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          <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>CALIFORNIA STATE PUBLIC WORKS BOARD</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST PUBLIC WKS BRD L CASFAC 09/39 FIXED 5</title>
        <cusip>13068LNA9</cusip>
        <identifiers>
          <isin value="US13068LNA97"/>
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        <balance>2575000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2585434.930000</valUSD>
        <pctVal>1.0956988</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-09-01</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>CALIFORNIA STATE PUBLIC WORKS BOARD</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST PUBLIC WKS BRD L CASFAC 11/46 FIXED 4</title>
        <cusip>13068XDF3</cusip>
        <identifiers>
          <isin value="US13068XDF33"/>
        </identifiers>
        <balance>3000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2742180.300000</valUSD>
        <pctVal>1.1621270</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STWD CMNTYS DEV AUT CASGEN 08/46 FIXED 5</title>
        <cusip>13080SMS0</cusip>
        <identifiers>
          <isin value="US13080SMS04"/>
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        <balance>2175000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2183299.800000</valUSD>
        <pctVal>0.9252753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-15</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>CAMBRIAN SCHOOL DISTRICT</name>
        <lei>N/A</lei>
        <title>CAMBRIAN CA SCH DIST CMBSCD 08/46 FIXED 5</title>
        <cusip>132123NK2</cusip>
        <identifiers>
          <isin value="US132123NK20"/>
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        <balance>1750000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1799440.480000</valUSD>
        <pctVal>0.7625970</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</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>CASCADE UNION ELEMENTARY SCHOOL DISTRICT</name>
        <lei>N/A</lei>
        <title>CASCADE CA UNION ELEM SCH DIST CCDSCD 08/46 FIXED 5.5</title>
        <cusip>147168EU8</cusip>
        <identifiers>
          <isin value="US147168EU80"/>
        </identifiers>
        <balance>1150000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1227458.480000</valUSD>
        <pctVal>0.5201929</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>5.5</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>CENTRAL SCHOOL DISTRICT</name>
        <lei>N/A</lei>
        <title>CENTRL CA SCH DIST SAN BERNARD CENSCD 08/44 ZEROCPNOID 0</title>
        <cusip>155105PP8</cusip>
        <identifiers>
          <isin value="US155105PP83"/>
        </identifiers>
        <balance>1275000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>430436.050000</valUSD>
        <pctVal>0.1824174</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</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>CENTRAL UN HIGH SCH DIST CALIF IMPERIAL</name>
        <lei>N/A</lei>
        <title>CENTRL CA UNION HIGH SCH DISTI CENSCD 08/49 FIXED 4</title>
        <cusip>155663KR7</cusip>
        <identifiers>
          <isin value="US155663KR72"/>
        </identifiers>
        <balance>2000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1802171.200000</valUSD>
        <pctVal>0.7637542</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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 OHARE INTERNATIONAL AIRPORT</name>
        <lei>N/A</lei>
        <title>CHICAGO IL O HARE INTERNATIONA CHITRN 01/46 FIXED 5</title>
        <cusip>167593SE3</cusip>
        <identifiers>
          <isin value="US167593SE38"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>979065.700000</valUSD>
        <pctVal>0.4149248</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-01-01</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 01/26 FIXED 5</title>
        <cusip>167615S46</cusip>
        <identifiers>
          <isin value="US167615S466"/>
        </identifiers>
        <balance>605000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>603489.800000</valUSD>
        <pctVal>0.2557570</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>
        </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 01/26 FIXED 5</title>
        <cusip>167615TK9</cusip>
        <identifiers>
          <isin value="US167615TK90"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>997503.800000</valUSD>
        <pctVal>0.4227388</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>
        </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 01/30 FIXED 5</title>
        <cusip>167615Q63</cusip>
        <identifiers>
          <isin value="US167615Q635"/>
        </identifiers>
        <balance>655000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>656518.620000</valUSD>
        <pctVal>0.2782304</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>
        </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 01/30 FIXED 5</title>
        <cusip>167615R62</cusip>
        <identifiers>
          <isin value="US167615R625"/>
        </identifiers>
        <balance>345000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>342880.460000</valUSD>
        <pctVal>0.1453116</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>
        </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 01/35 FIXED 5</title>
        <cusip>167615Q89</cusip>
        <identifiers>
          <isin value="US167615Q890"/>
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        <balance>655000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>656518.620000</valUSD>
        <pctVal>0.2782304</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>
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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>167615R88</cusip>
        <identifiers>
          <isin value="US167615R880"/>
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        <balance>345000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>340048.150000</valUSD>
        <pctVal>0.1441113</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>
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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>167615R70</cusip>
        <identifiers>
          <isin value="US167615R708"/>
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        <balance>805000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>788944.520000</valUSD>
        <pctVal>0.3343521</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHOWCHILLA UNION HIGH SCHOOL DISTRICT</name>
        <lei>N/A</lei>
        <title>CHOWCHILLA CA UNION HIGH SCH D CHOSCD 08/52 FIXED 5.5</title>
        <cusip>170484DD8</cusip>
        <identifiers>
          <isin value="US170484DD81"/>
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        <balance>2000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2143490.600000</valUSD>
        <pctVal>0.9084043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</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>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>1520463.400000</valUSD>
        <pctVal>0.6443674</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITY OF LONG BEACH CA HARBOR REVENUE</name>
        <lei>N/A</lei>
        <title>LONG BEACH CA HARBOR REVENUE LONTRN 05/44 FIXED 5</title>
        <cusip>542424VW3</cusip>
        <identifiers>
          <isin value="US542424VW30"/>
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        <balance>3000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3107053.200000</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>2044-05-15</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>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>
        <cusip>544445CB3</cusip>
        <identifiers>
          <isin value="US544445CB39"/>
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        <balance>8775000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8761773.440000</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>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITY OF MARINA CA</name>
        <lei>N/A</lei>
        <title>MARINA CALIF CTFS PARTN MRNGEN 05/47 FIXED 5.25</title>
        <cusip>568050AS7</cusip>
        <identifiers>
          <isin value="US568050AS78"/>
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        <balance>2000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2055202.800000</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>2047-05-01</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>COSUMNES COMMUNITY SERVICES DISTRICT</name>
        <lei>N/A</lei>
        <title>COSUMNES CMNTY SVCS DIST CA LE CCSFAC 11/42 FIXED 5</title>
        <cusip>22162CBJ9</cusip>
        <identifiers>
          <isin value="US22162CBJ99"/>
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        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1026296.900000</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>2042-11-01</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>DISCOVERY BAY PUBLIC FINANCING AUTHORITY</name>
        <lei>N/A</lei>
        <title>DISCOVERY BAY CA PUBLIC FING A DISGEN 12/42 FIXED 5</title>
        <cusip>25471TCG6</cusip>
        <identifiers>
          <isin value="US25471TCG67"/>
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        <balance>1005000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1060232.890000</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>2042-12-01</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>EL CENTRO ELEMENTARY SCHOOL DISTRICT</name>
        <lei>N/A</lei>
        <title>EL CENTRO CA ELEM SCH DIST ECNSCD 08/47 FIXED 5</title>
        <cusip>28282PDZ4</cusip>
        <identifiers>
          <isin value="US28282PDZ45"/>
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        <balance>1315000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1334798.900000</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</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>ELK GROVE FINANCE AUTHORITY</name>
        <lei>N/A</lei>
        <title>ELK GROVE CA FIN AUTH LEASE RE ELKGEN 11/42 FIXED 5</title>
        <cusip>287259CQ6</cusip>
        <identifiers>
          <isin value="US287259CQ66"/>
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        <balance>1385000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1448080.520000</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>2042-11-01</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>ELK GROVE FINANCE AUTHORITY</name>
        <lei>N/A</lei>
        <title>ELK GROVE CA FIN AUTH SPL TAX ELKGEN 09/38 FIXED 5</title>
        <cusip>287254DD5</cusip>
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          <isin value="US287254DD57"/>
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        <balance>1500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1524084.000000</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>2038-09-01</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>FALLBROOK CA UN HIGH SCH DIST SD CNTY</name>
        <lei>N/A</lei>
        <title>FALLBROOK CA UNION HIGH SCH DI FALSCD 08/46 FIXED 4</title>
        <cusip>306477NC0</cusip>
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          <isin value="US306477NC06"/>
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        <balance>2000000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1833459.200000</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>2046-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>PIMCO FUNDS</name>
        <lei>LWVQWTQCFH3YG7CVH718</lei>
        <title>PIMCO PRV SHORT TERM FLT III MUTUAL FUND</title>
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        <identifiers>
          <isin value="US72201W1541"/>
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        <balance>1925838.880000</balance>
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        <curCd>USD</curCd>
        <valUSD>18721079.770000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FORT WAYNE IND REDEV AUTH HARRISON SQUARE PROJ-SER A</name>
        <lei>N/A</lei>
        <title>FORT WAYNE IN REDEV AUTH LEASE FORDEV 12/41 FIXED 5</title>
        <cusip>349288JS0</cusip>
        <identifiers>
          <isin value="US349288JS03"/>
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        <balance>2050000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2114286.160000</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>2041-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>
      <invstOrSec>
        <name>STIF (USD)</name>
        <lei>N/A</lei>
        <title>FIDELITY GOVERNMENT PORTFOLIO FIDELITY INV MMKT GOVT I</title>
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          <isin value="US3161751082"/>
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        <balance>318861.730000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>318861.730000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GOLDEN STATE TOBACCO SECURITIZATION</name>
        <lei>N/A</lei>
        <title>GOLDEN ST TOBACCO SECURITIZATI GLDGEN 06/40 FIXED 5</title>
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          <isin value="US38122NYP13"/>
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        <balance>4340000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4435662.710000</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IRVINE FACILITIES FINANCING AUTHORITY</name>
        <lei>N/A</lei>
        <title>IRVINE CA FACS FING AUTH SPL T IRGFAC 09/48 FIXED 5</title>
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          <isin value="US46360WAU09"/>
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        <balance>2000000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2083591.000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ABAG FIN AUTH FOR NONPROFIT CORPS</name>
        <lei>549300EWVCCTI6O2KU84</lei>
        <title>ABAG CA FIN AUTH FOR NONPROFIT AFAGEN 08/43 FIXED 5</title>
        <cusip>00037CVN7</cusip>
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          <isin value="US00037CVN72"/>
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        <balance>2455000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2457459.660000</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>2043-08-01</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LA HONDA PESCADERO UNIFIED SCHOOL DISTRICT</name>
        <lei>N/A</lei>
        <title>LA HONDA PESCADERO CA UNIF SCH LHNSCD 04/42 ZEROCPNOID 0</title>
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        <identifiers>
          <isin value="US50346CDM01"/>
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        <balance>2215000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>847703.090000</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>2042-04-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</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>LA MESA-SPRING VALLEY SCHOOL DISTRICT</name>
        <lei>N/A</lei>
        <title>LA MESA SPRING VLY CA SCH DIST LMSSCD 08/47 FIXED 5</title>
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        <identifiers>
          <isin value="US503678SE57"/>
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        <balance>1275000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1305774.170000</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</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>LAKE ELSINORE FACILITIES FINANCING AUTHORITY SUCCESSOR AGENCY</name>
        <lei>N/A</lei>
        <title>LAKE ELSINORE CA FACS FING AUT LELFAC 04/47 FIXED 5.25</title>
        <cusip>509627BP9</cusip>
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          <isin value="US509627BP94"/>
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        <balance>2000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2030067.200000</valUSD>
        <pctVal>0.8603358</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LEMON GROVE SCHOOL DISTRICT</name>
        <lei>N/A</lei>
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        <cusip>525651JN6</cusip>
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          <isin value="US525651JN69"/>
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        <balance>1170000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1199313.300000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-01</maturityDt>
          <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>LIVERMORE CALIF CTFS PARTN</name>
        <lei>549300GFYJPMDMABG210</lei>
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        <cusip>538164LP7</cusip>
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          <isin value="US538164LP74"/>
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        <balance>1330000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1350405.390000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LOS ANGELES CALIF HBR DEPT REV</name>
        <lei>N/A</lei>
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        <cusip>544552XH0</cusip>
        <identifiers>
          <isin value="US544552XH03"/>
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        <curCd>USD</curCd>
        <valUSD>2508744.750000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LOS ANGELES COUNTY PUBLIC WORKS FINANCING AUTHORITY</name>
        <lei>N/A</lei>
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        <cusip>54473EQU1</cusip>
        <identifiers>
          <isin value="US54473EQU19"/>
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        <balance>1145000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1151158.960000</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>2044-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LOS ANGELES DEPARTMENT OF WATER &amp; POWER WATER SYSTEM REVENUE</name>
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        <cusip>544525M47</cusip>
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          <isin value="US544525M472"/>
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        <balance>2000000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2092695.400000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>LOS ANGELES UNIFIED SCHOOL DISTRICT/CA</name>
        <lei>N/A</lei>
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        <cusip>544647GD6</cusip>
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        <balance>1915000.000000</balance>
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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>2047-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>MADERA UNIFIED SCHOOL DISTRICT</name>
        <lei>N/A</lei>
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        <cusip>556454CA2</cusip>
        <identifiers>
          <isin value="US556454CA24"/>
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        <balance>2250000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2250552.380000</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</annualizedRt>
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      <invstOrSec>
        <name>MADERA UNIFIED SCHOOL DISTRICT</name>
        <lei>N/A</lei>
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        <cusip>556454CB0</cusip>
        <identifiers>
          <isin value="US556454CB07"/>
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        <balance>4165000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4166531.470000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>MADERA UNIFIED SCHOOL DISTRICT</name>
        <lei>N/A</lei>
        <title>MADERA CA UNIF SCH DIST COPS MADEDU 09/45 FIXED 5</title>
        <cusip>556454CD6</cusip>
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          <isin value="US556454CD62"/>
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        <curCd>USD</curCd>
        <valUSD>2500823.750000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>MCFARLAND UNIFIED SCHOOL DISTRICT</name>
        <lei>N/A</lei>
        <title>MCFARLAND CA UNIF SCH DIST MCFSCD 11/49 FIXED 5.25</title>
        <cusip>580415NH6</cusip>
        <identifiers>
          <isin value="US580415NH63"/>
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        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1027936.400000</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>2049-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>MERCED CNTY CALIF CTFS PARTN</name>
        <lei>N/A</lei>
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          <isin value="US587657FV42"/>
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        <balance>1750000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1557200.050000</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>2045-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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      <invstOrSec>
        <name>MODESTO CALIF ELEM SCH DIST</name>
        <lei>N/A</lei>
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          <isin value="US607735ES24"/>
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        <balance>2480000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2597358.310000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2047-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <name>MODESTO IRRIGATION 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>
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          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Floating</couponKind>
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        <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>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
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          <couponKind>Floating</couponKind>
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        <name>ALAMEDA CALIF PUB FING AUTH REV</name>
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        <cusip>010808CW1</cusip>
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        <assetCat>DBT</assetCat>
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        <name>ONTARIO PUBLIC FINANCING AUTHORITY</name>
        <lei>N/A</lei>
        <title>ONTARIO PUB FING AUTH LEASE RE OPFGEN 11/47 FIXED 5</title>
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        <curCd>USD</curCd>
        <valUSD>1026125.100000</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>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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        <name>ONTARIO PUBLIC FINANCING AUTHORITY</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>1018390.200000</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>
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        <name>PENNSYLVANIA TURNPIKE COMMISSION</name>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>PITTSBURG LOS MEDANOS CMNTY DEV PROJ</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>PITTSBURG PUBLIC FINANCING AUTHORITY</name>
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      <invstOrSec>
        <name>PITTSBURG UNIFIED SCHOOL DISTRICT</name>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PUBLIC FACILITIES FINANCING AUTHORITY OF THE CITY OF SAN DIEGO</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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        <securityLending>
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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>
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          <isin value="US79730CLM46"/>
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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>2048-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RAVENSWOOD CALIF CITY SCH DIST BOND PROG</name>
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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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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ALUM ROCK UNION ELEMENTARY SCHOOL DISTRICT</name>
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          <isin value="US022168RG54"/>
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        <curCd>USD</curCd>
        <valUSD>1259229.090000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>REGENTS OF THE UNIVERSITY OF CALIFORNIA MEDICAL CENTER POOLED REVENUE</name>
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        <title>UNIV OF CALIFORNIA CA RGTS MED UNVHGR 05/41 FIXED 5</title>
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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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>REGENTS OF THE UNIVERSITY OF CALIFORNIA MEDICAL CENTER POOLED REVENUE</name>
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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>RIVERSIDE COUNTY TRANSPORTATION COMMISSION</name>
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        <curCd>USD</curCd>
        <valUSD>860921.520000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>RIVERSIDE COUNTY TRANSPORTATION COMMISSION</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ROWLAND UNIFIED SCHOOL DISTRICT</name>
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        <name>SACRAMENTO COUNTY SANITATION DISTRICTS FINANCING AUTHORITY</name>
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        <name>SAN BERNARDINO CITY UNIFIED SCHOOL DISTRICT</name>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>SAN DIEGO COUNTY REGIONAL AIRPORT AUTHORITY</name>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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        <name>SAN DIEGO COUNTY REGIONAL AIRPORT 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>SAN DIEGO COUNTY REGIONAL TRANSPORTATION COMMISSION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SAN FRANCISCO CITY &amp; COUNTY AIRPORT COMM-SAN FRANCISCO INTERNATIONAL AIRPORT</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAN FRANCISCO CITY &amp; COUNTY AIRPORT COMM-SAN FRANCISCO INTERNATIONAL AIRPORT</name>
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          <isin value="US79766DFF15"/>
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        <curCd>USD</curCd>
        <valUSD>1519872.240000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAN FRANCISCO CITY &amp; COUNTY AIRPORT COMM-SAN FRANCISCO INTERNATIONAL AIRPORT</name>
        <lei>54930055TIDYHNDP4F84</lei>
        <title>SAN FRANCISCO CALIF CITY  CNTY SFOAPT 05/44 FIXED 5</title>
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          <isin value="US79766DRH43"/>
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        <balance>3125000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3079958.750000</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>2044-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAN FRANCISCO CITY &amp; COUNTY AIRPORT COMM-SAN FRANCISCO INTERNATIONAL AIRPORT</name>
        <lei>54930055TIDYHNDP4F84</lei>
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          <isin value="US79766DGF06"/>
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        <balance>4450000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4438655.170000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>SAN JOAQUIN COUNTY TRANSPORTATION AUTHORITY MEASURE K SALES TAX REVENUE</name>
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        <curCd>USD</curCd>
        <valUSD>1037060.500000</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>2040-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SAN JOSE CALIF FING AUTH LEASE REV</name>
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        <cusip>79816NAZ0</cusip>
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          <isin value="US79816NAZ06"/>
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        <balance>2000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2116026.600000</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>2047-11-01</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>SAN JUAN UNIFIED SCHOOL DISTRICT</name>
        <lei>N/A</lei>
        <title>SAN JUAN CA UNIF SCH DIST SJNSCD 08/40 FIXED 5</title>
        <cusip>798306YT7</cusip>
        <identifiers>
          <isin value="US798306YT74"/>
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        <balance>1000000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1063959.700000</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>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <invstOrSec>
        <name>SAN JUAN UNIFIED SCHOOL DISTRICT</name>
        <lei>N/A</lei>
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        <cusip>798306YU4</cusip>
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          <isin value="US798306YU48"/>
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        <balance>1035000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1094701.490000</valUSD>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SAN JUAN UNIFIED SCHOOL DISTRICT</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>SAN LEANDRO UNIFIED SCHOOL DISTRICT</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>SANGER UNIFIED SCHOOL DISTRICT</name>
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        <invCountry>US</invCountry>
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        <name>SANTA MONICA COMMUNITY COLLEGE DISTRICT</name>
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      <invstOrSec>
        <name>SANTA RITA UNION ELEMENTARY SCHOOL DISTRICT SCH FACS IMPROVEMENT DIST NO 2022-1</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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        <securityLending>
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      <invstOrSec>
        <name>SOUTH BAY UNION SCHOOL DISTRICT/SAN DIEGO COUNTY</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>
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          <couponKind>None</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>SOUTH TAHOE JOINT POWERS FINAN</name>
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        <name>SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</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>STOCKTON UNIFIED SCHOOL DISTRICT</name>
        <lei>N/A</lei>
        <title>STOCKTON CA UNIF SCH DIST STOSCD 07/27 FIXED 5</title>
        <cusip>861419ST7</cusip>
        <identifiers>
          <isin value="US861419ST72"/>
        </identifiers>
        <balance>775000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>775438.880000</valUSD>
        <pctVal>0.3286284</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</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>SWEETWATER UNION HIGH SCHOOL DISTRICT</name>
        <lei>N/A</lei>
        <title>SWEETWATER CA UNION HIGH SCH D SWESCD 08/52 FIXED 5</title>
        <cusip>870462UG1</cusip>
        <identifiers>
          <isin value="US870462UG13"/>
        </identifiers>
        <balance>2000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2046441.400000</valUSD>
        <pctVal>0.8672751</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-08-01</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>TRIBOROUGH BRIDGE AND TUNNEL AUTHORITY</name>
        <lei>54930020ZN4LQF7K3456</lei>
        <title>TRIBOROUGH NY BRIDGE   TUNNEL TRBTRN 05/47 FIXED 5</title>
        <cusip>89602HDP9</cusip>
        <identifiers>
          <isin value="US89602HDP91"/>
        </identifiers>
        <balance>4145000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4228638.640000</valUSD>
        <pctVal>1.7920831</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-05-15</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>UKIAH UNIFIED SCHOOL DISTRICT/CA</name>
        <lei>N/A</lei>
        <title>UKIAH CA UNIF SCH DIST UKISCD 08/49 FIXED 5.5</title>
        <cusip>903698EU8</cusip>
        <identifiers>
          <isin value="US903698EU85"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1053073.100000</valUSD>
        <pctVal>0.4462889</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</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 10/47 FIXED 5</title>
        <cusip>032556KB7</cusip>
        <identifiers>
          <isin value="US032556KB71"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1026112.700000</valUSD>
        <pctVal>0.4348632</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-10-01</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 10/47 FIXED 5</title>
        <cusip>032556MS8</cusip>
        <identifiers>
          <isin value="US032556MS88"/>
        </identifiers>
        <balance>2925000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3000300.030000</valUSD>
        <pctVal>1.2715173</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-10-01</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>ANTELOPE VALLEY COMMUNITY COLLEGE DISTRICT</name>
        <lei>N/A</lei>
        <title>ANTELOPE VLY CA CMNTY CLG DIST ANVHGR 08/41 ZEROCPNOID 0</title>
        <cusip>03667PJQ6</cusip>
        <identifiers>
          <isin value="US03667PJQ63"/>
        </identifiers>
        <balance>2000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>802641.400000</valUSD>
        <pctVal>0.3401568</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>None</couponKind>
          <annualizedRt>0</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>UNIVERSITY OF CALIFORNIA</name>
        <lei>N/A</lei>
        <title>UNIV OF CALIFORNIA CA REVENUES UNVHGR 05/33 FIXED 4</title>
        <cusip>91412GYS8</cusip>
        <identifiers>
          <isin value="US91412GYS82"/>
        </identifiers>
        <balance>2700000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2704721.220000</valUSD>
        <pctVal>1.1462520</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>UNIVERSITY OF CALIFORNIA</name>
        <lei>N/A</lei>
        <title>UNIV OF CALIFORNIA CA REVENUES UNVHGR 05/39 FIXED 4.25</title>
        <cusip>91412GUR4</cusip>
        <identifiers>
          <isin value="US91412GUR46"/>
        </identifiers>
        <balance>4000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3964176.800000</valUSD>
        <pctVal>1.6800051</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25</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>UNIVERSITY OF CALIFORNIA</name>
        <lei>N/A</lei>
        <title>UNIV OF CALIFORNIA CA REVENUES UNVHGR 05/42 FIXED 5</title>
        <cusip>91412G2K0</cusip>
        <identifiers>
          <isin value="US91412G2K09"/>
        </identifiers>
        <balance>2655000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2712863.870000</valUSD>
        <pctVal>1.1497028</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>UPPER TRINITY REGIONAL WATER DISTRICT</name>
        <lei>N/A</lei>
        <title>UPPER TRINITY TX REGL WTR DIST UPTWTR 08/42 FIXED 5</title>
        <cusip>916675FE6</cusip>
        <identifiers>
          <isin value="US916675FE67"/>
        </identifiers>
        <balance>1160000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1181300.500000</valUSD>
        <pctVal>0.5006313</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</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>UTAH INFRASTRUCTURE AGENCY</name>
        <lei>549300WD2FDRNXU16V82</lei>
        <title>UTAH ST INFRASTRUCTURE AGY TEL UTSFAC 10/49 FIXED 5.5</title>
        <cusip>917472AP7</cusip>
        <identifiers>
          <isin value="US917472AP70"/>
        </identifiers>
        <balance>1350000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1384853.220000</valUSD>
        <pctVal>0.5868962</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</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>WARREN CITY SCHOOL DISTRICT</name>
        <lei>N/A</lei>
        <title>WARREN OH CITY SCH DIST COPS WARSCD 12/52 FIXED OID 4.625</title>
        <cusip>935480AP8</cusip>
        <identifiers>
          <isin value="US935480AP80"/>
        </identifiers>
        <balance>2000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1704292.600000</valUSD>
        <pctVal>0.7222736</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.625</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>YORBA LINDA WATER DISTRICT PUBLIC FINANCING CORPORATION</name>
        <lei>N/A</lei>
        <title>YORBA LINDA CA WTR DIST FING A YORWTR 10/47 FIXED 5</title>
        <cusip>98618FBU7</cusip>
        <identifiers>
          <isin value="US98618FBU75"/>
        </identifiers>
        <balance>1820000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1891922.580000</valUSD>
        <pctVal>0.8017906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-10-01</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>
    </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>2023-11-14</ncom:dateSigned>
      <ncom:nameOfApplicant>PIMCO Funds</ncom:nameOfApplicant>
      <ncom:signature>/s/ Bijal Parikh</ncom:signature>
      <ncom:signerName>Bijal Parikh</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
