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        <name>SOUTHERN CALIF PUB PWR AUTH</name>
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        <cusip>84247PDA6</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>YUCAIPA VY CALIF WTR DIST</name>
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          <isin value="US98840AAM71"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>OAKLAND CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
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        <cusip>672325XH5</cusip>
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          <isin value="US672325XH57"/>
          <ticker value="OAKSCD"/>
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        <balance>600000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAN JOSE CALIF</name>
        <lei>N/A</lei>
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        <cusip>798135G52</cusip>
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          <isin value="US798135G525"/>
          <ticker value="SJS"/>
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        <balance>3700000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OAKLAND CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
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        <cusip>672325XF9</cusip>
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          <isin value="US672325XF91"/>
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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>2022-08-01</maturityDt>
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          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>ALBANY CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
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        <cusip>012104RN7</cusip>
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          <isin value="US012104RN79"/>
          <ticker value="ALBSCD"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>PLACENTIA-YORBA LINDA CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
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        <cusip>725894LR8</cusip>
        <identifiers>
          <isin value="US725894LR80"/>
          <ticker value="PCTSCD"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1215940</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>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH FACS FING AUTH</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA HEALTH FACS FING AUTH BDS 2019 A</title>
        <cusip>13032UTJ7</cusip>
        <identifiers>
          <isin value="US13032UTJ78"/>
          <ticker value="CASMED"/>
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        <balance>700000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAN FRANCISCO CALIF CITY &amp; CNTY ARPTS COMMN</name>
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        <cusip>79766DLY3</cusip>
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          <isin value="US79766DLY30"/>
          <ticker value="SFOAPT"/>
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        <balance>3000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LOS ANGELES CNTY CALIF PUB WKS FING AUTH</name>
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        <cusip>54473ESL9</cusip>
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          <isin value="US54473ESL91"/>
          <ticker value="LOSFAC"/>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>LOS ANGELES CALIF DEPT WTR &amp; PWR</name>
        <lei>549300S8NXV6YU61GG95</lei>
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        <cusip>544525YH5</cusip>
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          <isin value="US544525YH55"/>
          <ticker value="LOSUTL"/>
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      <invstOrSec>
        <name>SAN RAFAEL CALIF ELEM SCH DIST</name>
        <lei>N/A</lei>
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        <cusip>799306PG4</cusip>
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          <isin value="US799306PG45"/>
          <ticker value="SRFSCD"/>
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        <balance>1750000</balance>
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      <invstOrSec>
        <name>LOS ANGELES CNTY CALIF PUB WKS FING AUTH</name>
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        <cusip>54473ERK2</cusip>
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          <isin value="US54473ERK28"/>
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      <invstOrSec>
        <name>CALIFORNIA ST UNIV</name>
        <lei>N/A</lei>
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        <cusip>13077DGT3</cusip>
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          <isin value="US13077DGT37"/>
          <ticker value="CASHGR"/>
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        <name>RICHMOND CALIF JT PWRS FING AUTH</name>
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        <cusip>764440JG9</cusip>
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          <ticker value="RICGEN"/>
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        <name>RICHMOND CALIF JT PWRS FING AUTH</name>
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        <cusip>764440JH7</cusip>
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        <name>BAY AREA TOLL AUTH CALIF</name>
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        <name>LOS ANGELES CALIF UNI SCH DIST</name>
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        <name>LOS ANGELES CALIF DEPT ARPTS</name>
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        <name>NATOMAS UN SCH DIST CALIF</name>
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        <name>LOS ANGELES CALIF DEPT ARPTS</name>
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        <name>EL CAMINO CALIF</name>
        <lei>N/A</lei>
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        <name>BAY AREA TOLL AUTH CALIF</name>
        <lei>5493001FUZGUQMIP5D78</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>IMPERIAL IRR DIST CALIF</name>
        <lei>N/A</lei>
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          <ticker value="IMRPWR"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>BAY AREA TOLL AUTH CALIF</name>
        <lei>5493001FUZGUQMIP5D78</lei>
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        <cusip>072024UJ9</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-04-01</maturityDt>
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      <invstOrSec>
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        <cusip>5444354Z0</cusip>
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          <ticker value="LOSAPT"/>
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        <fairValLevel>2</fairValLevel>
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        <name>SAN JOAQUIN CNTY CALIF TRANSN AUTH</name>
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          <ticker value="SJQGEN"/>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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          <ticker value="LOSAPT"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-15</maturityDt>
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          <annualizedRt>5.250000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>FREMONT CALIF UN HIGH SCH DIST</name>
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        <title>FREMONT CALIF UN HIGH SCH DIST GO BDS 2011</title>
        <cusip>357172UH6</cusip>
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          <isin value="US357172UH60"/>
          <ticker value="FMTSCD"/>
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        <balance>1500000</balance>
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        <curCd>USD</curCd>
        <valUSD>1606380</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-08-01</maturityDt>
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        <name>LOS RIOS CALIF CMNTY COLLEGE DIST</name>
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        <cusip>545624RB6</cusip>
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          <ticker value="LRSHGR"/>
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        <balance>2000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>NATOMAS UN SCH DIST CALIF</name>
        <lei>5493003NJ3RTOZO25E38</lei>
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        <cusip>63877NKY2</cusip>
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          <ticker value="NMASCD"/>
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        <balance>1185000</balance>
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        <name>CALIFORNIA HEALTH FACS FING AUTH</name>
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          <ticker value="CASMED"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA HEALTH FACS FING AUTH</name>
        <lei>5493007RI8BUDOGHZ546</lei>
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        <cusip>13032UDU9</cusip>
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        <name>NATOMAS UN SCH DIST CALIF</name>
        <lei>5493003NJ3RTOZO25E38</lei>
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        <name>DESERT CALIF CMNTY COLLEGE DIST</name>
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        <name>LOS ANGELES CNTY CALIF</name>
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        <name>ANAHEIM CALIF HSG &amp; PUB IMPT AUTH</name>
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        <name>SAN JOSE CALIF UNI SCH DIST</name>
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        <name>UNIVERSITY CALIF</name>
        <lei>RRR42I7GG51DB5HDQR14</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RIVERSIDE CNTY CALIF TRANSN COMMN</name>
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        <cusip>769125GQ2</cusip>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SAN JOSE CALIF UNI SCH DIST</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TURLOCK CALIF IRR DIST</name>
        <lei>5493001J7IGC81HEQJ12</lei>
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        <cusip>900190GW3</cusip>
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          <ticker value="TURWTR"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CENTRAL CALIF UNI SCH DIST</name>
        <lei>549300AKOP2UG4D0YH67</lei>
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          <ticker value="CENSCD"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SAN FRANCISCO CALIF CITY &amp; CNTY ARPTS COMMN</name>
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        <cusip>79766DKT5</cusip>
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          <isin value="US79766DKT53"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>PASO ROBLES CALIF JT UNI SCH DIST SCH FACS IMPT DIST NO 1</name>
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        <cusip>70263FAW1</cusip>
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          <isin value="US70263FAW14"/>
          <ticker value="PSRSCD"/>
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        <balance>4220000</balance>
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        <curCd>USD</curCd>
        <valUSD>4670527.2</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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      <invstOrSec>
        <name>PASO ROBLES CALIF JT UNI SCH DIST SCH FACS IMPT DIST NO 1</name>
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        <cusip>70263FAX9</cusip>
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          <isin value="US70263FAX96"/>
          <ticker value="PSRSCD"/>
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        <balance>5950000</balance>
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        <curCd>USD</curCd>
        <valUSD>6547796.5</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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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH FACS FING AUTH</name>
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        <cusip>13032UGP7</cusip>
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          <isin value="US13032UGP75"/>
          <ticker value="CASMED"/>
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        <balance>2450000</balance>
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        <curCd>USD</curCd>
        <valUSD>2547559</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.000000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>SAN DIEGO CALIF ASSN GOVTS</name>
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          <ticker value="SDGTRN"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-15</maturityDt>
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          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>SAN DIEGO CALIF</name>
        <lei>N/A</lei>
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          <isin value="US797257AV46"/>
          <ticker value="SDGTRN"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA ST</name>
        <lei>N/A</lei>
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          <ticker value="CAS"/>
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      <invstOrSec>
        <name>CALIFORNIA ST</name>
        <lei>N/A</lei>
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          <isin value="US13063DAT54"/>
          <ticker value="CAS"/>
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        <name>SAN FRANCISCO CALIF BAY AREA RAPID TRAN DIST</name>
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        <cusip>797661XU4</cusip>
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          <isin value="US797661XU40"/>
          <ticker value="SFOTRN"/>
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      <invstOrSec>
        <name>CALIFORNIA ST</name>
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          <isin value="US13063DBT46"/>
          <ticker value="CAS"/>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SAN FRANCISCO CALIF CITY &amp; CNTY ARPTS COMMN</name>
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          <ticker value="SFOAPT"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>RIVERSIDE CNTY CALIF TRANSN COMMN</name>
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          <isin value="US769125FE09"/>
          <ticker value="RIVTRN"/>
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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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        <securityLending>
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      <invstOrSec>
        <name>ALAMEDA CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>ALAMEDA CALIF UNI SCH DIST ELECTION 2014 GO BDS C</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SEQUOIA CALIF UN HIGH SCH DIST</name>
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          <ticker value="SEQSCD"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ORANGE CNTY CALIF LOC TRANSN AUTH</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UNIVERSITY CALIF</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SANTA CLARITA CALIF CMNTY COLLEGE DIST</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA ST ENTERPRISE DEV AUTH</name>
        <lei>549300544P6FSHU1HB46</lei>
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        <cusip>13067VAV6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA MUN FIN AUTH</name>
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        <cusip>13048VGF9</cusip>
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          <ticker value="CASFIN"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA ST UNIV</name>
        <lei>N/A</lei>
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        <cusip>13077C4B7</cusip>
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          <ticker value="CASHGR"/>
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        <balance>2600000</balance>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA INFRASTRUCTURE &amp; ECONOMIC DEV BK</name>
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          <ticker value="CASEDU"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DESERT SANDS CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
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        <cusip>250433TR0</cusip>
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          <isin value="US250433TR06"/>
          <ticker value="DTSSCD"/>
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        <balance>1330000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA ST</name>
        <lei>N/A</lei>
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          <ticker value="CAS"/>
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        <name>CALIFORNIA ST ENTERPRISE DEV AUTH</name>
        <lei>549300544P6FSHU1HB46</lei>
        <title>CALIFORNIA ST ENTERPRISE DEV AUTH BDS 2019</title>
        <cusip>13067VAU8</cusip>
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          <isin value="US13067VAU89"/>
          <ticker value="CASFAC"/>
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        <name>BAY AREA TOLL AUTH CALIF</name>
        <lei>5493001FUZGUQMIP5D78</lei>
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        <cusip>072024VX7</cusip>
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          <isin value="US072024VX72"/>
          <ticker value="BAYTRN"/>
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        <curCd>USD</curCd>
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        <name>ALAMEDA CNTY CALIF JT PWRS AUTH</name>
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        <cusip>010831BY0</cusip>
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          <isin value="US010831BY03"/>
          <ticker value="ALAUTL"/>
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        <name>CALIFORNIA ST</name>
        <lei>N/A</lei>
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          <isin value="US13063CNB27"/>
          <ticker value="CAS"/>
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        <balance>2750000</balance>
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        <name>LOS ANGELES CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>CALIFORNIA ST</name>
        <lei>N/A</lei>
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          <isin value="US13063CLV09"/>
          <ticker value="CAS"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA ST</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST VAR PURP GO BDS</title>
        <cusip>13063BPT3</cusip>
        <identifiers>
          <isin value="US13063BPT34"/>
          <ticker value="CAS"/>
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        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2575275</valUSD>
        <pctVal>0.4947805942</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>CONTRA COSTA CALIF CMNTY COLLEGE DIST</name>
        <lei>N/A</lei>
        <title>CONTRA COSTA CALIF CMNTY COLLEGE DIST ELECTION 2014 GO BDS 2019 B-2</title>
        <cusip>212204KJ9</cusip>
        <identifiers>
          <isin value="US212204KJ93"/>
          <ticker value="CTCHGR"/>
        </identifiers>
        <balance>775000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>822778.75</valUSD>
        <pctVal>0.1580782475</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</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>LONG BEACH CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>LONG BEACH CALIF UNI SCH DIST GO SCH DIST BDS 2009A</title>
        <cusip>542433RY5</cusip>
        <identifiers>
          <isin value="US542433RY58"/>
          <ticker value="LONSCD"/>
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        <balance>70000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>70216.3</valUSD>
        <pctVal>0.0134904671</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>CALIFORNIA ST</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST VAR PURP GO BDS</title>
        <cusip>13063DFQ6</cusip>
        <identifiers>
          <isin value="US13063DFQ60"/>
          <ticker value="CAS"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1815090</valUSD>
        <pctVal>0.3487283140</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</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>NATOMAS UN SCH DIST CALIF</name>
        <lei>5493003NJ3RTOZO25E38</lei>
        <title>NATOMAS UN SCH DIST CALIF ELECTION 2018 GO BDS 2019</title>
        <cusip>63877NLQ8</cusip>
        <identifiers>
          <isin value="US63877NLQ87"/>
          <ticker value="NMASCD"/>
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        <balance>2325000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2361177</valUSD>
        <pctVal>0.4536465267</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</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>NATOMAS UN SCH DIST CALIF</name>
        <lei>5493003NJ3RTOZO25E38</lei>
        <title>NATOMAS UN SCH DIST CALIF ELECTION 2018 GO BDS 2019</title>
        <cusip>63877NLR6</cusip>
        <identifiers>
          <isin value="US63877NLR60"/>
          <ticker value="NMASCD"/>
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        <balance>2590000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2618541.8</valUSD>
        <pctVal>0.5030933270</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</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>LONG BEACH CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>LONG BEACH CALIF UNI SCH DIST ELECTION 2008 GO BDS F</title>
        <cusip>542433VS3</cusip>
        <identifiers>
          <isin value="US542433VS35"/>
          <ticker value="LONSCD"/>
        </identifiers>
        <balance>3270000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3399884.4</valUSD>
        <pctVal>0.6532105595</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</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>LOS ANGELES CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CALIF UNI SCH DIST GO BDS 2018 B-1</title>
        <cusip>5446466M9</cusip>
        <identifiers>
          <isin value="US5446466M90"/>
          <ticker value="LOSSCD"/>
        </identifiers>
        <balance>190000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>238792</valUSD>
        <pctVal>0.0458784587</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>5.000000000000</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>SOUTHERN CALIF PUB PWR AUTH</name>
        <lei>5493003B5TD5FWUKMD34</lei>
        <title>SOUTHERN CALIF PUB PWR AUTH REV BDS 2010-1</title>
        <cusip>84247PAS0</cusip>
        <identifiers>
          <isin value="US84247PAS02"/>
          <ticker value="STNPWR"/>
        </identifiers>
        <balance>1240000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1240000</valUSD>
        <pctVal>0.2382378336</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>NATOMAS UN SCH DIST CALIF</name>
        <lei>5493003NJ3RTOZO25E38</lei>
        <title>NATOMAS UN SCH DIST CALIF ELECTION 2018 GO BDS 2019</title>
        <cusip>63877NLP0</cusip>
        <identifiers>
          <isin value="US63877NLP05"/>
          <ticker value="NMASCD"/>
        </identifiers>
        <balance>1655000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1686229.85</valUSD>
        <pctVal>0.3239707632</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</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>LOS ANGELES CALIF DEPT ARPTS</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CALIF DEPT ARPTS SUB BDS 2018 A</title>
        <cusip>544445EH8</cusip>
        <identifiers>
          <isin value="US544445EH80"/>
          <ticker value="LOSAPT"/>
        </identifiers>
        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2517560</valUSD>
        <pctVal>0.4836919679</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</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>CALIFORNIA ST</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST VAR PURP GO REF BDS</title>
        <cusip>13063C8R4</cusip>
        <identifiers>
          <isin value="US13063C8R43"/>
          <ticker value="CAS"/>
        </identifiers>
        <balance>4000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5034760</valUSD>
        <pctVal>0.9673147701</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>CALIFORNIA ST</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST TAX EXEMPT VAR PURP GO REF BDS 2016</title>
        <cusip>13063C4Q0</cusip>
        <identifiers>
          <isin value="US13063C4Q06"/>
          <ticker value="CAS"/>
        </identifiers>
        <balance>7000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8617210</valUSD>
        <pctVal>1.6556011627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>LOS ANGELES CNTY CALIF PUB WKS FING AUTH</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CNTY CALIF PUB WKS FING AUTH BDS 2019 E1</title>
        <cusip>54473ETT1</cusip>
        <identifiers>
          <isin value="US54473ETT19"/>
          <ticker value="LOSFAC"/>
        </identifiers>
        <balance>3405000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4231631.85</valUSD>
        <pctVal>0.8130119390</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>MID PENINSULA REGL OPEN SPACE DIST CALIF FING AUTH</name>
        <lei>N/A</lei>
        <title>MID PENINSULA REGL OPEN SPACE DIST CALIF FING AUTH REV BDS 2011</title>
        <cusip>598024GL5</cusip>
        <identifiers>
          <isin value="US598024GL53"/>
          <ticker value="MIDFAC"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2143440</valUSD>
        <pctVal>0.4118133080</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>5.250000000000</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>LOS ANGELES CALIF DEPT ARPTS</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CALIF DEPT ARPTS SR REF BDS 2018 B</title>
        <cusip>544445EY1</cusip>
        <identifiers>
          <isin value="US544445EY14"/>
          <ticker value="LOSAPT"/>
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        <balance>7630000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9628907.4</valUSD>
        <pctVal>1.8499758375</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>LOS ANGELES CALIF DEPT ARPTS</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CALIF DEPT ARPTS SR REF BDS 2018 B</title>
        <cusip>544445EX3</cusip>
        <identifiers>
          <isin value="US544445EX31"/>
          <ticker value="LOSAPT"/>
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        <balance>7435000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9214939</valUSD>
        <pctVal>1.7704412127</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>
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        <name>SAN FRANCISCO CALIF CITY &amp; CNTY PUB UTILS COMMN</name>
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        <name>CALIFORNIA ST DEPT WTR RES</name>
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        <name>UNIVERSITY CALIF</name>
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        <name>SAN FRANCISCO CNTY CALIF TRANSN AUTH</name>
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          <ticker value="SFOTRN"/>
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        <name>CENTINELA VALLEY CALIF UN HIGH SCH</name>
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        <name>CALIFORNIA ST</name>
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        <name>AZUSA CALIF UNI SCH DIST</name>
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        <name>CALIFORNIA EDL FACS AUTH</name>
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        <name>MOUNT SAN ANTONIO CALIF CMNTY COLLEGE DIST</name>
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        <name>CALIFORNIA ST</name>
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        <name>CALIFORNIA ST</name>
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        <name>METROPOLITAN WTR DIST SOUTHN CALIF CALIF</name>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOS ANGELES CNTY CALIF PUB WKS FING AUTH</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CNTY CALIF PUB WKS FING AUTH REV BDS 2012</title>
        <cusip>54473EPJ7</cusip>
        <identifiers>
          <isin value="US54473EPJ72"/>
          <ticker value="LOSFAC"/>
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        <balance>945000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1042694.1</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>2024-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>CALIFORNIA HEALTH FACS FING AUTH</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA HEALTH FACS FING AUTH REF REV BDS 2015</title>
        <cusip>13032UBB3</cusip>
        <identifiers>
          <isin value="US13032UBB35"/>
          <ticker value="CASMED"/>
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        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>305052.5</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>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SAN DIEGO CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>SAN DIEGO CALIF UNI SCH DIST GO BDS I</title>
        <cusip>7973555V2</cusip>
        <identifiers>
          <isin value="US7973555V27"/>
          <ticker value="SDGSCD"/>
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        <balance>3380000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4095039</valUSD>
        <pctVal>0.7867687256</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <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>RIVERSIDE CNTY CALIF ASSET LEASING CORP</name>
        <lei>N/A</lei>
        <title>RIVERSIDE CNTY CALIF ASSET LEASING CORP REV BDS 2013 A</title>
        <cusip>76911AFA8</cusip>
        <identifiers>
          <isin value="US76911AFA88"/>
          <ticker value="RIVCTT"/>
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        <balance>650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>753350</valUSD>
        <pctVal>0.1447390903</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</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>SANTA CLARA CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>SANTA CLARA CALIF UNI SCH DIST GO BDS 2011A</title>
        <cusip>801495B76</cusip>
        <identifiers>
          <isin value="US801495B768"/>
          <ticker value="SCRSCD"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1530870</valUSD>
        <pctVal>0.2941218970</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>OXNARD CALIF UN HIGH SCH DIST</name>
        <lei>N/A</lei>
        <title>OXNARD CALIF UN HIGH SCH DIST GO BDS 2018 A</title>
        <cusip>692039QM5</cusip>
        <identifiers>
          <isin value="US692039QM54"/>
          <ticker value="OXNSCD"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3550980</valUSD>
        <pctVal>0.6822401469</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>RIVERSIDE CNTY CALIF ASSET LEASING CORP</name>
        <lei>N/A</lei>
        <title>RIVERSIDE CNTY CALIF ASSET LEASING CORP REV BDS 2013 A</title>
        <cusip>76911AEN1</cusip>
        <identifiers>
          <isin value="US76911AEN19"/>
          <ticker value="RIVCTT"/>
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        <balance>150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>173329.5</valUSD>
        <pctVal>0.0333013263</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</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>LOS ANGELES CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CALIF UNI SCH DIST GO REF BDS 2017A</title>
        <cusip>5446465P3</cusip>
        <identifiers>
          <isin value="US5446465P31"/>
          <ticker value="LOSSCD"/>
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        <balance>5440000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6720739.2</valUSD>
        <pctVal>1.2912373765</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>SANTA CLARA CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>SANTA CLARA CALIF UNI SCH DIST GO BDS 2011A</title>
        <cusip>801495B84</cusip>
        <identifiers>
          <isin value="US801495B842"/>
          <ticker value="SCRSCD"/>
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        <balance>4040000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4123143.2</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>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SAN DIEGO CALIF</name>
        <lei>N/A</lei>
        <title>SAN DIEGO CALIF FIRST SR LIEN BDS 2017 A</title>
        <cusip>797257AM4</cusip>
        <identifiers>
          <isin value="US797257AM47"/>
          <ticker value="SDGTRN"/>
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        <balance>850000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1059023.5</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>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SACRAMENTO CNTY CALIF</name>
        <lei>549300OXI5MD45L13R20</lei>
        <title>SACRAMENTO CNTY CALIF SR REF BDS 2018 A</title>
        <cusip>786107QH8</cusip>
        <identifiers>
          <isin value="US786107QH82"/>
          <ticker value="SACAPT"/>
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        <balance>500000</balance>
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        <curCd>USD</curCd>
        <valUSD>632435</valUSD>
        <pctVal>0.1215080196</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>SACRAMENTO CNTY CALIF</name>
        <lei>549300OXI5MD45L13R20</lei>
        <title>SACRAMENTO CNTY CALIF REF BDS 2018B</title>
        <cusip>786107QV7</cusip>
        <identifiers>
          <isin value="US786107QV76"/>
          <ticker value="SACAPT"/>
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        <balance>680000</balance>
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        <curCd>USD</curCd>
        <valUSD>873126.8</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>SACRAMENTO CNTY CALIF</name>
        <lei>549300OXI5MD45L13R20</lei>
        <title>SACRAMENTO CNTY CALIF SR REF BDS 2018 A</title>
        <cusip>786107QF2</cusip>
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          <isin value="US786107QF27"/>
          <ticker value="SACAPT"/>
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        <balance>565000</balance>
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        <curCd>USD</curCd>
        <valUSD>725465.65</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>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>RIVERSIDE CALIF PUB FING AUTH</name>
        <lei>N/A</lei>
        <title>RIVERSIDE CALIF PUB FING AUTH REV BDS 2013</title>
        <cusip>76904CAJ9</cusip>
        <identifiers>
          <isin value="US76904CAJ99"/>
          <ticker value="RIVGEN"/>
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        <balance>615000</balance>
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        <curCd>USD</curCd>
        <valUSD>703695.3</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SAN DIEGO CALIF PUB FACS FING AUTH</name>
        <lei>N/A</lei>
        <title>SAN DIEGO CALIF PUB FACS FING AUTH REF BDS 2016</title>
        <cusip>797299LN2</cusip>
        <identifiers>
          <isin value="US797299LN27"/>
          <ticker value="SDGFAC"/>
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        <balance>1040000</balance>
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        <curCd>USD</curCd>
        <valUSD>1252981.6</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ALAMEDA CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>ALAMEDA CALIF UNI SCH DIST GO BDS B</title>
        <cusip>010824LH1</cusip>
        <identifiers>
          <isin value="US010824LH19"/>
          <ticker value="ALASCD"/>
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        <balance>4000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4831880</valUSD>
        <pctVal>0.9283359865</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SANTA CLARA CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>SANTA CLARA CALIF UNI SCH DIST GO BDS 2011</title>
        <cusip>801495A28</cusip>
        <identifiers>
          <isin value="US801495A281"/>
          <ticker value="SCRSCD"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2036240</valUSD>
        <pctVal>0.3912172631</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>4.500000000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA ST</name>
        <lei>N/A</lei>
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        <cusip>13063CR69</cusip>
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          <isin value="US13063CR698"/>
          <ticker value="CAS"/>
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        <balance>5000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6167050</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>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA ST</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST VAR PURP GO REF BDS</title>
        <cusip>13063DQL5</cusip>
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          <isin value="US13063DQL54"/>
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        <balance>3000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3882240</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>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LONG BEACH CALIF</name>
        <lei>549300XH3OUOL3JO1O51</lei>
        <title>LONG BEACH CALIF REV BDS 2017</title>
        <cusip>542424VE3</cusip>
        <identifiers>
          <isin value="US542424VE32"/>
          <ticker value="LONTRN"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3585690</valUSD>
        <pctVal>0.6889088850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LONG BEACH CALIF</name>
        <lei>549300XH3OUOL3JO1O51</lei>
        <title>LONG BEACH CALIF REV BDS 2017</title>
        <cusip>542424UU8</cusip>
        <identifiers>
          <isin value="US542424UU82"/>
          <ticker value="LONTRN"/>
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        <balance>1300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1591785</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LOS ANGELES CALIF</name>
        <lei>N/A</lei>
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        <cusip>53945CJW1</cusip>
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          <isin value="US53945CJW10"/>
          <ticker value="LOSUTL"/>
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        <balance>1100000</balance>
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        <curCd>USD</curCd>
        <valUSD>1367333</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>2038-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LOS ANGELES CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CALIF UNI SCH DIST DEDICATED ULTD AD VALOREM PPTY TAX GO REF BDS 2019A</title>
        <cusip>544647AR1</cusip>
        <identifiers>
          <isin value="US544647AR13"/>
          <ticker value="LOSSCD"/>
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        <balance>5860000</balance>
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        <curCd>USD</curCd>
        <valUSD>6867451.2</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BAY AREA TOLL AUTH CALIF</name>
        <lei>5493001FUZGUQMIP5D78</lei>
        <title>BAY AREA TOLL AUTH CALIF REV BDS 2014</title>
        <cusip>072024UA8</cusip>
        <identifiers>
          <isin value="US072024UA88"/>
          <ticker value="BAYTRN"/>
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        <balance>565000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>569305.3</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>2034-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SAN JACINTO CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>SAN JACINTO CALIF UNI SCH DIST GO REF BDS 2014</title>
        <cusip>797848GP7</cusip>
        <identifiers>
          <isin value="US797848GP77"/>
          <ticker value="SJTSCD"/>
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        <balance>1055000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1227724.6</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>EVERGREEN CALIF SCH DIST</name>
        <lei>N/A</lei>
        <title>EVERGREEN CALIF SCH DIST GO BDS 2018</title>
        <cusip>300191C35</cusip>
        <identifiers>
          <isin value="US300191C353"/>
          <ticker value="EVESCD"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1228230</valUSD>
        <pctVal>0.2359764954</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VISALIA CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>VISALIA CALIF UNI SCH DIST CFTS OF PARTN 2018</title>
        <cusip>928279CH9</cusip>
        <identifiers>
          <isin value="US928279CH96"/>
          <ticker value="VISEDU"/>
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        <balance>1525000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1551580.75</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>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RIVERSIDE CNTY CALIF</name>
        <lei>N/A</lei>
        <title>RIVERSIDE CNTY CALIF TAX AND REV ANTIIPATION NTS 2019</title>
        <cusip>769110CT2</cusip>
        <identifiers>
          <isin value="US769110CT28"/>
          <ticker value="RIV"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1529895</valUSD>
        <pctVal>0.2939345729</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA ST</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST VARIOUS PURP GO BDS</title>
        <cusip>13063BEQ1</cusip>
        <identifiers>
          <isin value="US13063BEQ14"/>
          <ticker value="CAS"/>
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        <balance>1500000</balance>
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        <curCd>USD</curCd>
        <valUSD>1510410</valUSD>
        <pctVal>0.2901909727</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAN FRANCISCO CALIF BAY AREA RAPID TRAN DIST</name>
        <lei>N/A</lei>
        <title>SAN FRANCISCO CALIF BAY AREA RAPID TRAN DIST BDS 2019 A</title>
        <cusip>797669ZG6</cusip>
        <identifiers>
          <isin value="US797669ZG63"/>
          <ticker value="SFOTRN"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2030300</valUSD>
        <pctVal>0.3900760270</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KENTFIELD CALIF SCH DIST</name>
        <lei>N/A</lei>
        <title>KENTFIELD CALIF SCH DIST GO BDS B</title>
        <cusip>490818MF5</cusip>
        <identifiers>
          <isin value="US490818MF53"/>
          <ticker value="KENSCD"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2317100</valUSD>
        <pctVal>0.4451781324</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UNIVERSITY CALIF</name>
        <lei>RRR42I7GG51DB5HDQR14</lei>
        <title>UNIVERSITY CALIF LTD PROJ BDS 2018 O</title>
        <cusip>91412HDA8</cusip>
        <identifiers>
          <isin value="US91412HDA86"/>
          <ticker value="UNVHGR"/>
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        <balance>1050000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1283656.5</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RICHMOND CALIF JT PWRS FING AUTH</name>
        <lei>549300O54N3JTBY74Q35</lei>
        <title>RICHMOND CALIF JT PWRS FING AUTH LEASE REF BDS 2019 A</title>
        <cusip>764440JJ3</cusip>
        <identifiers>
          <isin value="US764440JJ33"/>
          <ticker value="RICGEN"/>
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        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>928410</valUSD>
        <pctVal>0.1783728928</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>
        <name>LOS ANGELES CALIF DEPT WTR &amp; PWR</name>
        <lei>549300S8NXV6YU61GG95</lei>
        <title>LOS ANGELES CALIF DEPT WTR &amp; PWR SYS BDS 2019 D</title>
        <cusip>544532AR5</cusip>
        <identifiers>
          <isin value="US544532AR52"/>
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        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3109950</valUSD>
        <pctVal>0.5975062504</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SAN FRANCISCO CALIF CITY &amp; CNTY</name>
        <lei>549300RA28ZEFOB6M782</lei>
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        <cusip>7976464Q6</cusip>
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          <ticker value="SFO"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LONG BEACH CALIF CMNTY COLLEGE DIST</name>
        <lei>N/A</lei>
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        <cusip>542411KN2</cusip>
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          <isin value="US542411KN21"/>
          <ticker value="LONHGR"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA SCH FIN AUTH</name>
        <lei>N/A</lei>
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        <cusip>13059TFT1</cusip>
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          <isin value="US13059TFT16"/>
          <ticker value="CASSCD"/>
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        <balance>1000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SOUTHERN CALIF WTR REPLENISHMENT DIST</name>
        <lei>N/A</lei>
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        <cusip>84251KBV6</cusip>
        <identifiers>
          <isin value="US84251KBV61"/>
          <ticker value="STNWTR"/>
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        <balance>2000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2459600</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LOS ANGELES CALIF HBR DEPT</name>
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        <cusip>544552A69</cusip>
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          <isin value="US544552A695"/>
          <ticker value="LOSTRN"/>
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        <curCd>USD</curCd>
        <valUSD>8057880</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>VENTURA CNTY CALIF PUB FING AUTH</name>
        <lei>N/A</lei>
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        <cusip>923078BQ1</cusip>
        <identifiers>
          <isin value="US923078BQ17"/>
          <ticker value="VNTCTF"/>
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        <curCd>USD</curCd>
        <valUSD>1221204.8</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA INFRASTRUCTURE &amp; ECONOMIC DEV BK</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>CALIFORNIA INFRASTRUCTURE &amp; ECONOMIC DEV BK REV BDS 2017</title>
        <cusip>13034ATU4</cusip>
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          <isin value="US13034ATU42"/>
          <ticker value="CASDEV"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-05-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MODESTO CALIF IRR DIST FING AUTH</name>
        <lei>549300YVQ03467RY9M60</lei>
        <title>MODESTO CALIF IRR DIST FING AUTH REF BDS 2013G</title>
        <cusip>607769FE1</cusip>
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          <isin value="US607769FE10"/>
          <ticker value="MODWTR"/>
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        <balance>1445000</balance>
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        <curCd>USD</curCd>
        <valUSD>1601161.15</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>PALM SPRINGS CALIF UNI SCH DIST</name>
        <lei>549300VO66CCEHGE5291</lei>
        <title>PALM SPRINGS CALIF UNI SCH DIST GO BDS D</title>
        <cusip>6966673W2</cusip>
        <identifiers>
          <isin value="US6966673W28"/>
          <ticker value="PSPSCD"/>
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        <balance>1970000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2027405.8</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.000000000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA ST</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST TAX EXEMPT VAR PURP GO REF BDS 2016</title>
        <cusip>13063C4P2</cusip>
        <identifiers>
          <isin value="US13063C4P23"/>
          <ticker value="CAS"/>
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        <balance>2000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2468960</valUSD>
        <pctVal>0.4743545819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>SAN FRANCISCO CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
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        <cusip>79771TLC9</cusip>
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          <isin value="US79771TLC98"/>
          <ticker value="SFOSCD"/>
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        <balance>1500000</balance>
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        <curCd>USD</curCd>
        <valUSD>1569240</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>2032-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.250000000000</annualizedRt>
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      <invstOrSec>
        <name>UNIVERSITY CALIF</name>
        <lei>RRR42I7GG51DB5HDQR14</lei>
        <title>UNIVERSITY CALIF GEN REV BDS 2018 AZ</title>
        <cusip>91412HBB8</cusip>
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          <isin value="US91412HBB87"/>
          <ticker value="UNVHGR"/>
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        <balance>1500000</balance>
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        <curCd>USD</curCd>
        <valUSD>1826880</valUSD>
        <pctVal>0.3509934947</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <name>SAN JOSE CALIF INTL ARPT</name>
        <lei>549300QHIHSH68W22O38</lei>
        <title>SAN JOSE CALIF INTL ARPT REF BDS 2017</title>
        <cusip>798136VA2</cusip>
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          <isin value="US798136VA25"/>
          <ticker value="SJSAPT"/>
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        <balance>1495000</balance>
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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>2022-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA ST</name>
        <lei>N/A</lei>
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        <cusip>13063CSS0</cusip>
        <identifiers>
          <isin value="US13063CSS07"/>
          <ticker value="CAS"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1189410</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>REDLANDS CALIF UNI SCH DIST</name>
        <lei>254900RTS8DDNPA7MX91</lei>
        <title>REDLANDS CALIF UNI SCH DIST GO REF BDS 2017</title>
        <cusip>757606TP3</cusip>
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          <isin value="US757606TP37"/>
          <ticker value="RLSSCD"/>
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        <balance>2295000</balance>
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        <curCd>USD</curCd>
        <valUSD>2460676.05</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>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SOUTHERN CALIF PUB PWR AUTH</name>
        <lei>5493003B5TD5FWUKMD34</lei>
        <title>SOUTHERN CALIF PUB PWR AUTH REV BDS 2011 - 1</title>
        <cusip>84247PFF3</cusip>
        <identifiers>
          <isin value="US84247PFF36"/>
          <ticker value="STNPWR"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1063330</valUSD>
        <pctVal>0.2042947061</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STATEWIDE CMNTYS DEV AUTH INSURED BDS 2018 B</title>
        <cusip>13080SVD3</cusip>
        <identifiers>
          <isin value="US13080SVD34"/>
          <ticker value="CASGEN"/>
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        <balance>5500000</balance>
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        <curCd>USD</curCd>
        <valUSD>5590530</valUSD>
        <pctVal>1.0740933513</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SANTA ROSA CALIF HIGH SCH DIST</name>
        <lei>N/A</lei>
        <title>SANTA ROSA CALIF HIGH SCH DIST GO BDS 2018 C</title>
        <cusip>802615J21</cusip>
        <identifiers>
          <isin value="US802615J219"/>
          <ticker value="SRSSCD"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1188570</valUSD>
        <pctVal>0.2283567273</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>SANTA ROSA CALIF HIGH SCH DIST</name>
        <lei>N/A</lei>
        <title>SANTA ROSA CALIF HIGH SCH DIST GO BDS 2018 D</title>
        <cusip>802598NG3</cusip>
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          <isin value="US802598NG38"/>
          <ticker value="SRSSCD"/>
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        <balance>1145000</balance>
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        <curCd>USD</curCd>
        <valUSD>1360912.65</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>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MODESTO CALIF IRR DIST FING AUTH</name>
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        <title>MODESTO CALIF IRR DIST FING AUTH REV BDS</title>
        <cusip>607767AR1</cusip>
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          <ticker value="MODWTR"/>
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        <balance>2770000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3351090.6</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>LOS ANGELES CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CALIF UNI SCH DIST GO BDS 2018 B-1</title>
        <cusip>5446466D9</cusip>
        <identifiers>
          <isin value="US5446466D91"/>
          <ticker value="LOSSCD"/>
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        <balance>1930000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2177329.5</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>2024-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</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 HEALTH FACS FING AUTH</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA HEALTH FACS FING AUTH REV BDS 2016A</title>
        <cusip>13032UCE6</cusip>
        <identifiers>
          <isin value="US13032UCE64"/>
          <ticker value="CASMED"/>
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        <balance>1200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1434588</valUSD>
        <pctVal>0.2756234977</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>MODESTO CALIF IRR DIST FING AUTH</name>
        <lei>549300YVQ03467RY9M60</lei>
        <title>MODESTO CALIF IRR DIST FING AUTH REV BDS</title>
        <cusip>607767AQ3</cusip>
        <identifiers>
          <isin value="US607767AQ39"/>
          <ticker value="MODWTR"/>
        </identifiers>
        <balance>1130000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1369141.9</valUSD>
        <pctVal>0.2630495162</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>5.000000000000</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>MODESTO CALIF IRR DIST FING AUTH</name>
        <lei>549300YVQ03467RY9M60</lei>
        <title>MODESTO CALIF IRR DIST FING AUTH REV BDS</title>
        <cusip>607767AP5</cusip>
        <identifiers>
          <isin value="US607767AP55"/>
          <ticker value="MODWTR"/>
        </identifiers>
        <balance>1490000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1809023.9</valUSD>
        <pctVal>0.3475628506</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>5.000000000000</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>2020-01-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Northern Funds</ncom:nameOfApplicant>
      <ncom:signature>Randal E. Rein </ncom:signature>
      <ncom:signerName>Randal E. Rein </ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
