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        <name>Modesto Irrigation District</name>
        <lei>S6U6XLZ7IOWYIG8C8H50</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
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      <invstOrSec>
        <name>Sunnyvale Financing Authority</name>
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          <isin value="US86754AAU88"/>
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          <maturityDt>2044-11-01</maturityDt>
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      <invstOrSec>
        <name>Rib Floater Trust Various States</name>
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          <isin value="US76252PSH37"/>
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          <maturityDt>2026-05-31</maturityDt>
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      <invstOrSec>
        <name>Tahoe-Truckee Sanitation Agency Financing Authority</name>
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          <isin value="US873881AR78"/>
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          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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          <isin value="US13077EPS36"/>
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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>2053-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Fontana Public Facilities Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US34461BCL80"/>
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        <balance>500000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Health Facilities Financing Authority</name>
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        <title>California Health Facilities Financing Authority</title>
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          <isin value="US13032UWZ73"/>
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        <balance>2500000.00000000</balance>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Riverside County Transportation Commission</name>
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        <name>Northern California Energy Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>City of Los Angeles CA</name>
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        <name>Colton Joint Unified School District</name>
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        <name>City of Los Angeles CA Wastewater System Revenue</name>
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        <name>Port of Oakland</name>
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        <name>Oakley Redevelopment Agency</name>
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        <name>City of Irvine CA</name>
        <lei>549300PJ9FL2XGFR8J79</lei>
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        <name>California Municipal Finance Authority</name>
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        <name>University of California</name>
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        <name>City of Clovis CA Sewer Revenue</name>
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        <name>California State University</name>
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        <name>East Bay Municipal Utility District Water System Revenue</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Moreno Valley Unified School District/CA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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        <name>Orange County Local Transportation Authority Sales Tax Revenue</name>
        <lei>N/A</lei>
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        <name>California Pollution Control Financing Authority</name>
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        <name>Los Angeles County Public Works Financing Authority</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Community Choice Financing Authority</name>
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        <name>Chaffey Joint Union High School District</name>
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        <name>Alameda County Fire Department</name>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-15</maturityDt>
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        <name>Port of Los Angeles</name>
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          <maturityDt>2031-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Pajaro Valley Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Alameda Corridor Transportation Authority</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Midpeninsula Regional Open Space District Field Employees Corp</name>
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        <name>State of California</name>
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        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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        <name>Territory of Guam</name>
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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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        <name>Bay Area Toll Authority</name>
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        <name>University of California</name>
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        <name>Los Osos Community Services Waste Water Assessment District No 1</name>
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        <name>Guam Power Authority</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Walnut Creek Joint Powers Financing Authority</name>
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        <name>Hacienda La Puente Unified School District/CA</name>
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        <name>Oxnard Financing Authority</name>
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        <name>California Educational Facilities Authority</name>
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      <invstOrSec>
        <name>Oakley Redevelopment Agency</name>
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        <name>Corona Utility Authority Water Reclamation Revenue</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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      <invstOrSec>
        <name>University of California</name>
        <lei>N/A</lei>
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        <name>Elk Grove Finance Authority</name>
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        <name>Guam Power Authority</name>
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        <name>Hayward Unified School District</name>
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      <invstOrSec>
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          <isin value="US130493CD93"/>
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      <invstOrSec>
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          <isin value="US032556PH96"/>
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      <invstOrSec>
        <name>University of California</name>
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          <isin value="US91412HWH29"/>
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      <invstOrSec>
        <name>California School Finance Authority</name>
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          <isin value="US13059TJA88"/>
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          <maturityDt>2030-07-01</maturityDt>
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      <invstOrSec>
        <name>Elk Grove Finance Authority</name>
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          <isin value="US287254KA36"/>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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          <isin value="US13048RAL15"/>
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      <invstOrSec>
        <name>California Public Finance Authority</name>
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          <isin value="US13057GAP46"/>
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      <invstOrSec>
        <name>California Community Choice Financing Authority</name>
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          <isin value="US13013JHK51"/>
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        <name>California Municipal Finance Authority</name>
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          <isin value="US13048VT653"/>
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        <name>University of California</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California School Finance Authority</name>
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      <invstOrSec>
        <name>Ravenswood City School District/CA</name>
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      <invstOrSec>
        <name>Fresno Unified School District</name>
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        <name>California Community Choice Financing Authority</name>
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        <name>Temescal Valley Water District Public Financing Authority</name>
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        <name>Sierra View Local Health Care District/CA</name>
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        <name>Perris Elementary School District/CA</name>
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        <name>California Community Choice Financing Authority</name>
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        <name>Chaffey Joint Union High School District</name>
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        <name>Ojai Unified School District</name>
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        <name>Oxnard Financing Authority</name>
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        <name>Corona Utility Authority Water Reclamation Revenue</name>
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        <name>Guam Government Waterworks Authority</name>
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        <name>Ravenswood City School District/CA</name>
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        <name>California Municipal Finance Authority</name>
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          <isin value="US13048VF371"/>
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        <name>Elk Grove Finance Authority</name>
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          <isin value="US287254JU19"/>
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      <invstOrSec>
        <name>Chaffey Joint Union High School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Irvine CA</name>
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        <name>California Public Finance Auth</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Corona-Norco Unified School District</name>
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        <name>Pleasant Valley School District/Ventura County</name>
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      <invstOrSec>
        <name>Imperial Irrigation District Electric System Revenue</name>
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          <isin value="US452650MG61"/>
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      <invstOrSec>
        <name>State of California</name>
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      <invstOrSec>
        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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          <isin value="US5445252E74"/>
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      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
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          <isin value="US797299SC98"/>
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        <fairValLevel>2</fairValLevel>
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          <isin value="US13048VKP21"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>State of California</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-08-01</maturityDt>
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        <name>California Community Choice Financing Authority</name>
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          <isin value="US13013JHM18"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Hastings Campus Housing Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US418338AA70"/>
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          <maturityDt>2045-07-01</maturityDt>
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        <name>San Diego County Regional Airport Authority</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>California Housing Finance Agency</name>
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        <name>California Enterprise Development Authority</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>Chino Valley Unified School District</name>
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        <name>Elk Grove Finance Authority</name>
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        <name>California State University</name>
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        <name>State of California</name>
        <lei>9845007J7054602FF597</lei>
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        <name>Riverside Community College District</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Fresno Joint Powers Financing Authority</name>
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        <name>Corona Utility Authority Water Revenue</name>
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        <name>California Community Choice Financing Authority</name>
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        <name>Inglewood Joint Powers Authority</name>
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        <name>Guam Government Waterworks Authority</name>
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        <name>Burbank-Glendale-Pasadena Airport Authority Brick Campaign</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Central Valley Energy Authority</name>
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        <name>Ojai Unified School District</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Perris Elementary School District/CA</name>
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        <name>San Francisco Bay Area Rapid Transit District</name>
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        <name>California Public Finance Authority</name>
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        <name>California Pollution Control Financing Authority</name>
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        <name>South San Francisco Public Facilities Financing Authority</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>Los Angeles County Public Works Financing Authority</name>
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        <name>California School Finance Authority</name>
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        <name>University of California</name>
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        <name>California Municipal Finance Authority</name>
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          <isin value="US13051AGB89"/>
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        <name>West Hills Community College District</name>
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        <name>California State University</name>
        <lei>N/A</lei>
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        <name>California Housing Finance Agency</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <name>Inglewood Joint Powers Authority</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>California Public Finance Authority</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <name>Hayward Unified School District</name>
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        <name>Cambria Community Healthcare District</name>
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        <name>Alameda Corridor Transportation Authority</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>California Housing Finance Agency</name>
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        <name>Sacramento City Unified School District/CA</name>
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        <name>California State University</name>
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        <name>Southern California Public Power Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Riverside Community College District</name>
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        <name>Fontana Public Facilities Financing Authority</name>
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        <name>State of California</name>
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        <name>University of California</name>
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        <name>California State University</name>
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        <name>Independent Cities Finance Authority</name>
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        <name>Elk Grove Finance Authority</name>
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        <name>University of California College of the Law San Francisco</name>
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        <name>University of California</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Pajaro Valley Unified School District</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Sacramento City Unified School District/CA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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          <isin value="US13048T2H53"/>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
        <lei>N/A</lei>
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          <isin value="US88035MZ573"/>
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      <invstOrSec>
        <name>Kern County Water Agency Improvement District No 4</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-01</maturityDt>
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      <invstOrSec>
        <name>Pismo Beach Public Financing Agency</name>
        <lei>N/A</lei>
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          <isin value="US72433PBS83"/>
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        <curCd>USD</curCd>
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          <maturityDt>2049-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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          <isin value="US544525Z763"/>
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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>2026-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Moulton-Niguel Water District Public Facilities Corp</name>
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          <isin value="US620220EL34"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>State of California</name>
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        <title>State of California</title>
        <cusip>13063DS74</cusip>
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          <isin value="US13063DS744"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Mt San Antonio Community College District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-08-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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        <cusip>13048VFX1</cusip>
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          <isin value="US13048VFX10"/>
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        <name>State of California</name>
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        <name>State of California</name>
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        <name>California Community Choice Financing Authority</name>
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          <isin value="US13013JCM62"/>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Livermore Valley Joint Unified School District/CA</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-01</maturityDt>
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      <invstOrSec>
        <name>County of San Diego CA</name>
        <lei>254900MKIGRAYVDUZ926</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-01</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>13048T4U4</cusip>
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          <isin value="US13048T4U47"/>
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        <curCd>USD</curCd>
        <valUSD>616383.66000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Rialto Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US762497CW39"/>
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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>2030-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>California Community Choice Financing Authority</title>
        <cusip>13013JEP7</cusip>
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          <isin value="US13013JEP75"/>
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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>2055-02-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Francisco Community College District</name>
        <lei>N/A</lei>
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        <cusip>797683KJ7</cusip>
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          <isin value="US797683KJ77"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1621917.45000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Oakland Unified School District/Alameda County</name>
        <lei>N/A</lei>
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          <isin value="US672325Q753"/>
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        <valUSD>1313324.84000000</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>2038-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Port of Oakland</name>
        <lei>N/A</lei>
        <title>Port of Oakland</title>
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          <isin value="US735000UY56"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15896.57000000</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>2028-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STWD CMNTYS DEV AUTH REVENUE</title>
        <cusip>13080S2W3</cusip>
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          <isin value="US13080S2W34"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2895102.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Guam Power Authority</name>
        <lei>549300IPOV320QCKW060</lei>
        <title>Guam Power Authority</title>
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          <isin value="US400653KX84"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>San Francisco City &amp; County Redevelopment Agency Successor Agency</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-08-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Fresno Joint Powers Financing Authority</name>
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          <isin value="US358184SA81"/>
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          <maturityDt>2050-04-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority</title>
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          <isin value="US13080SUN25"/>
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      <invstOrSec>
        <name>California Public Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US13057EFQ26"/>
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        <name>Port of Oakland</name>
        <lei>N/A</lei>
        <title>Port of Oakland</title>
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        <name>Guam Government Waterworks Authority</name>
        <lei>N/A</lei>
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          <isin value="US40065FFD15"/>
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        <balance>585000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

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          <maturityDt>2041-07-01</maturityDt>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA ST MUNI FIN AUTH ACADEMIC FACS REVENUE</title>
        <cusip>130491AE3</cusip>
        <identifiers>
          <isin value="US130491AE39"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>576882.55000000</valUSD>
        <pctVal>0.098098399197</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</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>Temescal Valley Water District Public Financing Authority</name>
        <lei>N/A</lei>
        <title>Temescal Valley Water District Public Financing Authority</title>
        <cusip>87975KAK9</cusip>
        <identifiers>
          <isin value="US87975KAK97"/>
        </identifiers>
        <balance>475000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>567819.94000000</valUSD>
        <pctVal>0.096557309883</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-01</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>California State Public Works Board</name>
        <lei>N/A</lei>
        <title>California State Public Works Board</title>
        <cusip>13068XPP8</cusip>
        <identifiers>
          <isin value="US13068XPP86"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1175238.50000000</valUSD>
        <pctVal>0.199848332257</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-04-01</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>California Public Finance Authority</name>
        <lei>N/A</lei>
        <title>California Public Finance Authority</title>
        <cusip>13057EAR5</cusip>
        <identifiers>
          <isin value="US13057EAR53"/>
        </identifiers>
        <balance>425000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>428835.80000000</valUSD>
        <pctVal>0.072923172140</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-15</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>University of California</name>
        <lei>N/A</lei>
        <title>UNIV OF CALIFORNIA CA REVENUES</title>
        <cusip>91412HWB5</cusip>
        <identifiers>
          <isin value="US91412HWB58"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5600375.50000000</valUSD>
        <pctVal>0.952339209180</pctVal>
        <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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA ST MUNI FIN AUTH ACADEMIC FACS REVENUE</title>
        <cusip>130491AC7</cusip>
        <identifiers>
          <isin value="US130491AC72"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>335009.16000000</valUSD>
        <pctVal>0.056968029822</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>San Jacinto Unified School District</name>
        <lei>N/A</lei>
        <title>San Jacinto Unified School District</title>
        <cusip>797848HP6</cusip>
        <identifiers>
          <isin value="US797848HP68"/>
        </identifiers>
        <balance>1155000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1201200.00000000</valUSD>
        <pctVal>0.204263063801</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>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>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
        <cusip>130493CC1</cusip>
        <identifiers>
          <isin value="US130493CC11"/>
        </identifiers>
        <balance>125000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>132531.01000000</valUSD>
        <pctVal>0.022536788337</pctVal>
        <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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Port of Oakland</name>
        <lei>N/A</lei>
        <title>Port of Oakland</title>
        <cusip>735000VG3</cusip>
        <identifiers>
          <isin value="US735000VG32"/>
        </identifiers>
        <balance>1745000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1751909.33000000</valUSD>
        <pctVal>0.297910728644</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-01</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>
      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority</title>
        <cusip>13080SUR3</cusip>
        <identifiers>
          <isin value="US13080SUR39"/>
        </identifiers>
        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>959331.51000000</valUSD>
        <pctVal>0.163133527667</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</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="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees. The fund does not have sales loads or redemption fees." noteItem="B.5.a"/>

    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-03-26</ncom:dateSigned>
      <ncom:nameOfApplicant>SCHWAB INVESTMENTS</ncom:nameOfApplicant>
      <ncom:signature>Dana Smith</ncom:signature>
      <ncom:signerName>Dana Smith</ncom:signerName>
      <ncom:title>CFO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
