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    <isConfidential>false</isConfidential>
    <filerInfo>

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          <cik>0000916620</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
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        <classId>C000003397</classId>
      </seriesClassInfo>


    </filerInfo>
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      <regFileNumber>811-08236</regFileNumber>
      <regCik>0000916620</regCik>
      <regLei>5493004ZY1PEJR3C0A81</regLei>
      <regStreet1>50 South LaSalle Street</regStreet1>
      <regCity>Chicago</regCity>
      <regStateConditional regCountry="US" regState="US-IL"/>
      <regZipOrPostalCode>60603</regZipOrPostalCode>
      <regPhone>800-595-9111</regPhone>
      <seriesName>California Tax-Exempt Fund</seriesName>
      <seriesId>S000001251</seriesId>
      <seriesLei>5493005C5B0HM3U4QY92</seriesLei>
      <repPdEnd>2027-03-31</repPdEnd>
      <repPdDate>2026-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
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      <totLiabs>3072625.970000000000</totLiabs>
      <netAssets>129500059.860000000000</netAssets>
      <assetsAttrMiscSec>0.000000000000</assetsAttrMiscSec>
      <assetsInvested>0.000000000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.000000000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.000000000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.000000000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.000000000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.000000000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.000000000000</amtPayAftOneYrCtrldComp>
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      <amtPayAftOneYrOther>0.000000000000</amtPayAftOneYrOther>
      <delayDeliv>2962750.000000000000</delayDeliv>
      <standByCommit>0.000000000000</standByCommit>
      <liquidPref>0.000000000000</liquidPref>
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      <curMetrics>
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        <fundsDesignatedInfo>
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        </fundsDesignatedInfo>

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        <title>UPPER SANTA CLARA V 4.00%</title>
        <cusip>916544EM7</cusip>
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          <ticker value="UPSPWR"/>
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        <name>CALIFORNIA HEALTH F 5.00%</name>
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          <ticker value="CASMED"/>
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        <invCountry>US</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA MUNICIPA 3.00%</name>
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        <title>CALIFORNIA MUNICIPA 3.00%</title>
        <cusip>13048VXL7</cusip>
        <identifiers>
          <isin value="US13048VXL79"/>
          <ticker value="CASFIN"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-10-01</maturityDt>
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      <invstOrSec>
        <name>CALIFORNIA STATEWID 3.00%</name>
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          <ticker value="CASDEV"/>
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        <fairValLevel>2</fairValLevel>
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        <name>LAKE ELSINORE FACIL 5.00%</name>
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        <title>LAKE ELSINORE FACIL 5.00%</title>
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      </invstOrSec>
      <invstOrSec>
        <name>STATE OF CALIFORNIA 5.00%</name>
        <lei>9845007J7054602FF597</lei>
        <title>STATE OF CALIFORNIA 5.00%</title>
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          <ticker value="CAS"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA MUNICIPA 4.00%</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPA 4.00%</title>
        <cusip>13048VWU8</cusip>
        <identifiers>
          <isin value="US13048VWU87"/>
          <ticker value="CASFIN"/>
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        <curCd>USD</curCd>
        <valUSD>214258.4</valUSD>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA COMMUNITY VAR</name>
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        <title>CALIFORNIA COMMUNITY VAR</title>
        <cusip>13013JHD1</cusip>
        <identifiers>
          <isin value="US13013JHD19"/>
          <ticker value="CCEDEV"/>
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        <curCd>USD</curCd>
        <valUSD>1048570.2</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-12-01</maturityDt>
          <couponKind>Variable</couponKind>
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          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH F 5.00%</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA HEALTH F 5.00%</title>
        <cusip>13032U4X3</cusip>
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          <isin value="US13032U4X38"/>
          <ticker value="CASMED"/>
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        <curCd>USD</curCd>
        <valUSD>1452942.53</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UNIVERSITY OF CALIF 5.00%</name>
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          <ticker value="SFOHGR"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <title>CITY OF LOS ANGELES 5.50%</title>
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          <isin value="US544445F469"/>
          <ticker value="LOSAPT"/>
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        <valUSD>1062221.7</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-05-15</maturityDt>
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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>542426DK4</cusip>
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          <ticker value="LONFAC"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>LUCIA MAR UNIFIED S 5.00%</name>
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        <title>LUCIA MAR UNIFIED S 5.00%</title>
        <cusip>54947TFR5</cusip>
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        <curCd>USD</curCd>
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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>2042-08-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SAN FRANCISCO CITY 5.00%</name>
        <lei>54930055TIDYHNDP4F84</lei>
        <title>SAN FRANCISCO CITY 5.00%</title>
        <cusip>79766DRZ4</cusip>
        <identifiers>
          <isin value="US79766DRZ41"/>
          <ticker value="SFOAPT"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1021470.5</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-01</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>CALIFORNIA COUNTY T 4.00%</name>
        <lei>N/A</lei>
        <title>CALIFORNIA COUNTY T 4.00%</title>
        <cusip>13016NHS6</cusip>
        <identifiers>
          <isin value="US13016NHS62"/>
          <ticker value="CASGEN"/>
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        <balance>885000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>893403.16</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA MUNICIPA 5.00%</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPA 5.00%</title>
        <cusip>13048VGH5</cusip>
        <identifiers>
          <isin value="US13048VGH50"/>
          <ticker value="CASFIN"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1035549.1</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>2040-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SONOMA COUNTY JUNIO 3.00%</name>
        <lei>549300C1BQ28FZTVYK25</lei>
        <title>SONOMA COUNTY JUNIO 3.00%</title>
        <cusip>835569GF5</cusip>
        <identifiers>
          <isin value="US835569GF58"/>
          <ticker value="SONHGR"/>
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        <balance>900000</balance>
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        <curCd>USD</curCd>
        <valUSD>859824.09</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NORTHERN CALIFORNIA E VAR</name>
        <lei>5493001ZIJGWU7HYLH34</lei>
        <title>NORTHERN CALIFORNIA E VAR</title>
        <cusip>664840AL9</cusip>
        <identifiers>
          <isin value="US664840AL93"/>
          <ticker value="NCEPWR"/>
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        <balance>775000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>820740.11</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LONG BEACH COMMUNIT 5.00%</name>
        <lei>N/A</lei>
        <title>LONG BEACH COMMUNIT 5.00%</title>
        <cusip>542411QY2</cusip>
        <identifiers>
          <isin value="US542411QY22"/>
          <ticker value="LONHGR"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1069986.4</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>2052-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH 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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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1113035</valUSD>
        <pctVal>0.8594860892</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA INFRASTRUC VAR</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>CALIFORNIA INFRASTRUC VAR</title>
        <cusip>13034AD23</cusip>
        <identifiers>
          <isin value="US13034AD230"/>
          <ticker value="CASDEV"/>
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        <balance>3500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3491522.3</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.750000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MONTEREY COUNTY FIN 5.00%</name>
        <lei>N/A</lei>
        <title>MONTEREY COUNTY FIN 5.00%</title>
        <cusip>612454BP2</cusip>
        <identifiers>
          <isin value="US612454BP29"/>
          <ticker value="MONGEN"/>
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        <balance>1170000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1220479.77</valUSD>
        <pctVal>0.9424549852</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CITY OF LOS ANGELES 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF LOS ANGELES 5.00%</title>
        <cusip>544445LS6</cusip>
        <identifiers>
          <isin value="US544445LS62"/>
          <ticker value="LOSAPT"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1046022.3</valUSD>
        <pctVal>0.8077388544</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TURLOCK IRRIGATION 5.00%</name>
        <lei>5493001J7IGC81HEQJ12</lei>
        <title>TURLOCK IRRIGATION 5.00%</title>
        <cusip>900190LB3</cusip>
        <identifiers>
          <isin value="US900190LB39"/>
          <ticker value="TURWTR"/>
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        <balance>805000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>862591.07</valUSD>
        <pctVal>0.6660931825</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LOS RIOS COMMUNITY 3.00%</name>
        <lei>549300POMNL5W7FEFO13</lei>
        <title>LOS RIOS COMMUNITY 3.00%</title>
        <cusip>545624RB6</cusip>
        <identifiers>
          <isin value="US545624RB65"/>
          <ticker value="LRSHGR"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>842788</valUSD>
        <pctVal>0.6508012436</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA INFRASTRUC VAR</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>CALIFORNIA INFRASTRUC VAR</title>
        <cusip>13034AN30</cusip>
        <identifiers>
          <isin value="US13034AN304"/>
          <ticker value="CASDEV"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1911168.4</valUSD>
        <pctVal>1.4758050321</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.200000000000</annualizedRt>
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      <invstOrSec>
        <name>SAN FRANCISCO CITY 5.00%</name>
        <lei>54930055TIDYHNDP4F84</lei>
        <title>SAN FRANCISCO CITY 5.00%</title>
        <cusip>79766DKG3</cusip>
        <identifiers>
          <isin value="US79766DKG33"/>
          <ticker value="SFOAPT"/>
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        <balance>1500000</balance>
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        <curCd>USD</curCd>
        <valUSD>1514096.1</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <name>UNIVERSITY OF CALIF 5.00%</name>
        <lei>RRR42I7GG51DB5HDQR14</lei>
        <title>UNIVERSITY OF CALIF 5.00%</title>
        <cusip>91412HAT0</cusip>
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          <ticker value="UNVHGR"/>
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        <balance>85000</balance>
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        <curCd>USD</curCd>
        <valUSD>88561.76</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>2034-05-15</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>STATE OF CALIFORNIA 5.00%</name>
        <lei>9845007J7054602FF597</lei>
        <title>STATE OF CALIFORNIA 5.00%</title>
        <cusip>13063DAU2</cusip>
        <identifiers>
          <isin value="US13063DAU28"/>
          <ticker value="CAS"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1030878.8</valUSD>
        <pctVal>0.7960450374</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LOS ANGELES COMMUNI 4.00%</name>
        <lei>N/A</lei>
        <title>LOS ANGELES COMMUNI 4.00%</title>
        <cusip>54438CYC0</cusip>
        <identifiers>
          <isin value="US54438CYC09"/>
          <ticker value="LOSHGR"/>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LOS ANGELES COUNTY 5.00%</name>
        <lei>N/A</lei>
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        <cusip>544738KK2</cusip>
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          <isin value="US544738KK26"/>
          <ticker value="LOSFAC"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SANTA CRUZ COUNTY C 4.00%</name>
        <lei>N/A</lei>
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        <cusip>80181PGM3</cusip>
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          <isin value="US80181PGM32"/>
          <ticker value="SCZGEN"/>
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        <balance>300000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WESTERN PLACER WAST 5.00%</name>
        <lei>N/A</lei>
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          <isin value="US95921MAT45"/>
          <ticker value="WRLUTL"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH F 5.00%</name>
        <lei>5493007RI8BUDOGHZ546</lei>
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        <cusip>13032UT40</cusip>
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          <isin value="US13032UT402"/>
          <ticker value="CASMED"/>
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        <balance>500000</balance>
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        <curCd>USD</curCd>
        <valUSD>523126.6</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-01</maturityDt>
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        <name>NORTHERN CALIFORNIA 5.00%</name>
        <lei>549300Q5SNIPZIW57C52</lei>
        <title>NORTHERN CALIFORNIA 5.00%</title>
        <cusip>664848DF2</cusip>
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          <isin value="US664848DF25"/>
          <ticker value="NORGEN"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-05-01</maturityDt>
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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>855000</balance>
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        <curCd>USD</curCd>
        <valUSD>1009701.65</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA MUNICIPA 4.40%</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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          <ticker value="CASMFH"/>
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        <balance>500000</balance>
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        <curCd>USD</curCd>
        <valUSD>501516.25</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>2043-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.400000000000</annualizedRt>
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      <invstOrSec>
        <name>LOS ANGELES DEPT. O 5.00%</name>
        <lei>549300S8NXV6YU61GG95</lei>
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        <cusip>544532SN5</cusip>
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          <isin value="US544532SN56"/>
          <ticker value="LOSUTL"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1115315.5</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>IRVINE UNIFIED SCHO 5.00%</name>
        <lei>N/A</lei>
        <title>IRVINE UNIFIED SCHO 5.00%</title>
        <cusip>46361RCZ7</cusip>
        <identifiers>
          <isin value="US46361RCZ73"/>
          <ticker value="IRVEDU"/>
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        <balance>425000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>462853.39</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-01</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>
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          <isin value="US91412HYU12"/>
          <ticker value="UNVHGR"/>
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        <balance>500000</balance>
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        <curCd>USD</curCd>
        <valUSD>600593.8</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA EDUCATIO 5.00%</name>
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        <title>CALIFORNIA EDUCATIO 5.00%</title>
        <cusip>130179ZB3</cusip>
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          <isin value="US130179ZB32"/>
          <ticker value="CASEDU"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1148121.7</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <name>LOS ANGELES DEPT. O 5.00%</name>
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        <cusip>544532QW7</cusip>
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          <isin value="US544532QW73"/>
          <ticker value="LOSUTL"/>
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        <balance>1250000</balance>
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        <curCd>USD</curCd>
        <valUSD>1325512.25</valUSD>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
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          <annualizedRt>5.000000000000</annualizedRt>
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        <name>CITY OF IRVINE CA 5.00%</name>
        <lei>549300PJ9FL2XGFR8J79</lei>
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        <cusip>46360TKL6</cusip>
        <identifiers>
          <isin value="US46360TKL60"/>
          <ticker value="IRVGEN"/>
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        <balance>500000</balance>
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        <curCd>USD</curCd>
        <valUSD>551229.3</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <name>BURBANK-GLENDALE-PA 5.25%</name>
        <lei>N/A</lei>
        <title>BURBANK-GLENDALE-PA 5.25%</title>
        <cusip>120827FF2</cusip>
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          <isin value="US120827FF21"/>
          <ticker value="BURAPT"/>
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        <balance>550000</balance>
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        <curCd>USD</curCd>
        <valUSD>597082.7</valUSD>
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        <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>PASADENA UNIFIED SC 5.25%</name>
        <lei>N/A</lei>
        <title>PASADENA UNIFIED SC 5.25%</title>
        <cusip>702282SA3</cusip>
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          <isin value="US702282SA32"/>
          <ticker value="PASSCD"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1111749.8</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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      <invstOrSec>
        <name>CITY OF OAKLAND CA 5.00%</name>
        <lei>549300BRTTFKDQCGL048</lei>
        <title>CITY OF OAKLAND CA 5.00%</title>
        <cusip>672240D39</cusip>
        <identifiers>
          <isin value="US672240D398"/>
          <ticker value="OAK"/>
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        <balance>750000</balance>
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        <curCd>USD</curCd>
        <valUSD>788706.08</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>SOUTHERN CALIFORNIA 5.00%</name>
        <lei>5493003B5TD5FWUKMD34</lei>
        <title>SOUTHERN CALIFORNIA 5.00%</title>
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          <isin value="US84247PPF26"/>
          <ticker value="STNPWR"/>
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        <balance>765000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>816094.89</valUSD>
        <pctVal>0.6301888129</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-11-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA ENT. DEV 5.00%</name>
        <lei>549300544P6FSHU1HB46</lei>
        <title>CALIFORNIA ENT. DEV 5.00%</title>
        <cusip>13067VBC7</cusip>
        <identifiers>
          <isin value="US13067VBC72"/>
          <ticker value="CASFAC"/>
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        <balance>905000</balance>
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        <curCd>USD</curCd>
        <valUSD>1033879.33</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>2032-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LOS ANGELES COUNTY 5.25%</name>
        <lei>N/A</lei>
        <title>LOS ANGELES COUNTY 5.25%</title>
        <cusip>54473EYF5</cusip>
        <identifiers>
          <isin value="US54473EYF59"/>
          <ticker value="LOSFAC"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1147704.8</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MUNICIPAL IMPROVEME 5.00%</name>
        <lei>549300ZJ0YLTZNSR8F57</lei>
        <title>MUNICIPAL IMPROVEME 5.00%</title>
        <cusip>5445875W4</cusip>
        <identifiers>
          <isin value="US5445875W46"/>
          <ticker value="LOSGEN"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1040761.6</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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          <maturityDt>2055-05-01</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>
        <title>CALIFORNIA STATEWID 5.00%</title>
        <cusip>13078YYS8</cusip>
        <identifiers>
          <isin value="US13078YYS89"/>
          <ticker value="CASDEV"/>
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        <balance>200000</balance>
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        <curCd>USD</curCd>
        <valUSD>213660.58</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA 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>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1045477.2</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>2056-07-01</maturityDt>
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          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SANTA CRUZ COUNTY C 4.00%</name>
        <lei>N/A</lei>
        <title>SANTA CRUZ COUNTY C 4.00%</title>
        <cusip>80181PGP6</cusip>
        <identifiers>
          <isin value="US80181PGP62"/>
          <ticker value="SCZGEN"/>
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        <balance>330000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>339399.26</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</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>13013JEA0</cusip>
        <identifiers>
          <isin value="US13013JEA07"/>
          <ticker value="CCEDEV"/>
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        <balance>1750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1800739.85</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA COMMUNITY VAR</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNITY VAR</title>
        <cusip>13013JFW1</cusip>
        <identifiers>
          <isin value="US13013JFW18"/>
          <ticker value="CCEDEV"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1618903.95</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>2056-01-01</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>
        <name>REDWOOD CITY PUBLIC 3.00%</name>
        <lei>N/A</lei>
        <title>REDWOOD CITY PUBLIC 3.00%</title>
        <cusip>757884AW1</cusip>
        <identifiers>
          <isin value="US757884AW16"/>
          <ticker value="RWCFAC"/>
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        <balance>1750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1343501.43</valUSD>
        <pctVal>1.0374523621</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
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      <invstOrSec>
        <name>METROPOLITAN WATER DI VAR</name>
        <lei>5493003GD0S0P56RLT45</lei>
        <title>METROPOLITAN WATER DI VAR</title>
        <cusip>59266TXR7</cusip>
        <identifiers>
          <isin value="US59266TXR75"/>
          <ticker value="METWTR"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1090194.5</valUSD>
        <pctVal>0.8418486456</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>STATE OF CALIFORNIA 5.00%</name>
        <lei>9845007J7054602FF597</lei>
        <title>STATE OF CALIFORNIA 5.00%</title>
        <cusip>13063ELN4</cusip>
        <identifiers>
          <isin value="US13063ELN49"/>
          <ticker value="CAS"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1070655</valUSD>
        <pctVal>0.8267602356</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA EDUCATIO 5.25%</name>
        <lei>N/A</lei>
        <title>CALIFORNIA EDUCATIO 5.25%</title>
        <cusip>130179YN8</cusip>
        <identifiers>
          <isin value="US130179YN88"/>
          <ticker value="CASEDU"/>
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        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>786284.4</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</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>
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          <maturityDt>2056-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.950000000000</annualizedRt>
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      <invstOrSec>
        <name>SACRAMENTO CITY UNI 5.00%</name>
        <lei>N/A</lei>
        <title>SACRAMENTO CITY UNI 5.00%</title>
        <cusip>785870Q82</cusip>
        <identifiers>
          <isin value="US785870Q828"/>
          <ticker value="SACSCD"/>
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        <balance>1330000</balance>
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        <curCd>USD</curCd>
        <valUSD>1415957.24</valUSD>
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        <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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      <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>1385000</balance>
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        <curCd>USD</curCd>
        <valUSD>1475658.64</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>SOUTHERN CALIFORNIA 5.00%</name>
        <lei>N/A</lei>
        <title>SOUTHERN CALIFORNIA 5.00%</title>
        <cusip>842472EQ1</cusip>
        <identifiers>
          <isin value="US842472EQ18"/>
          <ticker value="STNAPT"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>561105.75</valUSD>
        <pctVal>0.4332860932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA STATE PU 5.00%</name>
        <lei>N/A</lei>
        <title>CALIFORNIA STATE PU 5.00%</title>
        <cusip>13068XRR2</cusip>
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          <isin value="US13068XRR25"/>
          <ticker value="CASFAC"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1076758</valUSD>
        <pctVal>0.8314729747</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-11-01</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>
      <invstOrSec>
        <name>CITY OF REDDING CA 5.00%</name>
        <lei>549300G0VQMKGZ4YHU07</lei>
        <title>CITY OF REDDING CA 5.00%</title>
        <cusip>75728TBG3</cusip>
        <identifiers>
          <isin value="US75728TBG31"/>
          <ticker value="RNGPWR"/>
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        <balance>1250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1376891.38</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>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA STATE PU 5.00%</name>
        <lei>N/A</lei>
        <title>CALIFORNIA STATE PU 5.00%</title>
        <cusip>13068XLU1</cusip>
        <identifiers>
          <isin value="US13068XLU18"/>
          <ticker value="CASFAC"/>
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        <balance>1750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1805654.73</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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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SAN CARLOS SCHOOL D 5.00%</name>
        <lei>N/A</lei>
        <title>SAN CARLOS SCHOOL D 5.00%</title>
        <cusip>797138MS0</cusip>
        <identifiers>
          <isin value="US797138MS00"/>
          <ticker value="SCLSCD"/>
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        <balance>400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>449904.24</valUSD>
        <pctVal>0.3474162410</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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 COMMUNITY VAR</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNITY VAR</title>
        <cusip>13013JFD3</cusip>
        <identifiers>
          <isin value="US13013JFD37"/>
          <ticker value="CCEDEV"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>541313.95</valUSD>
        <pctVal>0.4180028570</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.000000000000</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>SUTTER BUTTE FLOOD 5.00%</name>
        <lei>N/A</lei>
        <title>SUTTER BUTTE FLOOD 5.00%</title>
        <cusip>869398CG0</cusip>
        <identifiers>
          <isin value="US869398CG08"/>
          <ticker value="STRWTR"/>
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        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>859792.28</valUSD>
        <pctVal>0.6639319557</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LOS ANGELES CA MUNI 5.0%</name>
        <lei>549300ZJ0YLTZNSR8F57</lei>
        <title>LOS ANGELES CA MUNI 5.0%</title>
        <cusip>5445876P8</cusip>
        <identifiers>
          <isin value="US5445876P85"/>
          <ticker value="LOSGEN"/>
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        <balance>775000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>871653.97</valUSD>
        <pctVal>0.6730915576</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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 STATEWID 5.00%</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STATEWID 5.00%</title>
        <cusip>13078YYR0</cusip>
        <identifiers>
          <isin value="US13078YYR07"/>
          <ticker value="CASDEV"/>
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        <balance>270000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>283508.56</valUSD>
        <pctVal>0.2189254278</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>544445NU9</cusip>
        <identifiers>
          <isin value="US544445NU90"/>
          <ticker value="LOSAPT"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>512488.55</valUSD>
        <pctVal>0.3957438711</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-05-15</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>CITY &amp; COUNTY OF SA 2.00%</name>
        <lei>213800P9VO3CSYYNM193</lei>
        <title>CITY &amp; COUNTY OF SA 2.00%</title>
        <cusip>79765D3X6</cusip>
        <identifiers>
          <isin value="US79765D3X64"/>
          <ticker value="SFOCTF"/>
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        <balance>1200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1068062.88</valUSD>
        <pctVal>0.8247585995</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.000000000000</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>IMPERIAL IRRIGATION 5.00%</name>
        <lei>549300WHWX5TZ5O15D48</lei>
        <title>IMPERIAL IRRIGATION 5.00%</title>
        <cusip>452650HH0</cusip>
        <identifiers>
          <isin value="US452650HH00"/>
          <ticker value="IMRPWR"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1505010.9</valUSD>
        <pctVal>1.1621700419</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>CALIFORNIA INFRASTR 5.00%</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>CALIFORNIA INFRASTR 5.00%</title>
        <cusip>13035AAS8</cusip>
        <identifiers>
          <isin value="US13035AAS87"/>
          <ticker value="CASEDU"/>
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        <balance>625000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>638366.25</valUSD>
        <pctVal>0.4929466833</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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 STATEWID 5.00%</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STATEWID 5.00%</title>
        <cusip>13078RHT0</cusip>
        <identifiers>
          <isin value="US13078RHT05"/>
          <ticker value="CASDEV"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>542769.1</valUSD>
        <pctVal>0.4191265244</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EVERGREEN SCHOOL DI 5.00%</name>
        <lei>N/A</lei>
        <title>EVERGREEN SCHOOL DI 5.00%</title>
        <cusip>300191C35</cusip>
        <identifiers>
          <isin value="US300191C353"/>
          <ticker value="EVESCD"/>
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        <balance>1300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1333699.77</valUSD>
        <pctVal>1.0298835162</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <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>MOUNTAIN VIEW-WHISM 4.25%</name>
        <lei>N/A</lei>
        <title>MOUNTAIN VIEW-WHISM 4.25%</title>
        <cusip>62451FME7</cusip>
        <identifiers>
          <isin value="US62451FME78"/>
          <ticker value="MOUSCD"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>503309.3</valUSD>
        <pctVal>0.3886556505</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LOS ANGELES DEPARTM 5.00%</name>
        <lei>549300S8NXV6YU61GG95</lei>
        <title>LOS ANGELES DEPARTM 5.00%</title>
        <cusip>544532BK9</cusip>
        <identifiers>
          <isin value="US544532BK90"/>
          <ticker value="LOSUTL"/>
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        <balance>525000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>551985</valUSD>
        <pctVal>0.4262430462</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>MESA WATER DISTRICT 4.00%</name>
        <lei>N/A</lei>
        <title>MESA WATER DISTRICT 4.00%</title>
        <cusip>59059CAZ2</cusip>
        <identifiers>
          <isin value="US59059CAZ23"/>
          <ticker value="MESWTR"/>
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        <balance>1150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1158426.28</valUSD>
        <pctVal>0.8945372545</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</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>TRANSBAY JOINT POWE 5.00%</name>
        <lei>549300WC0UP8WU8GYU95</lei>
        <title>TRANSBAY JOINT POWE 5.00%</title>
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          <isin value="US89356CAT36"/>
          <ticker value="TJPDEV"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SANTA CLARITA COMMU 5.25%</name>
        <lei>N/A</lei>
        <title>SANTA CLARITA COMMU 5.25%</title>
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          <isin value="US801686UM69"/>
          <ticker value="SCTHGR"/>
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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>2048-08-01</maturityDt>
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      <invstOrSec>
        <name>SAN DIEGO COMMUNITY 5.00%</name>
        <lei>N/A</lei>
        <title>SAN DIEGO COMMUNITY 5.00%</title>
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          <isin value="US797272TE13"/>
          <ticker value="SDGHGR"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-08-01</maturityDt>
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      <invstOrSec>
        <name>CALIFORNIA COUNTY T 5.00%</name>
        <lei>N/A</lei>
        <title>CALIFORNIA COUNTY T 5.00%</title>
        <cusip>13016NGL2</cusip>
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          <isin value="US13016NGL29"/>
          <ticker value="CASGEN"/>
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        <balance>310000</balance>
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        <curCd>USD</curCd>
        <valUSD>328823.39</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>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>LOS ANGELES DEPARTM 5.00%</name>
        <lei>549300S8NXV6YU61GG95</lei>
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        <cusip>544532BL7</cusip>
        <identifiers>
          <isin value="US544532BL73"/>
          <ticker value="LOSUTL"/>
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        <curCd>USD</curCd>
        <valUSD>1048845.3</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-07-01</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>130179XP4</cusip>
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          <isin value="US130179XP46"/>
          <ticker value="CASEDU"/>
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        <curCd>USD</curCd>
        <valUSD>1574436.3</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CITY OF SAN FRANCIS 5.00%</name>
        <lei>213800P9VO3CSYYNM193</lei>
        <title>CITY OF SAN FRANCIS 5.00%</title>
        <cusip>79771FFZ5</cusip>
        <identifiers>
          <isin value="US79771FFZ53"/>
          <ticker value="SFOWTR"/>
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        <balance>205000</balance>
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        <curCd>USD</curCd>
        <valUSD>235226.96</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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEWPORT MESA UNIFIE 0.00%</name>
        <lei>N/A</lei>
        <title>NEWPORT MESA UNIFIE 0.00%</title>
        <cusip>652113WK3</cusip>
        <identifiers>
          <isin value="US652113WK36"/>
          <ticker value="NPTSCD"/>
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        <balance>5000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4052102</valUSD>
        <pctVal>3.1290348471</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</maturityDt>
          <couponKind>None</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RIVERSIDE COUNTY TR 4.00%</name>
        <lei>5493003G0IESJS57M350</lei>
        <title>RIVERSIDE COUNTY TR 4.00%</title>
        <cusip>76912DAZ1</cusip>
        <identifiers>
          <isin value="US76912DAZ15"/>
          <ticker value="RIVTRN"/>
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        <balance>750000</balance>
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        <curCd>USD</curCd>
        <valUSD>746465.18</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>LOS ANGELES DEPARTM 5.00%</name>
        <lei>549300S8NXV6YU61GG95</lei>
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        <cusip>544532FW9</cusip>
        <identifiers>
          <isin value="US544532FW92"/>
          <ticker value="LOSUTL"/>
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        <balance>500000</balance>
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        <curCd>USD</curCd>
        <valUSD>513551.75</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SAN JOAQUIN VALLEY CL VAR</name>
        <lei>254900VA5DFN33OVGH87</lei>
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        <cusip>79811YAK4</cusip>
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          <isin value="US79811YAK47"/>
          <ticker value="SSJUTL"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1111542.1</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>2056-01-01</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>SAN FRANCISCO CITY 5.00%</name>
        <lei>54930055TIDYHNDP4F84</lei>
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          <ticker value="SFOAPT"/>
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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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          <couponKind>Fixed</couponKind>
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        <name>CARLSBAD UNIFIED SC 3.00%</name>
        <lei>N/A</lei>
        <title>CARLSBAD UNIFIED SC 3.00%</title>
        <cusip>142665GB8</cusip>
        <identifiers>
          <isin value="US142665GB80"/>
          <ticker value="CARSCD"/>
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        <curCd>USD</curCd>
        <valUSD>479593.13</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MOUNT DIABLO UNIFIE 5.00%</name>
        <lei>N/A</lei>
        <title>MOUNT DIABLO UNIFIE 5.00%</title>
        <cusip>621196V84</cusip>
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          <isin value="US621196V842"/>
          <ticker value="MDLSCD"/>
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        <balance>750000</balance>
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        <valUSD>875983.58</valUSD>
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          <maturityDt>2034-08-01</maturityDt>
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        <name>LOS ANGELES COUNTY 2.625%</name>
        <lei>N/A</lei>
        <title>LOS ANGELES COUNTY 2.625%</title>
        <cusip>54473EWQ3</cusip>
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          <isin value="US54473EWQ33"/>
          <ticker value="LOSFAC"/>
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        <balance>1600000</balance>
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        <curCd>USD</curCd>
        <valUSD>1119767.68</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>CALIFORNIA EDUCATIO 3.00%</name>
        <lei>N/A</lei>
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          <isin value="US130179UN25"/>
          <ticker value="CASEDU"/>
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        <curCd>USD</curCd>
        <valUSD>430244.82</valUSD>
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        <issuerCat>MUN</issuerCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>COUNTY OF SACRAMENT 5.00%</name>
        <lei>549300OXI5MD45L13R20</lei>
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          <ticker value="SACGEN"/>
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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>2034-09-01</maturityDt>
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      <invstOrSec>
        <name>CITY OF SAN FRANCIS 3.00%</name>
        <lei>213800P9VO3CSYYNM193</lei>
        <title>CITY OF SAN FRANCIS 3.00%</title>
        <cusip>79765R5Q8</cusip>
        <identifiers>
          <isin value="US79765R5Q87"/>
          <ticker value="SFOWTR"/>
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        <curCd>USD</curCd>
        <valUSD>467761.98</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-11-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MOUNT DIABLO UNIFIE 5.00%</name>
        <lei>N/A</lei>
        <title>MOUNT DIABLO UNIFIE 5.00%</title>
        <cusip>621204DH6</cusip>
        <identifiers>
          <isin value="US621204DH62"/>
          <ticker value="MDLEDU"/>
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        <balance>600000</balance>
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        <curCd>USD</curCd>
        <valUSD>647752.8</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-01</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>544445SX8</cusip>
        <identifiers>
          <isin value="US544445SX84"/>
          <ticker value="LOSAPT"/>
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        <balance>500000</balance>
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        <curCd>USD</curCd>
        <valUSD>515364.7</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>2046-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAN JOAQUIN HILLS T 4.00%</name>
        <lei>N/A</lei>
        <title>SAN JOAQUIN HILLS T 4.00%</title>
        <cusip>798111GT1</cusip>
        <identifiers>
          <isin value="US798111GT14"/>
          <ticker value="SJHTRN"/>
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        <balance>500000</balance>
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        <curCd>USD</curCd>
        <valUSD>517958.05</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TOBACCO SECURITIZAT 4.00%</name>
        <lei>N/A</lei>
        <title>TOBACCO SECURITIZAT 4.00%</title>
        <cusip>888794BT0</cusip>
        <identifiers>
          <isin value="US888794BT04"/>
          <ticker value="TOBGEN"/>
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        <balance>700000</balance>
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        <curCd>USD</curCd>
        <valUSD>705030.69</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>2037-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LOS ANGELES COUNTY 5.25%</name>
        <lei>N/A</lei>
        <title>LOS ANGELES COUNTY 5.25%</title>
        <cusip>54473EZP2</cusip>
        <identifiers>
          <isin value="US54473EZP23"/>
          <ticker value="LOSFAC"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1649020.8</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</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>13068XSM2</cusip>
        <identifiers>
          <isin value="US13068XSM29"/>
          <ticker value="CASFAC"/>
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        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>806956.13</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>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PITTSBURG UNIFIED S 5.00%</name>
        <lei>N/A</lei>
        <title>PITTSBURG UNIFIED S 5.00%</title>
        <cusip>724581YQ0</cusip>
        <identifiers>
          <isin value="US724581YQ04"/>
          <ticker value="PITSCD"/>
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        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>219959.96</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA MUNICIPA 5.00%</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPA 5.00%</title>
        <cusip>13048V5L8</cusip>
        <identifiers>
          <isin value="US13048V5L84"/>
          <ticker value="CASFIN"/>
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        <balance>675000</balance>
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        <curCd>USD</curCd>
        <valUSD>688813</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OAKLAND UNIFIED SCH 5.00%</name>
        <lei>N/A</lei>
        <title>OAKLAND UNIFIED SCH 5.00%</title>
        <cusip>672325U47</cusip>
        <identifiers>
          <isin value="US672325U474"/>
          <ticker value="OAKSCD"/>
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        <balance>1065000</balance>
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        <curCd>USD</curCd>
        <valUSD>1119942.5</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>COUNTY OF SACRAMENT 5.00%</name>
        <lei>549300OXI5MD45L13R20</lei>
        <title>COUNTY OF SACRAMENT 5.00%</title>
        <cusip>786107WM0</cusip>
        <identifiers>
          <isin value="US786107WM04"/>
          <ticker value="SACAPT"/>
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        <balance>300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>328969.83</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>REDDING JOINT POWER 5.00%</name>
        <lei>N/A</lei>
        <title>REDDING JOINT POWER 5.00%</title>
        <cusip>75728LCE4</cusip>
        <identifiers>
          <isin value="US75728LCE48"/>
          <ticker value="RNGGEN"/>
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        <balance>1250000</balance>
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        <curCd>USD</curCd>
        <valUSD>1303065.63</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>CENTRAL VALLEY ENER 5.00%</name>
        <lei>254900G5IPQ9MA3FRJ55</lei>
        <title>CENTRAL VALLEY ENER 5.00%</title>
        <cusip>15569DAC6</cusip>
        <identifiers>
          <isin value="US15569DAC65"/>
          <ticker value="CTVPWR"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>525493.05</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH FAC VAR</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA HEALTH FAC VAR</title>
        <cusip>13032U5S3</cusip>
        <identifiers>
          <isin value="US13032U5S34"/>
          <ticker value="CASMED"/>
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        <balance>1500000</balance>
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        <curCd>USD</curCd>
        <valUSD>1652184.3</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>RIVER ISLANDS PUBLI 5.00%</name>
        <lei>N/A</lei>
        <title>RIVER ISLANDS PUBLI 5.00%</title>
        <cusip>768269AD4</cusip>
        <identifiers>
          <isin value="US768269AD45"/>
          <ticker value="RVIGEN"/>
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        <balance>515000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>544319.47</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>2052-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <name>CALIFORNIA MUNICIPA 5.25%</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPA 5.25%</title>
        <cusip>13048V6Q6</cusip>
        <identifiers>
          <isin value="US13048V6Q62"/>
          <ticker value="CASFIN"/>
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        <balance>750000</balance>
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        <curCd>USD</curCd>
        <valUSD>809322.45</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>5.250000000000</annualizedRt>
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      <invstOrSec>
        <name>UNIVERSITY OF CALIF 5.25%</name>
        <lei>RRR42I7GG51DB5HDQR14</lei>
        <title>UNIVERSITY OF CALIF 5.25%</title>
        <cusip>91412HWL3</cusip>
        <identifiers>
          <isin value="US91412HWL31"/>
          <ticker value="UNVHGR"/>
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        <balance>600000</balance>
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        <curCd>USD</curCd>
        <valUSD>725099.4</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TWIN RIVERS UNIFIED 5.00%</name>
        <lei>N/A</lei>
        <title>TWIN RIVERS UNIFIED 5.00%</title>
        <cusip>90171TKD1</cusip>
        <identifiers>
          <isin value="US90171TKD18"/>
          <ticker value="TWRSCD"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1056609.5</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-01</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>13013JDG8</cusip>
        <identifiers>
          <isin value="US13013JDG85"/>
          <ticker value="CCEDEV"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1057378.9</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.250000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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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>
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          <isin value="US13067RGD98"/>
          <ticker value="CASDEV"/>
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        <curCd>USD</curCd>
        <valUSD>557283.1</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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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>165000</balance>
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        <curCd>USD</curCd>
        <valUSD>134634.21</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>2042-09-01</maturityDt>
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          <annualizedRt>3.000000000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA COMMUNIT 5.00%</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNIT 5.00%</title>
        <cusip>13013JHM1</cusip>
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          <isin value="US13013JHM18"/>
          <ticker value="CCEDEV"/>
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        <balance>500000</balance>
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        <curCd>USD</curCd>
        <valUSD>521365.95</valUSD>
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        <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>
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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>13080S3K8</cusip>
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          <isin value="US13080S3K86"/>
          <ticker value="CASGEN"/>
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        <balance>300000</balance>
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        <curCd>USD</curCd>
        <valUSD>318179.64</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>2047-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CITY OF SAN FRANCIS 4.00%</name>
        <lei>213800P9VO3CSYYNM193</lei>
        <title>CITY OF SAN FRANCIS 4.00%</title>
        <cusip>79771FEH6</cusip>
        <identifiers>
          <isin value="US79771FEH64"/>
          <ticker value="SFOWTR"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1030604.3</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>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>13013JAX4</cusip>
        <identifiers>
          <isin value="US13013JAX46"/>
          <ticker value="CCEDEV"/>
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        <balance>600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>608673.18</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SAN FRANCISCO CITY 5.00%</name>
        <lei>54930055TIDYHNDP4F84</lei>
        <title>SAN FRANCISCO CITY 5.00%</title>
        <cusip>79766DUD9</cusip>
        <identifiers>
          <isin value="US79766DUD91"/>
          <ticker value="SFOAPT"/>
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        <balance>1170000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1259319.67</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>SAN FRANCISCO UNIFI 4.00%</name>
        <lei>N/A</lei>
        <title>SAN FRANCISCO UNIFI 4.00%</title>
        <cusip>79771TMM6</cusip>
        <identifiers>
          <isin value="US79771TMM61"/>
          <ticker value="SFOSCD"/>
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        <balance>500000</balance>
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        <curCd>USD</curCd>
        <valUSD>500118.7</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
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        <securityLending>
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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>13032UP93</cusip>
        <identifiers>
          <isin value="US13032UP939"/>
          <ticker value="CASMED"/>
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        <balance>225000</balance>
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        <curCd>USD</curCd>
        <valUSD>247071.69</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-01</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>CALIFORNIA HEALTH F 4.00%</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA HEALTH F 4.00%</title>
        <cusip>13032UMN5</cusip>
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          <isin value="US13032UMN53"/>
          <ticker value="CASMED"/>
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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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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
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        <name>NI US GOV T PORTFOLIO</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>NI US GOV T PORTFOLIO</title>
        <cusip>665278404</cusip>
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          <isin value="US6652784041"/>
          <ticker value="BNGXX"/>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
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        <fairValLevel>1</fairValLevel>
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        <name>LOS ANGELES DEPARTM 5.00%</name>
        <lei>549300S8NXV6YU61GG95</lei>
        <title>LOS ANGELES DEPARTM 5.00%</title>
        <cusip>544525S41</cusip>
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          <isin value="US544525S412"/>
          <ticker value="LOSUTL"/>
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        <balance>450000</balance>
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        <curCd>USD</curCd>
        <valUSD>489874.64</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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        <name>CALIFORNIA HOUSING 3.50%</name>
        <lei>549300BOPCVLBA552Z14</lei>
        <title>CALIFORNIA HOUSING 3.50%</title>
        <cusip>13033DAE5</cusip>
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          <isin value="US13033DAE58"/>
          <ticker value="CASHSG"/>
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        <curCd>USD</curCd>
        <valUSD>1137154.74</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <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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        <curCd>USD</curCd>
        <valUSD>161870.4</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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      <invstOrSec>
        <name>STATE OF CALIFORNIA 5.00%</name>
        <lei>9845007J7054602FF597</lei>
        <title>STATE OF CALIFORNIA 5.00%</title>
        <cusip>13063DVG0</cusip>
        <identifiers>
          <isin value="US13063DVG05"/>
          <ticker value="CAS"/>
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        <balance>2000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2006714.4</valUSD>
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        <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>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UNIVERSITY OF CALIF 4.00%</name>
        <lei>RRR42I7GG51DB5HDQR14</lei>
        <title>UNIVERSITY OF CALIF 4.00%</title>
        <cusip>91412HJF1</cusip>
        <identifiers>
          <isin value="US91412HJF10"/>
          <ticker value="UNVHGR"/>
        </identifiers>
        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2003161.6</valUSD>
        <pctVal>1.5468422194</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</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>FOOTHILL-EASTERN TR 4.00%</name>
        <lei>N/A</lei>
        <title>FOOTHILL-EASTERN TR 4.00%</title>
        <cusip>345105JL5</cusip>
        <identifiers>
          <isin value="US345105JL58"/>
          <ticker value="FOOTRN"/>
        </identifiers>
        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>246180.08</valUSD>
        <pctVal>0.1901003600</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</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 5.25%</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPA 5.25%</title>
        <cusip>13048VF37</cusip>
        <identifiers>
          <isin value="US13048VF371"/>
          <ticker value="CASFIN"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>521234.8</valUSD>
        <pctVal>0.4024977290</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA HOUSING 3.75%</name>
        <lei>549300BOPCVLBA552Z14</lei>
        <title>CALIFORNIA HOUSING 3.75%</title>
        <cusip>13033DAG0</cusip>
        <identifiers>
          <isin value="US13033DAG07"/>
          <ticker value="CASHSG"/>
        </identifiers>
        <balance>465885.28</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>471785.34</valUSD>
        <pctVal>0.3643128355</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.750000000000</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>CSCDA COMMUNITY IMP 4.30%</name>
        <lei>N/A</lei>
        <title>CSCDA COMMUNITY IMP 4.30%</title>
        <cusip>126292CM1</cusip>
        <identifiers>
          <isin value="US126292CM10"/>
          <ticker value="CDAHSG"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>410044.05</valUSD>
        <pctVal>0.3166361857</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.300000000000</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>
