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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO PARK DISTRICT</name>
        <lei>549300DNSTZGBZLIU409</lei>
        <title>CHICAGO IL PARK DIST CHIFAC 01/26 FIXED 5</title>
        <cusip>167615TK9</cusip>
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          <isin value="US167615TK90"/>
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        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1099210.000000</valUSD>
        <pctVal>0.4262645</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO PARK DISTRICT</name>
        <lei>549300DNSTZGBZLIU409</lei>
        <title>CHICAGO IL PARK DIST CHIFAC 01/26 FIXED 5</title>
        <cusip>167615VH3</cusip>
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          <isin value="US167615VH34"/>
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        <balance>1755000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1929113.550000</valUSD>
        <pctVal>0.7480943</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO PARK DISTRICT</name>
        <lei>549300DNSTZGBZLIU409</lei>
        <title>CHICAGO IL PARK DIST CHIFAC 01/30 FIXED 5</title>
        <cusip>167615UV3</cusip>
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          <isin value="US167615UV37"/>
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        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1083430.000000</valUSD>
        <pctVal>0.4201452</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>CHICAGO PARK DISTRICT</name>
        <lei>549300DNSTZGBZLIU409</lei>
        <title>CHICAGO IL PARK DIST CHIFAC 01/35 FIXED 5</title>
        <cusip>167615WL3</cusip>
        <identifiers>
          <isin value="US167615WL37"/>
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        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1074430.000000</valUSD>
        <pctVal>0.4166551</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>CHICAGO PARK DISTRICT</name>
        <lei>549300DNSTZGBZLIU409</lei>
        <title>CHICAGO IL PARK DIST CHIFAC 01/37 FIXED 5.25</title>
        <cusip>167615PT4</cusip>
        <identifiers>
          <isin value="US167615PT46"/>
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        <balance>1795000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1814870.650000</valUSD>
        <pctVal>0.7037918</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</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>CHICAGO PARK DISTRICT</name>
        <lei>549300DNSTZGBZLIU409</lei>
        <title>CHICAGO IL PARK DIST CHIFAC 01/38 FIXED 5.75</title>
        <cusip>167615RY1</cusip>
        <identifiers>
          <isin value="US167615RY13"/>
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        <balance>2050000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2204652.000000</valUSD>
        <pctVal>0.8549458</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75</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>CHICAGO PARK DISTRICT</name>
        <lei>549300DNSTZGBZLIU409</lei>
        <title>CHICAGO IL PARK DIST CHIFAC 01/40 FIXED 5</title>
        <cusip>167615UX9</cusip>
        <identifiers>
          <isin value="US167615UX92"/>
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        <balance>2325000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2482681.500000</valUSD>
        <pctVal>0.9627633</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO PARK DISTRICT</name>
        <lei>549300DNSTZGBZLIU409</lei>
        <title>CHICAGO IL PARK DIST CHIFAC 01/40 FIXED 5.25</title>
        <cusip>167615PR8</cusip>
        <identifiers>
          <isin value="US167615PR89"/>
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        <balance>3895000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3935897.500000</valUSD>
        <pctVal>1.5263085</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</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>CITY OF FAIRFIELD CA</name>
        <lei>N/A</lei>
        <title>FAIRFIELD CA COPS FAICTF 04/30 ZEROCPNOID 0</title>
        <cusip>304198FW9</cusip>
        <identifiers>
          <isin value="US304198FW96"/>
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        <balance>2000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1709900.000000</valUSD>
        <pctVal>0.6630851</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY OF LOS ANGELES DEPARTMENT OF AIRPORTS</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CA DEPT OF ARPTS A LOSAPT 05/35 FIXED 5</title>
        <cusip>544445AU3</cusip>
        <identifiers>
          <isin value="US544445AU38"/>
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        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1168670.000000</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>2035-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>CITY OF LOS ANGELES DEPARTMENT OF AIRPORTS</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CA DEPT OF ARPTS A LOSAPT 05/41 FIXED 5</title>
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          <isin value="US544445CB39"/>
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        <balance>8775000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10122138.000000</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>2041-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY OF LOS ANGELES DEPARTMENT OF AIRPORTS</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CA DEPT OF ARPTS A LOSAPT 05/42 FIXED 5</title>
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          <isin value="US544445AW93"/>
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        <balance>1330000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1531774.300000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>CITY OF LOS ANGELES DEPARTMENT OF AIRPORTS</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CA DEPT OF ARPTS LOSAPT 05/40 FIXED 5</title>
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          <isin value="US544435K411"/>
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        <balance>1410000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1425157.500000</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</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>
        <name>CITY OF PALO ALTO CA</name>
        <lei>N/A</lei>
        <title>PALO ALTO CA PAT 08/40 FIXED 5</title>
        <cusip>697362TS0</cusip>
        <identifiers>
          <isin value="US697362TS02"/>
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        <balance>4825000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4841115.500000</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>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COACHELLA VALLEY UNIFIED SCHOOL DISTRICT/CA</name>
        <lei>N/A</lei>
        <title>COACHELLA VLY CA UNIF SCH DIST CHVSCD 08/37 FIXED 5</title>
        <cusip>189849HL9</cusip>
        <identifiers>
          <isin value="US189849HL95"/>
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        <balance>2575000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2825264.250000</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>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COUNTY OF UTAH UT</name>
        <lei>N/A</lei>
        <title>UTAH CNTY UT HOSP REVENUE UTSMED 05/43 FIXED 5</title>
        <cusip>917393AV2</cusip>
        <identifiers>
          <isin value="US917393AV29"/>
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        <balance>4700000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4839637.000000</valUSD>
        <pctVal>1.8767712</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>DESERT COMMUNITY COLLEGE DISTRICT</name>
        <lei>N/A</lei>
        <title>DESERT CMNTY CLG DIST CA DESHGR 08/43 FIXED 5</title>
        <cusip>250375HV7</cusip>
        <identifiers>
          <isin value="US250375HV79"/>
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        <balance>3375000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3784522.500000</valUSD>
        <pctVal>1.4676065</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>DUBLIN UNIFIED SCHOOL DISTRICT</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
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        <lei>N/A</lei>
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          <isin value="US26362VFB99"/>
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        <curCd>USD</curCd>
        <valUSD>6730904.000000</valUSD>
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          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>ELK GROVE FINANCE AUTHORITY</name>
        <lei>N/A</lei>
        <title>ELK GROVE CA FIN AUTH SPL TAX ELKGEN 09/38 FIXED 5</title>
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          <isin value="US287254DD57"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <securityLending>
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      <invstOrSec>
        <name>FRESNO UNIFIED SCHOOL DISTRICT EDUCATIONAL FACILITIES CORPORATION</name>
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          <isin value="US358232P754"/>
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        <curCd>USD</curCd>
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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>2041-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GOLDEN STATE TOBACCO SECURITIZATION</name>
        <lei>N/A</lei>
        <title>GOLDEN ST TOBACCO SECURITIZATI GLDGEN 06/40 FIXED 5</title>
        <cusip>38122NYJ5</cusip>
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          <isin value="US38122NYJ52"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8822510.550000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GOLDEN STATE TOBACCO SECURITIZATION</name>
        <lei>N/A</lei>
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        <cusip>38122NYP1</cusip>
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          <isin value="US38122NYP13"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>GOLDEN STATE TOBACCO SECURITIZATION</name>
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        <curCd>USD</curCd>
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          <annualizedRt>5</annualizedRt>
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        <name>ILLINOIS FINANCE AUTHORITY</name>
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        <curCd>USD</curCd>
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        <name>ILLINOIS FINANCE AUTHORITY</name>
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        <curCd>USD</curCd>
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        <name>MADERA UNIFIED SCHOOL DISTRICT</name>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MODESTO IRRIGATION DISTRICT</name>
        <lei>S6U6XLZ7IOWYIG8C8H50</lei>
        <title>MODESTO CA IRR DIST FING AUTH MODWTR 09/37 FLOATING VAR</title>
        <cusip>607769EL6</cusip>
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          <isin value="US607769EL61"/>
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        <curCd>USD</curCd>
        <valUSD>1463280.000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-09-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.864</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>OAKLAND UNIFIED SCHOOL DISTRICT/ALAMEDA COUNTY</name>
        <lei>N/A</lei>
        <title>OAKLAND CA UNIF SCH DIST ALAME OAKSCD 08/38 FIXED 6.625</title>
        <cusip>672325XA0</cusip>
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          <isin value="US672325XA05"/>
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        <curCd>USD</curCd>
        <valUSD>2830067.500000</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>2038-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.625</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OCEANSIDE CA UNI SCH DIS</name>
        <lei>N/A</lei>
        <title>OCEANSIDE CA UNIF SCH DIST OCESCD 08/45 ZEROCPNOID 0</title>
        <cusip>675383JW4</cusip>
        <identifiers>
          <isin value="US675383JW41"/>
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        <balance>33020000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5975299.200000</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>2045-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</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>
        <name>OXNARD SCHOOL DISTRICT</name>
        <lei>N/A</lei>
        <title>OXNARD CA SCH DIST OXNSCD 08/30 FIXED 5.75</title>
        <cusip>692020RF9</cusip>
        <identifiers>
          <isin value="US692020RF95"/>
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        <balance>770000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>858842.600000</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>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75</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>
        <name>PENNSYLVANIA TURNPIKE COMMISSION</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>PENNSYLVANIA ST TURNPIKE COMMI PASTRN 12/44 FIXED 5</title>
        <cusip>709224FT1</cusip>
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          <isin value="US709224FT16"/>
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        <balance>2100000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2348409.000000</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>2044-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ABAG FIN AUTH FOR NONPROFIT CORPS</name>
        <lei>549300EWVCCTI6O2KU84</lei>
        <title>ABAG CA FIN AUTH FOR NONPROFIT AFAGEN 01/33 FIXED 5</title>
        <cusip>00037CVB3</cusip>
        <identifiers>
          <isin value="US00037CVB35"/>
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        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1101000.000000</valUSD>
        <pctVal>0.4269587</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>ABAG FIN AUTH FOR NONPROFIT CORPS</name>
        <lei>549300EWVCCTI6O2KU84</lei>
        <title>ABAG CA FIN AUTH FOR NONPROFIT AFAGEN 09/37 FIXED OID 6</title>
        <cusip>00037CPY0</cusip>
        <identifiers>
          <isin value="US00037CPY02"/>
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        <balance>4625000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4662462.500000</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>2037-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PORT OF OAKLAND</name>
        <lei>N/A</lei>
        <title>PORT OF OAKLAND CA PTOTRN 05/33 FIXED 5</title>
        <cusip>735000RD5</cusip>
        <identifiers>
          <isin value="US735000RD56"/>
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        <balance>2500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2614125.000000</valUSD>
        <pctVal>1.0137360</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>
        <name>PUBLIC FACILITIES FINANCING AUTHORITY OF THE CITY OF SAN DIEGO</name>
        <lei>N/A</lei>
        <title>SAN DIEGO CA PUBLIC FACS FING SDOFAC 04/29 FIXED 5.25</title>
        <cusip>797299GB4</cusip>
        <identifiers>
          <isin value="US797299GB44"/>
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        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1087540.000000</valUSD>
        <pctVal>0.4217390</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</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>
      <invstOrSec>
        <name>REGENTS OF THE UNIVERSITY OF CALIFORNIA MEDICAL CENTER POOLED REVENUE</name>
        <lei>N/A</lei>
        <title>UNIV OF CALIFORNIA CA RGTS MED UNVHGR 05/41 FIXED 5</title>
        <cusip>913366HK9</cusip>
        <identifiers>
          <isin value="US913366HK92"/>
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        <balance>3750000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4390987.500000</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>2041-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>REGENTS OF THE UNIVERSITY OF CALIFORNIA MEDICAL CENTER POOLED REVENUE</name>
        <lei>N/A</lei>
        <title>UNIV OF CALIFORNIA CA RGTS MED UNVHGR 05/43 FIXED OID 5</title>
        <cusip>913366GF1</cusip>
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          <isin value="US913366GF17"/>
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        <balance>2090000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2273418.400000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SACRAMENTO COUNTY SANITATION DISTRICTS FINANCING AUTHORITY</name>
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        <title>SACRAMENTO CNTY CA SANTN DISTS SACUTL 12/35 FLOATING VAR</title>
        <cusip>786134PG5</cusip>
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        <balance>9525000.000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2035-12-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.765</annualizedRt>
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        <name>SACRAMENTO COUNTY SANITATION DISTRICTS FINANCING AUTHORITY</name>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SACRAMENTO COUNTY WATER FINANCING AUTHORITY</name>
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          <isin value="US78615RCU59"/>
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        <balance>2000000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1851380.000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>SAN BERNARDINO CITY UNIFIED SCHOOL DISTRICT</name>
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        <balance>5475000.000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAN DIEGO COUNTY REGIONAL AIRPORT AUTHORITY</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>3758944.800000</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>2047-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>
        <name>SAN DIEGO COUNTY REGIONAL TRANSPORTATION COMMISSION</name>
        <lei>W4FR340A6EQ2SSI17B56</lei>
        <title>SAN DIEGO CNTY CA REGL TRANSPR SDGTRN 04/48 FIXED 5</title>
        <cusip>797400HN1</cusip>
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          <isin value="US797400HN11"/>
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        <balance>5900000.000000</balance>
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        <curCd>USD</curCd>
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        <name>SAN FRANCISCO CITY &amp; COUNTY AIRPORT COMM-SAN FRANCISCO INTERNATIONAL AIRPORT</name>
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        <name>SAN FRANCISCO CITY &amp; COUNTY AIRPORT COMM-SAN FRANCISCO INTERNATIONAL AIRPORT</name>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>SAN FRANCISCO CITY &amp; COUNTY AIRPORT COMM-SAN FRANCISCO INTERNATIONAL AIRPORT</name>
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      <invstOrSec>
        <name>SAN MATEO UNION HIGH SCHOOL DISTRICT</name>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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        <name>TULARE COUNTY BOARD OF EDUCATION</name>
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      <invstOrSec>
        <name>UNIVERSITY OF CALIFORNIA</name>
        <lei>N/A</lei>
        <title>UNIV OF CALIFORNIA CA REVENUES UNVHGR 05/42 FIXED 5</title>
        <cusip>91412GHZ1</cusip>
        <identifiers>
          <isin value="US91412GHZ19"/>
        </identifiers>
        <balance>4570000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4919970.600000</valUSD>
        <pctVal>1.9079239</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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</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>WASCO UNION SCHOOL DISTRICT</name>
        <lei>N/A</lei>
        <title>WASCO CA UNION SCH DIST WASSCD 08/43 FIXED 5</title>
        <cusip>936822DK8</cusip>
        <identifiers>
          <isin value="US936822DK87"/>
        </identifiers>
        <balance>2165000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2408129.500000</valUSD>
        <pctVal>0.9338527</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>WASCO UNION SCHOOL DISTRICT</name>
        <lei>N/A</lei>
        <title>WASCO CA UNION SCH DIST WASSCD 08/43 FIXED 5</title>
        <cusip>936822EK7</cusip>
        <identifiers>
          <isin value="US936822EK78"/>
        </identifiers>
        <balance>1575000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1751872.500000</valUSD>
        <pctVal>0.6793617</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>ANAHEIM HOUSING &amp; PUBLIC IMPROVEMENTS AUTHORITY</name>
        <lei>N/A</lei>
        <title>ANAHEIM CA HSG   PUBLIC IMPT A ANAHSG 10/34 FIXED 5</title>
        <cusip>032556DY5</cusip>
        <identifiers>
          <isin value="US032556DY57"/>
        </identifiers>
        <balance>1045000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1104063.400000</valUSD>
        <pctVal>0.4281467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>ANAHEIM HOUSING &amp; PUBLIC IMPROVEMENTS AUTHORITY</name>
        <lei>N/A</lei>
        <title>ANAHEIM CA HSG   PUBLIC IMPT A ANAHSG 10/34 FIXED 5</title>
        <cusip>032556EQ1</cusip>
        <identifiers>
          <isin value="US032556EQ15"/>
        </identifiers>
        <balance>1420000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1500258.400000</valUSD>
        <pctVal>0.5817878</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>ARCADIA UNIFIED SCHOOL DISTRICT/CA</name>
        <lei>N/A</lei>
        <title>ARCADIA CA UNIF SCH DIST ADASCD 06/44 FIXED 5</title>
        <cusip>039069GL7</cusip>
        <identifiers>
          <isin value="US039069GL70"/>
        </identifiers>
        <balance>1190000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1297671.200000</valUSD>
        <pctVal>0.5032262</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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="A negative balance, which may be due to such circumstances as a net overdraft as of the reporting period-end, is reported as $0 in Item B.2.f - Cash and cash equivalents not reported in Parts C and D.  This is done in order to conform to the technical constraints of the XML type, which do not allow negative values in B.2.f." noteItem="B.2.f"/>
      <explntrNote note="Total returns do not deduct sales loads and redemption fees." noteItem="B.5.a"/>
      <explntrNote note="To the extent an instrument's maturity date, termination date, expiration date, or settlement date does not exist or is not available as of period end, and is required for reporting, the registrant will disclose 12/31/2500." noteItem="C.11.c.vi"/>
      <explntrNote note="To the extent an instrument's maturity date, termination date, expiration date, or settlement date does not exist or is not available as of period end, and is required for reporting, the registrant will disclose 12/31/2500." noteItem="C.11.d.iii"/>
      <explntrNote note="To the extent an instrument's maturity date, termination date, expiration date, or settlement date does not exist or is not available as of period end, and is required for reporting, the registrant will disclose 12/31/2500." noteItem="C.11.e.iii"/>
      <explntrNote note="To the extent an instrument's maturity date, termination date, expiration date, or settlement date does not exist or is not available as of period end, and is required for reporting, the registrant will disclose 12/31/2500." noteItem="C.11.f.ii"/>
      <explntrNote note="The form requires the filer to report ISO country codes and certain supranational entities are not on the ISO country code list.  Instruments issued by or economic exposure to a supranational entity may be disclosed as N/A." noteItem="C.5.a"/>

    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-08-04</ncom:dateSigned>
      <ncom:nameOfApplicant>PIMCO Funds</ncom:nameOfApplicant>
      <ncom:signature>/s/ Jason Nagler</ncom:signature>
      <ncom:signerName>Jason Nagler</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
