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      <invstOrSec>
        <name>Berryessa Union School District</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Beverly Hills Unified School District CA</name>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>Buena Park School District</name>
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      <invstOrSec>
        <name>Burlingame School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Butte-Glenn Community College District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CMFA Special Finance Agency I</name>
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        <name>California Educational Facilities Authority</name>
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        <name>California Educational Facilities Authority</name>
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        <name>Centinela Valley Union High School District</name>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Clovis Unified School District</name>
        <lei>N/A</lei>
        <title>CLOVIS UNIF SCH DT-B</title>
        <cusip>189342Q27</cusip>
        <identifiers>
          <isin value="US189342Q275"/>
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        <balance>650000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>716679.08000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>Clovis Unified School District</name>
        <lei>N/A</lei>
        <title>CLOVIS USD-A</title>
        <cusip>189342V47</cusip>
        <identifiers>
          <isin value="US189342V473"/>
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        <balance>6000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6329595.00000000</valUSD>
        <pctVal>0.104591542376</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Clovis Unified School District</name>
        <lei>N/A</lei>
        <title>CLOVIS UNIF SD</title>
        <cusip>189344GN8</cusip>
        <identifiers>
          <isin value="US189344GN86"/>
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        <balance>5975000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5818005.68000000</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>2048-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>Coast Unified School District</name>
        <lei>N/A</lei>
        <title>COAST USD-CABS-#1-B</title>
        <cusip>190327CQ7</cusip>
        <identifiers>
          <isin value="US190327CQ78"/>
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        <balance>1610000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>968875.94000000</valUSD>
        <pctVal>0.016009907258</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Colton Joint Unified School District</name>
        <lei>N/A</lei>
        <title>COLTON JT USD-F-CABS</title>
        <cusip>197036QP4</cusip>
        <identifiers>
          <isin value="US197036QP47"/>
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        <balance>4700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1875503.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Colton Joint Unified School District</name>
        <lei>N/A</lei>
        <title>COLTON JT USD-F-CABS</title>
        <cusip>197036QQ2</cusip>
        <identifiers>
          <isin value="US197036QQ20"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1891356.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Colton Joint Unified School District</name>
        <lei>N/A</lei>
        <title>COLTON JT USD-F-CABS</title>
        <cusip>197036QR0</cusip>
        <identifiers>
          <isin value="US197036QR03"/>
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        <balance>3500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1253406.70000000</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>2048-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>Colton Joint Unified School District</name>
        <lei>N/A</lei>
        <title>COLTON USD-A-CABS</title>
        <cusip>197036RN8</cusip>
        <identifiers>
          <isin value="US197036RN89"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>420091.50000000</valUSD>
        <pctVal>0.006941679194</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Colton Joint Unified School District</name>
        <lei>N/A</lei>
        <title>COLTON USD-A-CABS</title>
        <cusip>197036RP3</cusip>
        <identifiers>
          <isin value="US197036RP38"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>392873.10000000</valUSD>
        <pctVal>0.006491916700</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>None</couponKind>
          <annualizedRt>0.00000000</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>Colton Joint Unified School District</name>
        <lei>N/A</lei>
        <title>COLTON USD-A-CABS</title>
        <cusip>197036RQ1</cusip>
        <identifiers>
          <isin value="US197036RQ11"/>
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        <balance>1750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>648147.68000000</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>2047-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Colton Joint Unified School District</name>
        <lei>N/A</lei>
        <title>COLTON USD-A-CABS</title>
        <cusip>197036RR9</cusip>
        <identifiers>
          <isin value="US197036RR93"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>701652.60000000</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>2048-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Colton Joint Unified School District</name>
        <lei>N/A</lei>
        <title>COLTON USD-A-CABS</title>
        <cusip>197036RS7</cusip>
        <identifiers>
          <isin value="US197036RS76"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>498742.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Colton Joint Unified School District</name>
        <lei>N/A</lei>
        <title>COLTON JOINT USD-A</title>
        <cusip>197036RU2</cusip>
        <identifiers>
          <isin value="US197036RU23"/>
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        <balance>17615000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18612967.26000000</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>2055-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>City of Concord CA</name>
        <lei>N/A</lei>
        <title>CONCORD -REF -COPS</title>
        <cusip>206094DP6</cusip>
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          <isin value="US206094DP65"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1150835.25000000</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>2041-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Contra Costa Community College District</name>
        <lei>N/A</lei>
        <title>CONTRA COSTA CA CMNTY</title>
        <cusip>212204KM2</cusip>
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          <isin value="US212204KM23"/>
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        <balance>1025000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1000840.34000000</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>2038-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Contra Costa Community College District</name>
        <lei>N/A</lei>
        <title>CONTRA COSTA CCD-C</title>
        <cusip>212204LF6</cusip>
        <identifiers>
          <isin value="US212204LF62"/>
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        <balance>6000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4984760.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Corona Utility Authority Water Revenue</name>
        <lei>N/A</lei>
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        <cusip>219707CC8</cusip>
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          <isin value="US219707CC89"/>
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        <balance>4500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4778318.25000000</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>2055-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>Corona-Norco Unified School District</name>
        <lei>N/A</lei>
        <title>CORONA-NORCO USD-D</title>
        <cusip>219764UM7</cusip>
        <identifiers>
          <isin value="US219764UM77"/>
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        <balance>700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>795863.60000000</valUSD>
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        <name>Corona-Norco Unified School District</name>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Corona-Norco Unified School District</name>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Cotati-Rohnert Park Unified School District</name>
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        <curCd>USD</curCd>
        <valUSD>2450208.86000000</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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
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          <isin value="US221623E498"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-08-01</maturityDt>
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      <invstOrSec>
        <name>Desert Community College District</name>
        <lei>N/A</lei>
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          <isin value="US250375NC25"/>
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        <balance>19100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18575466.25000000</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>2051-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Desert Sands Unified School District</name>
        <lei>N/A</lei>
        <title>DESERT SANDS UNIF SD</title>
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          <isin value="US250433WR68"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2449618.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Deutsche Bank Spears/Lifers Trust</name>
        <lei>N/A</lei>
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          <isin value="US25155W6R50"/>
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        <balance>3600506.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3600506.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.65000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Dixon CA</name>
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        <curCd>USD</curCd>
        <valUSD>670503.31000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Downey Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US261005QY13"/>
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          <maturityDt>2042-08-01</maturityDt>
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        <name>Downey Unified School District</name>
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          <maturityDt>2044-08-01</maturityDt>
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        <name>Downey Unified School District</name>
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        <name>Downey Unified School District</name>
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        <name>East Bay Municipal Utility District Water System Revenue</name>
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        <name>East County Advanced Water Purification Joint Powers Authority</name>
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        <name>East Side Union High School District</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>East Side Union High School District</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>El Monte Union High School District</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Eureka Public Financing Authority</name>
        <lei>N/A</lei>
        <title>EUREKA PUB FING AUTH</title>
        <cusip>29851PCZ4</cusip>
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          <isin value="US29851PCZ45"/>
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        <balance>4325000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4649099.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac Multifamily ML Certificates</name>
        <lei>N/A</lei>
        <title>FHLMC 2019-ML05-ACA</title>
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          <isin value="US30309HAA59"/>
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        <curCd>USD</curCd>
        <valUSD>8324721.87000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Fairfield Community Facilities District</name>
        <lei>N/A</lei>
        <title>FAIRFIELD-A-AG</title>
        <cusip>304194FR9</cusip>
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          <isin value="US304194FR97"/>
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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>
        <debtSec>
          <maturityDt>2051-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Fairfield-Suisun Unified School District</name>
        <lei>N/A</lei>
        <title>FAIRFIELD SUISUN USD</title>
        <cusip>304747JD1</cusip>
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          <isin value="US304747JD18"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac Pool</name>
        <lei>N/A</lei>
        <title>FR WE1004</title>
        <cusip>3132Y6DH7</cusip>
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          <isin value="US3132Y6DH70"/>
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        <curCd>USD</curCd>
        <valUSD>1569151.99000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.55000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Freddie Mac Pool</name>
        <lei>N/A</lei>
        <title>FR WE2005</title>
        <cusip>3132Y7GN9</cusip>
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          <isin value="US3132Y7GN94"/>
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        <balance>8674591.90000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.18000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Freddie Mac Pool</name>
        <lei>N/A</lei>
        <title>FR WE2012</title>
        <cusip>3132Y7GV1</cusip>
        <identifiers>
          <isin value="US3132Y7GV11"/>
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        <balance>908408.06000000</balance>
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        <curCd>USD</curCd>
        <valUSD>827325.01000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.82000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Freddie Mac Pool</name>
        <lei>N/A</lei>
        <title>FR WE5065</title>
        <cusip>3132YATW8</cusip>
        <identifiers>
          <isin value="US3132YATW87"/>
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        <balance>5475000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5581946.46000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Freddie Mac Pool</name>
        <lei>N/A</lei>
        <title>FR WE6104</title>
        <cusip>3132YBX92</cusip>
        <identifiers>
          <isin value="US3132YBX920"/>
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        <balance>1118310.86000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1088842.14000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.72000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Freddie Mac Pool</name>
        <lei>N/A</lei>
        <title>FR WE6118</title>
        <cusip>3132YBYP5</cusip>
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          <isin value="US3132YBYP54"/>
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        <balance>3933660.64000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3767187.33000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.60000000</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac Pool</name>
        <lei>N/A</lei>
        <title>FR WE6119</title>
        <cusip>3132YBYQ3</cusip>
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          <isin value="US3132YBYQ38"/>
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        <curCd>USD</curCd>
        <valUSD>7000609.35000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac Pool</name>
        <lei>N/A</lei>
        <title>FR WE6140</title>
        <cusip>3132YBZD1</cusip>
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          <isin value="US3132YBZD16"/>
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        <balance>15000000.00000000</balance>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC Multifamily VRD Certificates</name>
        <lei>N/A</lei>
        <title>FEDERAL HOME LOAN MTG</title>
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          <isin value="US31350ACU07"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac Multifamily ML Certificates</name>
        <lei>N/A</lei>
        <title>FEDERAL HOME LOAN MTG</title>
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          <isin value="US3137H9JM29"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Freddie Mac Multifamily ML Certificates</name>
        <lei>N/A</lei>
        <title>FHLMC 2023-ML18-AUS</title>
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          <isin value="US3137HASQ09"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac Multifamily ML Certificates</name>
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        <title>FHMLC 2024-ML25-SPC</title>
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          <isin value="US3137HH6G17"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Folsom Cordova Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US34440PEP27"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Folsom Cordova Unified School District</name>
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      <invstOrSec>
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      <invstOrSec>
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        <name>Livermore Valley Joint Unified School District/CA</name>
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        <name>Livermore Valley Joint Unified School District/CA</name>
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        <name>Livermore Valley Joint Unified School District/CA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Los Angeles CA Wastewater System Revenue</name>
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        <name>Local Public Schools Funding Authority School Improvement District No 2016-1</name>
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        <name>Local Public Schools Funding Authority School Improvement District No 2016-1</name>
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        <name>Local Public Schools Funding Authority School Improvement District No 2016-1</name>
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        <name>Local Public Schools Funding Authority School Improvement District No 2016-1</name>
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        <name>Local Public Schools Funding Authority School Improvement District No 2016-1</name>
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        <name>Local Public Schools Funding Authority School Improvement District No 2016-1</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Local Public Schools Funding Authority School Improvement District No 2016-1</name>
        <lei>N/A</lei>
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        <cusip>53957RDB5</cusip>
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          <isin value="US53957RDB50"/>
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        <balance>1980000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1784464.70000000</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Local Public Schools Funding Authority School Improvement District No 2016-1</name>
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          <isin value="US53957RDS85"/>
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        <balance>10040000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10494563.01000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Lodi Unified School District/CA</name>
        <lei>N/A</lei>
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          <isin value="US540261MW15"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8166523.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Long Beach Bond Finance Authority</name>
        <lei>549300BKBZ5U7OZH3S21</lei>
        <title>LONG BEACH FIN AUTH-C</title>
        <cusip>542409CS4</cusip>
        <identifiers>
          <isin value="US542409CS46"/>
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        <balance>1380000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1395996.41000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Long Beach Bond Finance Authority</name>
        <lei>549300BKBZ5U7OZH3S21</lei>
        <title>LONG BEACH FIN AUTH-C</title>
        <cusip>542409CT2</cusip>
        <identifiers>
          <isin value="US542409CT29"/>
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        <balance>4715000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5299388.89000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Long Beach Community College District</name>
        <lei>N/A</lei>
        <title>LONG BEACH CMNTY CLG</title>
        <cusip>542411NT6</cusip>
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          <isin value="US542411NT63"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1807836.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Long Beach Community College District</name>
        <lei>N/A</lei>
        <title>LONG BEACH CMNTY CLG</title>
        <cusip>542411PZ0</cusip>
        <identifiers>
          <isin value="US542411PZ06"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>912427.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Long Beach Bond Finance Authority</name>
        <lei>549300BKBZ5U7OZH3S21</lei>
        <title>LONG BCH GAS-B</title>
        <cusip>54241ABB8</cusip>
        <identifiers>
          <isin value="US54241ABB89"/>
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        <balance>1800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1806669.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.05200000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Long Beach Bond Finance Authority</name>
        <lei>549300BKBZ5U7OZH3S21</lei>
        <title>LONG BEACH FIN AUTH</title>
        <cusip>54241QDG0</cusip>
        <identifiers>
          <isin value="US54241QDG01"/>
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        <balance>8205000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8842462.04000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Long Beach CA Harbor Revenue</name>
        <lei>N/A</lei>
        <title>LONG BEACH CA HARBOR</title>
        <cusip>542424VW3</cusip>
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          <isin value="US542424VW30"/>
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        <balance>1110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1166866.30000000</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>2044-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Long Beach Unified School District</name>
        <lei>N/A</lei>
        <title>LONG BEACH USD-CABS</title>
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          <isin value="US542433QA81"/>
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        <balance>1870000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Long Beach Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US542433VT18"/>
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      <invstOrSec>
        <name>Long Beach Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US542433ZC47"/>
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      <invstOrSec>
        <name>City of Long Beach CA Water Revenue</name>
        <lei>N/A</lei>
        <title>LONG BEACH-REF</title>
        <cusip>542440FQ0</cusip>
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          <isin value="US542440FQ04"/>
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        <balance>5940000.00000000</balance>
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      <invstOrSec>
        <name>Los Angeles Community College District/CA</name>
        <lei>N/A</lei>
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          <isin value="US54438CYA43"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Los Angeles Community College District/CA</name>
        <lei>N/A</lei>
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          <isin value="US54438CYB26"/>
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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>2039-08-01</maturityDt>
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      <invstOrSec>
        <name>City of Los Angeles Department of Airports</name>
        <lei>N/A</lei>
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          <isin value="US5444456F13"/>
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        <curCd>USD</curCd>
        <valUSD>1477157.63000000</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>2044-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
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        <name>Marina Joint Powers Financing Authority</name>
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        <name>Menifee Union School District</name>
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        <name>Modesto High School District</name>
        <lei>N/A</lei>
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        <name>Montebello Unified School District</name>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Moreland School District</name>
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        <name>Moreno Valley Unified School District/CA</name>
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        <name>Moulton-Niguel Water District Public Facilities Corp</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>City of Ontario CA</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <maturityDt>2042-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Ontario Public Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US68304RES58"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Ontario Public Financing Authority</name>
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          <isin value="US68304RET32"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Ontario CA Community Facilities District No 45</name>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-09-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Ontario Montclair School District</name>
        <lei>N/A</lei>
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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>2048-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Municipal Water District Of Orange County Water Facilities Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Oro Grande Elementary School District</name>
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        <name>Oxnard School District</name>
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        <name>Palmdale Elementary School District</name>
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        <name>City of Palo Alto CA</name>
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        <name>Palo Alto Unified School District</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Palomar Health</name>
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        <name>Palomar Health</name>
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        <title>PALOMAR HLTH-B-REF</title>
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      <invstOrSec>
        <name>Palomar Health</name>
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        <title>PALOMAR HLTH-B-REF</title>
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      <invstOrSec>
        <name>Palomar Health</name>
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        <title>PALOMAR HLTH-COPS</title>
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          <isin value="US69752RAM79"/>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-11-01</maturityDt>
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      <invstOrSec>
        <name>Palomar Health</name>
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          <isin value="US69752RAN52"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-11-01</maturityDt>
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        <name>Palomar Health</name>
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          <isin value="US69752RAP01"/>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Palomar Health</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Palomar Health</name>
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        <name>Palomar Health</name>
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        <name>Palomar Health</name>
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        <name>Paramount Unified School District</name>
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        <name>Pasadena Public Financing Authority</name>
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        <name>Pasadena Public Financing Authority</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Ravenswood City School District/CA</name>
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        <name>San Diego Association of Governments South Bay Expressway Revenue</name>
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      <invstOrSec>
        <name>San Diego Community College District</name>
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      <invstOrSec>
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      <invstOrSec>
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        <name>San Diego Housing Authority Inc</name>
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        <name>San Diego Public Facilities Financing Authority</name>
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        <name>San Diego Public Facilities Financing Authority</name>
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        <name>San Diego Public Facilities Financing Authority</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>San Diego Unified School District/CA</name>
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      <invstOrSec>
        <name>San Leandro Unified School District</name>
        <lei>N/A</lei>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>San Luis Coastal Unified School District</name>
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          <isin value="US798546FB85"/>
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      <invstOrSec>
        <name>San Marcos Unified School District</name>
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          <isin value="US798755DJ02"/>
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      <invstOrSec>
        <name>San Marcos Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Marcos Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>San Marcos Unified School District</name>
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          <isin value="US798755DM31"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Mateo Union High School District</name>
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          <isin value="US799017HV38"/>
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      <invstOrSec>
        <name>San Mateo Union High School District</name>
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        <name>San Mateo County Community College District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>San Mateo Joint Powers Financing Authority</name>
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        <name>San Mateo Foster City School District/CA</name>
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        <name>San Rafael City High School District/CA</name>
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        <name>San Rafael City High School District/CA</name>
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        <name>San Rafael City High School District/CA</name>
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      <invstOrSec>
        <name>San Ramon Public Financing Authority</name>
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        <name>Santa Ana Unified School District</name>
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        <name>Sequoia Union High School District</name>
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        <name>Shasta-Tehama-Trinity Joint Community College District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sierra View Local Health Care District/CA</name>
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          <isin value="US82650PCY97"/>
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        <name>Sonoma County Junior College District</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-02-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>South Coast Water District Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US83743MCP23"/>
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        <curCd>USD</curCd>
        <valUSD>3337283.23000000</valUSD>
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        <invCountry>US</invCountry>

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          <maturityDt>2050-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>South Orange County Public Financing Authority</name>
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          <isin value="US839097CH38"/>
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        <valUSD>9163587.50000000</valUSD>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Southern California Public Power Authority</name>
        <lei>5493003B5TD5FWUKMD34</lei>
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          <isin value="US842469AM03"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Southern California Public Power Authority</name>
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        <cusip>842469AT5</cusip>
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          <isin value="US842469AT55"/>
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      <invstOrSec>
        <name>Southern California Public Power Authority</name>
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        <cusip>842469AU2</cusip>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Southern California Public Power Authority</name>
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        <cusip>842469BG2</cusip>
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          <isin value="US842469BG26"/>
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        <valUSD>1981456.38000000</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>2042-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Southern California Public Power Authority</name>
        <lei>5493003B5TD5FWUKMD34</lei>
        <title>STHRN CA PUB PWR AUTH</title>
        <cusip>842469BJ6</cusip>
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          <isin value="US842469BJ64"/>
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        <balance>1945000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2049944.23000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Southern California Public Power Authority</name>
        <lei>5493003B5TD5FWUKMD34</lei>
        <title>STHRN CA PUB PWR AUTH</title>
        <cusip>842469BK3</cusip>
        <identifiers>
          <isin value="US842469BK38"/>
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        <balance>5470000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5774780.74000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Southern California Public Power Authority</name>
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        <cusip>842469CF3</cusip>
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          <isin value="US842469CF34"/>
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        <curCd>USD</curCd>
        <valUSD>228913.59000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Southern California Public Power Authority</name>
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        <cusip>842469CH9</cusip>
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          <isin value="US842469CH99"/>
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        <valUSD>1662933.47000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Southern California Public Power Authority</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Southern California Public Power Authority</name>
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        <name>Southern California Public Power Authority</name>
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        <name>Southern California Public Power Authority</name>
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        <name>Southern California Public Power Authority</name>
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      <invstOrSec>
        <name>Southern California Public Power Authority</name>
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        <name>Southwestern Community College District</name>
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          <isin value="US845389NB76"/>
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      <invstOrSec>
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      <invstOrSec>
        <name>Southwestern Community College District</name>
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        <name>Southwestern Community College District</name>
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          <isin value="US845389PU30"/>
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      <invstOrSec>
        <name>State Center Community College District</name>
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          <isin value="US856597HM43"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-08-01</maturityDt>
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      <invstOrSec>
        <name>Stockton Community Facilities District</name>
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          <isin value="US861341TH86"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Stockton Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US861419YK99"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-08-01</maturityDt>
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      <invstOrSec>
        <name>Stockton Unified School District</name>
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          <isin value="US861419ZE21"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Stockton Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US861419ZG78"/>
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      <invstOrSec>
        <name>Stockton Unified School District</name>
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      <invstOrSec>
        <name>Sweetwater Union High School District</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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      <invstOrSec>
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      <invstOrSec>
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          <isin value="US88035TFM71"/>
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          <isin value="US888804CE99"/>
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      <invstOrSec>
        <name>Tobacco Securitization Authority of Southern California</name>
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      <invstOrSec>
        <name>Tobacco Securitization Authority of Southern California</name>
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          <isin value="US888804CT68"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tracy Community Facilities District/CA</name>
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        <curCd>USD</curCd>
        <valUSD>1804662.03000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-09-01</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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        <name>Tracy Community Facilities District/CA</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-09-01</maturityDt>
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        <name>Transbay Joint Powers Authority</name>
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        <name>Tulare Joint Union High School District</name>
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        <name>Turlock Public Financing Authority</name>
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        <name>Twin Rivers Unified School District</name>
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        <name>Union Sanitary District Financing Authority</name>
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        <name>United Water Conservation District</name>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-149017.50000000</valUSD>
        <pctVal>-0.00246239611</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>JPMORGAN CHASE BANK, N.A.</counterpartyName>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
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                <identifiers>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">If Reference Index is above the Strike Rate, Buyer pays Seller</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">If Reference Index is below the Strike Rate, Seller pays Buyer</otherPmntDesc>
            <terminationDt>2026-03-13</terminationDt>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CONTRACT_VANGUARD_ID" value="V1048333201"/>
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        <valUSD>-191826.00000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
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        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>JPMORGAN CHASE BANK, N.A.</counterpartyName>
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                <identifiers>
                  <other otherDesc="CONTRACT_VANGUARD_ID" value="V1048333201"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">If Reference Index is above the Strike Rate, Buyer pays Seller</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">If Reference Index is below the Strike Rate, Seller pays Buyer</otherPmntDesc>
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            <pmntCurCd>USD</pmntCurCd>
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            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
            <unrealizedAppr>-191826.00000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>1m30y_3/17/26_4.26%_MS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CONTRACT_VANGUARD_ID" value="V1048336901"/>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-8001.50000000</valUSD>
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        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>MORGAN STANLEY &amp; CO LLC</counterpartyName>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
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                <identifiers>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">If Reference Index is above the Strike Rate, Buyer pays Seller</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">If Reference Index is below the Strike Rate, Seller pays Buyer</otherPmntDesc>
            <terminationDt>2026-03-19</terminationDt>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>US ULTRA BOND CBT Jun26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="WNM6"/>
        </identifiers>
        <balance>-96.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-168398.02000000</valUSD>
        <pctVal>-0.00278264385</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Ultra U.S. Treasury Bond Futures</issueTitle>
                <identifiers>
                  <ticker value="WNM6"/>
                </identifiers>
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            </descRefInstrmnt>
            <expDate>2026-06-18</expDate>
            <notionalAmt>-11504601.98000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-168398.02000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-04-27</ncom:dateSigned>
      <ncom:nameOfApplicant>VANGUARD CALIFORNIA TAX-FREE FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Ashley Grim</ncom:signature>
      <ncom:signerName>Ashley Grim</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>