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        <cusip>13049YFB2</cusip>
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          <isin value="US13049YFB20"/>
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        <cusip>13049YFC0</cusip>
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          <isin value="US13049YFC03"/>
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        <cusip>13049YFD8</cusip>
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          <isin value="US13049YFD85"/>
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          <isin value="US13050RAA05"/>
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          <isin value="US13051ANV60"/>
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        <name>California Pollution Control Financing Authority</name>
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        <name>California School Finance Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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      <invstOrSec>
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          <isin value="US13080S2F01"/>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
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          <isin value="US13080SYB41"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Multifamily Tax-Exempt Mortgage-Backed Securities</name>
        <lei>N/A</lei>
        <title>Multifamily Tax-Exempt Mortgage-backed Securities</title>
        <cusip>13081DAB2</cusip>
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          <isin value="US13081DAB29"/>
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        <balance>1506973.80000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-01</maturityDt>
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      <invstOrSec>
        <name>Cathedral City Redevelopment Agency Successor Agency</name>
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        <identifiers>
          <isin value="US14916YEA38"/>
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        <balance>355000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>389271.70000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Cathedral City Redevelopment Agency Successor Agency</name>
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        <identifiers>
          <isin value="US14916YEB11"/>
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        <balance>370000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>412622.52000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Centinela Valley Union High School District</name>
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          <isin value="US152339RF62"/>
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        <curCd>USD</curCd>
        <valUSD>365491.29000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-08-01</maturityDt>
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        <name>Central Valley Energy Authority</name>
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          <isin value="US15569DAA00"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Central Valley Energy Authority</name>
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        <cusip>15569DAG7</cusip>
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          <isin value="US15569DAG79"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Chula Vista Redevelopment Agency Successor Agency</name>
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          <isin value="US17132FAR29"/>
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        <name>El Monte City School District/CA</name>
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        <name>City of Fresno CA Airport Revenue</name>
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        <name>Antonio B Won Pat International Airport Authority</name>
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        <name>Antonio B Won Pat International Airport Authority</name>
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        <name>Antonio B Won Pat International Airport Authority</name>
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        <name>Guam Power Authority</name>
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        <balance>500000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Guam Power Authority</name>
        <lei>549300IPOV320QCKW060</lei>
        <title>GUAM PWR AUTH REVENUE</title>
        <cusip>400653HY0</cusip>
        <identifiers>
          <isin value="US400653HY05"/>
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        <balance>1230000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1259190.36000000</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>2027-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>Guam Government Waterworks Authority</name>
        <lei>N/A</lei>
        <title>GUAM GOVT WTRWKS AUTH WTR &amp; WSTWTR SYS REVENUE</title>
        <cusip>40065FEY6</cusip>
        <identifiers>
          <isin value="US40065FEY60"/>
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        <balance>585000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>645656.31000000</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>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>Territory of Guam</name>
        <lei>N/A</lei>
        <title>GUAM GOVT BUSINESS PRIVILEGE TAX REVENUE</title>
        <cusip>40065NDC8</cusip>
        <identifiers>
          <isin value="US40065NDC83"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>550027.00000000</valUSD>
        <pctVal>0.178118757460</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>Hesperia Community Redevelopment Agency Successor Agency</name>
        <lei>N/A</lei>
        <title>HESPERIA CA CMNTY REDEV AGY SUCCESSOR AGY TAX ALLOCATION</title>
        <cusip>42806KAE3</cusip>
        <identifiers>
          <isin value="US42806KAE38"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>525647.50000000</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>2030-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Indian Wells Redevelopment Agency Successor Agency</name>
        <lei>N/A</lei>
        <title>INDIAN WELLS CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION</title>
        <cusip>45454RBA3</cusip>
        <identifiers>
          <isin value="US45454RBA32"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>502156.00000000</valUSD>
        <pctVal>0.162616385689</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Indio Finance Authority</name>
        <lei>N/A</lei>
        <title>INDIO CA PUBLIC FING AUTH</title>
        <cusip>45571LDE4</cusip>
        <identifiers>
          <isin value="US45571LDE48"/>
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        <balance>425000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>456918.35000000</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>2029-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Indio Finance Authority</name>
        <lei>N/A</lei>
        <title>INDIO CA PUBLIC FING AUTH</title>
        <cusip>45571LDF1</cusip>
        <identifiers>
          <isin value="US45571LDF13"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>437324.00000000</valUSD>
        <pctVal>0.141621424925</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Indio Finance Authority</name>
        <lei>N/A</lei>
        <title>INDIO CA PUBLIC FING AUTH</title>
        <cusip>45571LDG9</cusip>
        <identifiers>
          <isin value="US45571LDG95"/>
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        <balance>375000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>416327.25000000</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>2031-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Indio Finance Authority</name>
        <lei>N/A</lei>
        <title>INDIO CA PUBLIC FING AUTH</title>
        <cusip>45571LDH7</cusip>
        <identifiers>
          <isin value="US45571LDH78"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>393938.65000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>City of Irvine CA</name>
        <lei>549300PJ9FL2XGFR8J79</lei>
        <title>IRVINE CA LIMITED OBLIG IMPT</title>
        <cusip>46360VAY4</cusip>
        <identifiers>
          <isin value="US46360VAY48"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>289486.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-09-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Irvine Ranch Water District</name>
        <lei>2ZRS7W19IBMY48SFBI68</lei>
        <title>IRVINE RANCH CA WTR DIST</title>
        <cusip>4636324K2</cusip>
        <identifiers>
          <isin value="US4636324K26"/>
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        <balance>3340000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3340000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-10-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Jurupa Public Financing Authority</name>
        <lei>N/A</lei>
        <title>JURUPA CA PUBLIC FING AUTH SPL TAX REVENUE</title>
        <cusip>482085GD3</cusip>
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          <isin value="US482085GD31"/>
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        <balance>1260000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1417608.36000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lammersville Joint Unified School District</name>
        <lei>N/A</lei>
        <title>LAMMERSVILLE CA JT UNIF SCH DIST SPL TAX</title>
        <cusip>513533GS2</cusip>
        <identifiers>
          <isin value="US513533GS26"/>
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        <balance>1160000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1221163.32000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lammersville Joint Unified School District</name>
        <lei>N/A</lei>
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        <cusip>513533GV5</cusip>
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          <isin value="US513533GV54"/>
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        <balance>1335000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Lammersville Joint Unified School District</name>
        <lei>N/A</lei>
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        <cusip>513533GW3</cusip>
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          <isin value="US513533GW38"/>
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        <balance>1560000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2032-09-01</maturityDt>
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      <invstOrSec>
        <name>Los Angeles Community College District/CA</name>
        <lei>N/A</lei>
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          <isin value="US54438CC348"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3005211.00000000</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>2026-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Los Angeles Department of Airports</name>
        <lei>549300E7TO710PTXPJ65</lei>
        <title>LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE</title>
        <cusip>544445BU2</cusip>
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          <isin value="US544445BU29"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1101788.60000000</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>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Los Angeles Department of Airports</name>
        <lei>549300E7TO710PTXPJ65</lei>
        <title>LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE</title>
        <cusip>544445FC8</cusip>
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      </invstOrSec>
      <invstOrSec>
        <name>Plumas Lake Elementary School District</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Plumas Lake Elementary School District</name>
        <lei>N/A</lei>
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          <isin value="US72931RBX08"/>
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        <curCd>USD</curCd>
        <valUSD>399845.88000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Redwoods Community College District</name>
        <lei>N/A</lei>
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          <isin value="US758084DX26"/>
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        <curCd>USD</curCd>
        <valUSD>586247.00000000</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>2035-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Riverside County Public Financing Authority</name>
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          <isin value="US76912TPC17"/>
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        <curCd>USD</curCd>
        <valUSD>2213868.80000000</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>2026-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Rosemead Community Development Commission Successor Agency</name>
        <lei>N/A</lei>
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          <isin value="US77753PAK75"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Sacramento CA Airport System Revenue</name>
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          <isin value="US786107RL85"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Sacramento CA Airport System Revenue</name>
        <lei>N/A</lei>
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          <isin value="US786107RP99"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>County of Sacramento CA Airport System Revenue</name>
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          <isin value="US786107WQ18"/>
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        <fairValLevel>2</fairValLevel>
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        <name>County of Sacramento CA Airport System Revenue</name>
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          <isin value="US786107WR90"/>
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        <name>San Diego County Regional Airport Authority</name>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <invCountry>US</invCountry>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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          <isin value="US79766DXY02"/>
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        <name>San Joaquin Valley Clean Energy Authority</name>
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          <isin value="US79811YAK47"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Norman Y Mineta San Jose International Airport SJC</name>
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          <isin value="US798136VM62"/>
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      <invstOrSec>
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          <isin value="US798136VP93"/>
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      <invstOrSec>
        <name>Norman Y Mineta San Jose International Airport SJC</name>
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          <isin value="US798136XE29"/>
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      <invstOrSec>
        <name>City of San Jose CA</name>
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          <isin value="US798165LL85"/>
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          <maturityDt>2035-10-01</maturityDt>
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          <annualizedRt>3.90000000</annualizedRt>
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      <invstOrSec>
        <name>City of San Jose CA</name>
        <lei>549300QHIHSH68W22O38</lei>
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          <isin value="US798165LM68"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>City of San Mateo CA</name>
        <lei>N/A</lei>
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          <isin value="US79901PCM86"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isin value="US79901PCN69"/>
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          <isin value="US79901PCP18"/>
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        <name>Santa Clara County Financing Authority</name>
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        <name>Santa Cruz County Capital Financing Authority</name>
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        <name>Santa Cruz County Capital Financing Authority</name>
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      <invstOrSec>
        <name>Santa Cruz County Capital Financing Authority</name>
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      <invstOrSec>
        <name>Santa Cruz County Capital Financing Authority</name>
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          <isin value="US861398BS36"/>
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        <name>Stockton-East Water District</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Pittsburg Successor Agency Redevelopment Agency</name>
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          <isin value="US86459LBN73"/>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Tustin Financing Authority</name>
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          <isin value="US901049AK24"/>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
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          <isin value="US912797RF64"/>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Regents of the University of California Medical Center Pooled Revenue</name>
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        <name>University of California</name>
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          <isin value="US91412G3R43"/>
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        <name>City of Victorville CA Electric Revenue</name>
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        <name>City of Victorville CA Electric Revenue</name>
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        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vista Unified School District</name>
        <lei>N/A</lei>
        <title>VISTA CA UNIF SCH DIST COPS</title>
        <cusip>92834MEJ5</cusip>
        <identifiers>
          <isin value="US92834MEJ53"/>
        </identifiers>
        <balance>375000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>377308.88000000</valUSD>
        <pctVal>0.122186345187</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</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>Vista Unified School District</name>
        <lei>N/A</lei>
        <title>VISTA CA UNIF SCH DIST COPS</title>
        <cusip>92834MEK2</cusip>
        <identifiers>
          <isin value="US92834MEK27"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>412906.40000000</valUSD>
        <pctVal>0.133714117516</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>5.00000000</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>West Valley-Mission Community College District</name>
        <lei>N/A</lei>
        <title>W VLY-MISSION CA CMNTY CLG DIST</title>
        <cusip>95640HEV6</cusip>
        <identifiers>
          <isin value="US95640HEV69"/>
        </identifiers>
        <balance>1150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1150655.50000000</valUSD>
        <pctVal>0.372624121952</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-01</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>State Street Bank &amp; Trust Co.</name>
        <lei>N/A</lei>
        <title>TRISTATE INSURED CASH SWEEP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="967EQEII5"/>
        </identifiers>
        <balance>1296968.75000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1296968.75000000</valUSD>
        <pctVal>0.420005676476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.84000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-07-16</ncom:dateSigned>
      <ncom:nameOfApplicant>THORNBURG INVESTMENT TRUST</ncom:nameOfApplicant>
      <ncom:signature>Christopher Luckham</ncom:signature>
      <ncom:signerName>Christopher Luckham</ncom:signerName>
      <ncom:title>Manager - Fund Admin</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
