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          <other otherDesc="Primary Identifier" value="940204DV9"/>
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        <curCd>USD</curCd>
        <valUSD>47996.10000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CA Statewide Cmnty Dev Auth Rev Bonds (Loma Linda Univ Med Ctr) Ser 2016A</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CA Statewide Cmnty Dev Auth Rev Bonds (Loma Linda Univ Med Ctr) Ser 2016A</title>
        <cusip>13080SML5</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="13080SML5"/>
          <other otherDesc="Primary Identifier" value="13080SML5"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>281007.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CA Statewide Comnty Dev Auth Rev Bonds (Loma Linda Univ Med Ctr) Ser 2014A</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CA Statewide Comnty Dev Auth Rev Bonds (Loma Linda Univ Med Ctr) Ser 2014A</title>
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          <other otherDesc="Primary Identifier" value="13080SEW0"/>
          <other otherDesc="Primary Identifier" value="13080SEW0"/>
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        <curCd>USD</curCd>
        <valUSD>275947.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CA Muni Fin Auth Rev Rfdg Bonds (Eisenhower Med Ctr) Ser 2017B</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CA Muni Fin Auth Rev Rfdg Bonds (Eisenhower Med Ctr) Ser 2017B</title>
        <cusip>13048T5G4</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="13048T5G4"/>
          <other otherDesc="Primary Identifier" value="13048T5G4"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>289452.50000000</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>2042-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>
      <invstOrSec>
        <name>Los Angeles CA Dept of Arpts Los Angeles Intl Arpt Sub Rev Bonds Ser 2016B</name>
        <lei>N/A</lei>
        <title>Los Angeles CA Dept of Arpts Los Angeles Intl Arpt Sub Rev Bonds Ser 2016B</title>
        <cusip>544445CC1</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="544445CC1"/>
          <other otherDesc="Primary Identifier" value="544445CC1"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>347985.00000000</valUSD>
        <pctVal>1.022048076585</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>Ontario CA Cmnty Fac Dist No. 28 Spl Tax Bonds (New Haven Fac - Area A) Ser 2017</name>
        <lei>N/A</lei>
        <title>Ontario CA Cmnty Fac Dist No. 28 Spl Tax Bonds (New Haven Fac - Area A) Ser 2017</title>
        <cusip>68302TBA5</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="68302TBA5"/>
          <other otherDesc="Primary Identifier" value="68302TBA5"/>
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        <balance>130000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>146450.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>
      <invstOrSec>
        <name>Sacramento Cnty Arpt Sys Sub Rev Rfdg Bonds Ser 2018E</name>
        <lei>N/A</lei>
        <title>Sacramento Cnty Arpt Sys Sub Rev Rfdg Bonds Ser 2018E</title>
        <cusip>786107SY9</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="786107SY9"/>
          <other otherDesc="Primary Identifier" value="786107SY9"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>310610.00000000</valUSD>
        <pctVal>0.912275968987</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>
      <invstOrSec>
        <name>CA Statewide Cmnty Dev Auth Student Hsng Rev Bonds (Univ of CA Irvine East Campus Apts Phase IV-A CHF - Irvine LLC) Ser 2017</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CA Statewide Cmnty Dev Auth Student Hsng Rev Bonds (Univ of CA Irvine East Campus Apts Phase IV-A CHF - Irvine LLC) Ser 2017</title>
        <cusip>13078RHE3</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="13078RHE3"/>
          <other otherDesc="Primary Identifier" value="13078RHE3"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>349950.00000000</valUSD>
        <pctVal>1.027819372677</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Golden State Tob Securitization Corp. Tob Stlmt Asset-Bkd Bonds Ser 2007A-2 Sr Convertible Bonds</name>
        <lei>N/A</lei>
        <title>Golden State Tob Securitization Corp. Tob Stlmt Asset-Bkd Bonds Ser 2007A-2 Sr Convertible Bonds</title>
        <cusip>38122NPC0</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="38122NPC0"/>
          <other otherDesc="Primary Identifier" value="38122NPC0"/>
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        <balance>150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>156834.00000000</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>2037-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05300000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CA Various Purp GO Bonds</name>
        <lei>N/A</lei>
        <title>CA Various Purp GO Bonds</title>
        <cusip>13063CV23</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="13063CV23"/>
          <other otherDesc="Primary Identifier" value="13063CV23"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>593000.00000000</valUSD>
        <pctVal>1.741668489777</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Poway Unif Sch Dist Spl Tax Bonds (Cmnty Fac Dist No. 15 Del Sur East Impvt Area C) Ser 2016</name>
        <lei>N/A</lei>
        <title>Poway Unif Sch Dist Spl Tax Bonds (Cmnty Fac Dist No. 15 Del Sur East Impvt Area C) Ser 2016</title>
        <cusip>738855YR0</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="738855YR0"/>
          <other otherDesc="Primary Identifier" value="738855YR0"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>285815.00000000</valUSD>
        <pctVal>0.839451904562</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>City of San Ramon Cert of Part (Cap Impvt Fin Prog) Ser 2019</name>
        <lei>N/A</lei>
        <title>City of San Ramon Cert of Part (Cap Impvt Fin Prog) Ser 2019</title>
        <cusip>799369GV9</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="799369GV9"/>
          <other otherDesc="Primary Identifier" value="799369GV9"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>335664.00000000</valUSD>
        <pctVal>0.985860728419</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CA Pollutn Ctl Fin Auth Water Furnishing Rev Rfdg Bonds (San Diego Cnty Water Auth Desalination Proj Pipeline) Ser 2019</name>
        <lei>N/A</lei>
        <title>CA Pollutn Ctl Fin Auth Water Furnishing Rev Rfdg Bonds (San Diego Cnty Water Auth Desalination Proj Pipeline) Ser 2019</title>
        <cusip>13054WAQ0</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="13054WAQ0"/>
          <other otherDesc="Primary Identifier" value="13054WAQ0"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>295865.00000000</valUSD>
        <pctVal>0.868969220451</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Murrieta CA Cmnty Fac Dist No. 2005-5 Spl Tax Bonds (Golden City) Ser 2017A</name>
        <lei>N/A</lei>
        <title>Murrieta CA Cmnty Fac Dist No. 2005-5 Spl Tax Bonds (Golden City) Ser 2017A</title>
        <cusip>62718PSA6</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="62718PSA6"/>
          <other otherDesc="Primary Identifier" value="62718PSA6"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>347904.00000000</valUSD>
        <pctVal>1.021810175830</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CA Sch Fin Auth Sch Fac Rev Rfdg Bonds (HTH Learning Proj) Ser 2017A</name>
        <lei>N/A</lei>
        <title>CA Sch Fin Auth Sch Fac Rev Rfdg Bonds (HTH Learning Proj) Ser 2017A</title>
        <cusip>13059TEF2</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="13059TEF2"/>
          <other otherDesc="Primary Identifier" value="13059TEF2"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>342687.00000000</valUSD>
        <pctVal>1.006487604985</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>
      <invstOrSec>
        <name>CA Sch Fin Auth Sch Fac Rev Bonds (Green Dot Pub Sch CA Proj) Ser 2018A</name>
        <lei>N/A</lei>
        <title>CA Sch Fin Auth Sch Fac Rev Bonds (Green Dot Pub Sch CA Proj) Ser 2018A</title>
        <cusip>13059TFH7</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="13059TFH7"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>290975.00000000</valUSD>
        <pctVal>0.854607063765</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Palamar Hlth Rfdg Rev Bonds Ser 2016</name>
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        <name>San Juan Unif Sch Dist (Sacramento Cnty CA) Elec of 1998 GO Bonds Ser 2003B</name>
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        <name>Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps)</name>
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        <name>M-S-R Energy Auth Gas Rev Bonds Ser 2009C</name>
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        <name>CA Muni Fin Auth Spl Fac Rev Bonds (Utd Airlines Inc. Los Angeles Intl Arpt Proj) Ser 2019</name>
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      <invstOrSec>
        <name>CA Muni Fin Auth Rev Rfdg Bonds (HumanGood Oblig Group) Ser 2019A</name>
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        <name>Chino CA Cmnty Fac Dist Spl Tax Rev Bonds Ser 2016-2</name>
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      <invstOrSec>
        <name>CA Muni Fin Auth Insd Rev Bonds (Town and Country Manor) Ser 2019</name>
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        <name>PR Hwy and Trans Auth Hwy Rev Rfdg Bonds Ser CC</name>
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        <name>Corona-Norco Unif Sch Dist (Riverside CA) Election of 2006 GO Bonds Ser 2011E</name>
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      <invstOrSec>
        <name>CA Muni Fin Auth Charter Sch Lease Rev Bonds (Bella Mente Montessori Academy Proj) Ser 2018A</name>
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      <invstOrSec>
        <name>Cmnty Fac Dist No. 36 of Jurupa Cmnty Svc Dist. Spl Tax Bonds Ser 2017A</name>
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      <invstOrSec>
        <name>Richmond Joint Powers Fin Auth Lease Rev Rfdg Bonds (Civic Ctr Proj) Ser 2019A (Insured by AGM)</name>
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        <name>CA Statewide Cmnty Dev Auth Student Hsng Rev Bonds (Univ of CA Irvine East Campus Apt Phase IV-ACHF - Irvine LLC) Ser 2017</name>
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      <invstOrSec>
        <name>CA Statewide Cmnty Dev Auth Multifam Hsng Rev Bonds (Wyndover Apts) Ser 2004 LL (GTD by FNMA) (BVAL plus 10 bps)</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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        <name>CA Pollutn Ctl Fin Auth Solid Waste Disp Rfdg Rev Bonds (Waste Mgmt Inc. Proj) Ser 2015A-1</name>
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        <name>CA Pollutn Ctl Fin Auth Water Furnishing Rev Bonds (Poseidon Res (Channelside) L.P. Desalination Proj) Ser 2012</name>
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      <invstOrSec>
        <name>San Diego Assoc of Govts South Bay Expressway Toll Rev First Sr Lien Bonds Ser 2017A</name>
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      <invstOrSec>
        <name>Westn Riverside Water and Wastewater Fin Auth Local Agy Rev Rfdg Bonds Ser 2016A</name>
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      <invstOrSec>
        <name>Golden State Tob Securitization Corp. Enhanced Tob Stlmt Asset-Bkd Bonds Ser 2018A</name>
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        <title>Golden State Tob Securitization Corp. Enhanced Tob Stlmt Asset-Bkd Bonds Ser 2018A</title>
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      <invstOrSec>
        <name>San Diego Cnty Rgnl Arpt Auth Sub Arpt Rev Bonds Ser 2017A</name>
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        <title>San Diego Cnty Rgnl Arpt Auth Sub Arpt Rev Bonds Ser 2017A</title>
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      <invstOrSec>
        <name>The Regents of the Univ of CA Gen Rev Bonds Ser AL (BVAL plus 9 bps)</name>
        <lei>N/A</lei>
        <title>The Regents of the Univ of CA Gen Rev Bonds Ser AL (BVAL plus 9 bps)</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Francisco City and Cnty Arpt Comsn San Francisco Intl Arpt Second Ser Rev Bonds Ser 2019A</name>
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        <title>San Francisco City and Cnty Arpt Comsn San Francisco Intl Arpt Second Ser Rev Bonds Ser 2019A</title>
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      <invstOrSec>
        <name>CA Muni Fin Auth Insd Rev Bonds (Channing House Proj) Ser 2017B (Insured by the CA Office of Statewide Hlth Planning and Dev)</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CA Muni Fin Auth Insd Rev Bonds (Channing House Proj) Ser 2017B (Insured by the CA Office of Statewide Hlth Planning and Dev)</title>
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          <other otherDesc="Primary Identifier" value="13048T7F4"/>
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      <invstOrSec>
        <name>Palomar Hlth Cert of Part Ser 2017</name>
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      <invstOrSec>
        <name>CA Sch Fin Auth Charter Sch Rev Bonds (Rocketship Pub Sch - Oblig Group) Ser 2017G</name>
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        <title>CA Sch Fin Auth Charter Sch Rev Bonds (Rocketship Pub Sch - Oblig Group) Ser 2017G</title>
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      <invstOrSec>
        <name>State Pub Works Board of CA Lease Rev Rfdg Bonds (Dept of Edu) Ser 2017H</name>
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      <invstOrSec>
        <name>Cmnwlth of PR Pub Impvt Rfdg GO Bonds Ser 2007A-4</name>
        <lei>549300X44HXPLJU48U63</lei>
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      <invstOrSec>
        <name>CA Muni Fin Auth Sr Lien Rev Bonds (LINXS APM Proj) Ser 2018A</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CA Muni Fin Auth Sr Lien Rev Bonds (LINXS APM Proj) Ser 2018A</title>
        <cusip>13048VCA4</cusip>
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      <invstOrSec>
        <name>William S. Hart Union High Sch Dist Cmnty Fac Dist No. 2015-1 Spl Tax Bonds Ser 2017</name>
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        <title>William S. Hart Union High Sch Dist Cmnty Fac Dist No. 2015-1 Spl Tax Bonds Ser 2017</title>
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      <invstOrSec>
        <name>Ontario CA Cmnty Fac Dist No. 31 Spl Tax Bonds (Carriage House/Amberly Lane) Ser 2017</name>
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        <name>CA Sch Fin Auth Sch Fac Rev Bonds (Granada Hills Charter High Sch Oblig Group) Ser 2017A</name>
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        <name>Foothill/Eastn Trans Corridor Agy Toll Road Rfdg Rev Bonds Ser 2013B-1 (Insured by AGM)</name>
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        <name>CA Edu Fac Auth Rev Bonds (Art Ctr College of Design) Ser 2018A</name>
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        <name>Southn CA Pub Power Auth Milford Wind Corridor Phase I Proj Rfdg Rev Bonds Ser 2019-1</name>
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        <name>Lincoln Unif Sch Dist Fin Corp Cert of Part Ser 2019</name>
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        <name>CA Pollutn Ctl Fin Auth Solid Waste Rfdg Rev Bonds (Republic Svc Inc. Proj) Ser 2010A</name>
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        <name>Cmnty Fac Dist No. 36 of Jurupa Cmnty Svc Dist. Spl Tax Bonds Ser 2017A</name>
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        <name>CA Muni Fin Auth Rev Bonds (Ret Hsng Fndtn Oblig Group) Ser 2017A</name>
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        <name>Oro Grande Elem Sch Dist Cert of Part Ser 2013</name>
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        <name>Palamar Hlth Rfdg Rev Bonds Ser 2016</name>
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        <name>Sacramento CA Spl Tax Bonds (Natomas Cent Comnty Fac) Ser 2016</name>
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        <name>CA Muni Fin Auth Solid Waste Rfdg Rev Bonds (Republic Svc Inc. Proj) Ser 2010</name>
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        <name>CA Hlth Fac Fin Auth Rev Bonds (City of Hope) Ser 2019</name>
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        <name>Long Beach Bond Fin Auth Natural Gas Purchase Rev Bonds Ser 2007A</name>
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      <invstOrSec>
        <name>Irvine Unif Sch Dist Cmnty Fac Dist No. 09-1 Spl Tax Bonds Ser 2019A</name>
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      <invstOrSec>
        <name>CA Sch Fin Auth Sch Fac Rev Bonds (Kipp LA Proj) Ser 2017A</name>
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        <name>Lammersville CA Joint Unif Sch Dist Spl Tax Bonds (Lammersville Sch Dist Cmnty Fac Dist No. 2002 Mountain House) Ser 2017</name>
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        <name>Roseville CA Spl Tax Rev Bonds (Fiddyment Ranch Cmnty Fac Dist No. 1) Ser 2017A</name>
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      <invstOrSec>
        <name>CA Infra and Econ Dev Bank Natl Charter Sch Revolving Loan Fund Rev Bonds Ser 2019B</name>
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      <invstOrSec>
        <name>CA Edu Fac Auth Rev Bonds (Loma Linda Univ) Ser 2017A</name>
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        <name>San Jose CA Arpt Rev Rfdg Bonds Ser 2017A</name>
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      <invstOrSec>
        <name>CA Sch Fin Auth Charter Sch Rev Bonds (Rocketship Pub Sch - Oblig Group) Ser 2017G</name>
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      <invstOrSec>
        <name>San Bernardino CA Cmnty Fac Dist No. 2006-1 (Lytle Creek North) Impvt Area No. 4 Spl Tax Bonds Ser 2016</name>
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        <name>CA Muni Fin Auth Charter Sch Rev Bonds (Palmdale Aerospace Academy Proj) Ser 2018A</name>
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        <name>University of California (1-Month U.S. LIBOR plus 8 bps)</name>
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        <name>Tob Securitization Auth of Northn CA Tob Stlmt Asset-Bkd Bonds (Sacramento Cnty Tob Securitization Corp.) Ser 2005A-1</name>
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        <name>Oakland-Alameda Cnty Coliseum Auth Lease Rev Bonds (Oakland Coliseum Proj) Ser 2012A</name>
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      <invstOrSec>
        <name>Corona-Norco Unif Sch Dist (Riverside Cnty CA) Election of 2014 GO Bonds Ser C</name>
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        <name>CA Muni Fin Auth Insd Rev Bonds (Town and Country Manor) Ser 2019</name>
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        <name>PR Hwy and Trans Auth Hwy Rev Rfdg Bonds Ser CC</name>
        <lei>549300J6QBXVWJXB7Y41</lei>
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      <invstOrSec>
        <name>CA Sch Fin Auth Charter Sch Rev Rfdg Bonds (Aspire Pub Sch - Oblig Group) Ser 2016</name>
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      <invstOrSec>
        <name>Eureka Successor Agy Tax Alloc Rfdg Bonds Ser 2017B</name>
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        <name>Southn CA Pub Power Auth Gas Proj Rev Bonds (Proj No. 1) Ser 2007A</name>
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        <name>CA Statewide Cmnty Dev Auth Rev Bonds (American Baptist Homes of the West) Ser 2015</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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      <invstOrSec>
        <name>CA Muni Fin Auth Rev Bonds (CA Lutheran Univ) Ser 2018</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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      <invstOrSec>
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        <name>CA Sch Fin Auth Charter Sch Rev Bonds (Larchmont Charter Sch Proj) Ser 2018A</name>
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        <name>Golden State Tob Securitization Corp. Enhanced Tob Stlmt Asset-Bkd Bonds Ser 2017A-1</name>
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        <name>Stockton Pub Fin Auth Wastewater Bond Anticipation Notes Ser 2019</name>
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        <name>Ontario CA Cmnty Fac Dist No. 28 Spl Tax Bonds (New Haven Fac - Area A) Ser 2017</name>
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        <name>Golden State Tob Securitization Corp. Tob Stlmt Asset-Bkd Bonds Ser 2018A-1</name>
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        <name>Tob Securitization Auth of Southn CA Tob Stlmt Asset-Bkd Bonds (San Diego Cnty Tob Asset Securitization Corp.) Ser 2006D</name>
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        <name>Successor Agy to the Redev Agy of the City of Tulare Tax Alloc Rfdg Bonds Ser 2017A (Insured by BAMAC)</name>
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          <annualizedRt>0.04000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-01-30</ncom:dateSigned>
      <ncom:nameOfApplicant>IVY FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Joseph W. Kauten</ncom:signature>
      <ncom:signerName>Joseph W. Kauten</ncom:signerName>
      <ncom:title>Treasurer, Vice President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
