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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA ST MUNI FIN AUTH RE CA MUNI FIN AUTH REF</title>
        <cusip>13048VR83</cusip>
        <identifiers>
          <isin value="US13048VR830"/>
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        <balance>380000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>417185.050000</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>2036-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HARRIS MONTGOMERY COUNTIES MUNICIPAL UTILITY DISTRICT NO 386</name>
        <lei>N/A</lei>
        <title>HARRIS MONTGOMERY CNTYS TX MUN HARUTL 09/26 FIXED 3</title>
        <cusip>41456PJV0</cusip>
        <identifiers>
          <isin value="US41456PJV04"/>
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        <balance>870000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>865867.410000</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>2026-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</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>MISSISSIPPI DEVELOPMENT BANK</name>
        <lei>549300122LOI8CB50V38</lei>
        <title>MISSISSIPPI DEV BK SPL OBLIG MSSDEV 04/31 FIXED 5</title>
        <cusip>60534XPX8</cusip>
        <identifiers>
          <isin value="US60534XPX83"/>
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        <balance>1485000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1601333.710000</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>2031-04-01</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>ARLINGTON HEIGHTS VILLAGE OF</name>
        <lei>N/A</lei>
        <title>ARLINGTON HEIGHTS IL ARL 12/36 FIXED 4</title>
        <cusip>041447D59</cusip>
        <identifiers>
          <isin value="US041447D591"/>
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        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000839.200000</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>2036-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>VANCOUVER HOUSING AUTHORITY</name>
        <lei>N/A</lei>
        <title>VANCOUVER WA HSG AUTH MF REVEN VANMFH 10/27 FIXED 5</title>
        <cusip>92162PAD7</cusip>
        <identifiers>
          <isin value="US92162PAD78"/>
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        <balance>1055000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1079460.490000</valUSD>
        <pctVal>1.32493</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-01</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>OWEN COUNTY SCHOOL DISTRICT FINANCE CORP</name>
        <lei>N/A</lei>
        <title>OWEN CNTY KY SCH DIST FIN CORP OWNEDU 04/26 FIXED 4</title>
        <cusip>690689JY1</cusip>
        <identifiers>
          <isin value="US690689JY15"/>
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        <balance>1270000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1282662.660000</valUSD>
        <pctVal>1.57434</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>COOK COUNTY SCHOOL DISTRICT NO 26 RIVER TRAILS</name>
        <lei>N/A</lei>
        <title>COOK CNTY IL SCH DIST 12/35 5</title>
        <cusip>213345LZ2</cusip>
        <identifiers>
          <isin value="US213345LZ25"/>
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        <balance>250000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>271293.130000</valUSD>
        <pctVal>0.332985</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>ANTELOPE VALLEY COMMUNITY COLLEGE DISTRICT</name>
        <lei>N/A</lei>
        <title>ANTELOPE VLY CA CMNTY CLG DIST ANVHGR 08/36 ZEROCPNOID 0</title>
        <cusip>03667PJK9</cusip>
        <identifiers>
          <isin value="US03667PJK93"/>
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        <balance>945000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>581149.580000</valUSD>
        <pctVal>0.713302</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LAKE CNTY ILL CMNTY UNIT SCH DIST NO 60</name>
        <lei>N/A</lei>
        <title>LAKE CNTY IL CMNTY UNIT SCH DI LAKSCD 01/37 FIXED 5</title>
        <cusip>508655KQ9</cusip>
        <identifiers>
          <isin value="US508655KQ99"/>
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        <balance>1675000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1800241.760000</valUSD>
        <pctVal>2.20961</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>CLACKAMAS &amp; WASHINGTON COUNTIES SCHOOL DISTRICT NO 3</name>
        <lei>N/A</lei>
        <title>CLACKAMAS  WASHINGTON CNTYS O CLASCD 06/36 ZEROCPNOID 0</title>
        <cusip>178882PZ3</cusip>
        <identifiers>
          <isin value="US178882PZ33"/>
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        <balance>1605000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1004559.550000</valUSD>
        <pctVal>1.23299</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MARSHALL COUNTY BOARD OF EDUCATION</name>
        <lei>N/A</lei>
        <title>MARSHALL CNTY AL BRD OF EDU 03/34 5</title>
        <cusip>572024BE6</cusip>
        <identifiers>
          <isin value="US572024BE60"/>
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        <balance>500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>548314.400000</valUSD>
        <pctVal>0.673</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</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>WISCONSIN HEALTH AND EDUCATIONAL FACILITIES AUTHORITY</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>WISCONSIN ST HLTH   EDUCTNL FA WISMED 04/27 FIXED 5</title>
        <cusip>97712DVQ6</cusip>
        <identifiers>
          <isin value="US97712DVQ68"/>
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        <balance>1500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1558669.800000</valUSD>
        <pctVal>1.91311</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</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>FORT WAYNE IND REDEV AUTH HARRISON SQUARE PROJ-SER A</name>
        <lei>N/A</lei>
        <title>FORT WAYNE IN REDEV AUTH LEASE FORDEV 12/29 FIXED 5</title>
        <cusip>349288JC5</cusip>
        <identifiers>
          <isin value="US349288JC50"/>
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        <balance>360000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>385326.830000</valUSD>
        <pctVal>0.47295</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HARRIS COUNTY MUNICIPAL UTILITY DISTRICT NO 383</name>
        <lei>N/A</lei>
        <title>HARRIS CNTY TX MUNI UTILITY DI HARUTL 09/25 FIXED 3</title>
        <cusip>413957LW9</cusip>
        <identifiers>
          <isin value="US413957LW98"/>
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        <balance>235000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>234627.060000</valUSD>
        <pctVal>0.287981</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</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>PORT OF PORTLAND OR AIRPORT REVENUE</name>
        <lei>N/A</lei>
        <title>PORT OF PORTLAND OR ARPT REVEN PORT OF PORTLAND 30A</title>
        <cusip>7352403T8</cusip>
        <identifiers>
          <isin value="US7352403T89"/>
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        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1081505.600000</valUSD>
        <pctVal>1.32744</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>COUNTY OF WALLERTX</name>
        <lei>N/A</lei>
        <title>WALLER CNTY TX WLR 02/37 FIXED 4</title>
        <cusip>932440EQ9</cusip>
        <identifiers>
          <isin value="US932440EQ99"/>
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        <balance>1615000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1622867.800000</valUSD>
        <pctVal>1.99191</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-02-15</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>CITY OF BROWNSVILLE TX</name>
        <lei>N/A</lei>
        <title>BROWNSVILLE TX BRO 02/36 FIXED 5</title>
        <cusip>116405PT2</cusip>
        <identifiers>
          <isin value="US116405PT21"/>
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        <balance>1225000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1249201.960000</valUSD>
        <pctVal>1.53327</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-15</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>OREGON COAST COMMUNITY COLLEGE DISTRICT</name>
        <lei>N/A</lei>
        <title>OREGON COAST OR CMNTY CLG DIST OR COAST COMNTY CABS</title>
        <cusip>68583NCE9</cusip>
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        <securityLending>
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      <invstOrSec>
        <name>MARION COUNTY SCHOOL BOARD</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>PIMCO FUNDS</name>
        <lei>LWVQWTQCFH3YG7CVH718</lei>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LOUISIANA LOCAL GOVERNMENT ENVIRONMENTAL FACILITIES &amp; COMMUNITY DEVELOPMENT AUTH</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ALABAMA CORRECTIONS INSTITUTION FINANCE AUTHORITY</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CITY OF ODESSA TX</name>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COLUMBUS METROPOLITAN HOUSING AUTHORITY</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>VILLAGE OF BOLINGBROOK IL</name>
        <lei>N/A</lei>
        <title>BOLINGBROOK IL BOL 01/33 FIXED 4</title>
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          <isin value="US097552UC59"/>
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        <curCd>USD</curCd>
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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>2033-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PIQUA CITY SCHOOL DISTRICT</name>
        <lei>N/A</lei>
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          <isin value="US724199AR54"/>
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        <curCd>USD</curCd>
        <valUSD>1237563.850000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>JACKSONVILLE HOUSING AUTHORITY</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>FINANCE AUTHORITY OF MAINE</name>
        <lei>N/A</lei>
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        <name>FORT WAYNE IND REDEV AUTH HARRISON SQUARE PROJ-SER A</name>
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        <assetCat>DBT</assetCat>
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        <name>MISSOURI DEVELOPMENT FINANCE BOARD</name>
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        <name>BELL COUNTY WATER CONTROL &amp; IMPROVEMENT DISTRICT NO 1</name>
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        <name>CORBIN INDEPENDENT SCHOOL DISTRICT FINANCE CORP</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>COOK COUNTY SCHOOL DISTRICT NO 26 RIVER TRAILS</name>
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      <invstOrSec>
        <name>KENTON COUNTY SCHOOL DISTRICT FINANCE CORPORATION</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>NEW YORK STATE HOUSING FINANCE AGENCY</name>
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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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          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WEST VIRGINIA ECONOMIC DEVELOPMENT AUTHORITY</name>
        <lei>549300WW88TKKF5H1220</lei>
        <title>WEST VIRGINIA ST ECON DEV AUTH WVSDEV 06/26 FIXED 5</title>
        <cusip>95648MMV8</cusip>
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          <isin value="US95648MMV80"/>
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        <curCd>USD</curCd>
        <valUSD>563184.100000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>CHICAGO PARK DISTRICT</name>
        <lei>549300DNSTZGBZLIU409</lei>
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        <curCd>USD</curCd>
        <valUSD>2170774.400000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>SOUTH DAKOTA BOARD OF REGENTS HOUSING &amp; AUXILIARY FACILITIES SYSTEM</name>
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        <cusip>837542HY8</cusip>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COMMONWEALTH FINANCING AUTHORITY</name>
        <lei>N/A</lei>
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        <cusip>20282EAJ5</cusip>
        <identifiers>
          <isin value="US20282EAJ55"/>
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        <balance>1095000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1145963.050000</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>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WASHINGTON TOWNSHIP HEALTHCARE DISTRICT</name>
        <lei>N/A</lei>
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        <cusip>940642CD1</cusip>
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          <isin value="US940642CD12"/>
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        <balance>1120000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1122962.740000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AVON GROVE SCHOOL DISTRICT CHESTER COUNTY</name>
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        <cusip>054055D88</cusip>
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          <isin value="US054055D885"/>
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        <curCd>USD</curCd>
        <valUSD>1011235.200000</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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          <maturityDt>2036-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>NESHANNOCK TOWNSHIP SCHOOL DISTRICT</name>
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          <isin value="US640874RP08"/>
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        <balance>595000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>610245.210000</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>2039-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MINNESOTA HOUSING FINANCE AGENCY</name>
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        <cusip>60416SMC1</cusip>
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          <isin value="US60416SMC16"/>
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        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1001338.200000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>SCOTT COUNTY SCHOOL DISTRICT FINANCE CORP</name>
        <lei>N/A</lei>
        <title>SCOTT CNTY KY SCH DIST FIN COR SCOEDU 05/27 FIXED 4</title>
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          <isin value="US809545VV53"/>
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        <balance>1320000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1341259.520000</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>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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        <name>ILLINOIS FINANCE AUTHORITY</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>ILLINOIS ST FIN AUTH REVENUE ILSGEN 11/25 FIXED 5</title>
        <cusip>45203HRL8</cusip>
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        <balance>500000.000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GRIFFIN-SPALDING COUNTY HOSPITAL AUTHORITY</name>
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        <curCd>USD</curCd>
        <valUSD>1539337.200000</valUSD>
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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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      <invstOrSec>
        <name>OLDHAM COUNTY SCHOOL DISTRICT FINANCE CORP</name>
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          <couponKind>Fixed</couponKind>
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        <name>CROOK COUNTY OF</name>
        <lei>N/A</lei>
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          <couponKind>Variable</couponKind>
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        <name>FREDDIE MAC MULTIFAMILY ML CERTIFICATES</name>
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        <title>FEDERAL HOME LOAN MTGE CORP MU FEDMFH 12/36 ADJUSTABLE VAR</title>
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        <name>ALASKA HOUSING FINANCE CORPORATION</name>
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        <title>ALASKA ST HSG FIN CORP MTGE RE AKSHSG 12/32 FIXED 5</title>
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        <curCd>USD</curCd>
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          <couponKind>Fixed</couponKind>
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        <name>COOK COUNTY SCHOOL DISTRICT NO 111 BURBANK</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>EP CIMARRON VENTANAS PFC</name>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO PARK DISTRICT</name>
        <lei>549300DNSTZGBZLIU409</lei>
        <title>CHICAGO IL PARK DIST CHIFAC 01/31 FIXED 5</title>
        <cusip>167615XD0</cusip>
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        <curCd>USD</curCd>
        <valUSD>1008644.700000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>HARRIS MONTGOMERY COUNTIES MUNICIPAL UTILITY DISTRICT NO 386</name>
        <lei>N/A</lei>
        <title>HARRIS MONTGOMERY CNTYS TX MUN HARUTL 09/27 FIXED 3</title>
        <cusip>41456PJW8</cusip>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>STATE OF CONNECTICUT</name>
        <lei>N/A</lei>
        <title>CONNECTICUT ST CTS 11/28 FIXED 5</title>
        <cusip>20772JN73</cusip>
        <identifiers>
          <isin value="US20772JN731"/>
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        <curCd>USD</curCd>
        <valUSD>197182.670000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COOK COUNTY COMMUNITY SCHOOL DISTRICT NO 106 LA GRANGE</name>
        <lei>N/A</lei>
        <title>COOK CNTY IL CMNTY SCH DIST  1 COOSCD 12/34 FIXED 5</title>
        <cusip>214507EF8</cusip>
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          <isin value="US214507EF87"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CENTRAL FLORIDA EXPRESSWAY AUTHORITY</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US153476AR76"/>
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        <curCd>USD</curCd>
        <valUSD>2200162.910000</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>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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      <invstOrSec>
        <name>MAINE MUNICIPAL BOND BANK</name>
        <lei>N/A</lei>
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        <cusip>56045R6J3</cusip>
        <identifiers>
          <isin value="US56045R6J30"/>
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        <curCd>USD</curCd>
        <valUSD>339501.060000</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JEFFERSON &amp; FRANKLIN ETC COUNTIES COMMUNITY COLLEGE DISTRICT NO 521 REND LAKE</name>
        <lei>N/A</lei>
        <title>JEFFERSON FRANKLIN ETC CNTYS I JEFHGR 12/31 FIXED 5</title>
        <cusip>474070JR1</cusip>
        <identifiers>
          <isin value="US474070JR10"/>
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        <curCd>USD</curCd>
        <valUSD>1362541.120000</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>2031-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RHODE ISLAND HEALTH &amp; EDL BLDG CORP</name>
        <lei>N/A</lei>
        <title>RHODE ISLAND ST HLTH   EDUCTNL RISHGR 09/30 FIXED 5</title>
        <cusip>762197SQ5</cusip>
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          <isin value="US762197SQ57"/>
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        <curCd>USD</curCd>
        <valUSD>923244.300000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SOUTH CAROLINA STATE PORTS AUTHORITY</name>
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        <cusip>837123HF8</cusip>
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          <isin value="US837123HF86"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BATTLE CREEK SCHOOL DISTRICT/MI</name>
        <lei>N/A</lei>
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          <isin value="US071446BJ68"/>
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        <balance>175000.000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>COUNTY OF GREENE MO</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>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>KENDALL KANE &amp; WILL COUNTIES COMMUNITY UNIT SCHOOL DISTRICT NO 308</name>
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        <name>COUNTY OF CLARK DEPARTMENT OF AVIATION</name>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>MARSHALL SCHOOL DISTRICT/MO</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>TROTWOOD-MADISON CITY SCHOOL DISTRICT</name>
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        <curCd>USD</curCd>
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        <name>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</name>
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        <title>CALIFORNIA ST MUNI FIN AUTH RE CA MUNI FIN AUTH REF</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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        <name>PENNSYLVANIA TURNPIKE COMMISSION</name>
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        <curCd>USD</curCd>
        <valUSD>202890.020000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <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="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="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="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"/>
      <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"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-05-28</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>
