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        <name>Austin Housing Finance Corp</name>
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        <name>Black Belt Energy Gas District</name>
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        <name>Black Belt Energy Gas District</name>
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      </invstOrSec>
      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
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          <isin value="US13032U4X38"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-12-01</maturityDt>
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      <invstOrSec>
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        <lei>549300BOPCVLBA552Z14</lei>
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          <isin value="US13034DAJ37"/>
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        <valUSD>5564902.20000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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        <title>California Municipal Finance Authority</title>
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          <isin value="US130483GQ70"/>
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        <curCd>USD</curCd>
        <valUSD>506253.90000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.45000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
        <cusip>13048RAM9</cusip>
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          <isin value="US13048RAM97"/>
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        <curCd>USD</curCd>
        <valUSD>1315711.25000000</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>2053-09-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.38000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
        <cusip>13048V6L7</cusip>
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          <isin value="US13048V6L75"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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        <title>California Municipal Finance Authority</title>
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          <isin value="US13048V6M58"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
        <cusip>13048VQ27</cusip>
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          <isin value="US13048VQ279"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
        <cusip>13048VR75</cusip>
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          <isin value="US13048VR756"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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        <title>California Municipal Finance Authority</title>
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          <isin value="US13048VR830"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Municipal Finance Authority</name>
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          <isin value="US13050WAD39"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-11-20</maturityDt>
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      <invstOrSec>
        <name>California Pollution Control Financing Authority</name>
        <lei>N/A</lei>
        <title>California Pollution Control Financing Authority</title>
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          <isin value="US130536RL12"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-11-01</maturityDt>
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        <name>California State University</name>
        <lei>N/A</lei>
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          <isin value="US13077C4K77"/>
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          <maturityDt>2049-11-01</maturityDt>
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        <name>California Statewide Communities Development Authority</name>
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          <isin value="US13078HBB78"/>
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          <annualizedRt>4.50000000</annualizedRt>
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        <name>Capital Trust Authority</name>
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          <isin value="US14054WAK18"/>
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        <name>Central Texas Regional Mobility Authority</name>
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        <name>Central Valley Energy Authority</name>
        <lei>254900G5IPQ9MA3FRJ55</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Chandler Industrial Development Authority</name>
        <lei>N/A</lei>
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          <isin value="US158862CB65"/>
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        <balance>6500000.00000000</balance>
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        <invCountry>US</invCountry>
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        <name>Cook County School District No 26 River Trails</name>
        <lei>N/A</lei>
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        <name>Cook County School District No 111 Burbank</name>
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        <name>Cypress-Fairbanks Independent School District</name>
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      <invstOrSec>
        <name>Dallas Fort Worth International Airport</name>
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        <name>City &amp; County of Denver CO Airport System Revenue</name>
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        <name>Denver Convention Center Hotel Authority</name>
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        <name>Freddie Mac</name>
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        <name>Freddie Mac</name>
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        <name>Freddie Mac</name>
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        <name>Freddie Mac Multifamily</name>
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        <name>Freddie Mac Multifamily ML Certificates</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp. Multifamily ML Certificates</title>
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      <invstOrSec>
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      <invstOrSec>
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        <name>Florida Development Finance Corp</name>
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        <title>Florida Development Finance Corp.</title>
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        <name>Florida Development Finance Corp</name>
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        <title>Florida Development Finance Corp.</title>
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        <name>Florida Housing Finance Corp</name>
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        <title>Florida Housing Finance Corp.</title>
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        <name>Florida Housing Finance Corp</name>
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        <name>University of Florida Department of Housing &amp; Residence Education Hsg Sys Rev</name>
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        <name>State of Florida Department of Transportation Turnpike System Revenue</name>
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        <name>Fort Bend Independent School District</name>
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        <name>Fort Wayne Redevelopment Authority</name>
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        <name>City of Fort Worth TX Water &amp; Sewer System Revenue</name>
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        <name>Fremont Unified School District/Alameda County CA</name>
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        <name>City of Gainesville FL Utilities System Revenue</name>
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        <name>Garland Housing Finance Corp</name>
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      <invstOrSec>
        <name>GDB Debt Recovery Authority of Puerto Rico</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Geisinger Authority</name>
        <lei>N/A</lei>
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          <isin value="US368497JV62"/>
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      <invstOrSec>
        <name>Golden Gem Community Development District</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Golden State Tobacco Securitization Corp</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-06-01</maturityDt>
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      <invstOrSec>
        <name>City of Grand Forks ND</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Grand Forks ND</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-12-01</maturityDt>
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      <invstOrSec>
        <name>Grand Parkway Transportation Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Grand River Dam Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-06-01</maturityDt>
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      <invstOrSec>
        <name>Great Lakes Water Authority Water Supply System Revenue</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-07-01</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Greater Orlando Aviation Authority</name>
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        <name>Greater Orlando Aviation Authority</name>
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        <name>Griffin-Spalding County Hospital Authority</name>
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        <name>Hammock Oaks Community Development District</name>
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        <name>County of Harris TX</name>
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        <name>County of Harris TX</name>
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        <name>Harris County Cultural Education Facilities Finance Corp</name>
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        <name>Harris Montgomery Counties Municipal Utility District No 386</name>
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        <name>Hays Consolidated Independent School District</name>
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        <name>Miami-Dade County Educational Facilities Authority</name>
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        <name>County of Miami-Dade FL Aviation Revenue</name>
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        <name>County of Miami-Dade FL Aviation Revenue</name>
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          <isin value="US650116HD19"/>
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          <isin value="US650116JF49"/>
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          <maturityDt>2043-06-30</maturityDt>
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      <invstOrSec>
        <name>Newark Higher Education Finance Corp</name>
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          <isin value="US650346GR40"/>
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        <name>North AR-1 Pasco Community Development District</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>North Carolina Housing Finance Agency</name>
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        <name>North Dakota Housing Finance Agency</name>
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        <name>North Texas Tollway Authority</name>
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        <lei>PQGZGRE0F2WPMYQQ1B78</lei>
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          <maturityDt>2044-01-01</maturityDt>
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      <invstOrSec>
        <name>Northampton County General Purpose Authority</name>
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        <name>Northern Michigan University</name>
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          <maturityDt>2045-06-01</maturityDt>
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        <invCountry>US</invCountry>
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        <name>Ohio Air Quality Development Authority</name>
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      <invstOrSec>
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          <maturityDt>2056-09-01</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Orange Branch Community Development District</name>
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          <isin value="US684075AC80"/>
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          <maturityDt>2046-05-01</maturityDt>
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        <name>Oregon Coast Community College District</name>
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          <isin value="US68583NCE94"/>
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          <maturityDt>2037-06-15</maturityDt>
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        <name>Oregon State Lottery</name>
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          <isin value="US68607V6G53"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Oregon State Lottery</name>
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        <name>Orlando Utilities Commission</name>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-07-01</maturityDt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
        <lei>N/A</lei>
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          <isin value="US74529JRR85"/>
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        <balance>2500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Regional Transportation District</name>
        <lei>N/A</lei>
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          <isin value="US759151BJ14"/>
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          <maturityDt>2031-01-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Reno NV</name>
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          <isin value="US759861EJ20"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2058-07-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>Rhode Island Health and Educational Building Corp</name>
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          <isin value="US762244LW91"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Rhode Island Health and Educational Building Corp</name>
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          <isin value="US762244LZ23"/>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Rochester MN</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Rookery Community Development District</name>
        <lei>N/A</lei>
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          <maturityDt>2031-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Rutgers The State University of New Jersey</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Rutherford County Health &amp; Educational Facilities Board</name>
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        <name>City of St Cloud MN</name>
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        <name>St Louis County Industrial Development Authority</name>
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        <name>Sales Tax Securitization Corp</name>
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        <name>City of San Antonio TX Electric &amp; Gas Systems Revenue</name>
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        <name>San Antonio Water System</name>
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        <name>San Diego County Regional Airport Authority</name>
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          <isin value="US79739GQY51"/>
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      <invstOrSec>
        <name>San Joaquin Valley Clean Energy Authority</name>
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          <isin value="US79811YAK47"/>
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          <maturityDt>2056-01-01</maturityDt>
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      <invstOrSec>
        <name>Selma Industrial Development Board</name>
        <lei>N/A</lei>
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          <isin value="US81647PAG81"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-11-01</maturityDt>
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          <annualizedRt>3.45000000</annualizedRt>
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      <invstOrSec>
        <name>Sherman Independent School District/TX</name>
        <lei>N/A</lei>
        <title>Sherman Independent School District</title>
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          <isin value="US824178D538"/>
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        <curCd>USD</curCd>
        <valUSD>3795380.44000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-02-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>South Broward Hospital District</name>
        <lei>N/A</lei>
        <title>South Broward Hospital District</title>
        <cusip>836753MF7</cusip>
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          <isin value="US836753MF70"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>South Carolina Jobs-Economic Development Authority</name>
        <lei>5493006X47I9VG3DL112</lei>
        <title>South Carolina Jobs-Economic Development Authority</title>
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          <isin value="US83703EMU63"/>
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        <balance>4000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>South Carolina Ports Authority</name>
        <lei>5493001YXW15H9J1M026</lei>
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        <name>South Carolina State Housing Finance &amp; Development Authority</name>
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        <name>South Carolina Public Service Authority</name>
        <lei>EMBXY64GWKA9MZGFUD26</lei>
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        <name>South Carolina Public Service Authority</name>
        <lei>EMBXY64GWKA9MZGFUD26</lei>
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        <name>South Dakota Board of Regents Housing &amp; Auxiliary Facilities System</name>
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        <name>South Dakota Housing Development Authority</name>
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        <name>South Dakota Housing Development Authority</name>
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        <name>South Jersey Port Corp</name>
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        <name>Southeast Alabama Gas Supply District/The</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-11-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Spring Valley Community Infrastructure District No 1</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-09-01</maturityDt>
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        <name>Tarrant County Cultural Education Facilities Finance Corp</name>
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      <invstOrSec>
        <name>State of Texas</name>
        <lei>549300X9CH74QB747L76</lei>
        <title>State of Texas</title>
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          <isin value="US882725CY86"/>
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        <curCd>USD</curCd>
        <valUSD>5876360.10000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-10-01</maturityDt>
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      <invstOrSec>
        <name>Texas Department of Housing &amp; Community Affairs</name>
        <lei>549300J3RRLLZZN4WP77</lei>
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          <isin value="US882750G718"/>
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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>2056-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Texas Transportation Commission</name>
        <lei>5493006JSGNPGVJS7691</lei>
        <title>Texas Transportation Commission</title>
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          <isin value="US882830CM25"/>
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        <curCd>USD</curCd>
        <valUSD>5885174.45000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Texas Transportation Commission</name>
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          <isin value="US882830CR12"/>
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        <curCd>USD</curCd>
        <valUSD>4606746.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Central Texas Turnpike System</name>
        <lei>N/A</lei>
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          <isin value="US88283KBQ04"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-08-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Texas Transportation Finance Corp</name>
        <lei>N/A</lei>
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          <isin value="US88283PAG28"/>
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        <curCd>USD</curCd>
        <valUSD>2689829.32000000</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>2042-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Texas Water Development Board</name>
        <lei>N/A</lei>
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        <cusip>88285ABH0</cusip>
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          <isin value="US88285ABH05"/>
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        <balance>5860000.00000000</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>
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          <maturityDt>2047-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Texas Water Development Board</name>
        <lei>N/A</lei>
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          <isin value="US88285ABJ60"/>
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        <balance>1800000.00000000</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>2052-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tobacco Securitization Authority of Southern California</name>
        <lei>N/A</lei>
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          <isin value="US888804CK59"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1333093.75000000</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>2034-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Iowa Tobacco Settlement Authority</name>
        <lei>N/A</lei>
        <title>Iowa Tobacco Settlement Authority</title>
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          <isin value="US888805CC09"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>Tobacco Settlement Financing Corp</name>
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          <isin value="US888808HG07"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Tobacco Settlement Financing Corp</name>
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          <isin value="US888808HQ88"/>
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        <name>Tobacco Settlement Financing Corp/RI</name>
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          <isin value="US888809BD13"/>
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      <invstOrSec>
        <name>Tobacco Settlement Financing Corp/RI</name>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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          <maturityDt>2034-12-01</maturityDt>
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      <invstOrSec>
        <name>County of Trimble KY</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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          <maturityDt>2054-06-01</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Town of Trophy Club TX Public Improvement District No 1</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2030-09-01</maturityDt>
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      <invstOrSec>
        <name>TSASC Inc/NY</name>
        <lei>N/A</lei>
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        <balance>750000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>West Virginia Hospital Finance Authority</name>
        <lei>N/A</lei>
        <title>West Virginia Hospital Finance Authority</title>
        <cusip>956622W59</cusip>
        <identifiers>
          <isin value="US956622W592"/>
        </identifiers>
        <balance>1100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1206700.99000000</valUSD>
        <pctVal>0.079032602647</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</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>West Virginia Housing Development Fund</name>
        <lei>N/A</lei>
        <title>West Virginia Housing Development Fund</title>
        <cusip>956629AJ8</cusip>
        <identifiers>
          <isin value="US956629AJ86"/>
        </identifiers>
        <balance>650000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>651934.99000000</valUSD>
        <pctVal>0.042698331603</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.20000000</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>Western Michigan University</name>
        <lei>N/A</lei>
        <title>Western Michigan University</title>
        <cusip>958638A24</cusip>
        <identifiers>
          <isin value="US958638A246"/>
        </identifiers>
        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>909313.84000000</valUSD>
        <pctVal>0.059555299941</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>Western Michigan University</name>
        <lei>N/A</lei>
        <title>Western Michigan University</title>
        <cusip>958638ZX9</cusip>
        <identifiers>
          <isin value="US958638ZX92"/>
        </identifiers>
        <balance>1600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1788249.44000000</valUSD>
        <pctVal>0.117120984069</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>Westmoreland County Industrial Development Authority/PA</name>
        <lei>N/A</lei>
        <title>Westmoreland County Industrial Development Authority</title>
        <cusip>960875AM4</cusip>
        <identifiers>
          <isin value="US960875AM43"/>
        </identifiers>
        <balance>700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>674422.98000000</valUSD>
        <pctVal>0.044171177314</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>Westside Haines City Community Development District</name>
        <lei>N/A</lei>
        <title>Westside Haines City Community Development District</title>
        <cusip>96150AAE3</cusip>
        <identifiers>
          <isin value="US96150AAE38"/>
        </identifiers>
        <balance>375000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>382897.91000000</valUSD>
        <pctVal>0.025077810183</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.88000000</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 Whiting IN</name>
        <lei>N/A</lei>
        <title>City of Whiting</title>
        <cusip>96634RAX0</cusip>
        <identifiers>
          <isin value="US96634RAX08"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2076160.80000000</valUSD>
        <pctVal>0.135977672098</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-03-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.40000000</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 Whiting IN</name>
        <lei>N/A</lei>
        <title>City of Whiting</title>
        <cusip>96634RAZ5</cusip>
        <identifiers>
          <isin value="US96634RAZ55"/>
        </identifiers>
        <balance>1900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1968951.00000000</valUSD>
        <pctVal>0.128955991008</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.20000000</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 Whiting IN</name>
        <lei>N/A</lei>
        <title>City of Whiting</title>
        <cusip>96634RBB7</cusip>
        <identifiers>
          <isin value="US96634RBB78"/>
        </identifiers>
        <balance>5700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5812107.60000000</valUSD>
        <pctVal>0.380662644933</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-12-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.00000000</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 Wichita KS</name>
        <lei>549300Y20JVN3VP2V718</lei>
        <title>City of Wichita</title>
        <cusip>967276GD2</cusip>
        <identifiers>
          <isin value="US967276GD22"/>
        </identifiers>
        <balance>1060000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1064126.05000000</valUSD>
        <pctVal>0.069694689880</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.15000000</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>Wisconsin Center District</name>
        <lei>N/A</lei>
        <title>Wisconsin Center District</title>
        <cusip>976595FG8</cusip>
        <identifiers>
          <isin value="US976595FG82"/>
        </identifiers>
        <balance>2105000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1884873.62000000</valUSD>
        <pctVal>0.123449362423</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>None</couponKind>
          <annualizedRt>0.00000000</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>Wisconsin Health &amp; Educational Facilities Authority</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>Wisconsin Health &amp; Educational Facilities Authority</title>
        <cusip>97712DS80</cusip>
        <identifiers>
          <isin value="US97712DS802"/>
        </identifiers>
        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>935787.33000000</valUSD>
        <pctVal>0.061289175054</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>Wisconsin Health &amp; Educational Facilities Authority</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>Wisconsin Health &amp; Educational Facilities Authority</title>
        <cusip>97712JMW0</cusip>
        <identifiers>
          <isin value="US97712JMW08"/>
        </identifiers>
        <balance>1005000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>926373.32000000</valUSD>
        <pctVal>0.060672606643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>Worthington City School District</name>
        <lei>N/A</lei>
        <title>Worthington City School District</title>
        <cusip>982038TN1</cusip>
        <identifiers>
          <isin value="US982038TN15"/>
        </identifiers>
        <balance>700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>603590.61000000</valUSD>
        <pctVal>0.039532027600</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>Zeeland Public Schools</name>
        <lei>N/A</lei>
        <title>Zeeland Public Schools</title>
        <cusip>989258QS0</cusip>
        <identifiers>
          <isin value="US989258QS03"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>547205.85000000</valUSD>
        <pctVal>0.035839120766</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
      <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>2026-08-03</ncom:dateSigned>
      <ncom:nameOfApplicant>PIMCO FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Bijal Parikh</ncom:signature>
      <ncom:signerName>Bijal Parikh</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
