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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>CA CMNTY HSG AGY-A-1 144A</name>
        <lei>N/A</lei>
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          <isin value="US13013FBE34"/>
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      <invstOrSec>
        <name>CALIFORNIA CO TOBACCO SUB SER B-1</name>
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          <isin value="US13016NFB55"/>
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      <invstOrSec>
        <name>CA TOB-SUB-SER A</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CALIFORNIA ST EDU FAC</name>
        <lei>N/A</lei>
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          <isin value="US130179TM60"/>
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        <curCd>USD</curCd>
        <valUSD>2906964.900000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.2500000000</annualizedRt>
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      <invstOrSec>
        <name>CA ST EDUCTNL REV ART CNTR COLLEGE SR A</name>
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          <isin value="US130179UG73"/>
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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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CA ST EDU FACS AUTH REV SER A</name>
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          <isin value="US130179PE80"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CAL ST ENT DEV AU STD HSG M COLLEGE SR A</name>
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        <title>CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY</title>
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          <isin value="US13069BAN64"/>
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        <curCd>USD</curCd>
        <valUSD>558985.790000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CAL ST ENT DEV AU STD HSG M COLLEGE SR A</name>
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          <isin value="US13069BAM81"/>
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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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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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        <name>CAL ST ENT DEV AU STD HSG POMONA SR A</name>
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        <title>CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY</title>
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          <isin value="US13069BBC90"/>
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        <curCd>USD</curCd>
        <valUSD>1018766.900000</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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          <annualizedRt>5.0000000000</annualizedRt>
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        <name>CAL ST ENT DEV AU STD HSG POMONA SR A</name>
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          <isin value="US13069BBB18"/>
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        <name>CA ST ENTP DEV AUTH LEASE REV SR A</name>
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        <name>CAL ST ENT DEV AU STD HSG M COLLEGE SR A</name>
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        <name>CA ST HLTH FACS CEDARS SINAI SER A</name>
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        <name>CA HLTH FACS-A2-BAM</name>
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        <name>CA ST HFF AUTH PROVIDENCE SR A</name>
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        <name>CA ST HFF AUTH REV SUTTER HEALTH SER A</name>
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        <title>CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CA ST HFF AUTH REV STANFORD HLTH SER A</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>CA ST HLTH FACS CEDARS SINAI SER A</name>
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          <isin value="US13032UB319"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>CA ST HLTH FACS FING AUTH SER B DLY</name>
        <lei>5493007RI8BUDOGHZ546</lei>
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          <isin value="US13032UJ338"/>
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        <curCd>USD</curCd>
        <valUSD>2800000.000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>CA ST HLTH FACS CEDARS SINAI SER A</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY</title>
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          <isin value="US13032UB236"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CA HLTH FACS KAISER PERMANENTE SUBSER A2</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY</title>
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          <isin value="US13032UMP02"/>
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        <curCd>USD</curCd>
        <valUSD>18094825.600000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CA HSG FIN AGY CTFS SER A</name>
        <lei>549300BOPCVLBA552Z14</lei>
        <title>CALIFORNIA HOUSING FINANCE AGENCY</title>
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          <isin value="US13033DAA37"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>CA HSG FIN AGY SER 1 CL A</name>
        <lei>549300BOPCVLBA552Z14</lei>
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        <valUSD>2280625.320000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CA HSG FIN AGY-A</name>
        <lei>549300BOPCVLBA552Z14</lei>
        <title>CALIFORNIA HOUSING FINANCE AGENCY</title>
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          <isin value="US13032WDH43"/>
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        <curCd>USD</curCd>
        <valUSD>4149421.600000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CA HSG FIN AGY-B</name>
        <lei>549300BOPCVLBA552Z14</lei>
        <title>CALIFORNIA HOUSING FINANCE AGENCY</title>
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          <isin value="US13032WES98"/>
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        <curCd>USD</curCd>
        <valUSD>3979748.400000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.3500000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>CA HSG FIN AGY CTFS SER 2 CL A</name>
        <lei>549300BOPCVLBA552Z14</lei>
        <title>CALIFORNIA HOUSING FINANCE AGENCY</title>
        <cusip>13033DAC9</cusip>
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          <isin value="US13033DAC92"/>
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        <curCd>USD</curCd>
        <valUSD>2454573.860000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CA HSG FIN AGY REV SHOREVIEW APT SER T</name>
        <lei>549300BOPCVLBA552Z14</lei>
        <title>CALIFORNIA HOUSING FINANCE AGENCY</title>
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          <isin value="US13034DAM65"/>
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        <curCd>USD</curCd>
        <valUSD>3326000.490000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.1000000000</annualizedRt>
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        <name>CA HSG FIN AGY-A</name>
        <lei>549300BOPCVLBA552Z14</lei>
        <title>CALIFORNIA HOUSING FINANCE AGENCY</title>
        <cusip>13032WDJ0</cusip>
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          <isin value="US13032WDJ09"/>
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        <balance>4000000.000000</balance>
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        <valUSD>4059975.600000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.9500000000</annualizedRt>
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      <invstOrSec>
        <name>CA ST UCSF CLINICAL &amp; LIFE SCIENCE BLDNG</name>
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          <isin value="US13034A6W50"/>
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        <name>CA ST INFRA &amp; ECON SUSTAIN BOND SER B</name>
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          <isin value="US13035ADX46"/>
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      <invstOrSec>
        <name>CA ST INFRA &amp; ECON SOCIAL BOND SER B</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>CALIFORNIA INFRASTRUCTURE &amp; ECONOMIC DEVELOPMENT BANK</title>
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          <isin value="US13035ADC09"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CA ST INFRA &amp; ECON SUSTAIN BOND SER B</name>
        <lei>549300C1OG9RDIM8ET06</lei>
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          <isin value="US13035ADW62"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>CA ST INFA &amp; ECON LA CO MUS NAT HIST</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>CALIFORNIA INFRASTRUCTURE &amp; ECONOMIC DEVELOPMENT BANK</title>
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          <isin value="US13034AK748"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CA ST INFRA &amp; ECON SOCIAL BOND SER B</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>CALIFORNIA INFRASTRUCTURE &amp; ECONOMIC DEVELOPMENT BANK</title>
        <cusip>13035ADB2</cusip>
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          <isin value="US13035ADB26"/>
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        <curCd>USD</curCd>
        <valUSD>2594476.330000</valUSD>
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        <name>CA ST FIN JOHN ADAMS ACAD LINC SR A 144A</name>
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      <invstOrSec>
        <name>CA ST MUNI FIN REV SNR LN SER A-P3 AMT</name>
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        <name>CA MUNI FIN AUTH-B</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <name>CA ST FIN STU HSG W VILL HOUSE PROJ BAM</name>
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        <name>CA MUNI FIN AUTH-A</name>
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        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
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          <isin value="US13048V5M67"/>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA ST MUNI SAMUEL MERRIT UNIV</name>
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        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
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          <isin value="US13048VF371"/>
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        <curCd>USD</curCd>
        <valUSD>3896248.850000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>CA ST MUNI FIN AUTH INST ON AGING PROJ</name>
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        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
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          <isin value="US13048T3T82"/>
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        <valUSD>372525.280000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>CA ST FIN JOHN ADAMS ACAD LINC SR A 144A</name>
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        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
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        <name>CA ST MUNI SNR CARITAS PROJS HSG SER A</name>
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        <name>CA ST FIN AUTH STU HSG W VILL HOUSE PROJ</name>
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        <name>CA ST MUNI FIN AUTH CHANNING HOUSE SER B</name>
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        <name>CA ST FIN REV CA BAPTIST UNIV SR A 144A</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
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        <name>CA MUNI FIN AUTH AMT 144A</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
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        <name>CALIFORNIA ST MUNI FIN REV SER A AMT</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
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        <invCountry>US</invCountry>
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        <name>CA ST MUNI FIN AUTH TERRY MANOR SER A</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
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        <name>CA ST MUNI SNR CARITAS PROJS HSG SER A</name>
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      <invstOrSec>
        <name>CALIFORNIA ST MUNI PARADISE VAL PRJ SR A</name>
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        <name>CA MUNI FIN CLAREMONT STD HSG A-P3 144A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA ST MUNI FIN REV SER A AMT</name>
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          <isin value="US13048VBX55"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CA ST MUNI FIN AUTH MT SAN ANTONIO GARDE</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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          <isin value="US13049RBF29"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CA MUNI FIN AUTH-A</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
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          <isin value="US13048DDQ88"/>
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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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        <name>CA ST MUNI FIN AUTH INST ON AGING PROJ</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA ST MUNI PARADISE VAL PRJ SR A</name>
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        <name>CA ST MUNI SNR CARITAS PROJS HSG SER B</name>
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        <name>CA ST FIN AUTH STU HSG BOWLES HALL SR A</name>
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        <name>CA FIN STDNT ASCENT 613 PROJ SR A 144A</name>
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        <name>CA ST MUNI FIN AUTH RTRMT HSG FDN SER A</name>
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        <name>CA ST MUNI FIN AUTH SAN ANTO GARD SR A</name>
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        <name>CA ST FIN JOHN ADAMS ACAD LINC SR A 144A</name>
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        <name>CA ST MUNI FIN REV SNR LN SER A-P3 AMT</name>
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        <name>CALIFORNIA ST MUNI NATIONAL UNIV SER A</name>
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      <invstOrSec>
        <name>CA ST MUNI FIN AUTH RTRMT HSG FDN SER A</name>
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        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <name>CA ST FIN AUTH STU HSG UCR N DIS PHASE 1</name>
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          <isin value="US13049YDP34"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CA ST MUNI SNR CARITAS PROJS HSG SER B</name>
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          <isin value="US13049SER13"/>
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        <curCd>USD</curCd>
        <valUSD>366203.620000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>CALIFORNIA ST MUNI NATIONAL UNIV SER A</name>
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        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
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          <isin value="US13048VGH50"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CA ST MUNI FIN EISENHOWER MED CTR SER A</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
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          <isin value="US13048T4G52"/>
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        <name>CA ST FIN JOHN ADAMS ACAD LINC SR A 144A</name>
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        <name>CA ST MUNI SNR CARITAS PROJS HSG SER B</name>
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        <name>CA ST MUNI SNR CARITAS PROJS HSG SER A</name>
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        <name>CA ST FIN AUTH STU HSG BOWLES HALL SR A</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
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        <name>CA ST MUNI FIN AUTH SAN ANTO GARD SR A</name>
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        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
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      <invstOrSec>
        <name>CA ST MUNI FIN AUTH RTRMT HSG FDN SER A</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
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          <isin value="US13048T5T64"/>
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        <name>CA MUNI FIN AUTH-A</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
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        <curCd>USD</curCd>
        <valUSD>1452587.820000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CA ST MUNI SNR CARITAS PROJS HSG SER B</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
        <cusip>13049SES9</cusip>
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          <isin value="US13049SES95"/>
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        <curCd>USD</curCd>
        <valUSD>270893.730000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CA MUNI FIN CLAREMONT STD HSG A-P3 144A</name>
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          <isin value="US13049YER80"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>CA ST MUNI SNR CARITAS PROJS HSG SER A</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <cusip>13049SGC2</cusip>
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          <isin value="US13049SGC26"/>
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        <curCd>USD</curCd>
        <valUSD>1816546.140000</valUSD>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-08-15</maturityDt>
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          <annualizedRt>5.0000000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>CA PUBLIC FIN SNR LIV REV SER A 144A</name>
        <lei>N/A</lei>
        <title>CALIFORNIA PUBLIC FINANCE AUTHORITY</title>
        <cusip>13057GAC3</cusip>
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          <isin value="US13057GAC33"/>
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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>
        <debtSec>
          <maturityDt>2051-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CA PUB FIN AUTH REV HENRY MAYO NEWHALL</name>
        <lei>N/A</lei>
        <title>CALIFORNIA PUBLIC FINANCE AUTHORITY</title>
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          <isin value="US13057EAQ70"/>
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        <curCd>USD</curCd>
        <valUSD>501949.700000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CA PUB FIN AUTH REV HENRY MAYO NEWHALL</name>
        <lei>N/A</lei>
        <title>CALIFORNIA PUBLIC FINANCE AUTHORITY</title>
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          <isin value="US13057EAK01"/>
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        <curCd>USD</curCd>
        <valUSD>1783897.490000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CA PUBLIC FIN SNR LIV REV SER A 144A</name>
        <lei>N/A</lei>
        <title>CALIFORNIA PUBLIC FINANCE AUTHORITY</title>
        <cusip>13057GAD1</cusip>
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          <isin value="US13057GAD16"/>
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        <balance>1000000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>886940.100000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CA PUB FIN AUTH REV HENRY MAYO NEWHALL</name>
        <lei>N/A</lei>
        <title>CALIFORNIA PUBLIC FINANCE AUTHORITY</title>
        <cusip>13057EAR5</cusip>
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          <isin value="US13057EAR53"/>
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        <balance>500000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>501754.200000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CA PUB FIN AUTH REV HOAG HOSPITAL SER A</name>
        <lei>N/A</lei>
        <title>CALIFORNIA PUBLIC FINANCE AUTHORITY</title>
        <cusip>13057EFP4</cusip>
        <identifiers>
          <isin value="US13057EFP43"/>
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        <balance>5000000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4657019.500000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CA PUB FIN AUTH REV HENRY MAYO NEWHALL</name>
        <lei>N/A</lei>
        <title>CALIFORNIA PUBLIC FINANCE AUTHORITY</title>
        <cusip>13057EAL8</cusip>
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          <isin value="US13057EAL83"/>
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        <balance>3500000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3497922.050000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CA PUB FIN AUTH-A 144A</name>
        <lei>N/A</lei>
        <title>CALIFORNIA PUBLIC FINANCE AUTHORITY</title>
        <cusip>13057GBB4</cusip>
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          <isin value="US13057GBB41"/>
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        <balance>2000000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2007124.400000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-04-01</maturityDt>
          <couponKind>Variable</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>CA PUBLIC FIN SNR LIV REV SER A 144A</name>
        <lei>N/A</lei>
        <title>CALIFORNIA PUBLIC FINANCE AUTHORITY</title>
        <cusip>13057GAB5</cusip>
        <identifiers>
          <isin value="US13057GAB59"/>
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        <balance>985000.000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA ST SCH FIN EDU REV SER A 144A</name>
        <lei>N/A</lei>
        <title>CALIFORNIA SCHOOL FINANCE AUTHORITY</title>
        <cusip>130591BG4</cusip>
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          <isin value="US130591BG43"/>
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        <balance>2090000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2000292.810000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CA SCH FIN AUTH-A 144A</name>
        <lei>N/A</lei>
        <title>CALIFORNIA SCHOOL FINANCE AUTHORITY</title>
        <cusip>13058TQG8</cusip>
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          <isin value="US13058TQG84"/>
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        <balance>1680000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1528034.590000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.1250000000</annualizedRt>
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      <invstOrSec>
        <name>CA ST SFA CHRT FOR CLG-READY PUB PR 144A</name>
        <lei>N/A</lei>
        <title>CALIFORNIA SCHOOL FINANCE AUTHORITY</title>
        <cusip>13058TUF5</cusip>
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          <isin value="US13058TUF55"/>
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        <balance>4150000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4150124.500000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA SCH FIN KIPP SOC PUB A 144A</name>
        <lei>N/A</lei>
        <title>CALIFORNIA SCHOOL FINANCE AUTHORITY</title>
        <cusip>13059TFU8</cusip>
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          <isin value="US13059TFU88"/>
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        <balance>1850000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1851188.260000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA SCH FIN KIPP SOC PUB A 144A</name>
        <lei>N/A</lei>
        <title>CALIFORNIA SCHOOL FINANCE AUTHORITY</title>
        <cusip>13059TFV6</cusip>
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          <isin value="US13059TFV61"/>
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        <balance>2150000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2111155.950000</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>2054-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CA SCH FIN AUTH-A-REF 144A</name>
        <lei>N/A</lei>
        <title>CALIFORNIA SCHOOL FINANCE AUTHORITY</title>
        <cusip>13058TPZ7</cusip>
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          <isin value="US13058TPZ74"/>
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        <curCd>USD</curCd>
        <valUSD>521542.100000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CA SCH FIN AUTH JOHN ADAM ACAD 144A SR A</name>
        <lei>N/A</lei>
        <title>CALIFORNIA SCHOOL FINANCE AUTHORITY</title>
        <cusip>13058TQF0</cusip>
        <identifiers>
          <isin value="US13058TQF02"/>
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        <balance>2000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1836284.800000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>CA SCH FIN AUTH 144A</name>
        <lei>N/A</lei>
        <title>CALIFORNIA SCHOOL FINANCE AUTHORITY</title>
        <cusip>13058TWC0</cusip>
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          <isin value="US13058TWC07"/>
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        <balance>1935000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2022995.090000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.2500000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>CALIFORNIA SCH FIN KIPP SOC PUB A 144A</name>
        <lei>N/A</lei>
        <title>CALIFORNIA SCHOOL FINANCE AUTHORITY</title>
        <cusip>13059TGZ6</cusip>
        <identifiers>
          <isin value="US13059TGZ66"/>
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        <balance>1135000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>977336.810000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA ST SCH FIN EDU REV SER A 144A</name>
        <lei>N/A</lei>
        <title>CALIFORNIA SCHOOL FINANCE AUTHORITY</title>
        <cusip>130591BF6</cusip>
        <identifiers>
          <isin value="US130591BF69"/>
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        <balance>690000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>692438.600000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA SCH FIN KIPP SOC PUB A 144A</name>
        <lei>N/A</lei>
        <title>CALIFORNIA SCHOOL FINANCE AUTHORITY</title>
        <cusip>13059TFT1</cusip>
        <identifiers>
          <isin value="US13059TFT16"/>
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        <balance>3000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3077428.200000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CA SCH FIN FA OCEANSIDE 144A SR A</name>
        <lei>N/A</lei>
        <title>CALIFORNIA SCHOOL FINANCE AUTHORITY</title>
        <cusip>13058TQB9</cusip>
        <identifiers>
          <isin value="US13058TQB97"/>
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        <balance>2000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1893987.200000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CA SCHL FIN AUTH 144A</name>
        <lei>N/A</lei>
        <title>CALIFORNIA SCHOOL FINANCE AUTHORITY</title>
        <cusip>13058TSG6</cusip>
        <identifiers>
          <isin value="US13058TSG66"/>
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        <balance>525000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>525912.610000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA ST UNIV REV SER A</name>
        <lei>N/A</lei>
        <title>CALIFORNIA STATE UNIVERSITY</title>
        <cusip>13077DUT7</cusip>
        <identifiers>
          <isin value="US13077DUT70"/>
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        <balance>4000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4369356.000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CA STWD CMNTYS VIAMONTE SEN LIVING SER A</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</title>
        <cusip>13080SUS1</cusip>
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          <isin value="US13080SUS12"/>
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        <balance>125000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>130720.700000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CA STWD CMNTY STU HSG CHF IRVINE LLC</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</title>
        <cusip>13078RGJ3</cusip>
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          <isin value="US13078RGJ32"/>
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        <balance>1000000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1000947.500000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CA STWD CMNTY STU HSG IRVINE ARPTS SER A</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</title>
        <cusip>13078RHE3</cusip>
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          <isin value="US13078RHE36"/>
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        <balance>3700000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3729033.160000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CA STWD CMNTY DEV INFRASTRUCTURE SR A-1</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</title>
        <cusip>13078YTR6</cusip>
        <identifiers>
          <isin value="US13078YTR61"/>
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        <balance>1100000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1103537.270000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-09-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CA ST STWD CMNTY LOMA LINDA UNI A 144A</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</title>
        <cusip>13080SMH4</cusip>
        <identifiers>
          <isin value="US13080SMH49"/>
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        <balance>500000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500241.650000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CA STWD CMNTY STU HSG IRVINE ARPTS SER A</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</title>
        <cusip>13078RGU8</cusip>
        <identifiers>
          <isin value="US13078RGU86"/>
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        <balance>1230000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1252097.440000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>CA STWD CMNTYS VIAMONTE SEN LIVING SER A</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</title>
        <cusip>13080SUQ5</cusip>
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          <isin value="US13080SUQ55"/>
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        <balance>150000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>157156.500000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CA ST STWD CMNTY FRNT PORCH COM SER A</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</title>
        <cusip>13080SC51</cusip>
        <identifiers>
          <isin value="US13080SC518"/>
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        <balance>2000000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1964129.600000</valUSD>
        <pctVal>0.2510402014</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>CA ST STWD CMNTY FRNT PORCH COM SER A</name>
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        <name>CA ST CMNTY DEV JOHN MUIR HLTH SER A</name>
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        <name>CA STWD CMNTY DEV INFRASTRUCTURE</name>
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      <invstOrSec>
        <name>CA STWD CMNTYS LANCER EDU HSG SER A 144A</name>
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        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</title>
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        <curCd>USD</curCd>
        <valUSD>385192.160000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CA STWD CMNTY DEV INFRASTRUCTURE SER A</name>
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        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</title>
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          <isin value="US13078YNX93"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CA STWD CMNTYS LANCER EDU HSG SER A 144A</name>
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        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</title>
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          <isin value="US13080SWP54"/>
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        <curCd>USD</curCd>
        <valUSD>4058128.700000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CA STWD CMNTYS HUNTINGTON MEM HOSP PRJ</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</title>
        <cusip>13080STH7</cusip>
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          <isin value="US13080STH75"/>
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        <balance>1750000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1805410.080000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CA STWD CMNTY DEV AUTH REV SER C</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</title>
        <cusip>13078YUQ6</cusip>
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          <isin value="US13078YUQ69"/>
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        <curCd>USD</curCd>
        <valUSD>2032896.240000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-09-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.3750000000</annualizedRt>
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      <invstOrSec>
        <name>CA ST STWD CMNTY ENOLE MED CNTR SER A</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</title>
        <cusip>13080SM84</cusip>
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          <isin value="US13080SM848"/>
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        <balance>1000000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1019254.600000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.3750000000</annualizedRt>
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      <invstOrSec>
        <name>CA ST STWD CMNTY ENOLE MED CNTR SER A</name>
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          <isin value="US13080SM764"/>
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        <valUSD>3166264.610000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CA STWD CMNTYS DEV-A</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CA STWD CMNTYS DEV-B</name>
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        <name>CA STWD CMNTY DEV INFRASTRUCTURE SER D</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CA ST CMNTY DEV JOHN MUIR HLTH SER A</name>
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        <name>CA ST STWD CMNTY FRNT PORCH COM SER A</name>
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        <name>CA ST LOMA LINDA UNIV MD CTR A 144A</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</title>
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          <isin value="US13080SVN16"/>
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        <curCd>USD</curCd>
        <valUSD>4793896.650000</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>2058-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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        <name>CA STWD CMNTY DEV INFRASTRUCTURE SER A</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</title>
        <cusip>13078YWH4</cusip>
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          <isin value="US13078YWH43"/>
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        <curCd>USD</curCd>
        <valUSD>1344065.660000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CA STWD CMNTYS VIAMONTE SEN LIVING SER A</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</title>
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        <curCd>USD</curCd>
        <valUSD>131044.180000</valUSD>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CA ST CMNTYS METHODIST HOSP SOUTH CA PRJ</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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        <curCd>USD</curCd>
        <valUSD>1838759.400000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
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          <isin value="US13080SC930"/>
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        <curCd>USD</curCd>
        <valUSD>3433598.400000</valUSD>
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      <invstOrSec>
        <name>CA STWD CMNTYS VIAMONTE SEN LIVING SER A</name>
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        <curCd>USD</curCd>
        <valUSD>104728.400000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CA STWD CMNTY DEV INFRASTRUCTURE</name>
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        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</title>
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          <isin value="US13078YPU37"/>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CA STWD CMNTY DEV INFRASTRUCTURE</name>
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        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</title>
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          <isin value="US13078YQU28"/>
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        <curCd>USD</curCd>
        <valUSD>1092732.080000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CA ST CMNTYS METHODIST HOSP SOUTH CA PRJ</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</title>
        <cusip>13081KAU4</cusip>
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          <isin value="US13081KAU43"/>
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        <balance>750000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>770478.680000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CA STWD CMNTYS LANCER EDU HSG SER A 144A</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</title>
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          <isin value="US13080SWN07"/>
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        <curCd>USD</curCd>
        <valUSD>684876.330000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CA ST STWD CMNTY FRNT PORCH COM SER A</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</title>
        <cusip>13080SSE5</cusip>
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          <isin value="US13080SSE53"/>
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        <balance>1750000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1752814.180000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>CA STWD CMNTYS DEV-A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CA STWD CMNTY DEV AUTH REV SER C1</name>
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        <name>CA STWD CMNTY DEV AUTH REV SER C2</name>
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        <name>CA STWD CMNTY STU HSG CHF IRVINE LLC</name>
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        <name>CA STWD CMNTY STU HSG IRVINE ARPTS SER A</name>
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        <name>CA STWD CMNTY STU HSG CHF IRVINE LLC</name>
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        <name>CA STWD CMNTY DEV INFRASTRUCTURE SR A-1</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CA STWD CMNTYS DEV-B</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</title>
        <cusip>13078YWX9</cusip>
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          <isin value="US13078YWX92"/>
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        <curCd>USD</curCd>
        <valUSD>751189.180000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-09-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CA STWD CMNTYS MONTAGE HLTH SR A</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</title>
        <cusip>13080SH56</cusip>
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          <isin value="US13080SH566"/>
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        <curCd>USD</curCd>
        <valUSD>1007567.400000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CENTRL VLY CA ENERGY COMMODITY SPLY REV</name>
        <lei>254900G5IPQ9MA3FRJ55</lei>
        <title>CENTRAL VALLEY ENERGY AUTHORITY</title>
        <cusip>15569DAA0</cusip>
        <identifiers>
          <isin value="US15569DAA00"/>
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        <balance>6000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6447561.600000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHINO VLY CA UNIF SCH DIST SER D</name>
        <lei>N/A</lei>
        <title>CHINO VALLEY UNIFIED SCHOOL DISTRICT</title>
        <cusip>169583LA7</cusip>
        <identifiers>
          <isin value="US169583LA78"/>
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        <balance>5000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5215364.500000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CHINO VLY CA UNIF SCH DIST SER B AGM</name>
        <lei>N/A</lei>
        <title>CHINO VALLEY UNIFIED SCHOOL DISTRICT</title>
        <cusip>169583KC4</cusip>
        <identifiers>
          <isin value="US169583KC44"/>
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        <balance>7950000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6504875.240000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.3750000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IRVINE CA SPL TAX GREAT PARK AREA 1</name>
        <lei>549300PJ9FL2XGFR8J79</lei>
        <title>CITY OF IRVINE CA</title>
        <cusip>46360THV8</cusip>
        <identifiers>
          <isin value="US46360THV89"/>
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        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>273504.500000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-09-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IRVINE CA SPL TAX GREAT PARK AREA 1</name>
        <lei>549300PJ9FL2XGFR8J79</lei>
        <title>CITY OF IRVINE CA</title>
        <cusip>46360THU0</cusip>
        <identifiers>
          <isin value="US46360THU07"/>
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        <balance>1400000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>401741.620000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-09-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IRVINE CA SPL TAX CMNTY FACS DIST AREA 8</name>
        <lei>549300PJ9FL2XGFR8J79</lei>
        <title>CITY OF IRVINE CA</title>
        <cusip>46360TFT5</cusip>
        <identifiers>
          <isin value="US46360TFT51"/>
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        <balance>1390000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1427496.360000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IRVINE CA SPL TAX CMNTY FACS DIST AREA 8</name>
        <lei>549300PJ9FL2XGFR8J79</lei>
        <title>CITY OF IRVINE CA</title>
        <cusip>46360TFV0</cusip>
        <identifiers>
          <isin value="US46360TFV08"/>
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        <balance>2000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2028223.600000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IRVINE CA SPL TAX GREAT PARK AREA 1</name>
        <lei>549300PJ9FL2XGFR8J79</lei>
        <title>CITY OF IRVINE CA</title>
        <cusip>46360THW6</cusip>
        <identifiers>
          <isin value="US46360THW62"/>
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        <balance>145000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>37578.060000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.0000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IRVINE CA SPL TAX GREAT PARK AREA 1</name>
        <lei>549300PJ9FL2XGFR8J79</lei>
        <title>CITY OF IRVINE CA</title>
        <cusip>46360THT3</cusip>
        <identifiers>
          <isin value="US46360THT34"/>
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        <balance>1500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>453865.200000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-09-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.0000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>IRVINE CA SPL TAX GREAT PARK AREA 1</name>
        <lei>549300PJ9FL2XGFR8J79</lei>
        <title>CITY OF IRVINE CA</title>
        <cusip>46360THS5</cusip>
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          <isin value="US46360THS50"/>
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        <balance>1200000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>381436.680000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-09-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.0000000000</annualizedRt>
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      <invstOrSec>
        <name>LAKE EL CA SPL TAX CMNTY 2016-2 CYN HILL</name>
        <lei>N/A</lei>
        <title>CITY OF LAKE ELSINORE CA</title>
        <cusip>50963NPJ2</cusip>
        <identifiers>
          <isin value="US50963NPJ27"/>
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        <balance>2475000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2504631.440000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LAKE EL CA SPL TAX CMNTY 2016-2 CYN HILL</name>
        <lei>N/A</lei>
        <title>CITY OF LAKE ELSINORE CA</title>
        <cusip>50963NPK9</cusip>
        <identifiers>
          <isin value="US50963NPK99"/>
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        <balance>3640000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3652498.670000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>LONG BEACH CA HBR REV AMT SER A</name>
        <lei>N/A</lei>
        <title>CITY OF LONG BEACH CA HARBOR REVENUE</title>
        <cusip>542424VB9</cusip>
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          <isin value="US542424VB92"/>
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        <curCd>USD</curCd>
        <valUSD>1319225.310000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>LONG BEACH CA MRN REV ALMTS BAY MRN PROJ</name>
        <lei>N/A</lei>
        <title>CITY OF LONG BEACH CA MARINA SYSTEM REVENUE</title>
        <cusip>542426DT5</cusip>
        <identifiers>
          <isin value="US542426DT50"/>
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        <balance>2000000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2176475.400000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LONG BEACH CA MRN REV ALMTS BAY MRN PROJ</name>
        <lei>N/A</lei>
        <title>CITY OF LONG BEACH CA MARINA SYSTEM REVENUE</title>
        <cusip>542426DV0</cusip>
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          <isin value="US542426DV07"/>
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        <balance>1025000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1099600.830000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>MUN</issuerCat>
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        <name>LONG BEACH CA MRN REV ALMTS BAY MRN PROJ</name>
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          <couponKind>Fixed</couponKind>
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          <couponKind>Fixed</couponKind>
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          <isin value="US544445S751"/>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>LA CA DEPT OF APRTS SUB PRIV SER A AMT</name>
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          <isin value="US5444453D91"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>1210166.890000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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        <lei>N/A</lei>
        <title>CITY OF LOS ANGELES DEPARTMENT OF AIRPORTS</title>
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        <curCd>USD</curCd>
        <valUSD>762881.700000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.2500000000</annualizedRt>
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        <lei>N/A</lei>
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          <isin value="US544445EM75"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>NEWPORT BEACH CA IMPT BND ACT 1915 SER A</name>
        <lei>N/A</lei>
        <title>CITY OF NEWPORT BEACH CA</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.1250000000</annualizedRt>
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        <name>NEWPORT BEACH CA IMPT BND ACT 1915 SER A</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      </invstOrSec>
      <invstOrSec>
        <name>ONTARIO CMNTY #71</name>
        <lei>254900FN91TH1F225693</lei>
        <title>CITY OF ONTARIO CA</title>
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          <isin value="US68304NGZ69"/>
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        <curCd>USD</curCd>
        <valUSD>763437.000000</valUSD>
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        <name>ONTARIO CMNTY #71</name>
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          <isin value="US68304NGY94"/>
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        <curCd>USD</curCd>
        <valUSD>522047.350000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>ONTARIO CA CMNTY FACS DIST #64 SPL TX</name>
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        <curCd>USD</curCd>
        <valUSD>3004894.200000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>PALO ALTO CA IMPT BOND ACT 1915</name>
        <lei>N/A</lei>
        <title>CITY OF PALO ALTO CA</title>
        <cusip>697373CV8</cusip>
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          <isin value="US697373CV86"/>
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        <curCd>USD</curCd>
        <valUSD>883996.340000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PALO ALTO CA IMPT BOND ACT 1915</name>
        <lei>N/A</lei>
        <title>CITY OF PALO ALTO CA</title>
        <cusip>697373CW6</cusip>
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          <isin value="US697373CW69"/>
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        <curCd>USD</curCd>
        <valUSD>452208.920000</valUSD>
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        <assetCat>DBT</assetCat>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>PALO ALTO CA IMPT BOND ACT 1915</name>
        <lei>N/A</lei>
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          <isin value="US697373CX43"/>
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        <curCd>USD</curCd>
        <valUSD>528549.580000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>SACRAMENTO CA SPL TAX RAIL CMNTY 144A</name>
        <lei>N/A</lei>
        <title>CITY OF SACRAMENTO CA</title>
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          <isin value="US786071RQ58"/>
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        <balance>2195000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2196745.900000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.3750000000</annualizedRt>
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      <invstOrSec>
        <name>SACRAMENTO CA TRANS CONV CENT SER A</name>
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          <isin value="US786073AV82"/>
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        <curCd>USD</curCd>
        <valUSD>4772630.270000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>SAN FRAN CA PUB WTR REV SUS SUB SER A</name>
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          <isin value="US79771FGK75"/>
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        <balance>900000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1010347.830000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>SAN FRAN UTILS CMSN WTR WSIP SER D</name>
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          <isin value="US79765R5Q87"/>
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        <curCd>USD</curCd>
        <valUSD>1142953.650000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.0000000000</annualizedRt>
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      <invstOrSec>
        <name>SAN JOSE CA MF HSG EL PARADOR APT A AMT</name>
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        <cusip>798165DM5</cusip>
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          <isin value="US798165DM50"/>
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        <balance>555000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>555194.530000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.1000000000</annualizedRt>
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      <invstOrSec>
        <name>VERNON CA ELEC SYS REV SER A</name>
        <lei>N/A</lei>
        <title>CITY OF VERNON CA ELECTRIC SYSTEM REVENUE</title>
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          <isin value="US924397FH08"/>
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        <curCd>USD</curCd>
        <valUSD>892969.310000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>W SACRAMENTO EIFD#1</name>
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          <isin value="US955636AA39"/>
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        <fairValLevel>2</fairValLevel>
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        <name>PR COMWLTH PUBLIC IMPT SER A1</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>COMMONWEALTH OF PUERTO RICO</title>
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          <isin value="US74514L3J47"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-01</maturityDt>
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        <name>PR COMWLTH PUBLIC IMPT SER A1</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>COMMONWEALTH OF PUERTO RICO</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PR COMWLTH PUBLIC IMPT SER A1</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>COMMONWEALTH OF PUERTO RICO</title>
        <cusip>74514L3H8</cusip>
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          <isin value="US74514L3H80"/>
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        <balance>1317470.000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.6250000000</annualizedRt>
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      <invstOrSec>
        <name>PR COMWLTH PUBLIC IMPT SER A1</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>COMMONWEALTH OF PUERTO RICO</title>
        <cusip>74514L3G0</cusip>
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          <isin value="US74514L3G08"/>
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        <balance>901843.000000</balance>
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        <valUSD>916072.190000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
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          <annualizedRt>5.6250000000</annualizedRt>
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        <name>PR COMWLTH PUBLIC IMPT CABS SER A</name>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PR COMWLTH CVI-SUBSER CW HTA 98 TXBL</name>
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        <title>COMMONWEALTH OF PUERTO RICO</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PR COMWLTH PUBLIC IMPT SER A1</name>
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        <title>COMMONWEALTH OF PUERTO RICO</title>
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          <isin value="US74514L3N58"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000000</annualizedRt>
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        <name>PR COMWLTH PUBLIC IMPT SER A1</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>COMMONWEALTH OF PUERTO RICO</title>
        <cusip>74514L3M7</cusip>
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          <isin value="US74514L3M75"/>
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        <curCd>USD</curCd>
        <valUSD>568413.340000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000000</annualizedRt>
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        <name>PR COMWLTH PUBLIC IMPT SER A1</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>COMMONWEALTH OF PUERTO RICO</title>
        <cusip>74514L3L9</cusip>
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          <isin value="US74514L3L92"/>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CMPTN CA CMNTY REDEV AGY REF SER A</name>
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        <cusip>204713AJ0</cusip>
        <identifiers>
          <isin value="US204713AJ05"/>
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        <curCd>USD</curCd>
        <valUSD>1863170.250000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CMPTN CA CMNTY REDEV AGY REF SER A</name>
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        <cusip>204713AK7</cusip>
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          <isin value="US204713AK77"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>5.0000000000</annualizedRt>
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        <name>SACRAMENTO CO-A-AMT AMT</name>
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          <isin value="US786107WZ17"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>SACRAMENTO CO CA AIRPORT SYS SUB SER B</name>
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          <isin value="US786107PF36"/>
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        <name>SACRAMENTO CNTY CA ARPT REV SER C AMT</name>
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        <name>SACRAMENTO CO AIRPORT SYS SENIOR SER B</name>
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          <isin value="US786107XA56"/>
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        <name>SAN DIEGO CO SPL HARMONY GROVE VIL SER A</name>
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        <name>SAN DIEGO CO SPL HARMONY IMPRV AREA SR A</name>
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        <valUSD>510559.500000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-09-01</maturityDt>
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          <annualizedRt>4.0000000000</annualizedRt>
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      <invstOrSec>
        <name>CSCDA CMNTY AU ATL GLENDALE SER A-2 144A</name>
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        <title>CSCDA COMMUNITY IMPROVEMENT AUTHORITY</title>
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          <isin value="US126292AM38"/>
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        <valUSD>1936609.180000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-10-01</maturityDt>
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        <name>FULLERTON CA JT UNION HS ELCTN 24 SER A</name>
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        <name>GOLDEN ST TOBACCO SEC TOBACCO SUB SR B-2</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>INGLEWOOD CA SCH DIST ELE OF 2020 SER B</name>
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        <name>INLAND VLY CA AGY TAX ALLOC SER A</name>
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        <name>INLAND VLY CA AGY TAX ALLOC SER A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>IRVINE CA FACS FING SPL TAX REV SR A</name>
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        <name>IRVINE CA UNIF SCH DIST SPL TAX SER C</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>KERN CA CMNTY CLG DIST ELECT 2016 SER C</name>
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        <name>LOMPOC VLY MED CTR</name>
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        <name>LA CO CA ST FACS LEASE VERMONT CO SER A</name>
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        <name>LOS ANGELES CO PUB-J</name>
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        <name>LA CA UNIF SCH DIST ELCTN OF 2024-SR A-1</name>
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        <name>LOS ANGELES CA UNIF SD SER QRR</name>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MODESTO CA ELEM SCH DIST SER B</name>
        <lei>N/A</lei>
        <title>MODESTO ELEMENTARY SCHOOL DISTRICT/STANISLAUS COUNTY</title>
        <cusip>607735CZ8</cusip>
        <identifiers>
          <isin value="US607735CZ84"/>
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        <balance>2700000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2030792.310000</valUSD>
        <pctVal>0.2595605252</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>3.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORENO VLY UNIF SD-E</name>
        <lei>549300G4WBO7HSZKUD51</lei>
        <title>MORENO VALLEY UNIFIED SCHOOL DISTRICT/CA</title>
        <cusip>616871MY2</cusip>
        <identifiers>
          <isin value="US616871MY21"/>
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        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1144230.000000</valUSD>
        <pctVal>0.1462468310</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORENO VLY UNIF SD-A</name>
        <lei>549300G4WBO7HSZKUD51</lei>
        <title>MORENO VALLEY UNIFIED SCHOOL DISTRICT/CA</title>
        <cusip>616871NQ8</cusip>
        <identifiers>
          <isin value="US616871NQ87"/>
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        <balance>1005000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1160100.340000</valUSD>
        <pctVal>0.1482752579</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAN JOSE CA ARPT REV AMT SER A</name>
        <lei>N/A</lei>
        <title>NORMAN Y MINETA SAN JOSE INTERNATIONAL AIRPORT SJC</title>
        <cusip>798136VU8</cusip>
        <identifiers>
          <isin value="US798136VU88"/>
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        <balance>6170000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6180506.890000</valUSD>
        <pctVal>0.7899456811</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAN JOSE CA ARPT REV AMT SER A</name>
        <lei>N/A</lei>
        <title>NORMAN Y MINETA SAN JOSE INTERNATIONAL AIRPORT SJC</title>
        <cusip>798136VS3</cusip>
        <identifiers>
          <isin value="US798136VS33"/>
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        <balance>2000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2013995.600000</valUSD>
        <pctVal>0.2574136967</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NRTHRN CA ENERGY CMDTY SPLY REV SER A-1</name>
        <lei>5493001ZIJGWU7HYLH34</lei>
        <title>NORTHERN CALIFORNIA ENERGY AUTHORITY</title>
        <cusip>664840AL9</cusip>
        <identifiers>
          <isin value="US664840AL93"/>
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        <balance>4000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4242534.000000</valUSD>
        <pctVal>0.5422486327</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OAKLAND UNIF SD-A</name>
        <lei>N/A</lei>
        <title>OAKLAND UNIFIED SCHOOL DISTRICT/ALAMEDA COUNTY</title>
        <cusip>672325W60</cusip>
        <identifiers>
          <isin value="US672325W603"/>
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        <balance>4500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4863921.750000</valUSD>
        <pctVal>0.6216697187</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OAKLAND CA UNI SCH DIST ALAMEDA CO SER A</name>
        <lei>N/A</lei>
        <title>OAKLAND UNIFIED SCHOOL DISTRICT/ALAMEDA COUNTY</title>
        <cusip>672325R58</cusip>
        <identifiers>
          <isin value="US672325R587"/>
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        <balance>4500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4786833.150000</valUSD>
        <pctVal>0.6118168364</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OCEANSIDE CA 2022 CAP APPREC SER A</name>
        <lei>N/A</lei>
        <title>OCEANSIDE UNIFIED SCHOOL DISTRICT/CA</title>
        <cusip>675383XB4</cusip>
        <identifiers>
          <isin value="US675383XB48"/>
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        <balance>3870000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3649656.520000</valUSD>
        <pctVal>0.4664715139</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OCEANSIDE CA 2022 CAP APPREC SER A</name>
        <lei>N/A</lei>
        <title>OCEANSIDE UNIFIED SCHOOL DISTRICT/CA</title>
        <cusip>675383WT6</cusip>
        <identifiers>
          <isin value="US675383WT64"/>
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        <balance>380000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>357673.290000</valUSD>
        <pctVal>0.0457150968</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OCEANSIDE USD-PREREFD</name>
        <lei>N/A</lei>
        <title>OCEANSIDE UNIFIED SCHOOL DISTRICT/CA</title>
        <cusip>675383UT8</cusip>
        <identifiers>
          <isin value="US675383UT82"/>
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        <balance>250000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>235311.380000</valUSD>
        <pctVal>0.0300757222</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OCEANSIDE USD-UNREFD</name>
        <lei>N/A</lei>
        <title>OCEANSIDE UNIFIED SCHOOL DISTRICT/CA</title>
        <cusip>675383RP0</cusip>
        <identifiers>
          <isin value="US675383RP08"/>
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        <balance>500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>470622.750000</valUSD>
        <pctVal>0.0601514431</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ONTARIO CA INTL ARPT AUTH REV AMT SER B</name>
        <lei>N/A</lei>
        <title>ONTARIO INTERNATIONAL AIRPORT AUTHORITY</title>
        <cusip>683042BB0</cusip>
        <identifiers>
          <isin value="US683042BB09"/>
        </identifiers>
        <balance>1350000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1344095.640000</valUSD>
        <pctVal>0.1717921466</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ONTARIO CA INTL ARPT AUTH REV AMT SER B</name>
        <lei>N/A</lei>
        <title>ONTARIO INTERNATIONAL AIRPORT AUTHORITY</title>
        <cusip>683042AY1</cusip>
        <identifiers>
          <isin value="US683042AY11"/>
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        <balance>575000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>579495.750000</valUSD>
        <pctVal>0.0740667672</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ONTARIO CA INTL ARPT AUTH REV AMT SER B</name>
        <lei>N/A</lei>
        <title>ONTARIO INTERNATIONAL AIRPORT AUTHORITY</title>
        <cusip>683042AX3</cusip>
        <identifiers>
          <isin value="US683042AX38"/>
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        <balance>1040000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1052252.860000</valUSD>
        <pctVal>0.1344910081</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ORANGE CNTY CA CFD ESENCIA VLG SER A</name>
        <lei>N/A</lei>
        <title>ORANGE COUNTY COMMUNITY FACILITIES DISTRICT</title>
        <cusip>68423PWC0</cusip>
        <identifiers>
          <isin value="US68423PWC03"/>
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        <balance>2930000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2933723.440000</valUSD>
        <pctVal>0.3749663583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ORANGE CO CA FACS DIST RIENDS SER A</name>
        <lei>N/A</lei>
        <title>ORANGE COUNTY COMMUNITY FACILITIES DISTRICT</title>
        <cusip>68423PA75</cusip>
        <identifiers>
          <isin value="US68423PA753"/>
        </identifiers>
        <balance>1340000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1416215.980000</valUSD>
        <pctVal>0.1810100234</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      </invstOrSec>
      <invstOrSec>
        <name>ORANGE CO CA FACS DIST RIENDS SER A</name>
        <lei>N/A</lei>
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      <invstOrSec>
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        <curCd>USD</curCd>
        <valUSD>509727.600000</valUSD>
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      <invstOrSec>
        <name>ORANGE CO CA FACS DIST RIENDS SER A</name>
        <lei>N/A</lei>
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        <cusip>68423PA91</cusip>
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        <curCd>USD</curCd>
        <valUSD>1036509.200000</valUSD>
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      <invstOrSec>
        <name>PLEASANTON CA UNIF SCH DIST ELEC OF 2022</name>
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          <isin value="US728835N885"/>
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        <curCd>USD</curCd>
        <valUSD>2913461.680000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>LOS ANGELES CA HARBOR SER A-2 AMT</name>
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        <cusip>544552C91</cusip>
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          <isin value="US544552C915"/>
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        <balance>1000000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1097658.900000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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        <name>LOS ANGELES CA HARBOR SER A-1 AMT</name>
        <lei>N/A</lei>
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        <cusip>544552C75</cusip>
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          <isin value="US544552C758"/>
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        <balance>1000000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1102264.200000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>LOS ANGELES CA HARBOR SER A-2 AMT</name>
        <lei>N/A</lei>
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        <cusip>544552C83</cusip>
        <identifiers>
          <isin value="US544552C832"/>
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        <balance>750000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>827817.230000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PR AQUEDCT &amp; SWR REV SR LIEN SER A 144A</name>
        <lei>N/A</lei>
        <title>PUERTO RICO COMMONWEALTH AQUEDUCT &amp; SEWER AUTHORITY</title>
        <cusip>745160SH5</cusip>
        <identifiers>
          <isin value="US745160SH56"/>
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        <balance>1590000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1648962.610000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PR ELEC PWR AUTH REV SER TT</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
        <cusip>74526QKS0</cusip>
        <identifiers>
          <isin value="US74526QKS02"/>
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        <balance>305000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>224175.000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PR ELEC PWR AUTH REV SER TT</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
        <cusip>74526QKU5</cusip>
        <identifiers>
          <isin value="US74526QKU57"/>
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        <balance>125000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>91875.000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PR ELEC PWR AUTH REV SER CCC</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
        <cusip>74526QYZ9</cusip>
        <identifiers>
          <isin value="US74526QYZ98"/>
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        <balance>65000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>47775.000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000000</annualizedRt>
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          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PR ELEC PWR AUTH REV SER TT</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
        <cusip>74526QKT8</cusip>
        <identifiers>
          <isin value="US74526QKT84"/>
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        <balance>100000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>73500.000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PR ELEC PWR AUTH SER XX</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
        <cusip>74526QWD0</cusip>
        <identifiers>
          <isin value="US74526QWD05"/>
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        <balance>30000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>22050.000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PR ELEC PWR AUTH REV SER XX</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
        <cusip>74526QWE8</cusip>
        <identifiers>
          <isin value="US74526QWE87"/>
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        <balance>60000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>44100.000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.7500000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PR ELEC PWR AUTH REV SER CCC</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
        <cusip>74526QYY2</cusip>
        <identifiers>
          <isin value="US74526QYY24"/>
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        <balance>225000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>165375.000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PR ELEC PWR AUTH SER XX</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
        <cusip>74526QVX7</cusip>
        <identifiers>
          <isin value="US74526QVX77"/>
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        <balance>80000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>58800.000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PR ELEC PWR AUTH REV SER ZZ</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
        <cusip>74526QXP2</cusip>
        <identifiers>
          <isin value="US74526QXP26"/>
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        <balance>25000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18375.000000</valUSD>
        <pctVal>0.0023485536</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PR ELEC PWR AUTH REV SER ZZ</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
        <cusip>74526QXN7</cusip>
        <identifiers>
          <isin value="US74526QXN77"/>
        </identifiers>
        <balance>70000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51450.000000</valUSD>
        <pctVal>0.0065759502</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PR ELEC PWR AUTH REV SER A</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
        <cusip>74526QZY1</cusip>
        <identifiers>
          <isin value="US74526QZY15"/>
        </identifiers>
        <balance>15000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11025.000000</valUSD>
        <pctVal>0.0014091322</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0500000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PR ELEC PWR AUTH REV SER ZZ</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
        <cusip>74526QWY4</cusip>
        <identifiers>
          <isin value="US74526QWY42"/>
        </identifiers>
        <balance>25000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18375.000000</valUSD>
        <pctVal>0.0023485536</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PR ELEC PWR AUTH REV SER TT</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
        <cusip>74526QKN1</cusip>
        <identifiers>
          <isin value="US74526QKN15"/>
        </identifiers>
        <balance>80000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>58800.000000</valUSD>
        <pctVal>0.0075153716</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PR ELEC PWR AUTH REV SER CCC</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
        <cusip>74526QYS5</cusip>
        <identifiers>
          <isin value="US74526QYS55"/>
        </identifiers>
        <balance>25000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18375.000000</valUSD>
        <pctVal>0.0023485536</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PR ELEC PWR AUTH REV SER WW</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
        <cusip>74526QUU4</cusip>
        <identifiers>
          <isin value="US74526QUU48"/>
        </identifiers>
        <balance>65000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47775.000000</valUSD>
        <pctVal>0.0061062394</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2018-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5000000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PR ELEC PWR AUTH REV SER ZZ</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
        <cusip>74526QWM0</cusip>
        <identifiers>
          <isin value="US74526QWM04"/>
        </identifiers>
        <balance>20000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14700.000000</valUSD>
        <pctVal>0.0018788429</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2017-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.7000000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PR ELEC PWR REV SR WW</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
        <cusip>74526QVD1</cusip>
        <identifiers>
          <isin value="US74526QVD14"/>
        </identifiers>
        <balance>75000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>55125.000000</valUSD>
        <pctVal>0.0070456609</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PR ELEC PWR AUTH SR WW</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
        <cusip>74526QVC3</cusip>
        <identifiers>
          <isin value="US74526QVC31"/>
        </identifiers>
        <balance>15000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11025.000000</valUSD>
        <pctVal>0.0014091322</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PR ELEC PWR AUTH REV SER TT</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
        <cusip>74526QKV3</cusip>
        <identifiers>
          <isin value="US74526QKV31"/>
        </identifiers>
        <balance>15000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11025.000000</valUSD>
        <pctVal>0.0014091322</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PR ELEC PWR AUTH REV SER ZZ</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
        <cusip>74526QXH0</cusip>
        <identifiers>
          <isin value="US74526QXH00"/>
        </identifiers>
        <balance>245000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>180075.000000</valUSD>
        <pctVal>0.0230158256</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2019-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PR ELEC PWR REV SR ZZ</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
        <cusip>74526QXS6</cusip>
        <identifiers>
          <isin value="US74526QXS64"/>
        </identifiers>
        <balance>35000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25725.000000</valUSD>
        <pctVal>0.0032879751</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2017-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUERTO RICO SALES TAX RESTRUCT SER A-2</name>
        <lei>N/A</lei>
        <title>PUERTO RICO SALES TAX FINANCING CORP SALES TAX REVENUE</title>
        <cusip>74529JRH0</cusip>
        <identifiers>
          <isin value="US74529JRH04"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>995705.700000</valUSD>
        <pctVal>0.1272635775</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.3290000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PR SALES TAX FING SALES TAX REV SER A1</name>
        <lei>N/A</lei>
        <title>PUERTO RICO SALES TAX FINANCING CORP SALES TAX REVENUE</title>
        <cusip>74529JPW9</cusip>
        <identifiers>
          <isin value="US74529JPW98"/>
        </identifiers>
        <balance>7647000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7353054.670000</valUSD>
        <pctVal>0.9398118767</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.7500000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PR SALES TAX FING SALES TAX REV SER A1</name>
        <lei>N/A</lei>
        <title>PUERTO RICO SALES TAX FINANCING CORP SALES TAX REVENUE</title>
        <cusip>74529JPV1</cusip>
        <identifiers>
          <isin value="US74529JPV16"/>
        </identifiers>
        <balance>2615000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2620065.520000</valUSD>
        <pctVal>0.3348769735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5500000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PR SALES TAX FING SALES TAX REV SER A1</name>
        <lei>N/A</lei>
        <title>PUERTO RICO SALES TAX FINANCING CORP SALES TAX REVENUE</title>
        <cusip>74529JPX7</cusip>
        <identifiers>
          <isin value="US74529JPX71"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>986229.000000</valUSD>
        <pctVal>0.1260523373</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PR SALES TAX FING SALES TAX REV SER A1</name>
        <lei>N/A</lei>
        <title>PUERTO RICO SALES TAX FINANCING CORP SALES TAX REVENUE</title>
        <cusip>74529JQG3</cusip>
        <identifiers>
          <isin value="US74529JQG30"/>
        </identifiers>
        <balance>10000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3631960.000000</valUSD>
        <pctVal>0.4642096784</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RAVENSWOOD CA CITY SCH DIST ELEC OF 2022</name>
        <lei>N/A</lei>
        <title>RAVENSWOOD CITY SCHOOL DISTRICT/CA</title>
        <cusip>754405JN9</cusip>
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          <isin value="US754405JN98"/>
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        <curCd>USD</curCd>
        <valUSD>4545403.580000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>UNIV CA RGNTS MED CTR POOLED REV K DLY</name>
        <lei>N/A</lei>
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        <cusip>913366GN4</cusip>
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          <isin value="US913366GN41"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UNIV OF CA REGENTS MED CNTR REV SER P</name>
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          <isin value="US913366KU38"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>RIVER ISLANDS PUB-REF</name>
        <lei>N/A</lei>
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          <isin value="US76827QMU49"/>
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        <curCd>USD</curCd>
        <valUSD>966454.700000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>RIVERSIDE CNTY TRANS COMM REV SER B-1</name>
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          <isin value="US76912DAZ15"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RIVERSIDE USD CFD #38</name>
        <lei>N/A</lei>
        <title>RIVERSIDE UNIFIED SCHOOL DISTRICT</title>
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          <isin value="US7690692Y02"/>
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        <curCd>USD</curCd>
        <valUSD>1222706.340000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>RIVERSIDE USD CFD #38</name>
        <lei>N/A</lei>
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          <isin value="US7690692X29"/>
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        <curCd>USD</curCd>
        <valUSD>579094.100000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>SACRAMENTO USD-C</name>
        <lei>N/A</lei>
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          <isin value="US785870R248"/>
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        <curCd>USD</curCd>
        <valUSD>2902849.920000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>SACRAMENTO MET FIRE-A</name>
        <lei>N/A</lei>
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          <isin value="US785880BE46"/>
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        <balance>8280000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7731180.900000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000000</annualizedRt>
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      <invstOrSec>
        <name>SAN BERNARDINO CA REDEV AGY SCR TAX SR A</name>
        <lei>N/A</lei>
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          <isin value="US79678RAM79"/>
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        <curCd>USD</curCd>
        <valUSD>1967425.270000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>SAN DIEGO ASSN OF GOV CA TOLL REV SER A</name>
        <lei>N/A</lei>
        <title>SAN DIEGO ASSOCIATION OF GOVERNMENTS SOUTH BAY EXPRESSWAY REVENUE</title>
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          <isin value="US797257AX02"/>
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        <name>SAN DIEGO CO CA REG ARPT SUB SR B AMT</name>
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        <name>SAN DIEGO CO REGL-B AMT</name>
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        <name>SAN DIEGO CO CA REG ARPT SUB SR B AMT</name>
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        <name>SAN DIEGO CO CA REG ARPT SUB SR B AMT</name>
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        <name>SAN DIEGO CO CA REG ARPT SUB SR B AMT</name>
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        <name>SAN DIEGO CO CA REG ARPT SUB SR B AMT</name>
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      <invstOrSec>
        <name>SAN DIEGO CO REGL-B AMT</name>
        <lei>N/A</lei>
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        <valUSD>3557483.260000</valUSD>
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      <invstOrSec>
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      <invstOrSec>
        <name>SAN DIEGO CO CA REG ARPT SUB SR B AMT</name>
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        <title>SAN DIEGO COUNTY REGIONAL AIRPORT AUTHORITY</title>
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        <curCd>USD</curCd>
        <valUSD>2377502.480000</valUSD>
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        <name>SAN DIEGO CO CA REG ARPT SUB SR B AMT</name>
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        <title>SAN DIEGO COUNTY REGIONAL AIRPORT AUTHORITY</title>
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          <isin value="US79739GNZ53"/>
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        <curCd>USD</curCd>
        <valUSD>2176156.500000</valUSD>
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          <maturityDt>2056-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SAN DIEGO UNIF SCH DIST GRN BOND SER O-2</name>
        <lei>N/A</lei>
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          <isin value="US797356FF41"/>
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        <curCd>USD</curCd>
        <valUSD>3013150.800000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-07-01</maturityDt>
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      <invstOrSec>
        <name>SAN FRANCISCO CA BAY GREEN BONDS SR C-1</name>
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          <isin value="US797661ZV05"/>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>SAN FRAN CA BAY AREA RAPID TRAN DT SER A</name>
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          <isin value="US797669ZD33"/>
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        <valUSD>351488.620000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>SAN FRAN CA BAY AREA RAPID TRAN DST SR A</name>
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          <isin value="US797669ZF80"/>
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        <curCd>USD</curCd>
        <valUSD>626962.880000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.0000000000</annualizedRt>
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        <name>SAN FRAN CA ARPTS COMMN AMT SER A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SAN FRAN CA ARPTS COMMN AMT 2ND SER C</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SAN FRAN CA AMT ARPTS COMMN 2ND SER B</name>
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        <name>SAN FRAN CA ARPT SER E AMT PRE</name>
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        <name>SAN FRANCISCO APT-D AMT</name>
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        <name>SAN FRAN CA ARPTS COMMN AMT SER A</name>
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        <name>SAN FRANCISCO CO-A AMT</name>
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      <invstOrSec>
        <name>SAN FRAN CA ARPTS COMMN 2ND SER A AMT</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isin value="US89356CAT36"/>
        </identifiers>
        <balance>1750000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1767905.830000</valUSD>
        <pctVal>0.2259603621</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRANSBAY JT PWRS AUTH GB SR TAX ALLOC A</name>
        <lei>549300WC0UP8WU8GYU95</lei>
        <title>TRANSBAY JOINT POWERS AUTHORITY</title>
        <cusip>89356CAU0</cusip>
        <identifiers>
          <isin value="US89356CAU09"/>
        </identifiers>
        <balance>1500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1506383.550000</valUSD>
        <pctVal>0.1925345608</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIV CA REGENTS-CF</name>
        <lei>N/A</lei>
        <title>UNIVERSITY OF CALIFORNIA</title>
        <cusip>91412HYE7</cusip>
        <identifiers>
          <isin value="US91412HYE79"/>
        </identifiers>
        <balance>400000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>436510.800000</valUSD>
        <pctVal>0.0557915115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIV CA REGENTS-CF</name>
        <lei>N/A</lei>
        <title>UNIVERSITY OF CALIFORNIA</title>
        <cusip>91412HYD9</cusip>
        <identifiers>
          <isin value="US91412HYD96"/>
        </identifiers>
        <balance>350000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>385023.560000</valUSD>
        <pctVal>0.0492108016</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIV OF CALI CA ST REV SER O</name>
        <lei>N/A</lei>
        <title>UNIVERSITY OF CALIFORNIA</title>
        <cusip>91412HDF7</cusip>
        <identifiers>
          <isin value="US91412HDF73"/>
        </identifiers>
        <balance>9500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9752888.100000</valUSD>
        <pctVal>1.2465404489</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIV CA REVS SR AL-1 DLY</name>
        <lei>N/A</lei>
        <title>UNIVERSITY OF CALIFORNIA</title>
        <cusip>91412GSJ5</cusip>
        <identifiers>
          <isin value="US91412GSJ57"/>
        </identifiers>
        <balance>200000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>200000.000000</valUSD>
        <pctVal>0.0255624885</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.3000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIV OF CALI CA ST REV SER BZ</name>
        <lei>N/A</lei>
        <title>UNIVERSITY OF CALIFORNIA</title>
        <cusip>91412HUG6</cusip>
        <identifiers>
          <isin value="US91412HUG63"/>
        </identifiers>
        <balance>3500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3916603.600000</valUSD>
        <pctVal>0.5005906722</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIV CA REVS SR AL-2 DLY</name>
        <lei>N/A</lei>
        <title>UNIVERSITY OF CALIFORNIA</title>
        <cusip>91412GSG1</cusip>
        <identifiers>
          <isin value="US91412GSG19"/>
        </identifiers>
        <balance>2700000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2700000.000000</valUSD>
        <pctVal>0.3450935946</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.3500000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WA TWP HLTH CARE SER A</name>
        <lei>N/A</lei>
        <title>WASHINGTON TOWNSHIP HEALTH CARE DISTRICT</title>
        <cusip>940204GY0</cusip>
        <identifiers>
          <isin value="US940204GY05"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1035719.400000</valUSD>
        <pctVal>0.1323778262</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.7500000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WA TWP HLTH CARE SER A</name>
        <lei>N/A</lei>
        <title>WASHINGTON TOWNSHIP HEALTH CARE DISTRICT</title>
        <cusip>940204GP9</cusip>
        <identifiers>
          <isin value="US940204GP97"/>
        </identifiers>
        <balance>600000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>600102.540000</valUSD>
        <pctVal>0.0767005713</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WA TWP CA HLTH CARE 2020 ELECTION SR B</name>
        <lei>N/A</lei>
        <title>WASHINGTON TOWNSHIP HEALTH CARE DISTRICT</title>
        <cusip>940642GF2</cusip>
        <identifiers>
          <isin value="US940642GF24"/>
        </identifiers>
        <balance>1600000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1722029.120000</valUSD>
        <pctVal>0.2200967478</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WA TWP HLTH CARE SER A</name>
        <lei>N/A</lei>
        <title>WASHINGTON TOWNSHIP HEALTH CARE DISTRICT</title>
        <cusip>940204FT2</cusip>
        <identifiers>
          <isin value="US940204FT29"/>
        </identifiers>
        <balance>620000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>632990.670000</valUSD>
        <pctVal>0.0809040836</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WA TWP HLTH CARE SER A</name>
        <lei>N/A</lei>
        <title>WASHINGTON TOWNSHIP HEALTH CARE DISTRICT</title>
        <cusip>940204GX2</cusip>
        <identifiers>
          <isin value="US940204GX22"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1054386.500000</valUSD>
        <pctVal>0.1347637138</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.7500000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WA TWP CA HLTH CARE 2020 ELECTION SR B</name>
        <lei>N/A</lei>
        <title>WASHINGTON TOWNSHIP HEALTH CARE DISTRICT</title>
        <cusip>940642GE5</cusip>
        <identifiers>
          <isin value="US940642GE58"/>
        </identifiers>
        <balance>1600000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1736803.680000</valUSD>
        <pctVal>0.2219851204</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WA TWP HLTH CARE SER A</name>
        <lei>N/A</lei>
        <title>WASHINGTON TOWNSHIP HEALTH CARE DISTRICT</title>
        <cusip>940204GW4</cusip>
        <identifiers>
          <isin value="US940204GW49"/>
        </identifiers>
        <balance>275000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>277739.060000</valUSD>
        <pctVal>0.0354985076</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WA TWP HLTH CARE SER A</name>
        <lei>N/A</lei>
        <title>WASHINGTON TOWNSHIP HEALTH CARE DISTRICT</title>
        <cusip>940204GV6</cusip>
        <identifiers>
          <isin value="US940204GV65"/>
        </identifiers>
        <balance>325000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>329212.260000</valUSD>
        <pctVal>0.0420774230</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>W SACRAMENTO CA TAX REV SR A</name>
        <lei>N/A</lei>
        <title>WEST SACRAMENTO FINANCING AUTHORITY</title>
        <cusip>955641DC6</cusip>
        <identifiers>
          <isin value="US955641DC60"/>
        </identifiers>
        <balance>440000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>441919.540000</valUSD>
        <pctVal>0.0564828158</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-07-02</ncom:dateSigned>
      <ncom:nameOfApplicant>T. ROWE PRICE STATE TAX-FREE FUNDS, INC.</ncom:nameOfApplicant>
      <ncom:signature>/s/ Alan Dupski</ncom:signature>
      <ncom:signerName>Alan Dupski</ncom:signerName>
      <ncom:title>Treasurer &amp; Vice President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
