-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Anaheim Public Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US03255LBP31"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Sacramento CA Airport System Revenue</name>
        <lei>N/A</lei>
        <title>SACRAMENTO ARPT-A-REF</title>
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          <isin value="US786107PC05"/>
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        <balance>1630000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Alameda Corridor Transportation Authority</name>
        <lei>N/A</lei>
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          <isin value="US010869JS57"/>
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        <curCd>USD</curCd>
        <valUSD>305952.84000000</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>2052-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Los Angeles Unified School District/CA</name>
        <lei>N/A</lei>
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          <isin value="US544648WX26"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-10-01</maturityDt>
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        <name>State of California</name>
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      <invstOrSec>
        <name>Twin Rivers Unified School District</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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        <name>Santa Rosa High School District</name>
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        <name>University of California</name>
        <lei>N/A</lei>
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        <name>Poway Unified School District</name>
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        <name>Rio Hondo Community College District/CA</name>
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        <name>Bay Area Toll Authority</name>
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        <assetCat>DBT</assetCat>
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      <invstOrSec>
        <name>California State Public Works Board</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
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        <name>Glendale Community College District/CA</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <name>Coast Community College District</name>
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        <name>San Diego County Water Authority</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Riverside CA Electric Revenue</name>
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          <maturityDt>2037-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>San Diego Unified School District/CA</name>
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          <isin value="US797356RY02"/>
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        <name>California State University</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue</name>
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        <name>State of California</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>City of Los Angeles CA Wastewater System Revenue</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Rio Hondo Community College District/CA</name>
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        <name>State of California</name>
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        <name>Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue</name>
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        <name>Anaheim Housing &amp; Public Improvements Authority</name>
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          <isin value="US032556HY12"/>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isin value="US798111GT14"/>
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        <name>Los Angeles Department of Water &amp; Power</name>
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          <isin value="US544532LW29"/>
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        <name>Los Angeles Unified School District/CA</name>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <title>JPM-PUTTERS-XF1394</title>
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          <isin value="US88035DB953"/>
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        <valUSD>675000.00000000</valUSD>
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        <debtSec>
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      <invstOrSec>
        <name>San Mateo County Community College District</name>
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          <isin value="US799038EM29"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>University of California</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue</name>
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        <name>California State Public Works Board</name>
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        <name>Sunnyvale Financing Authority</name>
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        <name>Perris Union High School District/CA</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>San Diego Unified School District/CA</name>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>San Mateo Joint Powers Financing Authority</name>
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          <maturityDt>2046-06-15</maturityDt>
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        <name>San Francisco City &amp; County Public Utilities Commission Wastewater Revenue</name>
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        <name>San Diego Association of Governments</name>
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          <isin value="US797258AD21"/>
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        <name>Southern California Public Power Authority</name>
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        <name>Alameda Corridor Transportation Authority</name>
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        <name>California Community College Financing Authority</name>
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        <name>San Diego Community College District</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue</name>
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        <name>Sacramento Municipal Utility District</name>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-08-15</maturityDt>
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        <name>San Francisco Bay Area Rapid Transit District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>University of California</name>
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        <invCountry>US</invCountry>

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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Bay Area Toll Authority</name>
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        <name>California State University</name>
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        <name>Riverside County Public Financing Authority</name>
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        <name>Corona-Norco Unified School District</name>
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        <name>State of California</name>
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          <maturityDt>2041-11-01</maturityDt>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Los Angeles County Sanitation Districts Financing Authority</name>
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        <name>San Francisco City &amp; County Public Utilities Commission Wastewater Revenue</name>
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      <invstOrSec>
        <name>Mount San Jacinto Community College District</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Foothill-Eastern Transportation Corridor Agency</name>
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          <isin value="US345105BA75"/>
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        <name>State of California</name>
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        <name>Bay Area Toll Authority</name>
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        <name>San Joaquin Hills Transportation Corridor Agency</name>
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        <name>San Jose Financing Authority</name>
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        <name>University of California</name>
        <lei>N/A</lei>
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        <name>East Bay Municipal Utility District Water System Revenue</name>
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        <name>University of California</name>
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        <name>West Contra Costa Unified School District</name>
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        <name>California State Public Works Board</name>
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        <name>City of Los Angeles CA Wastewater System Revenue</name>
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        <name>City of Glendale CA Electric Revenue</name>
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        <name>Los Angeles Community College District/CA</name>
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        <name>Anaheim Housing &amp; Public Improvements Authority</name>
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        <name>California State University</name>
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        <name>Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue</name>
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        <name>San Diego Public Facilities Financing Authority</name>
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      <invstOrSec>
        <name>University of California</name>
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        <name>State of California</name>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Los Angeles Department of Airports</name>
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          <isin value="US544445QG79"/>
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        <valUSD>81177.49000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-05-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>San Francisco Bay Area Rapid Transit District</name>
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          <isin value="US797661YG47"/>
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        <balance>160000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>116869.94000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Elk Grove Unified School District</name>
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          <isin value="US287281XE42"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

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          <maturityDt>2048-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>Southern California Public Power Authority</name>
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        <name>Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue</name>
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        <name>California State Public Works Board</name>
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        <name>Chaffey Joint Union High School District</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>California State University</name>
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        <name>Bay Area Toll Authority</name>
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        <name>Clovis Unified School District</name>
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      <invstOrSec>
        <name>Los Angeles County Sanitation Districts Financing Authority</name>
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        <name>City of Los Angeles CA Wastewater System Revenue</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>City of Riverside CA Electric Revenue</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Palomar Community College District</name>
        <lei>N/A</lei>
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          <isin value="US697511ET65"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-08-01</maturityDt>
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        <name>Napa Valley Unified School District</name>
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      <invstOrSec>
        <name>Rio Hondo Community College District/CA</name>
        <lei>N/A</lei>
        <title>RIO HONDO CLG-C-CONV</title>
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          <isin value="US767121DK92"/>
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        <name>California State University</name>
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        <name>San Francisco Bay Area Rapid Transit District Sales Tax Revenue</name>
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        <name>Foothill-De Anza Community College District</name>
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        <name>San Ramon Valley Unified School District/CA</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>Pittsburg Successor Agency Redevelopment Agency</name>
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        <invCountry>US</invCountry>

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          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>East Bay Municipal Utility District Water System Revenue</name>
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          <isin value="US271014T364"/>
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        <invCountry>US</invCountry>

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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Long Beach Community College District</name>
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          <isin value="US542411NC39"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

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          <maturityDt>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>Bay Area Toll Authority</name>
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          <isin value="US072024A513"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

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          <maturityDt>2040-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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          <isin value="US544525B988"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Alameda Corridor Transportation Authority</name>
        <lei>N/A</lei>
        <title>ALAMEDA CORRIDOR-CABS</title>
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          <isin value="US010869AT22"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>45542.07000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Los Angeles County Facilities Inc</name>
        <lei>N/A</lei>
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          <isin value="US54531FAT84"/>
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        <balance>915000.00000000</balance>
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        <valUSD>836814.53000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>California State Public Works Board</name>
        <lei>N/A</lei>
        <title>CA ST PUB WKS BRD-A</title>
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          <isin value="US13068XPM55"/>
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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>2038-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>East Bay Municipal Utility District Water System Revenue</name>
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          <isin value="US271014C592"/>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>City of San Francisco CA Public Utilities Commission Water Revenue</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <name>Southern California Public Power Authority</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <name>California State University</name>
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        <name>University of California</name>
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        <name>University of California</name>
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        <name>Los Angeles Community College District/CA</name>
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        <name>University of California</name>
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        <name>State of California</name>
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        <name>University of California</name>
        <lei>N/A</lei>
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          <isin value="US91412G2B00"/>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Los Angeles County Sanitation Districts Financing Authority</name>
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        <name>Municipal Improvement Corp of Los Angeles</name>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>East Bay Municipal Utility District Water System Revenue</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Oakland CA</name>
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          <isin value="US672240VZ83"/>
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        <balance>665000.00000000</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>2047-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Oakland Unified School District/Alameda County</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>2048-08-01</maturityDt>
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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>State of California Department of Water Resources</name>
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        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <name>Foothill-Eastern Transportation Corridor Agency</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>San Diego Public Facilities Financing Authority</name>
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        <name>California State University</name>
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        <name>Bay Area Toll Authority</name>
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        <name>University of California</name>
        <lei>N/A</lei>
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        <name>Riverside County Transportation Commission</name>
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        <name>North Orange County Community College District/CA</name>
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        <name>University of California</name>
        <lei>N/A</lei>
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        <name>Montebello Unified School District</name>
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          <couponKind>Fixed</couponKind>
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        <name>State of California</name>
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        <name>Glendale Unified School District/CA</name>
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          <isin value="US378460VV84"/>
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        <invCountry>US</invCountry>

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        <name>Eastern Municipal Water District</name>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>San Diego County Water Authority</name>
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          <isin value="US797412ED12"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-05-01</maturityDt>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <fairValLevel>2</fairValLevel>
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        <name>State of California</name>
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        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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        <name>Clovis Unified School District</name>
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        <name>Bay Area Toll Authority</name>
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        <name>Coast Community College District</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>Folsom Cordova Unified School District</name>
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        <name>Elk Grove Unified School District</name>
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        <name>University of California</name>
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        <name>University of California</name>
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        <name>State of California</name>
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        <name>Los Angeles Community College District/CA</name>
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        <name>Irvine Facilities Financing Authority</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>Los Angeles Community College District/CA</name>
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        <name>Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue</name>
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        <name>California Enterprise Development Authority</name>
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        <name>University of California</name>
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        <name>San Diego Public Facilities Financing Authority</name>
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        <name>Metropolitan Water District of Southern California</name>
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        <name>Orange County Local Transportation Authority Sales Tax Revenue</name>
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        <name>Twin Rivers Unified School District</name>
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        <name>San Francisco Bay Area Rapid Transit District Sales Tax Revenue</name>
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        <name>Los Angeles Community College District/CA</name>
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        <name>Mount San Antonio Community College District</name>
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        <name>San Diego Public Facilities Financing Authority</name>
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        <name>California State University</name>
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        <name>State of California</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>West Valley-Mission Community College District</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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        <name>San Francisco County Transportation Authority Sales Tax Revenue</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Compton Unified School District/CA</name>
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        <name>State of California</name>
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        <name>East Bay Municipal Utility District Water System Revenue</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Corona-Norco Unified School District</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>State of California</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Compton Unified School District/CA</name>
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          <isin value="US204736FS69"/>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isin value="US13063EKV73"/>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>University of California</name>
        <lei>N/A</lei>
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          <isin value="US91412HTV59"/>
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        <name>California State University</name>
        <lei>N/A</lei>
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          <isin value="US13077DER98"/>
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          <maturityDt>2034-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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          <isin value="US544525UZ99"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>San Marcos Unified School District</name>
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          <isin value="US798755DQ45"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-08-01</maturityDt>
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        <name>Riverside County Transportation Commission Sales Tax Revenue</name>
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        <name>California State Public Works Board</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>San Francisco City &amp; County Public Utilities Commission Wastewater Revenue</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>University of California</name>
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        <name>California State University</name>
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        <name>Chabot-Las Positas Community College District</name>
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        <name>State of California</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Northern California Power Agency</name>
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        <name>Sacramento Municipal Utility District</name>
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        <invCountry>US</invCountry>

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          <isin value="US13063D5J36"/>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>San Bernardino Community College District</name>
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        <name>Santa Clara Valley Transportation Authority</name>
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        <name>State of California</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Bay Area Toll Authority</name>
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        <name>San Francisco Bay Area Rapid Transit District</name>
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        <name>Bay Area Toll Authority</name>
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        <name>Los Angeles Unified School District/CA</name>
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      <invstOrSec>
        <name>Poway Unified School District</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
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          <isin value="US13063DQE12"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Eastern Municipal Water District</name>
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          <isin value="US27627TBJ07"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Chabot-Las Positas Community College District</name>
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          <isin value="US15722TGS42"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Santa Monica Community College District</name>
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          <isin value="US802385QU18"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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          <isin value="US544525VK12"/>
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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>2042-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Antelope Valley Community College District</name>
        <lei>N/A</lei>
        <title>ANTELOPE VLY CMNTY CL</title>
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          <isin value="US03667PHA30"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Los Angeles Unified School District/CA</name>
        <lei>N/A</lei>
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          <isin value="US544647CY46"/>
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        <valUSD>234475.58000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>San Francisco Bay Area Rapid Transit District</name>
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          <isin value="US797661VN25"/>
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        <balance>505000.00000000</balance>
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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>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Metropolitan Water District of Southern California</name>
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        <fairValLevel>2</fairValLevel>
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        <name>State of California</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-09-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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          <isin value="US544525VA30"/>
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        <name>Anaheim Public Financing Authority</name>
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        <name>California State University</name>
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        <name>Santa Clara Valley Transportation Authority</name>
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        <name>Imperial Irrigation District Electric System Revenue</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <name>University of California</name>
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        <name>San Bernardino Community College District</name>
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        <name>Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue</name>
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        <name>City of Los Angeles CA Wastewater System Revenue</name>
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        <name>Los Angeles Unified School District/CA</name>
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      <invstOrSec>
        <name>University of California</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>State of California</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>East Bay Municipal Utility District Water System Revenue</name>
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        <name>State of California</name>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <name>State of California</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Irvine Facilities Financing Authority</name>
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        <name>California State Public Works Board</name>
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      <invstOrSec>
        <name>University of California</name>
        <lei>N/A</lei>
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          <maturityDt>2026-07-01</maturityDt>
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      <invstOrSec>
        <name>State of California</name>
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        <name>San Diego Public Facilities Financing Authority</name>
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        <name>Sacramento Municipal Utility District</name>
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          <maturityDt>2027-08-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Oakland CA</name>
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        <name>San Diego County Regional Airport Authority</name>
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        <name>California State University</name>
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      <invstOrSec>
        <name>Clovis Unified School District</name>
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        <name>Beverly Hills Unified School District CA</name>
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        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <fairValLevel>2</fairValLevel>
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        <name>County of San Bernardino CA</name>
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        <name>State of California</name>
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        <name>San Mateo Foster City Public Financing Authority</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>San Francisco Unified School District</name>
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        <name>East Bay Municipal Utility District Water System Revenue</name>
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        <name>University of California</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>San Francisco Bay Area Rapid Transit District Sales Tax Revenue</name>
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        <name>California Enterprise Development Authority</name>
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        <name>Bay Area Toll Authority</name>
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        <name>Mount San Antonio Community College District</name>
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        <name>University of California</name>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <name>California State University</name>
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        <name>Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue</name>
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        <name>Compton Unified School District/CA</name>
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        <name>University of California</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>Riverside County Transportation Commission Sales Tax Revenue</name>
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        <name>Pleasanton Unified School District</name>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Los Angeles Department of Water &amp; Power</name>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Corona-Norco Unified School District</name>
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          <isin value="US219764NK94"/>
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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>Los Angeles Department of Water &amp; Power</name>
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        <name>San Diego Unified School District/CA</name>
        <lei>N/A</lei>
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          <isin value="US797355M767"/>
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        <name>California State Public Works Board</name>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <name>San Francisco Unified School District</name>
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        <name>Bay Area Toll Authority</name>
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      <invstOrSec>
        <name>State of California</name>
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      <invstOrSec>
        <name>State of California</name>
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        <name>California State Public Works Board</name>
        <lei>N/A</lei>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>San Diego Unified School District/CA</name>
        <lei>N/A</lei>
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          <isin value="US797356JG87"/>
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        <invCountry>US</invCountry>

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          <maturityDt>2053-07-01</maturityDt>
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      <invstOrSec>
        <name>Los Angeles County Public Works Financing Authority</name>
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          <isin value="US54473EYN83"/>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Alameda County Joint Powers Authority</name>
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          <isin value="US010831ED39"/>
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        <name>State of California Department of Water Resources</name>
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          <isin value="US13067WMB53"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Southern California Public Power Authority</name>
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        <name>San Francisco County Transportation Authority Sales Tax Revenue</name>
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        <name>Rancho Santiago Community College District</name>
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        <name>Los Angeles Community College District/CA</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue</name>
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        <name>University of California</name>
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        <name>California State University</name>
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        <name>City of Los Angeles CA Wastewater System Revenue</name>
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        <name>University of California</name>
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        <name>University of California</name>
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        <name>Bay Area Toll Authority</name>
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        <name>San Diego Public Facilities Financing Authority</name>
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        <name>University of California</name>
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        <name>Orange County Local Transportation Authority Sales Tax Revenue</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <name>State of California</name>
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        <name>Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue</name>
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        <name>University of California</name>
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        <name>San Diego County Regional Airport Authority</name>
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        <name>Southern California Public Power Authority</name>
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      <invstOrSec>
        <name>University of California</name>
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          <isin value="US91412HPH02"/>
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          <maturityDt>2033-05-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>San Jose Evergreen Community College District</name>
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          <isin value="US798189TG11"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>State of California</name>
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          <isin value="US13063EAS54"/>
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          <maturityDt>2053-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>San Francisco Bay Area Rapid Transit District</name>
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          <isin value="US797661XT76"/>
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        <valUSD>163469.36000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of California Department of Water Resources</name>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Los Angeles Unified School District/CA</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California State Public Works Board</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of California</name>
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        <name>Newport Mesa Unified School District</name>
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        <name>California State University</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <name>Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue</name>
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        <name>Orange County Local Transportation Authority Sales Tax Revenue</name>
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        <name>Sanger Unified School District</name>
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          <isin value="US800860EL86"/>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Downey Unified School District</name>
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        <name>State of California</name>
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        <name>Chico Unified School District</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>University of California</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>Mount San Antonio Community College District</name>
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        <name>East Bay Municipal Utility District Water System Revenue</name>
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      <invstOrSec>
        <name>San Mateo County Community College District</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>San Francisco City &amp; County Public Utilities Commission Wastewater Revenue</name>
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        <name>Vista Unified School District</name>
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        <name>State of California</name>
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          <maturityDt>2027-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Beverly Hills Unified School District CA</name>
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        <invCountry>US</invCountry>

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        <name>University of California</name>
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        <name>State of California</name>
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        <name>University of California</name>
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        <name>Pleasanton Unified School District</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>State of California</name>
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        <name>California State University</name>
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        <name>Riverside County Transportation Commission Sales Tax Revenue</name>
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        <name>Sunnyvale Financing Authority</name>
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        <name>University of California</name>
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        <name>Bay Area Toll Authority</name>
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        <name>Imperial Irrigation District Electric System Revenue</name>
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          <isin value="US452650GA65"/>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>State of California</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>Garden Grove Public Financing Authority</name>
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        <name>State of California</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>Compton Unified School District/CA</name>
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        <name>San Diego Community College District</name>
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        <name>City of Burbank CA Electric Revenue</name>
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        <name>Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue</name>
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        <name>University of California</name>
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        <name>Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue</name>
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        <name>University of California</name>
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        <name>University of California</name>
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        <name>Pittsburg Successor Agency Redevelopment Agency</name>
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        <name>County of Sacramento CA Airport System Revenue</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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      <invstOrSec>
        <name>Coast Community College District</name>
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          <isin value="US190335GS23"/>
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          <couponKind>Fixed</couponKind>
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        <name>Los Angeles Community College District/CA</name>
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        <name>Los Angeles Community College District/CA</name>
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        <name>County of San Bernardino CA</name>
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        <name>Southern California Public Power Authority</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Alameda Corridor Transportation Authority</name>
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        <name>University of California</name>
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        <name>East Bay Municipal Utility District Water System Revenue</name>
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        <name>California State University</name>
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        <name>University of California</name>
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        <name>State of California</name>
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        <name>California State University</name>
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        <name>University of California</name>
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        <name>Santa Clara Unified School District</name>
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        <name>California State Public Works Board</name>
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        <name>San Bernardino Community College District</name>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>City of Berkeley CA</name>
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        <name>California State University</name>
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          <maturityDt>2044-11-01</maturityDt>
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        <name>Bay Area Toll Authority</name>
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        <name>West Contra Costa Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Southern California Public Power Authority</name>
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        <name>City &amp; County of San Francisco CA</name>
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        <name>California State University</name>
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        <name>California State Public Works Board</name>
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        <name>State of California</name>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Los Angeles Community College District/CA</name>
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        <invCountry>US</invCountry>

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          <maturityDt>2033-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Sacramento Municipal Utility District</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>University of California</name>
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        <name>University of California</name>
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        <name>University of California</name>
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        <name>California State University</name>
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        <name>San Francisco City &amp; County Public Utilities Commission Wastewater Revenue</name>
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        <name>California State Public Works Board</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue</name>
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        <name>Los Angeles County Public Works Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Los Angeles CA Wastewater System Revenue</name>
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        <invCountry>US</invCountry>

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          <couponKind>Fixed</couponKind>
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        <name>West Valley-Mission Community College District</name>
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        <invCountry>US</invCountry>

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        <name>San Diego County Water Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>California School Finance Authority</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Los Angeles Community College District/CA</name>
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        <name>California State University</name>
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      <invstOrSec>
        <name>City &amp; County of San Francisco CA</name>
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        <name>City of Los Angeles CA Wastewater System Revenue</name>
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        <name>Bay Area Toll Authority</name>
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    <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>
