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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA HEALTH F 5.00%</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA HEALTH F 5.00%</title>
        <cusip>13032U2M9</cusip>
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          <isin value="US13032U2M90"/>
          <ticker value="CASMED"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-01</maturityDt>
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          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA HEALTH FAC VAR</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA HEALTH FAC VAR</title>
        <cusip>13032U4Q8</cusip>
        <identifiers>
          <isin value="US13032U4Q86"/>
          <ticker value="CASMED"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-10-01</maturityDt>
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      <invstOrSec>
        <name>SAN DIEGO COUNTY RE 5.00%</name>
        <lei>N/A</lei>
        <title>SAN DIEGO COUNTY RE 5.00%</title>
        <cusip>79739GST4</cusip>
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          <isin value="US79739GST49"/>
          <ticker value="SDGAPT"/>
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        <balance>1100000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-07-01</maturityDt>
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      <invstOrSec>
        <name>CALIFORNIA STATEWID 5.00%</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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        <cusip>13078RHT0</cusip>
        <identifiers>
          <isin value="US13078RHT05"/>
          <ticker value="CASDEV"/>
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        <balance>3630000</balance>
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        <curCd>USD</curCd>
        <valUSD>3940503.67</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-15</maturityDt>
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      <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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        <curCd>USD</curCd>
        <valUSD>1903282.02</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-11-01</maturityDt>
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      <invstOrSec>
        <name>INGLEWOOD JOINT POW 5.00%</name>
        <lei>N/A</lei>
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        <cusip>45710PAS9</cusip>
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          <isin value="US45710PAS92"/>
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        <balance>1070000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>LOS ANGELES DEPT. O 5.00%</name>
        <lei>549300S8NXV6YU61GG95</lei>
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        <cusip>544532QH0</cusip>
        <identifiers>
          <isin value="US544532QH07"/>
          <ticker value="LOSUTL"/>
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        <balance>1850000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2095854.64</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
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          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>MUNICIPAL IMPROVEME 5.00%</name>
        <lei>549300ZJ0YLTZNSR8F57</lei>
        <title>MUNICIPAL IMPROVEME 5.00%</title>
        <cusip>5445875M6</cusip>
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          <isin value="US5445875M63"/>
          <ticker value="LOSGEN"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1128603</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA INFRA. &amp; 5.00%</name>
        <lei>549300C1OG9RDIM8ET06</lei>
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        <cusip>13034A7D6</cusip>
        <identifiers>
          <isin value="US13034A7D60"/>
          <ticker value="CASDEV"/>
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        <balance>1500000</balance>
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        <curCd>USD</curCd>
        <valUSD>1656246.6</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>SANTA ROSA HIGH SCH 5.00%</name>
        <lei>N/A</lei>
        <title>SANTA ROSA HIGH SCH 5.00%</title>
        <cusip>802615J21</cusip>
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          <isin value="US802615J219"/>
          <ticker value="SRSSCD"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1002017.7</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>SAN DIEGO PUBLIC FA 5.00%</name>
        <lei>N/A</lei>
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        <cusip>797299RR7</cusip>
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          <isin value="US797299RR76"/>
          <ticker value="SDOFAC"/>
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        <balance>1500000</balance>
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        <curCd>USD</curCd>
        <valUSD>1732361.55</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SACRAMENTO CITY UNI 5.00%</name>
        <lei>N/A</lei>
        <title>SACRAMENTO CITY UNI 5.00%</title>
        <cusip>785870U87</cusip>
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          <isin value="US785870U879"/>
          <ticker value="SACSCD"/>
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        <balance>845000</balance>
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        <curCd>USD</curCd>
        <valUSD>950376.4</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>DESERT SANDS UNIFIE 5.00%</name>
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        <title>DESERT SANDS UNIFIE 5.00%</title>
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          <isin value="US250433TR06"/>
          <ticker value="DTSSCD"/>
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        <balance>1330000</balance>
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        <curCd>USD</curCd>
        <valUSD>1358038.93</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>CALIFORNIA COMMUNITY VAR</name>
        <lei>549300X8VKJ215S2R571</lei>
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          <isin value="US13013JHD19"/>
          <ticker value="CCEDEV"/>
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        <fairValLevel>2</fairValLevel>
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        <name>STATE OF CALIFORNIA 5.00%</name>
        <lei>9845007J7054602FF597</lei>
        <title>STATE OF CALIFORNIA 5.00%</title>
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          <isin value="US13063ENT90"/>
          <ticker value="CAS"/>
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        <curCd>USD</curCd>
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        <name>CALIFORNIA EDUCATIO 5.25%</name>
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          <isin value="US130179YN88"/>
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        <name>SACRAMENTO CITY UNI 5.00%</name>
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          <isin value="US785870U796"/>
          <ticker value="SACSCD"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>549300X8VKJ215S2R571</lei>
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          <isin value="US13013JHG40"/>
          <ticker value="CCEDEV"/>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LONG BEACH COMMUNIT 5.00%</name>
        <lei>N/A</lei>
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        <cusip>542411QY2</cusip>
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          <isin value="US542411QY22"/>
          <ticker value="LONHGR"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <name>CALIFORNIA STATE PU 5.00%</name>
        <lei>N/A</lei>
        <title>CALIFORNIA STATE PU 5.00%</title>
        <cusip>13068XRC5</cusip>
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          <isin value="US13068XRC55"/>
          <ticker value="CASFAC"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-11-01</maturityDt>
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          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>MORONGO UNIFIED SCH 5.00%</name>
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        <title>MORONGO UNIFIED SCH 5.00%</title>
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          <isin value="US617736LU52"/>
          <ticker value="MNGSCD"/>
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        <balance>375000</balance>
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        <curCd>USD</curCd>
        <valUSD>423974.25</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <name>FONTANA PUBLIC FACI 5.00%</name>
        <lei>N/A</lei>
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        <cusip>34461BCD6</cusip>
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          <isin value="US34461BCD64"/>
          <ticker value="FONGEN"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-01</maturityDt>
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          <annualizedRt>5.000000000000</annualizedRt>
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        <name>SOUTHERN CALIFORNIA 5.00%</name>
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        <cusip>842472EG3</cusip>
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          <isin value="US842472EG36"/>
          <ticker value="STNAPT"/>
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        <curCd>USD</curCd>
        <valUSD>423529.92</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>CALIFORNIA STATE PU 5.00%</name>
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          <isin value="US13068XRG69"/>
          <ticker value="CASFAC"/>
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        <balance>500000</balance>
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        <curCd>USD</curCd>
        <valUSD>571151.6</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <name>STATE OF CALIFORNIA 5.00%</name>
        <lei>9845007J7054602FF597</lei>
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        <cusip>13063ENU6</cusip>
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          <isin value="US13063ENU63"/>
          <ticker value="CAS"/>
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        <curCd>USD</curCd>
        <valUSD>2320504.4</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>FONTANA PUBLIC FACI 5.00%</name>
        <lei>N/A</lei>
        <title>FONTANA PUBLIC FACI 5.00%</title>
        <cusip>34461BBY1</cusip>
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          <isin value="US34461BBY11"/>
          <ticker value="FONGEN"/>
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        <balance>425000</balance>
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        <curCd>USD</curCd>
        <valUSD>485523.44</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>SANTA CRUZ COUNTY R 5.00%</name>
        <lei>N/A</lei>
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        <cusip>80182YDT1</cusip>
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          <isin value="US80182YDT10"/>
          <ticker value="SCZDEV"/>
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        <balance>560000</balance>
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        <curCd>USD</curCd>
        <valUSD>638799.9</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA INFRASTRUC VAR</name>
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          <isin value="US13034AN304"/>
          <ticker value="CASDEV"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>CSCDA COMMUNITY IMP 3.25%</name>
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          <isin value="US126292CL37"/>
          <ticker value="CDAHSG"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA COMMUNITY VAR</name>
        <lei>549300X8VKJ215S2R571</lei>
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          <isin value="US13013JAX46"/>
          <ticker value="CCEDEV"/>
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        <name>SAN FRANCISCO CITY 5.00%</name>
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        <name>SAN FRANCISCO UNIFI 4.00%</name>
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        <name>TRANSBAY JOINT POWE 5.00%</name>
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        <name>NI US GOV T PORTFOLIO</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA MUNICIPA 3.00%</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPA 3.00%</title>
        <cusip>13048VXJ2</cusip>
        <identifiers>
          <isin value="US13048VXJ24"/>
          <ticker value="CASFIN"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>798129.3</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GOLDEN STATE TOBAC 2.532%</name>
        <lei>N/A</lei>
        <title>GOLDEN STATE TOBAC 2.532%</title>
        <cusip>38122NC75</cusip>
        <identifiers>
          <isin value="US38122NC759"/>
          <ticker value="GLDGEN"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1436648.1</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.532000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <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>13048VB64</cusip>
        <identifiers>
          <isin value="US13048VB644"/>
          <ticker value="CASFIN"/>
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        <balance>400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>369989.48</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>4.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA COMMUNITY VAR</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNITY VAR</title>
        <cusip>13013JBL9</cusip>
        <identifiers>
          <isin value="US13013JBL98"/>
          <ticker value="CCEDEV"/>
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        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>784821</valUSD>
        <pctVal>0.3030409533</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PALM SPRINGS UNIFIE 2.00%</name>
        <lei>549300VO66CCEHGE5291</lei>
        <title>PALM SPRINGS UNIFIE 2.00%</title>
        <cusip>6966673W2</cusip>
        <identifiers>
          <isin value="US6966673W28"/>
          <ticker value="PSPSCD"/>
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        <balance>1970000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1955853.82</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.000000000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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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>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1018154.3</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA INFRASTR 5.00%</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>CALIFORNIA INFRASTR 5.00%</title>
        <cusip>13034ATU4</cusip>
        <identifiers>
          <isin value="US13034ATU42"/>
          <ticker value="CASDEV"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1040039</valUSD>
        <pctVal>0.4015876360</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LOS ANGELES DEPARTM 5.00%</name>
        <lei>549300S8NXV6YU61GG95</lei>
        <title>LOS ANGELES DEPARTM 5.00%</title>
        <cusip>544525YH5</cusip>
        <identifiers>
          <isin value="US544525YH55"/>
          <ticker value="LOSUTL"/>
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        <balance>1850000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1896423.53</valUSD>
        <pctVal>0.7322612347</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA MUNICIPA 5.00%</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPA 5.00%</title>
        <cusip>13048VGF9</cusip>
        <identifiers>
          <isin value="US13048VGF94"/>
          <ticker value="CASFIN"/>
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        <balance>2245000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2343431.58</valUSD>
        <pctVal>0.9048633256</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WEST CONTRA COSTA U 5.00%</name>
        <lei>N/A</lei>
        <title>WEST CONTRA COSTA U 5.00%</title>
        <cusip>95234AAD7</cusip>
        <identifiers>
          <isin value="US95234AAD72"/>
          <ticker value="WCC"/>
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        <balance>235000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>263326.67</valUSD>
        <pctVal>0.1016776629</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IRVINE UNIFIED SCHO 5.00%</name>
        <lei>N/A</lei>
        <title>IRVINE UNIFIED SCHO 5.00%</title>
        <cusip>463612PU9</cusip>
        <identifiers>
          <isin value="US463612PU98"/>
          <ticker value="IRVEDU"/>
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        <balance>1400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1585885.14</valUSD>
        <pctVal>0.6123538293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA COMMUNITY VAR</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNITY VAR</title>
        <cusip>13013JEP7</cusip>
        <identifiers>
          <isin value="US13013JEP75"/>
          <ticker value="CCEDEV"/>
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        <balance>2320000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2471861.4</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>2055-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LOS ANGELES UNIFIED 5.00%</name>
        <lei>N/A</lei>
        <title>LOS ANGELES UNIFIED 5.00%</title>
        <cusip>544647AC4</cusip>
        <identifiers>
          <isin value="US544647AC44"/>
          <ticker value="LOSSCD"/>
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        <balance>1500000</balance>
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        <curCd>USD</curCd>
        <valUSD>1556382.9</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>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TEMECULA VALLEY UNI 5.00%</name>
        <lei>N/A</lei>
        <title>TEMECULA VALLEY UNI 5.00%</title>
        <cusip>87975BBG7</cusip>
        <identifiers>
          <isin value="US87975BBG77"/>
          <ticker value="TMVEDU"/>
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        <balance>670000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>761818.07</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA STATE PU 5.00%</name>
        <lei>N/A</lei>
        <title>CALIFORNIA STATE PU 5.00%</title>
        <cusip>13068XCC1</cusip>
        <identifiers>
          <isin value="US13068XCC11"/>
          <ticker value="CASFAC"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1670562.75</valUSD>
        <pctVal>0.6450501813</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA MUNICIPA 2.65%</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPA 2.65%</title>
        <cusip>130483DZ0</cusip>
        <identifiers>
          <isin value="US130483DZ07"/>
          <ticker value="CASMFH"/>
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        <balance>3210355.94</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2859031.28</valUSD>
        <pctVal>1.1039505374</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>2.650000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>1863541.02</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1887141.28</valUSD>
        <pctVal>0.7286771029</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-03-25</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LOS ANGELES UNIFIED 5.00%</name>
        <lei>N/A</lei>
        <title>LOS ANGELES UNIFIED 5.00%</title>
        <cusip>5446466M9</cusip>
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          <isin value="US5446466M90"/>
          <ticker value="LOSSCD"/>
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        <curCd>USD</curCd>
        <valUSD>197210.96</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA COMMUNITY VAR</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNITY VAR</title>
        <cusip>13013JAP1</cusip>
        <identifiers>
          <isin value="US13013JAP12"/>
          <ticker value="CCEDEV"/>
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        <balance>3500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3553163.25</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA EDUCATIO 5.00%</name>
        <lei>N/A</lei>
        <title>CALIFORNIA EDUCATIO 5.00%</title>
        <cusip>130179XL3</cusip>
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          <isin value="US130179XL32"/>
          <ticker value="CASEDU"/>
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        <balance>700000</balance>
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        <curCd>USD</curCd>
        <valUSD>774107.32</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA STATEWID 5.00%</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STATEWID 5.00%</title>
        <cusip>13078YYX7</cusip>
        <identifiers>
          <isin value="US13078YYX74"/>
          <ticker value="CASDEV"/>
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        <balance>300000</balance>
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        <curCd>USD</curCd>
        <valUSD>343556.46</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA COMMUNIT 5.00%</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNIT 5.00%</title>
        <cusip>13013JFC5</cusip>
        <identifiers>
          <isin value="US13013JFC53"/>
          <ticker value="CCEDEV"/>
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        <balance>725000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>783022.98</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LOS ANGELES DEPT. O 5.00%</name>
        <lei>549300S8NXV6YU61GG95</lei>
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        <cusip>544532RB2</cusip>
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          <isin value="US544532RB28"/>
          <ticker value="LOSUTL"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1689490.95</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <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>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>530204.9</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>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UNIVERSITY OF CALIF 5.00%</name>
        <lei>RRR42I7GG51DB5HDQR14</lei>
        <title>UNIVERSITY OF CALIF 5.00%</title>
        <cusip>91412HWH2</cusip>
        <identifiers>
          <isin value="US91412HWH29"/>
          <ticker value="UNVHGR"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3520938.6</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>2036-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA STATEWID 5.00%</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STATEWID 5.00%</title>
        <cusip>13080S2X1</cusip>
        <identifiers>
          <isin value="US13080S2X17"/>
          <ticker value="CASGEN"/>
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        <balance>2000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2279943.2</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAN MATEO UNION HIG 5.00%</name>
        <lei>N/A</lei>
        <title>SAN MATEO UNION HIG 5.00%</title>
        <cusip>799017A73</cusip>
        <identifiers>
          <isin value="US799017A733"/>
          <ticker value="SMTSCD"/>
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        <balance>600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>715836.9</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>2035-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PLACENTIA-YORBA LIN 5.00%</name>
        <lei>N/A</lei>
        <title>PLACENTIA-YORBA LIN 5.00%</title>
        <cusip>726000DX7</cusip>
        <identifiers>
          <isin value="US726000DX73"/>
          <ticker value="PCTEDU"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1138532.6</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>2032-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ONTARIO PUBLIC FINC 5.00%</name>
        <lei>N/A</lei>
        <title>ONTARIO PUBLIC FINC 5.00%</title>
        <cusip>68304RDU1</cusip>
        <identifiers>
          <isin value="US68304RDU14"/>
          <ticker value="OPFGEN"/>
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        <balance>300000</balance>
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        <curCd>USD</curCd>
        <valUSD>341030.58</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <name>SANTA ROSA ELEMENTA 5.00%</name>
        <lei>N/A</lei>
        <title>SANTA ROSA ELEMENTA 5.00%</title>
        <cusip>802598NG3</cusip>
        <identifiers>
          <isin value="US802598NG38"/>
          <ticker value="SRSSCD"/>
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        <balance>1145000</balance>
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        <curCd>USD</curCd>
        <valUSD>1146336.67</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>SUTTER BUTTE FLOOD 5.00%</name>
        <lei>N/A</lei>
        <title>SUTTER BUTTE FLOOD 5.00%</title>
        <cusip>869398CD7</cusip>
        <identifiers>
          <isin value="US869398CD76"/>
          <ticker value="STRWTR"/>
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        <balance>500000</balance>
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        <curCd>USD</curCd>
        <valUSD>582987.45</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>MOUNT DIABLO UNIFIE 5.00%</name>
        <lei>N/A</lei>
        <title>MOUNT DIABLO UNIFIE 5.00%</title>
        <cusip>621204DL7</cusip>
        <identifiers>
          <isin value="US621204DL74"/>
          <ticker value="MDLEDU"/>
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        <balance>400000</balance>
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        <curCd>USD</curCd>
        <valUSD>455526</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>STATE OF CALIFORNIA 5.00%</name>
        <lei>9845007J7054602FF597</lei>
        <title>STATE OF CALIFORNIA 5.00%</title>
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        <identifiers>
          <isin value="US13063EKW56"/>
          <ticker value="CAS"/>
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        <balance>1515000</balance>
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        <curCd>USD</curCd>
        <valUSD>1662387.53</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>ONTARIO PUBLIC FINC 5.00%</name>
        <lei>N/A</lei>
        <title>ONTARIO PUBLIC FINC 5.00%</title>
        <cusip>68304RDV9</cusip>
        <identifiers>
          <isin value="US68304RDV96"/>
          <ticker value="OPFGEN"/>
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        <balance>475000</balance>
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        <curCd>USD</curCd>
        <valUSD>547270.59</valUSD>
        <pctVal>0.2113162126</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PARAMOUNT UNIFIED S 5.00%</name>
        <lei>N/A</lei>
        <title>PARAMOUNT UNIFIED S 5.00%</title>
        <cusip>699211QD3</cusip>
        <identifiers>
          <isin value="US699211QD35"/>
          <ticker value="PARSCD"/>
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        <balance>150000</balance>
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        <curCd>USD</curCd>
        <valUSD>170995.94</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>STATE OF CALIFORNIA 5.00%</name>
        <lei>9845007J7054602FF597</lei>
        <title>STATE OF CALIFORNIA 5.00%</title>
        <cusip>13063EKR6</cusip>
        <identifiers>
          <isin value="US13063EKR61"/>
          <ticker value="CAS"/>
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        <curCd>USD</curCd>
        <valUSD>27556.2</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MOUNT DIABLO UNIFIE 5.00%</name>
        <lei>N/A</lei>
        <title>MOUNT DIABLO UNIFIE 5.00%</title>
        <cusip>621196V68</cusip>
        <identifiers>
          <isin value="US621196V685"/>
          <ticker value="MDLSCD"/>
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        <balance>750000</balance>
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        <curCd>USD</curCd>
        <valUSD>853655.1</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ALUM ROCK UNION ELE 5.00%</name>
        <lei>N/A</lei>
        <title>ALUM ROCK UNION ELE 5.00%</title>
        <cusip>022168TZ1</cusip>
        <identifiers>
          <isin value="US022168TZ18"/>
          <ticker value="ALUSCD"/>
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        <balance>1750000</balance>
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        <curCd>USD</curCd>
        <valUSD>2007893.65</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA STATEWID 5.00%</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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        <cusip>13078YYY5</cusip>
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          <isin value="US13078YYY57"/>
          <ticker value="CASDEV"/>
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        <balance>275000</balance>
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        <curCd>USD</curCd>
        <valUSD>317351.29</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-09-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UNIVERSITY OF CALIF 5.00%</name>
        <lei>RRR42I7GG51DB5HDQR14</lei>
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        <cusip>91412HXA6</cusip>
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          <isin value="US91412HXA66"/>
          <ticker value="UNVHGR"/>
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        <balance>2000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2361875.2</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA MUNICIPA 4.40%</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPA 4.40%</title>
        <cusip>130483MB3</cusip>
        <identifiers>
          <isin value="US130483MB38"/>
          <ticker value="CASMFH"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1003032.5</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>2043-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.400000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COUNTY OF SACRAMENT 5.00%</name>
        <lei>549300OXI5MD45L13R20</lei>
        <title>COUNTY OF SACRAMENT 5.00%</title>
        <cusip>786107XU1</cusip>
        <identifiers>
          <isin value="US786107XU11"/>
          <ticker value="SACAPT"/>
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        <balance>245000</balance>
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        <curCd>USD</curCd>
        <valUSD>277303.5</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA ENTERPRI 3.00%</name>
        <lei>549300544P6FSHU1HB46</lei>
        <title>CALIFORNIA ENTERPRI 3.00%</title>
        <cusip>13067VAU8</cusip>
        <identifiers>
          <isin value="US13067VAU89"/>
          <ticker value="CASFAC"/>
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        <balance>3000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2499077.7</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>2044-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA SCHOOL F 4.00%</name>
        <lei>N/A</lei>
        <title>CALIFORNIA SCHOOL F 4.00%</title>
        <cusip>13059TGY9</cusip>
        <identifiers>
          <isin value="US13059TGY91"/>
          <ticker value="CASSCD"/>
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        <balance>800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>771218.32</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>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ORANGE COUNTY COMMU 5.00%</name>
        <lei>N/A</lei>
        <title>ORANGE COUNTY COMMU 5.00%</title>
        <cusip>68423PZG8</cusip>
        <identifiers>
          <isin value="US68423PZG89"/>
          <ticker value="ORAFAC"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1058980.7</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>2037-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <name>PERALTA COMMUNITY C 5.00%</name>
        <lei>254900VWMA3IHACOBO19</lei>
        <title>PERALTA COMMUNITY C 5.00%</title>
        <cusip>713575ZK7</cusip>
        <identifiers>
          <isin value="US713575ZK75"/>
          <ticker value="PRTHGR"/>
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        <balance>2150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2501461.58</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>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CITY OF LONG BEACH 5.00%</name>
        <lei>549300XH3OUOL3JO1O51</lei>
        <title>CITY OF LONG BEACH 5.00%</title>
        <cusip>542426DJ7</cusip>
        <identifiers>
          <isin value="US542426DJ78"/>
          <ticker value="LONFAC"/>
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        <balance>700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>790165.18</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <name>UNIVERSITY OF CALIF 5.25%</name>
        <lei>RRR42I7GG51DB5HDQR14</lei>
        <title>UNIVERSITY OF CALIF 5.25%</title>
        <cusip>91412HYU1</cusip>
        <identifiers>
          <isin value="US91412HYU12"/>
          <ticker value="UNVHGR"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1201187.6</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA MUNICIPAL VAR</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPAL VAR</title>
        <cusip>130483MU1</cusip>
        <identifiers>
          <isin value="US130483MU19"/>
          <ticker value="CASMFH"/>
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        <balance>500000</balance>
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        <curCd>USD</curCd>
        <valUSD>500133.05</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.950000000000</annualizedRt>
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      <invstOrSec>
        <name>LOS ANGELES UNIFIED 5.00%</name>
        <lei>N/A</lei>
        <title>LOS ANGELES UNIFIED 5.00%</title>
        <cusip>544647JT8</cusip>
        <identifiers>
          <isin value="US544647JT87"/>
          <ticker value="LOSSCD"/>
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        <balance>3500000</balance>
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        <curCd>USD</curCd>
        <valUSD>4016907.3</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LOS ANGELES COUNTY 5.00%</name>
        <lei>N/A</lei>
        <title>LOS ANGELES COUNTY 5.00%</title>
        <cusip>544738KK2</cusip>
        <identifiers>
          <isin value="US544738KK26"/>
          <ticker value="LOSFAC"/>
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        <balance>550000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>643995</valUSD>
        <pctVal>0.2486641651</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SAN DIEGO UNIFIED S 5.00%</name>
        <lei>N/A</lei>
        <title>SAN DIEGO UNIFIED S 5.00%</title>
        <cusip>797356UB6</cusip>
        <identifiers>
          <isin value="US797356UB61"/>
          <ticker value="SDGEDU"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1140982.4</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>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>IRVINE UNIFIED SCHO 5.00%</name>
        <lei>N/A</lei>
        <title>IRVINE UNIFIED SCHO 5.00%</title>
        <cusip>46361RCX2</cusip>
        <identifiers>
          <isin value="US46361RCX26"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>525628</valUSD>
        <pctVal>0.2029594139</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY OF LONG BEACH 5.00%</name>
        <lei>549300XH3OUOL3JO1O51</lei>
        <title>CITY OF LONG BEACH 5.00%</title>
        <cusip>542424UU8</cusip>
        <identifiers>
          <isin value="US542424UU82"/>
          <ticker value="LONTRN"/>
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        <balance>1300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1324392.81</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <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>2000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2118039</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JEFFERSON UNION HIG 5.00%</name>
        <lei>549300S1EAFO90X8HQ88</lei>
        <title>JEFFERSON UNION HIG 5.00%</title>
        <cusip>4724667L9</cusip>
        <identifiers>
          <isin value="US4724667L99"/>
          <ticker value="JEFSCD"/>
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        <balance>300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>350393.43</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EAST SIDE UNION HIG 5.00%</name>
        <lei>549300FHNKBG2V8ZLG85</lei>
        <title>EAST SIDE UNION HIG 5.00%</title>
        <cusip>275282TG6</cusip>
        <identifiers>
          <isin value="US275282TG65"/>
          <ticker value="ESDSCD"/>
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        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>851844</valUSD>
        <pctVal>0.3289203753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HAYWARD UNIFIED SCH 5.00%</name>
        <lei>N/A</lei>
        <title>HAYWARD UNIFIED SCH 5.00%</title>
        <cusip>421295AU0</cusip>
        <identifiers>
          <isin value="US421295AU06"/>
          <ticker value="HAYSCD"/>
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        <balance>3750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4333223.63</valUSD>
        <pctVal>1.6731767114</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SAN FRANCISCO CITY 5.25%</name>
        <lei>N/A</lei>
        <title>SAN FRANCISCO CITY 5.25%</title>
        <cusip>79766DZP7</cusip>
        <identifiers>
          <isin value="US79766DZP76"/>
          <ticker value="SFOAPT"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>547123.75</valUSD>
        <pctVal>0.2112595137</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>5.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA EDUCATIO 5.00%</name>
        <lei>N/A</lei>
        <title>CALIFORNIA EDUCATIO 5.00%</title>
        <cusip>130179ZD9</cusip>
        <identifiers>
          <isin value="US130179ZD97"/>
          <ticker value="CASEDU"/>
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        <balance>900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1035181.35</valUSD>
        <pctVal>0.3997119638</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BURBANK-GLENDALE-PA 5.00%</name>
        <lei>N/A</lei>
        <title>BURBANK-GLENDALE-PA 5.00%</title>
        <cusip>120827EU0</cusip>
        <identifiers>
          <isin value="US120827EU07"/>
          <ticker value="BURAPT"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1131229.8</valUSD>
        <pctVal>0.4367989096</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SOUTHERN CALIFORNIA 5.00%</name>
        <lei>5493003B5TD5FWUKMD34</lei>
        <title>SOUTHERN CALIFORNIA 5.00%</title>
        <cusip>84247PPF2</cusip>
        <identifiers>
          <isin value="US84247PPF26"/>
          <ticker value="STNPWR"/>
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        <balance>1200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1280148.84</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>2033-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1025922.9</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <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>385000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>314146.49</valUSD>
        <pctVal>0.1213005919</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>3.000000000000</annualizedRt>
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      <invstOrSec>
        <name>COUNTY OF SACRAMENT 5.00%</name>
        <lei>549300OXI5MD45L13R20</lei>
        <title>COUNTY OF SACRAMENT 5.00%</title>
        <cusip>786153RG3</cusip>
        <identifiers>
          <isin value="US786153RG36"/>
          <ticker value="SACGEN"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1021739.6</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>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA EDUCATIO 5.00%</name>
        <lei>N/A</lei>
        <title>CALIFORNIA EDUCATIO 5.00%</title>
        <cusip>130179XK5</cusip>
        <identifiers>
          <isin value="US130179XK58"/>
          <ticker value="CASEDU"/>
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        <balance>610000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>679966.82</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LOS ALAMITOS UNIFIED STP</name>
        <lei>549300YJXGV6HPEZKU12</lei>
        <title>LOS ALAMITOS UNIFIED STP</title>
        <cusip>544204DP2</cusip>
        <identifiers>
          <isin value="US544204DP25"/>
          <ticker value="LALEDU"/>
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        <balance>1100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1205226.44</valUSD>
        <pctVal>0.4653710456</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.950000000000</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>NORTHERN CALIFORNIA 5.00%</name>
        <lei>549300Q5SNIPZIW57C52</lei>
        <title>NORTHERN CALIFORNIA 5.00%</title>
        <cusip>664848DF2</cusip>
        <identifiers>
          <isin value="US664848DF25"/>
          <ticker value="NORGEN"/>
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        <balance>1100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1298847</valUSD>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA COMMUNIT 5.00%</name>
        <lei>549300X8VKJ215S2R571</lei>
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          <isin value="US13013JJD90"/>
          <ticker value="CCEDEV"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-01</maturityDt>
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      <invstOrSec>
        <name>CALIFORNIA ST FRN</name>
        <lei>9845007J7054602FF597</lei>
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          <isin value="US13063BCD29"/>
          <ticker value="CAS"/>
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        <curCd>USD</curCd>
        <valUSD>1400000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NATOMAS UNIFIED SCH 3.00%</name>
        <lei>5493003NJ3RTOZO25E38</lei>
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        <cusip>63877NLP0</cusip>
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          <ticker value="NMASCD"/>
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        <curCd>USD</curCd>
        <valUSD>1510364.59</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-08-01</maturityDt>
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          <annualizedRt>3.000000000000</annualizedRt>
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      <invstOrSec>
        <name>CITY OF LOS ANGELES 5.00%</name>
        <lei>N/A</lei>
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          <isin value="US544445NU90"/>
          <ticker value="LOSAPT"/>
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        <curCd>USD</curCd>
        <valUSD>1537465.65</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-05-15</maturityDt>
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      <invstOrSec>
        <name>CITY &amp; COUNTY OF SA 2.00%</name>
        <lei>213800P9VO3CSYYNM193</lei>
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          <isin value="US79765D3X64"/>
          <ticker value="SFOCTF"/>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-10-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CITY OF MENIFEE CA 4.00%</name>
        <lei>QBYVXZGTBGYIK7O14C08</lei>
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        <cusip>58680WBD5</cusip>
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          <isin value="US58680WBD56"/>
          <ticker value="MNEGEN"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>862126.3</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA ENT. DEV 5.00%</name>
        <lei>549300544P6FSHU1HB46</lei>
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        <cusip>13067VBC7</cusip>
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          <isin value="US13067VBC72"/>
          <ticker value="CASFAC"/>
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        <balance>2875000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3284423.29</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MORELAND SCHOOL DIS 5.00%</name>
        <lei>N/A</lei>
        <title>MORELAND SCHOOL DIS 5.00%</title>
        <cusip>616794WR0</cusip>
        <identifiers>
          <isin value="US616794WR06"/>
          <ticker value="MRDSCD"/>
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        <balance>1300000</balance>
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        <curCd>USD</curCd>
        <valUSD>1479668.84</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA PUBLIC F 5.00%</name>
        <lei>N/A</lei>
        <title>CALIFORNIA PUBLIC F 5.00%</title>
        <cusip>13057EJD7</cusip>
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          <isin value="US13057EJD76"/>
          <ticker value="CASGEN"/>
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        <balance>1500000</balance>
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        <curCd>USD</curCd>
        <valUSD>1644959.4</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>LOS ANGELES DEPT. O 5.00%</name>
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        <cusip>544532NR1</cusip>
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          <ticker value="LOSUTL"/>
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        <curCd>USD</curCd>
        <valUSD>4709141.39</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-01</maturityDt>
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      <invstOrSec>
        <name>SAN FRANCISCO CITY 5.00%</name>
        <lei>213800P9VO3CSYYNM193</lei>
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        <cusip>79770GKJ4</cusip>
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          <isin value="US79770GKJ49"/>
          <ticker value="SFRDEV"/>
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        <curCd>USD</curCd>
        <valUSD>1285762.22</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>LAKE ELSINORE FACIL 5.00%</name>
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          <isin value="US50962CCL63"/>
          <ticker value="LELFAC"/>
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        <balance>1750000</balance>
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        <curCd>USD</curCd>
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        <name>TWIN RIVERS UNIFIED 5.00%</name>
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        <cusip>90171TJV3</cusip>
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          <isin value="US90171TJV35"/>
          <ticker value="TWRSCD"/>
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        <curCd>USD</curCd>
        <valUSD>1751611.05</valUSD>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-08-01</maturityDt>
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        <name>PITTSBURG UNIFIED S 5.00%</name>
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        <cusip>724581YP2</cusip>
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          <isin value="US724581YP21"/>
          <ticker value="PITSCD"/>
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        <balance>150000</balance>
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        <curCd>USD</curCd>
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        <name>NATOMAS UNIFIED SCH 3.00%</name>
        <lei>5493003NJ3RTOZO25E38</lei>
        <title>NATOMAS UNIFIED SCH 3.00%</title>
        <cusip>63877NLQ8</cusip>
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          <isin value="US63877NLQ87"/>
          <ticker value="NMASCD"/>
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        <curCd>USD</curCd>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MUNICIPAL IMPROVEME 5.00%</name>
        <lei>549300ZJ0YLTZNSR8F57</lei>
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        <cusip>5445874K1</cusip>
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          <isin value="US5445874K17"/>
          <ticker value="LOSGEN"/>
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        <curCd>USD</curCd>
        <valUSD>654369.3</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH FAC VAR</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA HEALTH FAC VAR</title>
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        <identifiers>
          <isin value="US13032UP939"/>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA COMMUNITY VAR</name>
        <lei>549300X8VKJ215S2R571</lei>
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          <isin value="US13013JEA07"/>
          <ticker value="CCEDEV"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA COMMUNITY VAR</name>
        <lei>549300X8VKJ215S2R571</lei>
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          <isin value="US13013JFW18"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SAN FRANCISCO CITY 5.00%</name>
        <lei>213800P9VO3CSYYNM193</lei>
        <title>SAN FRANCISCO CITY 5.00%</title>
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          <isin value="US79770GKK12"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MUNICIPAL IMPROVEME 5.00%</name>
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        <title>MUNICIPAL IMPROVEME 5.00%</title>
        <cusip>5445876F0</cusip>
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          <isin value="US5445876F04"/>
          <ticker value="LOSGEN"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-05-01</maturityDt>
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      <invstOrSec>
        <name>CALIFORNIA STATE PU 5.00%</name>
        <lei>N/A</lei>
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          <isin value="US13068XSM29"/>
          <ticker value="CASFAC"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-01</maturityDt>
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          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA MUNICIPA 5.00%</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPA 5.00%</title>
        <cusip>13048V6B9</cusip>
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          <isin value="US13048V6B93"/>
          <ticker value="CASFIN"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-09-01</maturityDt>
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          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>CITY OF LOS ANGELES 5.25%</name>
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        <cusip>544445EH8</cusip>
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          <isin value="US544445EH80"/>
          <ticker value="LOSAPT"/>
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        <balance>2000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-15</maturityDt>
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      <invstOrSec>
        <name>STATE OF CALIFORNIA 5.00%</name>
        <lei>9845007J7054602FF597</lei>
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          <isin value="US13063DAU28"/>
          <ticker value="CAS"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>LOS ANGELES COUNTY 5.00%</name>
        <lei>54930051IHTXE1N9RB42</lei>
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          <isin value="US54466HHL33"/>
          <ticker value="LOSTRN"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-07-01</maturityDt>
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      <invstOrSec>
        <name>GARDEN GROVE PUBLIC 5.00%</name>
        <lei>N/A</lei>
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        <cusip>36527RBA5</cusip>
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          <isin value="US36527RBA59"/>
          <ticker value="GARGEN"/>
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        <balance>580000</balance>
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        <curCd>USD</curCd>
        <valUSD>661785.16</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-01</maturityDt>
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        <name>SAN FRANCISCO CITY 5.25%</name>
        <lei>54930055TIDYHNDP4F84</lei>
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        <cusip>79766DWT2</cusip>
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          <ticker value="SFOAPT"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>METROPOLITAN WATER DI VAR</name>
        <lei>5493003GD0S0P56RLT45</lei>
        <title>METROPOLITAN WATER DI VAR</title>
        <cusip>59266TXR7</cusip>
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          <isin value="US59266TXR75"/>
          <ticker value="METWTR"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>OAKLAND UNIFIED SCH 5.00%</name>
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          <ticker value="OAKSCD"/>
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        <balance>2000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>BAY AREA TOLL AUTHO 5.00%</name>
        <lei>5493001FUZGUQMIP5D78</lei>
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        <cusip>072024B84</cusip>
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          <ticker value="BAYTRN"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA MUNICIPA 5.00%</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPA 5.00%</title>
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          <isin value="US13048V5K02"/>
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        <fairValLevel>2</fairValLevel>
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        <name>TRANSBAY JOINT POWE 5.00%</name>
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        <title>TRANSBAY JOINT POWE 5.00%</title>
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          <isin value="US89356CAL00"/>
          <ticker value="TJPDEV"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VAL VERDE UNIFIED S 5.00%</name>
        <lei>N/A</lei>
        <title>VAL VERDE UNIFIED S 5.00%</title>
        <cusip>918828CF9</cusip>
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          <isin value="US918828CF95"/>
          <ticker value="VVDSCD"/>
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        <balance>245000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>281890.8</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>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PITTSBURG UNIFIED S 5.00%</name>
        <lei>N/A</lei>
        <title>PITTSBURG UNIFIED S 5.00%</title>
        <cusip>724581YN7</cusip>
        <identifiers>
          <isin value="US724581YN72"/>
          <ticker value="PITSCD"/>
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        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250465.53</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <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 HEALTH F 5.00%</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA HEALTH F 5.00%</title>
        <cusip>13032UBB3</cusip>
        <identifiers>
          <isin value="US13032UBB35"/>
          <ticker value="CASMED"/>
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        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250602.3</valUSD>
        <pctVal>0.0967644341</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <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 DIEGO ASSOCIATI 5.00%</name>
        <lei>N/A</lei>
        <title>SAN DIEGO ASSOCIATI 5.00%</title>
        <cusip>797257AV4</cusip>
        <identifiers>
          <isin value="US797257AV46"/>
          <ticker value="SDGTRN"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1019081.2</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>544445R76</cusip>
        <identifiers>
          <isin value="US544445R761"/>
          <ticker value="LOSAPT"/>
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        <balance>2840000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3112525.26</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GARDEN GROVE PUBLIC 5.00%</name>
        <lei>N/A</lei>
        <title>GARDEN GROVE PUBLIC 5.00%</title>
        <cusip>36527RAX6</cusip>
        <identifiers>
          <isin value="US36527RAX61"/>
          <ticker value="GARGEN"/>
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        <balance>300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>322437.36</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA STATEWID 5.00%</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STATEWID 5.00%</title>
        <cusip>13080S3H5</cusip>
        <identifiers>
          <isin value="US13080S3H57"/>
          <ticker value="CASGEN"/>
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        <balance>265000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>287805.69</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LOS ANGELES COUNTY 5.00%</name>
        <lei>N/A</lei>
        <title>LOS ANGELES COUNTY 5.00%</title>
        <cusip>54473ESL9</cusip>
        <identifiers>
          <isin value="US54473ESL91"/>
          <ticker value="LOSFAC"/>
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        <balance>1665000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1669354.97</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>STATE OF CALIFORNIA 5.00%</name>
        <lei>9845007J7054602FF597</lei>
        <title>STATE OF CALIFORNIA 5.00%</title>
        <cusip>13063C4Q0</cusip>
        <identifiers>
          <isin value="US13063C4Q06"/>
          <ticker value="CAS"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2003768.4</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>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAN LEANDRO UNIFIED 5.00%</name>
        <lei>N/A</lei>
        <title>SAN LEANDRO UNIFIED 5.00%</title>
        <cusip>798458SY2</cusip>
        <identifiers>
          <isin value="US798458SY22"/>
          <ticker value="SLDSCD"/>
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        <balance>560000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>588892.36</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH FAC VAR</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA HEALTH FAC VAR</title>
        <cusip>13032UN87</cusip>
        <identifiers>
          <isin value="US13032UN876"/>
          <ticker value="CASMED"/>
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        <balance>1350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1478932.43</valUSD>
        <pctVal>0.5710564492</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA STATE PU 5.00%</name>
        <lei>N/A</lei>
        <title>CALIFORNIA STATE PU 5.00%</title>
        <cusip>13068XLZ0</cusip>
        <identifiers>
          <isin value="US13068XLZ05"/>
          <ticker value="CASFAC"/>
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        <balance>3500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3961308.75</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA INFRA. &amp; 5.00%</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>CALIFORNIA INFRA. &amp; 5.00%</title>
        <cusip>13035ADD8</cusip>
        <identifiers>
          <isin value="US13035ADD81"/>
          <ticker value="CASEDU"/>
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        <balance>2045000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2166160.73</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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>2720000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2944747.89</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>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>RANCHO CUCAMONGA RE 5.00%</name>
        <lei>N/A</lei>
        <title>RANCHO CUCAMONGA RE 5.00%</title>
        <cusip>75212CBS7</cusip>
        <identifiers>
          <isin value="US75212CBS70"/>
          <ticker value="RCMDEV"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1713833.1</valUSD>
        <pctVal>0.6617580524</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CENTRAL VALLEY ENER 5.00%</name>
        <lei>254900G5IPQ9MA3FRJ55</lei>
        <title>CENTRAL VALLEY ENER 5.00%</title>
        <cusip>15569DAG7</cusip>
        <identifiers>
          <isin value="US15569DAG79"/>
          <ticker value="CTVPWR"/>
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        <balance>500000</balance>
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        <curCd>USD</curCd>
        <valUSD>535867.55</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RIVER ISLANDS PUBLI 5.00%</name>
        <lei>N/A</lei>
        <title>RIVER ISLANDS PUBLI 5.00%</title>
        <cusip>768269AC6</cusip>
        <identifiers>
          <isin value="US768269AC61"/>
          <ticker value="RVIGEN"/>
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        <balance>575000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>627789.54</valUSD>
        <pctVal>0.2424067917</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA 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"/>
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        <balance>550000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>613011.41</valUSD>
        <pctVal>0.2367005497</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA HEALTH FAC VAR</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA HEALTH FAC VAR</title>
        <cusip>13032U5T1</cusip>
        <identifiers>
          <isin value="US13032U5T17"/>
          <ticker value="CASMED"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2280781</valUSD>
        <pctVal>0.8806722152</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ALBANY UNIFIED SCHO 5.00%</name>
        <lei>N/A</lei>
        <title>ALBANY UNIFIED SCHO 5.00%</title>
        <cusip>012104RN7</cusip>
        <identifiers>
          <isin value="US012104RN79"/>
          <ticker value="ALBSCD"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1001881.7</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>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITY &amp; COUNTY OF SA 5.00%</name>
        <lei>N/A</lei>
        <title>CITY &amp; COUNTY OF SA 5.00%</title>
        <cusip>79773NAC2</cusip>
        <identifiers>
          <isin value="US79773NAC20"/>
          <ticker value="SFIFAC"/>
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        <balance>375000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>393197.33</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UNIVERSITY OF CALIF 5.00%</name>
        <lei>RRR42I7GG51DB5HDQR14</lei>
        <title>UNIVERSITY OF CALIF 5.00%</title>
        <cusip>91412HSH7</cusip>
        <identifiers>
          <isin value="US91412HSH74"/>
          <ticker value="UNVHGR"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3328164.9</valUSD>
        <pctVal>1.2850959188</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RIALTO UNIFIED SCHO 5.00%</name>
        <lei>N/A</lei>
        <title>RIALTO UNIFIED SCHO 5.00%</title>
        <cusip>762497CX1</cusip>
        <identifiers>
          <isin value="US762497CX12"/>
          <ticker value="RIASCD"/>
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        <balance>270000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>302133.32</valUSD>
        <pctVal>0.1166619768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY OF LOS ANGELES 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF LOS ANGELES 5.00%</title>
        <cusip>544386ED3</cusip>
        <identifiers>
          <isin value="US544386ED36"/>
          <ticker value="LOSFAC"/>
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        <balance>775000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>847577.12</valUSD>
        <pctVal>0.3272728157</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ONTARIO PUBLIC FIN 4.567%</name>
        <lei>N/A</lei>
        <title>ONTARIO PUBLIC FIN 4.567%</title>
        <cusip>68304RFB1</cusip>
        <identifiers>
          <isin value="US68304RFB15"/>
          <ticker value="OPFGEN"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>492319.4</valUSD>
        <pctVal>0.1900980482</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.567000000000</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 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>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1042731.9</valUSD>
        <pctVal>0.4026274387</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA INFRA. &amp; 5.00%</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>CALIFORNIA INFRA. &amp; 5.00%</title>
        <cusip>13034SAQ4</cusip>
        <identifiers>
          <isin value="US13034SAQ49"/>
          <ticker value="CASDEV"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1568215.8</valUSD>
        <pctVal>0.6055312116</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITY OF LOS ANGELES 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF LOS ANGELES 5.00%</title>
        <cusip>544445LR8</cusip>
        <identifiers>
          <isin value="US544445LR89"/>
          <ticker value="LOSAPT"/>
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        <balance>1465000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1534545.02</valUSD>
        <pctVal>0.5925299983</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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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>13035ACQ0</cusip>
        <identifiers>
          <isin value="US13035ACQ04"/>
          <ticker value="CASEDU"/>
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        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>221234.34</valUSD>
        <pctVal>0.0854246577</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA COMMUNIT 5.00%</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNIT 5.00%</title>
        <cusip>13013JJE7</cusip>
        <identifiers>
          <isin value="US13013JJE73"/>
          <ticker value="CCEDEV"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1084203.3</valUSD>
        <pctVal>0.4186406858</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITY OF REDDING CA 5.00%</name>
        <lei>549300G0VQMKGZ4YHU07</lei>
        <title>CITY OF REDDING CA 5.00%</title>
        <cusip>75728TBF5</cusip>
        <identifiers>
          <isin value="US75728TBF57"/>
          <ticker value="RNGPWR"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2168577.2</valUSD>
        <pctVal>0.8373472449</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AZUSA UNIFIED SCHOO 5.00%</name>
        <lei>N/A</lei>
        <title>AZUSA UNIFIED SCHOO 5.00%</title>
        <cusip>055033QY3</cusip>
        <identifiers>
          <isin value="US055033QY31"/>
          <ticker value="AZUSCD"/>
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        <balance>1700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1759901.37</valUSD>
        <pctVal>0.6795462773</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA MUNICIPA 5.00%</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPA 5.00%</title>
        <cusip>13048V6A1</cusip>
        <identifiers>
          <isin value="US13048V6A11"/>
          <ticker value="CASFIN"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>573655</valUSD>
        <pctVal>0.2215039583</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>REDLANDS UNIFIED SC 3.00%</name>
        <lei>N/A</lei>
        <title>REDLANDS UNIFIED SC 3.00%</title>
        <cusip>757606TP3</cusip>
        <identifiers>
          <isin value="US757606TP37"/>
          <ticker value="RLSSCD"/>
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        <balance>2295000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2298153.1</valUSD>
        <pctVal>0.8873800603</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA HEALTH F 5.00%</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA HEALTH F 5.00%</title>
        <cusip>13032UT40</cusip>
        <identifiers>
          <isin value="US13032UT402"/>
          <ticker value="CASMED"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1569379.8</valUSD>
        <pctVal>0.6059806640</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA MUNICIPA 5.00%</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPA 5.00%</title>
        <cusip>13048V5Z7</cusip>
        <identifiers>
          <isin value="US13048V5Z70"/>
          <ticker value="CASFIN"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1144459.3</valUSD>
        <pctVal>0.4419071831</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PARAMOUNT UNIFIED S 5.00%</name>
        <lei>N/A</lei>
        <title>PARAMOUNT UNIFIED S 5.00%</title>
        <cusip>699211QE1</cusip>
        <identifiers>
          <isin value="US699211QE18"/>
          <ticker value="PARSCD"/>
        </identifiers>
        <balance>220000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>249470.14</valUSD>
        <pctVal>0.0963272760</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
