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          <ccc>XXXXXXXX</ccc>
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        <classId>C000003397</classId>
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      <regLei>5493004ZY1PEJR3C0A81</regLei>
      <regStreet1>50 South LaSalle Street</regStreet1>
      <regCity>Chicago</regCity>
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      <regZipOrPostalCode>60603</regZipOrPostalCode>
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      <repPdEnd>2026-03-31</repPdEnd>
      <repPdDate>2026-03-31</repPdDate>
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      <totLiabs>5545393.350000000000</totLiabs>
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      <assetsInvested>0.000000000000</assetsInvested>
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      <invstOrSec>
        <name>ONTARIO PUBLIC FINC 5.00%</name>
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          <isin value="US68304RDW79"/>
          <ticker value="OPFGEN"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY OF SAN FRANCIS 5.00%</name>
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          <ticker value="SFOWTR"/>
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        <fairValLevel>2</fairValLevel>
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        <identifiers>
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          <ticker value="CASMED"/>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
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        <lei>N/A</lei>
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          <isin value="US621196V842"/>
          <ticker value="MDLSCD"/>
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        <curCd>USD</curCd>
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        <name>LUCIA MAR UNIFIED S 5.00%</name>
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          <ticker value="LUCSCD"/>
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        <fairValLevel>2</fairValLevel>
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          <ticker value="LOSAPT"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <ticker value="SJS"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
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          <isin value="US54473EWQ33"/>
          <ticker value="LOSFAC"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NEWPORT MESA UNIFIE 0.00%</name>
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        <title>NEWPORT MESA UNIFIE 0.00%</title>
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          <ticker value="NPTSCD"/>
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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>
        <debtSec>
          <maturityDt>2033-08-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>RIVERSIDE COUNTY TR 4.00%</name>
        <lei>5493003G0IESJS57M350</lei>
        <title>RIVERSIDE COUNTY TR 4.00%</title>
        <cusip>76912DAZ1</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>SAN FRANCISCO CITY 5.00%</name>
        <lei>54930055TIDYHNDP4F84</lei>
        <title>SAN FRANCISCO CITY 5.00%</title>
        <cusip>79766DRZ4</cusip>
        <identifiers>
          <isin value="US79766DRZ41"/>
          <ticker value="SFOAPT"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1012230.8</valUSD>
        <pctVal>0.7733656704</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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 EDUCATIO 3.00%</name>
        <lei>N/A</lei>
        <title>CALIFORNIA EDUCATIO 3.00%</title>
        <cusip>130179UN2</cusip>
        <identifiers>
          <isin value="US130179UN25"/>
          <ticker value="CASEDU"/>
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        <balance>600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>408200.16</valUSD>
        <pctVal>0.3118735277</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</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>COUNTY OF SACRAMENT 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF SACRAMENT 5.00%</title>
        <cusip>786153RP3</cusip>
        <identifiers>
          <isin value="US786153RP35"/>
          <ticker value="SACGEN"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1055365.7</valUSD>
        <pctVal>0.8063216434</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</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>CITY OF SAN FRANCIS 3.00%</name>
        <lei>213800P9VO3CSYYNM193</lei>
        <title>CITY OF SAN FRANCIS 3.00%</title>
        <cusip>79765R5Q8</cusip>
        <identifiers>
          <isin value="US79765R5Q87"/>
          <ticker value="SFOWTR"/>
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        <balance>600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>438483.3</valUSD>
        <pctVal>0.3350104850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</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>CITY OF LOS ANGELES 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF LOS ANGELES 5.00%</title>
        <cusip>544445SX8</cusip>
        <identifiers>
          <isin value="US544445SX84"/>
          <ticker value="LOSAPT"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>508575.2</valUSD>
        <pctVal>0.3885621743</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>CARLSBAD UNIFIED SC 3.00%</name>
        <lei>N/A</lei>
        <title>CARLSBAD UNIFIED SC 3.00%</title>
        <cusip>142665GB8</cusip>
        <identifiers>
          <isin value="US142665GB80"/>
          <ticker value="CARSCD"/>
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        <balance>550000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>460450.82</valUSD>
        <pctVal>0.3517941334</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>3</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 COUNTY T 4.00%</name>
        <lei>N/A</lei>
        <title>CALIFORNIA COUNTY T 4.00%</title>
        <cusip>13016NHS6</cusip>
        <identifiers>
          <isin value="US13016NHS62"/>
          <ticker value="CASGEN"/>
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        <balance>885000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>884998.32</valUSD>
        <pctVal>0.6761573735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>SAN JOAQUIN HILLS T 4.00%</name>
        <lei>N/A</lei>
        <title>SAN JOAQUIN HILLS T 4.00%</title>
        <cusip>798111GT1</cusip>
        <identifiers>
          <isin value="US798111GT14"/>
          <ticker value="SJHTRN"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>513084.65</valUSD>
        <pctVal>0.3920074891</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>CITY OF MENIFEE CA 3.00%</name>
        <lei>QBYVXZGTBGYIK7O14C08</lei>
        <title>CITY OF MENIFEE CA 3.00%</title>
        <cusip>58680WBC7</cusip>
        <identifiers>
          <isin value="US58680WBC73"/>
          <ticker value="MNEGEN"/>
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        <balance>165000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>129643.07</valUSD>
        <pctVal>0.0990500385</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</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>UNIVERSITY OF CALIF 5.00%</name>
        <lei>RRR42I7GG51DB5HDQR14</lei>
        <title>UNIVERSITY OF CALIF 5.00%</title>
        <cusip>91412HPK3</cusip>
        <identifiers>
          <isin value="US91412HPK31"/>
          <ticker value="UNVHGR"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1120087.4</valUSD>
        <pctVal>0.8557703866</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>CITY OF SAN FRANCIS 4.00%</name>
        <lei>213800P9VO3CSYYNM193</lei>
        <title>CITY OF SAN FRANCIS 4.00%</title>
        <cusip>79771FEH6</cusip>
        <identifiers>
          <isin value="US79771FEH64"/>
          <ticker value="SFOWTR"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1015456.6</valUSD>
        <pctVal>0.7758302496</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>CALIFORNIA ENT. DEV 5.00%</name>
        <lei>549300544P6FSHU1HB46</lei>
        <title>CALIFORNIA ENT. DEV 5.00%</title>
        <cusip>13067VBC7</cusip>
        <identifiers>
          <isin value="US13067VBC72"/>
          <ticker value="CASFAC"/>
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        <balance>905000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1038369.67</valUSD>
        <pctVal>0.7933363181</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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 COUNTY 5.25%</name>
        <lei>N/A</lei>
        <title>LOS ANGELES COUNTY 5.25%</title>
        <cusip>54473EYF5</cusip>
        <identifiers>
          <isin value="US54473EYF59"/>
          <ticker value="LOSFAC"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1137541</valUSD>
        <pctVal>0.8691053049</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</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>CALIFORNIA COMMUNITY VAR</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNITY VAR</title>
        <cusip>13013JAX4</cusip>
        <identifiers>
          <isin value="US13013JAX46"/>
          <ticker value="CCEDEV"/>
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        <balance>600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>607031.22</valUSD>
        <pctVal>0.4637846491</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.9999996</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>SAN FRANCISCO CITY 5.00%</name>
        <lei>54930055TIDYHNDP4F84</lei>
        <title>SAN FRANCISCO CITY 5.00%</title>
        <cusip>79766DUD9</cusip>
        <identifiers>
          <isin value="US79766DUD91"/>
          <ticker value="SFOAPT"/>
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        <balance>1170000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1256582.46</valUSD>
        <pctVal>0.9600554899</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>BAY AREA TOLL AUTHORI VAR</name>
        <lei>5493001FUZGUQMIP5D78</lei>
        <title>BAY AREA TOLL AUTHORI VAR</title>
        <cusip>072024YE6</cusip>
        <identifiers>
          <isin value="US072024YE64"/>
          <ticker value="BAYTRN"/>
        </identifiers>
        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2500000</valUSD>
        <pctVal>1.9100527035</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.4200011</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>SAN FRANCISCO UNIFI 4.00%</name>
        <lei>N/A</lei>
        <title>SAN FRANCISCO UNIFI 4.00%</title>
        <cusip>79771TMM6</cusip>
        <identifiers>
          <isin value="US79771TMM61"/>
          <ticker value="SFOSCD"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>500275.8</valUSD>
        <pctVal>0.3822212577</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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 FAC VAR</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA HEALTH FAC VAR</title>
        <cusip>13032UP93</cusip>
        <identifiers>
          <isin value="US13032UP939"/>
          <ticker value="CASMED"/>
        </identifiers>
        <balance>225000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250908.41</valUSD>
        <pctVal>0.1916993147</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.0000004</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 CRUZ COUNTY C 4.00%</name>
        <lei>N/A</lei>
        <title>SANTA CRUZ COUNTY C 4.00%</title>
        <cusip>80181PGP6</cusip>
        <identifiers>
          <isin value="US80181PGP62"/>
          <ticker value="SCZGEN"/>
        </identifiers>
        <balance>330000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>338592.54</valUSD>
        <pctVal>0.2586918386</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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 COMMUNITY VAR</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNITY VAR</title>
        <cusip>13013JEA0</cusip>
        <identifiers>
          <isin value="US13013JEA07"/>
          <ticker value="CCEDEV"/>
        </identifiers>
        <balance>1750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1786756.48</valUSD>
        <pctVal>1.3651196180</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.0000004</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 COMMUNITY VAR</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNITY VAR</title>
        <cusip>13013JFW1</cusip>
        <identifiers>
          <isin value="US13013JFW18"/>
          <ticker value="CCEDEV"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1622997.3</valUSD>
        <pctVal>1.2400041522</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.0000004</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 F 4.00%</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA HEALTH F 4.00%</title>
        <cusip>13032UMN5</cusip>
        <identifiers>
          <isin value="US13032UMN53"/>
          <ticker value="CASMED"/>
        </identifiers>
        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1844283.4</valUSD>
        <pctVal>1.4090713976</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>NI US GOV T PORTFOLIO</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>NI US GOV T PORTFOLIO</title>
        <cusip>665278404</cusip>
        <identifiers>
          <isin value="US6652784041"/>
          <ticker value="BNGXX"/>
        </identifiers>
        <balance>2432908.8</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2432908.8</valUSD>
        <pctVal>1.8587936123</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOS ANGELES DEPARTM 5.00%</name>
        <lei>549300S8NXV6YU61GG95</lei>
        <title>LOS ANGELES DEPARTM 5.00%</title>
        <cusip>544525S41</cusip>
        <identifiers>
          <isin value="US544525S412"/>
          <ticker value="LOSUTL"/>
        </identifiers>
        <balance>450000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>485281.08</valUSD>
        <pctVal>0.3707649755</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>METROPOLITAN WATER DI VAR</name>
        <lei>5493003GD0S0P56RLT45</lei>
        <title>METROPOLITAN WATER DI VAR</title>
        <cusip>59266TXR7</cusip>
        <identifiers>
          <isin value="US59266TXR75"/>
          <ticker value="METWTR"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1091967.1</valUSD>
        <pctVal>0.8342858846</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.0000004</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAN FRANCISCO COMMU 3.00%</name>
        <lei>N/A</lei>
        <title>SAN FRANCISCO COMMU 3.00%</title>
        <cusip>797683HC6</cusip>
        <identifiers>
          <isin value="US797683HC61"/>
          <ticker value="SFOHGR"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>806340.6</valUSD>
        <pctVal>0.6160612172</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</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 HOUSING 3.50%</name>
        <lei>549300BOPCVLBA552Z14</lei>
        <title>CALIFORNIA HOUSING 3.50%</title>
        <cusip>13033DAE5</cusip>
        <identifiers>
          <isin value="US13033DAE58"/>
          <ticker value="CASHSG"/>
        </identifiers>
        <balance>1151711.47</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1133772.18</valUSD>
        <pctVal>0.8662258470</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STATE OF CALIFORNIA 5.00%</name>
        <lei>9845007J7054602FF597</lei>
        <title>STATE OF CALIFORNIA 5.00%</title>
        <cusip>13063DVG0</cusip>
        <identifiers>
          <isin value="US13063DVG05"/>
          <ticker value="CAS"/>
        </identifiers>
        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2017755.6</valUSD>
        <pctVal>1.5416078155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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 EDUCATIO 5.00%</name>
        <lei>N/A</lei>
        <title>CALIFORNIA EDUCATIO 5.00%</title>
        <cusip>130179XP4</cusip>
        <identifiers>
          <isin value="US130179XP46"/>
          <ticker value="CASEDU"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1545133.8</valUSD>
        <pctVal>1.1805147968</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>UNIVERSITY OF CALIF 4.00%</name>
        <lei>RRR42I7GG51DB5HDQR14</lei>
        <title>UNIVERSITY OF CALIF 4.00%</title>
        <cusip>91412HJF1</cusip>
        <identifiers>
          <isin value="US91412HJF10"/>
          <ticker value="UNVHGR"/>
        </identifiers>
        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1936169.2</valUSD>
        <pctVal>1.4792740859</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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 COMMUNITY VAR</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNITY VAR</title>
        <cusip>13013JEP7</cusip>
        <identifiers>
          <isin value="US13013JEP75"/>
          <ticker value="CCEDEV"/>
        </identifiers>
        <balance>1385000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1465940.65</valUSD>
        <pctVal>1.1200095607</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.0000004</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>FOOTHILL-EASTERN TR 4.00%</name>
        <lei>N/A</lei>
        <title>FOOTHILL-EASTERN TR 4.00%</title>
        <cusip>345105JL5</cusip>
        <identifiers>
          <isin value="US345105JL58"/>
          <ticker value="FOOTRN"/>
        </identifiers>
        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>237264.15</valUSD>
        <pctVal>0.1812748125</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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 MUNICIPA 5.25%</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPA 5.25%</title>
        <cusip>13048VF37</cusip>
        <identifiers>
          <isin value="US13048VF371"/>
          <ticker value="CASFIN"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>514608.8</valUSD>
        <pctVal>0.3931719719</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAN JOAQUIN VALLEY CL VAR</name>
        <lei>254900VA5DFN33OVGH87</lei>
        <title>SAN JOAQUIN VALLEY CL VAR</title>
        <cusip>79811YAK4</cusip>
        <identifiers>
          <isin value="US79811YAK47"/>
          <ticker value="SSJUTL"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1088989.3</valUSD>
        <pctVal>0.8320107826</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.5000008</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA STATE PU 5.00%</name>
        <lei>N/A</lei>
        <title>CALIFORNIA STATE PU 5.00%</title>
        <cusip>13068XLU1</cusip>
        <identifiers>
          <isin value="US13068XLU18"/>
          <ticker value="CASFAC"/>
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        <balance>1750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1810638.55</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>SAN CARLOS SCHOOL D 5.00%</name>
        <lei>N/A</lei>
        <title>SAN CARLOS SCHOOL D 5.00%</title>
        <cusip>797138MS0</cusip>
        <identifiers>
          <isin value="US797138MS00"/>
          <ticker value="SCLSCD"/>
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        <balance>400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>443679.28</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>2041-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA COMMUNITY VAR</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNITY VAR</title>
        <cusip>13013JFD3</cusip>
        <identifiers>
          <isin value="US13013JFD37"/>
          <ticker value="CCEDEV"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>535511.85</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.0000004</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA HOUSING 3.75%</name>
        <lei>549300BOPCVLBA552Z14</lei>
        <title>CALIFORNIA HOUSING 3.75%</title>
        <cusip>13033DAG0</cusip>
        <identifiers>
          <isin value="US13033DAG07"/>
          <ticker value="CASHSG"/>
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        <balance>467980.46</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>471017.51</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CSCDA COMMUNITY IMP 4.30%</name>
        <lei>N/A</lei>
        <title>CSCDA COMMUNITY IMP 4.30%</title>
        <cusip>126292CM1</cusip>
        <identifiers>
          <isin value="US126292CM10"/>
          <ticker value="CDAHSG"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>392282.85</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>2059-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.3</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MODESTO HIGH SCHOOL 5.00%</name>
        <lei>N/A</lei>
        <title>MODESTO HIGH SCHOOL 5.00%</title>
        <cusip>607743LC3</cusip>
        <identifiers>
          <isin value="US607743LC31"/>
          <ticker value="MODSCD"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1045667.8</valUSD>
        <pctVal>0.7989122433</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BAY AREA TOLL AUTHORI VAR</name>
        <lei>5493001FUZGUQMIP5D78</lei>
        <title>BAY AREA TOLL AUTHORI VAR</title>
        <cusip>072024YF3</cusip>
        <identifiers>
          <isin value="US072024YF30"/>
          <ticker value="BAYTRN"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000000</valUSD>
        <pctVal>0.7640210814</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.30000005</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>CALIFORNIA STATEWID 5.00%</name>
        <lei>N/A</lei>
        <title>CALIFORNIA STATEWID 5.00%</title>
        <cusip>13078YYS8</cusip>
        <identifiers>
          <isin value="US13078YYS89"/>
          <ticker value="CASDEV"/>
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        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>214259.48</valUSD>
        <pctVal>0.1636987596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>STATE OF CALIFORNIA 5.00%</name>
        <lei>9845007J7054602FF597</lei>
        <title>STATE OF CALIFORNIA 5.00%</title>
        <cusip>13063ELN4</cusip>
        <identifiers>
          <isin value="US13063ELN49"/>
          <ticker value="CAS"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1041675.5</valUSD>
        <pctVal>0.7958620420</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>UNIVERSITY OF CALIF 5.00%</name>
        <lei>RRR42I7GG51DB5HDQR14</lei>
        <title>UNIVERSITY OF CALIF 5.00%</title>
        <cusip>91412HWX7</cusip>
        <identifiers>
          <isin value="US91412HWX78"/>
          <ticker value="UNVHGR"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1153308.2</valUSD>
        <pctVal>0.8811517781</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>LOS ANGELES DEPT. O 5.00%</name>
        <lei>549300S8NXV6YU61GG95</lei>
        <title>LOS ANGELES DEPT. O 5.00%</title>
        <cusip>544532QW7</cusip>
        <identifiers>
          <isin value="US544532QW73"/>
          <ticker value="LOSUTL"/>
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        <balance>1250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1327805.88</valUSD>
        <pctVal>1.0144716843</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</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>MOUNT DIABLO UNIFIE 5.00%</name>
        <lei>N/A</lei>
        <title>MOUNT DIABLO UNIFIE 5.00%</title>
        <cusip>621204DH6</cusip>
        <identifiers>
          <isin value="US621204DH62"/>
          <ticker value="MDLEDU"/>
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        <balance>600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>650089.62</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>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>CENTRAL VALLEY ENER 5.00%</name>
        <lei>254900G5IPQ9MA3FRJ55</lei>
        <title>CENTRAL VALLEY ENER 5.00%</title>
        <cusip>15569DAC6</cusip>
        <identifiers>
          <isin value="US15569DAC65"/>
          <ticker value="CTVPWR"/>
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        <balance>500000</balance>
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        <curCd>USD</curCd>
        <valUSD>524825.4</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NORTHERN CALIFORNIA E VAR</name>
        <lei>5493001ZIJGWU7HYLH34</lei>
        <title>NORTHERN CALIFORNIA E VAR</title>
        <cusip>664840AL9</cusip>
        <identifiers>
          <isin value="US664840AL93"/>
          <ticker value="NCEPWR"/>
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        <balance>775000</balance>
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        <curCd>USD</curCd>
        <valUSD>825401.58</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>2054-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.0000004</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>STATE OF CALIFORNIA 5.00%</name>
        <lei>9845007J7054602FF597</lei>
        <title>STATE OF CALIFORNIA 5.00%</title>
        <cusip>13063DWT1</cusip>
        <identifiers>
          <isin value="US13063DWT17"/>
          <ticker value="CAS"/>
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        <balance>730000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>800940.6</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TWIN RIVERS UNIFIED 5.00%</name>
        <lei>N/A</lei>
        <title>TWIN RIVERS UNIFIED 5.00%</title>
        <cusip>90171TKD1</cusip>
        <identifiers>
          <isin value="US90171TKD18"/>
          <ticker value="TWRSCD"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1058631.5</valUSD>
        <pctVal>0.8088167834</pctVal>
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        <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</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>
      <invstOrSec>
        <name>CALIFORNIA STATEWID 5.00%</name>
        <lei>N/A</lei>
        <title>CALIFORNIA STATEWID 5.00%</title>
        <cusip>13078YYR0</cusip>
        <identifiers>
          <isin value="US13078YYR07"/>
          <ticker value="CASDEV"/>
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        <balance>270000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>284444.33</valUSD>
        <pctVal>0.2173214646</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>CALIFORNIA COMMUNIT 5.00%</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNIT 5.00%</title>
        <cusip>13013JHM1</cusip>
        <identifiers>
          <isin value="US13013JHM18"/>
          <ticker value="CCEDEV"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>519245.15</valUSD>
        <pctVal>0.3967142410</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TOBACCO SECURITIZAT 4.00%</name>
        <lei>N/A</lei>
        <title>TOBACCO SECURITIZAT 4.00%</title>
        <cusip>888794BT0</cusip>
        <identifiers>
          <isin value="US888794BT04"/>
          <ticker value="TOBGEN"/>
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        <balance>700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>697723.32</valUSD>
        <pctVal>0.5330753255</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>CALIFORNIA MUNICIPA 3.00%</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPA 3.00%</title>
        <cusip>13048VXL7</cusip>
        <identifiers>
          <isin value="US13048VXL79"/>
          <ticker value="CASFIN"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>723969.9</valUSD>
        <pctVal>0.5531282659</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</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>SAN DIEGO COMMUNITY 5.00%</name>
        <lei>N/A</lei>
        <title>SAN DIEGO COMMUNITY 5.00%</title>
        <cusip>797272TE1</cusip>
        <identifiers>
          <isin value="US797272TE13"/>
          <ticker value="SDGHGR"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1564684.05</valUSD>
        <pctVal>1.1954515999</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>REDWOOD CITY PUBLIC 3.00%</name>
        <lei>N/A</lei>
        <title>REDWOOD CITY PUBLIC 3.00%</title>
        <cusip>757884AW1</cusip>
        <identifiers>
          <isin value="US757884AW16"/>
          <ticker value="RWCFAC"/>
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        <balance>1750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1278296.78</valUSD>
        <pctVal>0.9766456882</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</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>CALIFORNIA MUNICIPA 4.00%</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPA 4.00%</title>
        <cusip>13048VWU8</cusip>
        <identifiers>
          <isin value="US13048VWU87"/>
          <ticker value="CASFIN"/>
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        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>207869.48</valUSD>
        <pctVal>0.1588166649</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>CALIFORNIA MUNICIPA 5.00%</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPA 5.00%</title>
        <cusip>13048VGH5</cusip>
        <identifiers>
          <isin value="US13048VGH50"/>
          <ticker value="CASFIN"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1034604.1</valUSD>
        <pctVal>0.7904593433</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>SAN JOSE FINANCING 5.00%</name>
        <lei>N/A</lei>
        <title>SAN JOSE FINANCING 5.00%</title>
        <cusip>79816NAW7</cusip>
        <identifiers>
          <isin value="US79816NAW74"/>
          <ticker value="SJSUTL"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>549503.15</valUSD>
        <pctVal>0.4198319909</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>CALIFORNIA INFRASTR 5.00%</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>CALIFORNIA INFRASTR 5.00%</title>
        <cusip>13035AAS8</cusip>
        <identifiers>
          <isin value="US13035AAS87"/>
          <ticker value="CASEDU"/>
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        <balance>625000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>634745.75</valUSD>
        <pctVal>0.4849591343</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>CALIFORNIA INFRASTRUC VAR</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>CALIFORNIA INFRASTRUC VAR</title>
        <cusip>13034AD23</cusip>
        <identifiers>
          <isin value="US13034AD230"/>
          <ticker value="CASDEV"/>
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        <balance>3500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3467001.65</valUSD>
        <pctVal>2.6488623498</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.7499996</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EVERGREEN SCHOOL DI 5.00%</name>
        <lei>N/A</lei>
        <title>EVERGREEN SCHOOL DI 5.00%</title>
        <cusip>300191C35</cusip>
        <identifiers>
          <isin value="US300191C353"/>
          <ticker value="EVESCD"/>
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        <balance>1300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1329577.21</valUSD>
        <pctVal>1.0158250178</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</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>MONTEREY COUNTY FIN 5.00%</name>
        <lei>N/A</lei>
        <title>MONTEREY COUNTY FIN 5.00%</title>
        <cusip>612454BP2</cusip>
        <identifiers>
          <isin value="US612454BP29"/>
          <ticker value="MONGEN"/>
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        <balance>1170000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1220312.69</valUSD>
        <pctVal>0.9323446210</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>CITY OF LOS ANGELES 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF LOS ANGELES 5.00%</title>
        <cusip>544445LS6</cusip>
        <identifiers>
          <isin value="US544445LS62"/>
          <ticker value="LOSAPT"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1047909.9</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>TURLOCK IRRIGATION 5.00%</name>
        <lei>5493001J7IGC81HEQJ12</lei>
        <title>TURLOCK IRRIGATION 5.00%</title>
        <cusip>900190LB3</cusip>
        <identifiers>
          <isin value="US900190LB39"/>
          <ticker value="TURWTR"/>
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        <balance>805000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>861903.6</valUSD>
        <pctVal>0.6585125205</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>STATE OF CALIFORNIA 5.00%</name>
        <lei>9845007J7054602FF597</lei>
        <title>STATE OF CALIFORNIA 5.00%</title>
        <cusip>13063DU89</cusip>
        <identifiers>
          <isin value="US13063DU898"/>
          <ticker value="CAS"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1076829.4</valUSD>
        <pctVal>0.8227203627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MOUNTAIN VIEW-WHISM 4.25%</name>
        <lei>N/A</lei>
        <title>MOUNTAIN VIEW-WHISM 4.25%</title>
        <cusip>62451FME7</cusip>
        <identifiers>
          <isin value="US62451FME78"/>
          <ticker value="MOUSCD"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>502070.8</valUSD>
        <pctVal>0.3835926755</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25</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>MUNICIPAL IMPROVEME 5.00%</name>
        <lei>549300ZJ0YLTZNSR8F57</lei>
        <title>MUNICIPAL IMPROVEME 5.00%</title>
        <cusip>5445875W4</cusip>
        <identifiers>
          <isin value="US5445875W46"/>
          <ticker value="LOSGEN"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1025566.7</valUSD>
        <pctVal>0.7835545792</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>SACRAMENTO CITY UNI 5.00%</name>
        <lei>N/A</lei>
        <title>SACRAMENTO CITY UNI 5.00%</title>
        <cusip>785870Q82</cusip>
        <identifiers>
          <isin value="US785870Q828"/>
          <ticker value="SACSCD"/>
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        <balance>1330000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1468566.72</valUSD>
        <pctVal>1.1220159335</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</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SOUTHERN CALIFORNIA 5.00%</name>
        <lei>N/A</lei>
        <title>SOUTHERN CALIFORNIA 5.00%</title>
        <cusip>842472EQ1</cusip>
        <identifiers>
          <isin value="US842472EQ18"/>
          <ticker value="STNAPT"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>548435.55</valUSD>
        <pctVal>0.4190163220</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>CALIFORNIA STATE PU 5.00%</name>
        <lei>N/A</lei>
        <title>CALIFORNIA STATE PU 5.00%</title>
        <cusip>13068XRR2</cusip>
        <identifiers>
          <isin value="US13068XRR25"/>
          <ticker value="CASFAC"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1048285.6</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>2050-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>UNIVERSITY OF CALIF 5.25%</name>
        <lei>RRR42I7GG51DB5HDQR14</lei>
        <title>UNIVERSITY OF CALIF 5.25%</title>
        <cusip>91412HWL3</cusip>
        <identifiers>
          <isin value="US91412HWL31"/>
          <ticker value="UNVHGR"/>
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        <balance>600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>708846.06</valUSD>
        <pctVal>0.5415733333</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</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>PASADENA UNIFIED SC 5.25%</name>
        <lei>N/A</lei>
        <title>PASADENA UNIFIED SC 5.25%</title>
        <cusip>702282SA3</cusip>
        <identifiers>
          <isin value="US702282SA32"/>
          <ticker value="PASSCD"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1088509.9</valUSD>
        <pctVal>0.8316445109</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</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>SUTTER BUTTE FLOOD 5.00%</name>
        <lei>N/A</lei>
        <title>SUTTER BUTTE FLOOD 5.00%</title>
        <cusip>869398CG0</cusip>
        <identifiers>
          <isin value="US869398CG08"/>
          <ticker value="STRWTR"/>
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        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>845635.8</valUSD>
        <pctVal>0.6460835784</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>CITY OF OAKLAND CA 5.00%</name>
        <lei>549300BRTTFKDQCGL048</lei>
        <title>CITY OF OAKLAND CA 5.00%</title>
        <cusip>672240D39</cusip>
        <identifiers>
          <isin value="US672240D398"/>
          <ticker value="OAK"/>
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        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>771898.5</valUSD>
        <pctVal>0.5897467267</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>CALIFORNIA ST FRN</name>
        <lei>9845007J7054602FF597</lei>
        <title>CALIFORNIA ST FRN</title>
        <cusip>13063BCD2</cusip>
        <identifiers>
          <isin value="US13063BCD29"/>
          <ticker value="CAS"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1500000</valUSD>
        <pctVal>1.1460316221</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.550000000000</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>CITY &amp; COUNTY OF SA 2.00%</name>
        <lei>549300RA28ZEFOB6M782</lei>
        <title>CITY &amp; COUNTY OF SA 2.00%</title>
        <cusip>79765D3X6</cusip>
        <identifiers>
          <isin value="US79765D3X64"/>
          <ticker value="SFOCTF"/>
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        <balance>1200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1049871.96</valUSD>
        <pctVal>0.8021243102</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2</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 DEPARTM 5.00%</name>
        <lei>549300S8NXV6YU61GG95</lei>
        <title>LOS ANGELES DEPARTM 5.00%</title>
        <cusip>544532BK9</cusip>
        <identifiers>
          <isin value="US544532BK90"/>
          <ticker value="LOSUTL"/>
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        <balance>525000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>550538</valUSD>
        <pctVal>0.4206226381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>TRANSBAY JOINT POWE 5.00%</name>
        <lei>549300WC0UP8WU8GYU95</lei>
        <title>TRANSBAY JOINT POWE 5.00%</title>
        <cusip>89356CAT3</cusip>
        <identifiers>
          <isin value="US89356CAT36"/>
          <ticker value="TJPDEV"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1004446.7</valUSD>
        <pctVal>0.7674184539</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>SANTA CLARITA COMMU 5.25%</name>
        <lei>N/A</lei>
        <title>SANTA CLARITA COMMU 5.25%</title>
        <cusip>801686UM6</cusip>
        <identifiers>
          <isin value="US801686UM69"/>
          <ticker value="SCTHGR"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1072101.2</valUSD>
        <pctVal>0.8191079182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</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>CALIFORNIA STATE PU 5.00%</name>
        <lei>N/A</lei>
        <title>CALIFORNIA STATE PU 5.00%</title>
        <cusip>13068XSM2</cusip>
        <identifiers>
          <isin value="US13068XSM29"/>
          <ticker value="CASFAC"/>
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        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>808964.18</valUSD>
        <pctVal>0.6180656876</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>CALIFORNIA MUNICIPA 5.00%</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPA 5.00%</title>
        <cusip>13048V5L8</cusip>
        <identifiers>
          <isin value="US13048V5L84"/>
          <ticker value="CASFIN"/>
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        <balance>675000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>673600.73</valUSD>
        <pctVal>0.5146451582</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>OAKLAND UNIFIED SCH 5.00%</name>
        <lei>N/A</lei>
        <title>OAKLAND UNIFIED SCH 5.00%</title>
        <cusip>672325U47</cusip>
        <identifiers>
          <isin value="US672325U474"/>
          <ticker value="OAKSCD"/>
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        <balance>1065000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1122997.13</valUSD>
        <pctVal>0.8579934817</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</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA COUNTY T 5.00%</name>
        <lei>N/A</lei>
        <title>CALIFORNIA COUNTY T 5.00%</title>
        <cusip>13016NGL2</cusip>
        <identifiers>
          <isin value="US13016NGL29"/>
          <ticker value="CASGEN"/>
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        <balance>310000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>328285.63</valUSD>
        <pctVal>0.2508171420</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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 DEPARTM 5.00%</name>
        <lei>549300S8NXV6YU61GG95</lei>
        <title>LOS ANGELES DEPARTM 5.00%</title>
        <cusip>544532BL7</cusip>
        <identifiers>
          <isin value="US544532BL73"/>
          <ticker value="LOSUTL"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1044617.3</valUSD>
        <pctVal>0.7981096392</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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 HEALTH FAC VAR</name>
        <lei>549300FOKP65GNO33016</lei>
        <title>CALIFORNIA HEALTH FAC VAR</title>
        <cusip>13032U5S3</cusip>
        <identifiers>
          <isin value="US13032U5S34"/>
          <ticker value="CASMED"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1645440</valUSD>
        <pctVal>1.2571508481</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.0000004</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>IMPERIAL IRRIGATION 5.00%</name>
        <lei>549300WHWX5TZ5O15D48</lei>
        <title>IMPERIAL IRRIGATION 5.00%</title>
        <cusip>452650HH0</cusip>
        <identifiers>
          <isin value="US452650HH00"/>
          <ticker value="IMRPWR"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1508293.95</valUSD>
        <pctVal>1.1523683747</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>SAN FRANCISCO CITY 5.00%</name>
        <lei>54930055TIDYHNDP4F84</lei>
        <title>SAN FRANCISCO CITY 5.00%</title>
        <cusip>79766DMB2</cusip>
        <identifiers>
          <isin value="US79766DMB28"/>
          <ticker value="SFOAPT"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1002356.6</valUSD>
        <pctVal>0.7658215735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>RIVER ISLANDS PUBLI 5.00%</name>
        <lei>N/A</lei>
        <title>RIVER ISLANDS PUBLI 5.00%</title>
        <cusip>768269AD4</cusip>
        <identifiers>
          <isin value="US768269AD45"/>
          <ticker value="RVIGEN"/>
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        <balance>515000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>533581.66</valUSD>
        <pctVal>0.4076676369</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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 DEPARTM 5.00%</name>
        <lei>549300S8NXV6YU61GG95</lei>
        <title>LOS ANGELES DEPARTM 5.00%</title>
        <cusip>544532FW9</cusip>
        <identifiers>
          <isin value="US544532FW92"/>
          <ticker value="LOSUTL"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>507959.6</valUSD>
        <pctVal>0.3880918429</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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 STATEWID 5.00%</name>
        <lei>N/A</lei>
        <title>CALIFORNIA STATEWID 5.00%</title>
        <cusip>13078RHT0</cusip>
        <identifiers>
          <isin value="US13078RHT05"/>
          <ticker value="CASDEV"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>538672.4</valUSD>
        <pctVal>0.4115570696</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>CALIFORNIA ENT. DEV 5.00%</name>
        <lei>549300544P6FSHU1HB46</lei>
        <title>CALIFORNIA ENT. DEV 5.00%</title>
        <cusip>13067RGD9</cusip>
        <identifiers>
          <isin value="US13067RGD98"/>
          <ticker value="CASDEV"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>550151.05</valUSD>
        <pctVal>0.4203270001</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>WESTERN PLACER WAST 5.00%</name>
        <lei>N/A</lei>
        <title>WESTERN PLACER WAST 5.00%</title>
        <cusip>95921MAT4</cusip>
        <identifiers>
          <isin value="US95921MAT45"/>
          <ticker value="WRLUTL"/>
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        <balance>625000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>684793.5</valUSD>
        <pctVal>0.5231966704</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>MUNICIPAL IMPROVEME 5.00%</name>
        <lei>N/A</lei>
        <title>MUNICIPAL IMPROVEME 5.00%</title>
        <cusip>5445875Z7</cusip>
        <identifiers>
          <isin value="US5445875Z76"/>
          <ticker value="LOSGEN"/>
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        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>789012.08</valUSD>
        <pctVal>0.6028218626</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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 STATEWID 5.00%</name>
        <lei>N/A</lei>
        <title>CALIFORNIA STATEWID 5.00%</title>
        <cusip>13080S3K8</cusip>
        <identifiers>
          <isin value="US13080S3K86"/>
          <ticker value="CASGEN"/>
        </identifiers>
        <balance>300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>311738.58</valUSD>
        <pctVal>0.2381748470</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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 RIOS COMMUNITY 3.00%</name>
        <lei>549300POMNL5W7FEFO13</lei>
        <title>LOS RIOS COMMUNITY 3.00%</title>
        <cusip>545624RB6</cusip>
        <identifiers>
          <isin value="US545624RB65"/>
          <ticker value="LRSHGR"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>803166.3</valUSD>
        <pctVal>0.6136359851</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</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>MESA WATER DISTRICT 4.00%</name>
        <lei>N/A</lei>
        <title>MESA WATER DISTRICT 4.00%</title>
        <cusip>59059CAZ2</cusip>
        <identifiers>
          <isin value="US59059CAZ23"/>
          <ticker value="MESWTR"/>
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        <balance>1150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1151502.82</valUSD>
        <pctVal>0.8797724298</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>SAN FRANCISCO CITY 5.00%</name>
        <lei>54930055TIDYHNDP4F84</lei>
        <title>SAN FRANCISCO CITY 5.00%</title>
        <cusip>79766DSA8</cusip>
        <identifiers>
          <isin value="US79766DSA80"/>
          <ticker value="SFOAPT"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1501623.45</valUSD>
        <pctVal>1.1472719721</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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 INFRASTRUC VAR</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>CALIFORNIA INFRASTRUC VAR</title>
        <cusip>13034AN30</cusip>
        <identifiers>
          <isin value="US13034AN304"/>
          <ticker value="CASDEV"/>
        </identifiers>
        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1896042.8</valUSD>
        <pctVal>1.4486166704</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.1999988</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>SAN FRANCISCO CITY 5.00%</name>
        <lei>54930055TIDYHNDP4F84</lei>
        <title>SAN FRANCISCO CITY 5.00%</title>
        <cusip>79766DKG3</cusip>
        <identifiers>
          <isin value="US79766DKG33"/>
          <ticker value="SFOAPT"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1510014.75</valUSD>
        <pctVal>1.1536831022</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>STATE OF CALIFORNIA 5.00%</name>
        <lei>9845007J7054602FF597</lei>
        <title>STATE OF CALIFORNIA 5.00%</title>
        <cusip>13063ENW2</cusip>
        <identifiers>
          <isin value="US13063ENW20"/>
          <ticker value="CAS"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2158308.8</valUSD>
        <pctVal>1.6489934233</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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 COMMUNITY VAR</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNITY VAR</title>
        <cusip>13013JHD1</cusip>
        <identifiers>
          <isin value="US13013JHD19"/>
          <ticker value="CCEDEV"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1042576.3</valUSD>
        <pctVal>0.7965502721</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.0000004</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 F 5.00%</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA HEALTH F 5.00%</title>
        <cusip>13032U4X3</cusip>
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          <isin value="US13032U4X38"/>
          <ticker value="CASMED"/>
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        <curCd>USD</curCd>
        <valUSD>1435986.37</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA EDUCATIO 5.25%</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA EDUCATIO 5.25%</title>
        <cusip>130179YN8</cusip>
        <identifiers>
          <isin value="US130179YN88"/>
          <ticker value="CASEDU"/>
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        <balance>750000</balance>
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        <curCd>USD</curCd>
        <valUSD>770757.9</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>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA MUNICIPA 4.00%</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPA 4.00%</title>
        <cusip>13048VB64</cusip>
        <identifiers>
          <isin value="US13048VB644"/>
          <ticker value="CASFIN"/>
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        <balance>175000</balance>
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        <curCd>USD</curCd>
        <valUSD>156514.19</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>2041-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ALAMEDA UNIFIED SCH 5.00%</name>
        <lei>N/A</lei>
        <title>ALAMEDA UNIFIED SCH 5.00%</title>
        <cusip>010824LH1</cusip>
        <identifiers>
          <isin value="US010824LH19"/>
          <ticker value="ALASCD"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>509291.85</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>LONG BEACH COMMUNIT 5.00%</name>
        <lei>N/A</lei>
        <title>LONG BEACH COMMUNIT 5.00%</title>
        <cusip>542411QY2</cusip>
        <identifiers>
          <isin value="US542411QY22"/>
          <ticker value="LONHGR"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1047055.7</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>2052-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA STATEWID 3.00%</name>
        <lei>N/A</lei>
        <title>CALIFORNIA STATEWID 3.00%</title>
        <cusip>13078RJD3</cusip>
        <identifiers>
          <isin value="US13078RJD35"/>
          <ticker value="CASDEV"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>365275.15</valUSD>
        <pctVal>0.2790779151</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</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>UNIVERSITY OF CALIF 5.00%</name>
        <lei>RRR42I7GG51DB5HDQR14</lei>
        <title>UNIVERSITY OF CALIF 5.00%</title>
        <cusip>91412HDE0</cusip>
        <identifiers>
          <isin value="US91412HDE09"/>
          <ticker value="UNVHGR"/>
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        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2531383.25</valUSD>
        <pctVal>1.9340301681</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>CITY OF LOS ANGELES 5.50%</name>
        <lei>N/A</lei>
        <title>CITY OF LOS ANGELES 5.50%</title>
        <cusip>544445F46</cusip>
        <identifiers>
          <isin value="US544445F469"/>
          <ticker value="LOSAPT"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1048099</valUSD>
        <pctVal>0.8007697314</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</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>SONOMA COUNTY JUNIO 3.00%</name>
        <lei>549300C1BQ28FZTVYK25</lei>
        <title>SONOMA COUNTY JUNIO 3.00%</title>
        <cusip>835569GF5</cusip>
        <identifiers>
          <isin value="US835569GF58"/>
          <ticker value="SONHGR"/>
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        <balance>900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>845232.03</valUSD>
        <pctVal>0.6457750896</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</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 COUNTY 5.25%</name>
        <lei>N/A</lei>
        <title>LOS ANGELES COUNTY 5.25%</title>
        <cusip>54473EZP2</cusip>
        <identifiers>
          <isin value="US54473EZP23"/>
          <ticker value="LOSFAC"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1603296.3</valUSD>
        <pctVal>1.2249521729</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UNIVERSITY OF CALIF 5.00%</name>
        <lei>RRR42I7GG51DB5HDQR14</lei>
        <title>UNIVERSITY OF CALIF 5.00%</title>
        <cusip>91412HAT0</cusip>
        <identifiers>
          <isin value="US91412HAT05"/>
          <ticker value="UNVHGR"/>
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        <balance>85000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>88743.91</valUSD>
        <pctVal>0.0678022181</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>STATE OF CALIFORNIA 5.00%</name>
        <lei>9845007J7054602FF597</lei>
        <title>STATE OF CALIFORNIA 5.00%</title>
        <cusip>13063DAU2</cusip>
        <identifiers>
          <isin value="US13063DAU28"/>
          <ticker value="CAS"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1034614.1</valUSD>
        <pctVal>0.7904669835</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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 COMMUNI 4.00%</name>
        <lei>N/A</lei>
        <title>LOS ANGELES COMMUNI 4.00%</title>
        <cusip>54438CYC0</cusip>
        <identifiers>
          <isin value="US54438CYC09"/>
          <ticker value="LOSHGR"/>
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        <balance>2915000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2915359.42</valUSD>
        <pctVal>2.2273960567</pctVal>
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        <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>4</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>COUNTY OF SACRAMENT 5.00%</name>
        <lei>549300OXI5MD45L13R20</lei>
        <title>COUNTY OF SACRAMENT 5.00%</title>
        <cusip>786107WM0</cusip>
        <identifiers>
          <isin value="US786107WM04"/>
          <ticker value="SACAPT"/>
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        <balance>300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>327982.8</valUSD>
        <pctVal>0.2505857735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>REDDING JOINT POWER 5.00%</name>
        <lei>549300G0VQMKGZ4YHU07</lei>
        <title>REDDING JOINT POWER 5.00%</title>
        <cusip>75728LCE4</cusip>
        <identifiers>
          <isin value="US75728LCE48"/>
          <ticker value="RNGGEN"/>
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        <balance>1250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1280390.38</valUSD>
        <pctVal>0.9782452427</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>CALIFORNIA COMMUNITY VAR</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNITY VAR</title>
        <cusip>13013JDG8</cusip>
        <identifiers>
          <isin value="US13013JDG85"/>
          <ticker value="CCEDEV"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>527555.9</valUSD>
        <pctVal>0.4030638292</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.2499988</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SANTA CRUZ COUNTY C 4.00%</name>
        <lei>N/A</lei>
        <title>SANTA CRUZ COUNTY C 4.00%</title>
        <cusip>80181PGM3</cusip>
        <identifiers>
          <isin value="US80181PGM32"/>
          <ticker value="SCZGEN"/>
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        <balance>300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>311257.56</valUSD>
        <pctVal>0.2378073376</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-04-30</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>
</edgarSubmission>
