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

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>CALIFORNIA MUN FIN AUTH</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CA CASFIN 5 07/01/2049</title>
        <cusip>13048DCQ9</cusip>
        <identifiers>
          <isin value="US13048DCQ97"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>285885.00000000</valUSD>
        <pctVal>0.099030874262</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUERTO RICO ELEC PWR AUTH</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PR PRCPWR 5.25 07/01/2024</title>
        <cusip>74526QXP2</cusip>
        <identifiers>
          <isin value="US74526QXP26"/>
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        <balance>55000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>36712.50000000</valUSD>
        <pctVal>0.012717249842</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA ST ENTERPRISE DEV AUTH</name>
        <lei>549300544P6FSHU1HB46</lei>
        <title>CA CASDEV 4 06/01/2053</title>
        <cusip>13067RDW0</cusip>
        <identifiers>
          <isin value="US13067RDW07"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>928930.00000000</valUSD>
        <pctVal>0.321782360139</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>CALIFORNIA SCH FIN AUTH</name>
        <lei>N/A</lei>
        <title>CA CASSCD 5.38 05/01/2063</title>
        <cusip>13058TRX0</cusip>
        <identifiers>
          <isin value="US13058TRX09"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000560.00000000</valUSD>
        <pctVal>0.346595069877</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA HEALTH FACS FING AUTH</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CA CASMED 4 04/01/2045</title>
        <cusip>13032UXE3</cusip>
        <identifiers>
          <isin value="US13032UXE36"/>
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        <balance>2280000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2194978.80000000</valUSD>
        <pctVal>0.760343038463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOS ANGELES CALIF DEPT ARPTS</name>
        <lei>N/A</lei>
        <title>CA LOSAPT 4 05/15/2049</title>
        <cusip>544445NV7</cusip>
        <identifiers>
          <isin value="US544445NV73"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1843560.00000000</valUSD>
        <pctVal>0.638611184759</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-05-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA SCH FIN AUTH</name>
        <lei>N/A</lei>
        <title>CA CASSCD 5 07/01/2052</title>
        <cusip>13058TQF0</cusip>
        <identifiers>
          <isin value="US13058TQF02"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>942240.00000000</valUSD>
        <pctVal>0.326392958584</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>DESERTXPRESS ENTERPRISES LLC</name>
        <lei>549300505KLOET039L77</lei>
        <title>DesertXpress Enterprises LLC</title>
        <cusip>05594N118</cusip>
        <identifiers>
          <isin value="US05594N1182"/>
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        <balance>21000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36750.00000000</valUSD>
        <pctVal>0.012730239883</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOUTHERN CALIF PUB PWR AUTH</name>
        <lei>5493003B5TD5FWUKMD34</lei>
        <title>CA STNPWR 5 07/01/2053</title>
        <cusip>842469DK1</cusip>
        <identifiers>
          <isin value="US842469DK10"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1048440.00000000</valUSD>
        <pctVal>0.363180753839</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>PUERTO RICO COMWLTH</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>PR PRC 11/01/2043</title>
        <cusip>74514L3T2</cusip>
        <identifiers>
          <isin value="US74514L3T29"/>
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        <balance>4120619.67000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2817473.70000000</valUSD>
        <pctVal>0.975975947397</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOS ANGELES CALIF DEPT ARPTS</name>
        <lei>N/A</lei>
        <title>CA LOSAPT 5.25 05/15/2055</title>
        <cusip>5444457H6</cusip>
        <identifiers>
          <isin value="US5444457H69"/>
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        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2712750.00000000</valUSD>
        <pctVal>0.939699544064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LOS ANGELES CALIF DEPT ARPTS</name>
        <lei>N/A</lei>
        <title>CA LOSAPT 4 05/15/2047</title>
        <cusip>544445F53</cusip>
        <identifiers>
          <isin value="US544445F535"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1412640.00000000</valUSD>
        <pctVal>0.489340029094</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>REGENTS OF THE UNIVERSITY OF CALIFORNIA (THE) (CA)</name>
        <lei>RRR42I7GG51DB5HDQR14</lei>
        <title>CA UNVHGR 3 05/15/2051</title>
        <cusip>91412HKU6</cusip>
        <identifiers>
          <isin value="US91412HKU67"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>762720.00000000</valUSD>
        <pctVal>0.264207035756</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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>PUERTO RICO ELEC PWR AUTH</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PR PRCPWR 5 07/01/2032</title>
        <cusip>74526QKW1</cusip>
        <identifiers>
          <isin value="US74526QKW14"/>
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        <balance>340000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>226950.00000000</valUSD>
        <pctVal>0.078615726301</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA ST UNIV</name>
        <lei>N/A</lei>
        <title>CA CASHGR 3 11/01/2052</title>
        <cusip>13077DRU8</cusip>
        <identifiers>
          <isin value="US13077DRU80"/>
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        <balance>6650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5009046.00000000</valUSD>
        <pctVal>1.735138970564</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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>PUERTO RICO ELEC PWR AUTH</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PR PRCPWR 5 07/01/2042</title>
        <cusip>74526QA28</cusip>
        <identifiers>
          <isin value="US74526QA282"/>
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        <balance>350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>233625.00000000</valUSD>
        <pctVal>0.080927953546</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA SCH FIN AUTH</name>
        <lei>N/A</lei>
        <title>CA CASSCD 5 08/01/2045</title>
        <cusip>13058TCK4</cusip>
        <identifiers>
          <isin value="US13058TCK43"/>
        </identifiers>
        <balance>715000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>714992.85000000</valUSD>
        <pctVal>0.247674299199</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
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        <name>CALIFORNIA HEALTH FACS FING AUTH</name>
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        <name>CALIFORNIA ST ENTERPRISE DEV AUTH</name>
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        <name>CALIFORNIA CMNTY CHOICE FING AUTH</name>
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        <name>CALIFORNIA CMNTY CHOICE FING AUTH</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GUAM GOVT WTRWKS AUTH</name>
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        <identifiers>
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        <balance>1000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>CALIFORNIA SCH FIN AUTH</name>
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        <cusip>13058TTM2</cusip>
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        <valUSD>710367.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2063-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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      <invstOrSec>
        <name>PUERTO RICO ELEC PWR AUTH</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PR PRCPWR 5 07/01/2037</title>
        <cusip>74526QKX9</cusip>
        <identifiers>
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        <balance>1165000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>CALIFORNIA SCH FIN AUTH</name>
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        <cusip>13058TRV4</cusip>
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        <balance>280000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-06-01</maturityDt>
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        <name>FOOTHILL / EASTERN TRANSN CORRIDOR AGY CALIF</name>
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          <maturityDt>2053-01-15</maturityDt>
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        <name>GDB DEBT RECOVERY AUTH OF COMWLTH PUERTO RICO</name>
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        <cusip>36829QAA3</cusip>
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          <isin value="US36829QAA31"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-08-20</maturityDt>
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        <name>SAN FRANCISCO CALIF CITY &amp; CNTY ARPTS COMMN</name>
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        <title>CA SFOAPT 4 05/01/2049</title>
        <cusip>79766DWB1</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>LOS ANGELES CALIF DEPT ARPTS</name>
        <lei>N/A</lei>
        <title>CA LOSAPT 5 05/15/2033</title>
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          <isin value="US544445SN03"/>
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        <name>CALIFORNIA SCH FIN AUTH</name>
        <lei>N/A</lei>
        <title>CA CASSCD 5.25 07/01/2051</title>
        <cusip>13058TEL0</cusip>
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          <isin value="US13058TEL08"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA SCH FIN AUTH</name>
        <lei>N/A</lei>
        <title>CA CASSCD 5 08/01/2041</title>
        <cusip>13058TLZ1</cusip>
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        <balance>225000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA ST</name>
        <lei>9845007J7054602FF597</lei>
        <title>CA CAS 3 03/01/2046</title>
        <cusip>13063DUQ9</cusip>
        <identifiers>
          <isin value="US13063DUQ95"/>
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        <balance>2250000.00000000</balance>
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        <name>CALIFORNIA MUN FIN AUTH</name>
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        <valUSD>1655325.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-05-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>PUERTO RICO SALES TAX FINANCING CORP</name>
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        <name>GDB DEBT RECOVERY AUTH OF COMWLTH PUERTO RICO</name>
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        <name>CALIFORNIA CMNTY CHOICE FING AUTH</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>PUERTO RICO INDL TOURIST EDL MED &amp; ENVIRONMENTAL CTL FACS FING AUTH</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CA CASFIN 5 07/01/2046</title>
        <cusip>13048DBR8</cusip>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA SCH FIN AUTH</name>
        <lei>N/A</lei>
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        <cusip>13058TRW2</cusip>
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          <isin value="US13058TRW26"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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        <name>WASHINGTON TWP CALIF HEALTH CARE DIST</name>
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          <annualizedRt>3.75000000</annualizedRt>
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        <name>CALIFORNIA SCH FIN AUTH</name>
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        <fairValLevel>2</fairValLevel>
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        <name>OAKLAND CALIF UNI SCH DIST</name>
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        <name>SAN DIEGO CNTY CALIF REGL ARPT AUTH</name>
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        <cusip>79739GNU6</cusip>
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        <name>LOS ANGELES CALIF DEPT WTR &amp; PWR</name>
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        <title>CA LOSUTL 5 07/01/2047</title>
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        <name>CALIFORNIA SCH FIN AUTH</name>
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        <name>LOS ANGELES CALIF DEPT WTR &amp; PWR</name>
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        <title>CA LOSUTL 5 07/01/2026</title>
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        <name>LOS ANGELES CALIF DEPT ARPTS</name>
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          <maturityDt>2051-05-15</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA POLLUTION CTL FING AUTH</name>
        <lei>N/A</lei>
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        <cusip>130536RA5</cusip>
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          <isin value="US130536RA56"/>
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        <balance>300000.00000000</balance>
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        <valUSD>3375.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>8.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>PUERTO RICO ELEC PWR AUTH</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <cusip>74526QVX7</cusip>
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          <isin value="US74526QVX77"/>
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        <balance>230000.00000000</balance>
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        <valUSD>153525.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA PUB FIN AUTH</name>
        <lei>N/A</lei>
        <title>CA CASMED 5 11/15/2056</title>
        <cusip>13057GAD1</cusip>
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          <isin value="US13057GAD16"/>
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        <valUSD>1469850.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH</name>
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        <cusip>13048DBB3</cusip>
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          <isin value="US13048DBB38"/>
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        <balance>850000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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      <invstOrSec>
        <name>TOBACCO SECURITIZATION AUTH SOUTHN CALIF</name>
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        <title>CA TOBGEN 0 06/01/2046</title>
        <cusip>888804BB6</cusip>
        <identifiers>
          <isin value="US888804BB69"/>
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        <balance>5270000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>793820.10000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-06-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA SCH FIN AUTH</name>
        <lei>N/A</lei>
        <title>CA CASSCD 6 06/01/2063</title>
        <cusip>13058TTH3</cusip>
        <identifiers>
          <isin value="US13058TTH31"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>498425.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LOS ANGELES CALIF DEPT ARPTS</name>
        <lei>N/A</lei>
        <title>CA LOSAPT 5.5 05/15/2055</title>
        <cusip>5444453D9</cusip>
        <identifiers>
          <isin value="US5444453D91"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3226560.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAN FRANCISCO CALIF CITY &amp; CNTY ARPTS COMMN</name>
        <lei>54930055TIDYHNDP4F84</lei>
        <title>CA SFOAPT 4 05/01/2050</title>
        <cusip>79766DWF2</cusip>
        <identifiers>
          <isin value="US79766DWF22"/>
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        <balance>910000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>837582.20000000</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>2050-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RIVERSIDE CNTY CALIF TRANSN COMMN</name>
        <lei>5493003G0IESJS57M350</lei>
        <title>CA RIVTRN 3 06/01/2049</title>
        <cusip>76912DBA5</cusip>
        <identifiers>
          <isin value="US76912DBA54"/>
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        <balance>2735000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2085164.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAN FRANCISCO CITY AND COUNTY PUBLIC UTILITIES COMMISSION (CA)</name>
        <lei>213800P9VO3CSYYNM193</lei>
        <title>CA SFOWTR 5.25 11/01/2055</title>
        <cusip>79771FLL9</cusip>
        <identifiers>
          <isin value="US79771FLL93"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3815875.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SANTA CLARA CNTY CALIF HSG AUTH</name>
        <lei>N/A</lei>
        <title>CA SCRMFH 5.85 08/01/2031</title>
        <cusip>801617EM9</cusip>
        <identifiers>
          <isin value="US801617EM97"/>
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        <balance>625000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>626637.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.85000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA EDL FACS AUTH</name>
        <lei>N/A</lei>
        <title>CA CASEDU 2.25 04/01/2051</title>
        <cusip>130179TM6</cusip>
        <identifiers>
          <isin value="US130179TM60"/>
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        <balance>830000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>544413.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
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      <invstOrSec>
        <name>PUERTO RICO COMWLTH</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>PR PRC 4 07/01/2046</title>
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          <isin value="US74514L3P07"/>
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        <balance>3154636.00000000</balance>
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        <valUSD>2848131.57000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAN DIEGO CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>CA SDGEDU 4 07/01/2053</title>
        <cusip>797356JP8</cusip>
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          <isin value="US797356JP86"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>967370.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>SAN FRANCISCO CALIF CITY &amp; CNTY ARPTS COMMN</name>
        <lei>54930055TIDYHNDP4F84</lei>
        <title>CA SFOAPT 5.25 05/01/2044</title>
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          <isin value="US79766DWW54"/>
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        <balance>1500000.00000000</balance>
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        <valUSD>1642590.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-05-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>IRVINE CALIF FACS FING AUTH</name>
        <lei>N/A</lei>
        <title>CA IRGFAC 4.25 05/01/2053</title>
        <cusip>46360XAQ7</cusip>
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          <isin value="US46360XAQ79"/>
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        <valUSD>991720.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <name>CALIFORNIA ST</name>
        <lei>9845007J7054602FF597</lei>
        <title>CA CAS 5 03/01/2055</title>
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          <isin value="US13063ELN49"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3215850.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA ST PUB WKS BRD</name>
        <lei>N/A</lei>
        <title>CA CASFAC 5 11/01/2050</title>
        <cusip>13068XRR2</cusip>
        <identifiers>
          <isin value="US13068XRR25"/>
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        <balance>2270000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2441725.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA SCH FIN AUTH</name>
        <lei>N/A</lei>
        <title>CA CASSCD 5.5 07/01/2062</title>
        <cusip>13058TRE2</cusip>
        <identifiers>
          <isin value="US13058TRE28"/>
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        <balance>775000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>775387.50000000</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>2062-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>UNIVERSITY CALIF</name>
        <lei>RRR42I7GG51DB5HDQR14</lei>
        <title>CA UNVHGR 5 05/15/2047</title>
        <cusip>91412HVX8</cusip>
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          <isin value="US91412HVX87"/>
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        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2713625.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA SCH FIN AUTH</name>
        <lei>N/A</lei>
        <title>CA CASSCD 5.5 08/01/2047</title>
        <cusip>13058TSG6</cusip>
        <identifiers>
          <isin value="US13058TSG66"/>
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        <balance>525000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>534691.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CA CASGEN 5.25 12/01/2054</title>
        <cusip>13080ST79</cusip>
        <identifiers>
          <isin value="US13080ST793"/>
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        <balance>3265000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3495051.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA EDL FACS AUTH</name>
        <lei>N/A</lei>
        <title>CA CASEDU 5 10/01/2055</title>
        <cusip>130179YE8</cusip>
        <identifiers>
          <isin value="US130179YE89"/>
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        <balance>2675000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2842642.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-10-01</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>
      <invstOrSec>
        <name>PUERTO RICO ELEC PWR AUTH</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PR PRCPWR 4.75 07/01/2026</title>
        <cusip>74526QVZ2</cusip>
        <identifiers>
          <isin value="US74526QVZ26"/>
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        <balance>45000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>30037.50000000</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>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA ST PUB WKS BRD</name>
        <lei>N/A</lei>
        <title>CA CASFAC 5 04/01/2049</title>
        <cusip>13068XLF4</cusip>
        <identifiers>
          <isin value="US13068XLF41"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2678425.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>TOBACCO SECURITIZATION AUTH SOUTHN CALIF</name>
        <lei>N/A</lei>
        <title>CA TOBGEN 0 06/01/2046</title>
        <cusip>888804BA8</cusip>
        <identifiers>
          <isin value="US888804BA86"/>
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        <balance>16770000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2887961.70000000</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>2046-06-01</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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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA SCH FIN AUTH</name>
        <lei>N/A</lei>
        <title>CA CASSCD 6.5 07/01/2050</title>
        <cusip>13059THU6</cusip>
        <identifiers>
          <isin value="US13059THU60"/>
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        <balance>345000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>347277.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CA CASMED 5.25 11/01/2052</title>
        <cusip>130493CL1</cusip>
        <identifiers>
          <isin value="US130493CL10"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>510110.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA CMNTY COLLEGE FING AUTH</name>
        <lei>N/A</lei>
        <title>CA CASHGR 5.75 07/01/2060</title>
        <cusip>13012TAG0</cusip>
        <identifiers>
          <isin value="US13012TAG04"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1038645.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA CMNTY CHOICE FING AUTH</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CA CCEDEV 11/01/2055</title>
        <cusip>13013JFS0</cusip>
        <identifiers>
          <isin value="US13013JFS06"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2109380.00000000</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>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAN FRANCISCO CALIF CITY &amp; CNTY ARPTS COMMN</name>
        <lei>54930055TIDYHNDP4F84</lei>
        <title>CA SFOAPT 5.5 05/01/2055</title>
        <cusip>79766DXZ7</cusip>
        <identifiers>
          <isin value="US79766DXZ76"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3768870.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA EDL FACS AUTH</name>
        <lei>N/A</lei>
        <title>CA CASEDU 5 04/01/2051</title>
        <cusip>130179TN4</cusip>
        <identifiers>
          <isin value="US130179TN44"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>576935.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CA CASFIN 4 12/31/2047</title>
        <cusip>13048VCA4</cusip>
        <identifiers>
          <isin value="US13048VCA44"/>
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        <balance>1750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1575875.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CA CASFIN 4 05/15/2048</title>
        <cusip>13049YBL4</cusip>
        <identifiers>
          <isin value="US13049YBL48"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>280410.00000000</valUSD>
        <pctVal>0.097134328320</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA HEALTH FACS FING AUTH</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CA CASMED 5.25 11/15/2053</title>
        <cusip>13032UL22</cusip>
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        <name>CALIFORNIA CMNTY CHOICE FING AUTH</name>
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        <name>CALIFORNIA EDL FACS AUTH</name>
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        <name>INLAND EMPIRE TOBACCO SECURIZATION AUTH CALIF TOB</name>
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        <name>CALIFORNIA HEALTH FACS FING AUTH</name>
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        <name>CALIFORNIA SCH FIN AUTH</name>
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        <name>CALIFORNIA MUN FIN AUTH</name>
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        <title>CA CASFIN 5 01/01/2035</title>
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        <name>CALIFORNIA ST</name>
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        <name>CALIFORNIA MUN FIN AUTH</name>
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      </invstOrSec>
      <invstOrSec>
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        <lei>N/A</lei>
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          <isin value="US697527BE83"/>
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        <valUSD>923420.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA CMNTY CHOICE FING AUTH</name>
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        <cusip>13013JEP7</cusip>
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          <isin value="US13013JEP75"/>
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        <balance>2500000.00000000</balance>
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        <valUSD>2736325.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CA CASMED 4 11/15/2052</title>
        <cusip>13049RBR6</cusip>
        <identifiers>
          <isin value="US13049RBR66"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>636330.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>SAN FRANCISCO CALIF CITY &amp; CNTY ARPTS COMMN</name>
        <lei>54930055TIDYHNDP4F84</lei>
        <title>CA SFOAPT 4 05/01/2050</title>
        <cusip>79766DWC9</cusip>
        <identifiers>
          <isin value="US79766DWC90"/>
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        <balance>215000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>220678.15000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-05-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CA CASHSG 5.5 01/01/2060</title>
        <cusip>13051EAK6</cusip>
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          <isin value="US13051EAK64"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1006830.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>SAN DIEGO CNTY CALIF REGL ARPT AUTH</name>
        <lei>N/A</lei>
        <title>CA SDGAPT 5 07/01/2037</title>
        <cusip>79739GGM2</cusip>
        <identifiers>
          <isin value="US79739GGM24"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1022250.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PUERTO RICO ELEC PWR AUTH</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PR PRCPWR 5.5 07/01/2038</title>
        <cusip>74526QVE9</cusip>
        <identifiers>
          <isin value="US74526QVE96"/>
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        <balance>730000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>487275.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA SCH FIN AUTH</name>
        <lei>N/A</lei>
        <title>CA CASSCD 5.6 07/01/2064</title>
        <cusip>13058TUW8</cusip>
        <identifiers>
          <isin value="US13058TUW88"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1433880.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA PUB FIN AUTH</name>
        <lei>N/A</lei>
        <title>CA CASMED 5 11/15/2046</title>
        <cusip>13057GAB5</cusip>
        <identifiers>
          <isin value="US13057GAB59"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>475245.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CA CASFIN 5.38 11/01/2045</title>
        <cusip>13048V3F3</cusip>
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          <isin value="US13048V3F35"/>
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        <balance>775000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>804829.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA SCH FIN AUTH</name>
        <lei>N/A</lei>
        <title>CA CASSCD 5 07/01/2055</title>
        <cusip>13058TVE7</cusip>
        <identifiers>
          <isin value="US13058TVE71"/>
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        <balance>2700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2663712.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CA CASGEN 4 04/01/2051</title>
        <cusip>13080SC93</cusip>
        <identifiers>
          <isin value="US13080SC930"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>872110.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CA CASMFH 4.88 11/01/2043</title>
        <cusip>130483HW3</cusip>
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          <isin value="US130483HW30"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>1066950.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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        <name>PUERTO RICO ELEC PWR AUTH</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PR PRCPWR 5.25 07/01/2033</title>
        <cusip>74526QVD1</cusip>
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          <isin value="US74526QVD14"/>
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        <balance>335000.00000000</balance>
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        <valUSD>223612.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>CALIFORNIA MUN FIN AUTH</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CA CASFIN 5.25 11/01/2047</title>
        <cusip>13048TP49</cusip>
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          <isin value="US13048TP499"/>
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        <balance>500000.00000000</balance>
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        <valUSD>500165.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-11-01</maturityDt>
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        <name>CSCDA CMNTY IMPT AUTH CALIF</name>
        <lei>N/A</lei>
        <title>CA CDAHSG 3.12 08/01/2056</title>
        <cusip>126292AF8</cusip>
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          <isin value="US126292AF86"/>
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        <balance>1500000.00000000</balance>
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        <valUSD>1151685.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</annualizedRt>
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      <invstOrSec>
        <name>PUERTO RICO ELEC PWR AUTH</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PR PRCPWR 4.75 07/01/2027</title>
        <cusip>74526QWX6</cusip>
        <identifiers>
          <isin value="US74526QWX68"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23362.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
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        <name>PUERTO RICO INDL TOURIST EDL MED &amp; ENVIRONMENTAL CTL FACS FING AUTH</name>
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        <name>CALIFORNIA HEALTH FACS FING AUTH</name>
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        <name>CALIFORNIA ST ENTERPRISE DEV AUTH</name>
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        <name>ANAHEIM CALIF HSG &amp; PUB IMPT AUTH</name>
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          <maturityDt>2055-10-01</maturityDt>
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        <name>CALIFORNIA MUN FIN AUTH</name>
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        <name>CALIFORNIA ST UNIV</name>
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        <name>CALIFORNIA SCH FIN AUTH</name>
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        <name>CALIFORNIA ST</name>
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        <name>SAN FRANCISCO CALIF CITY &amp; CNTY ARPTS COMMN</name>
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        <name>MORENO VALLEY CALIF UNI SCH DIST</name>
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        <name>PUERTO RICO ELEC PWR AUTH</name>
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        <name>PUERTO RICO ELEC PWR AUTH</name>
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        <name>FOOTHILL / EASTERN TRANSN CORRIDOR AGY CALIF</name>
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        <name>PUERTO RICO ELEC PWR AUTH</name>
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        <name>BAY AREA TOLL AUTH CALIF</name>
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        <name>PUERTO RICO SALES TAX FINANCING CORP</name>
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        <name>NATIONAL FIN AUTH N H</name>
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        <name>PUERTO RICO SALES TAX FINANCING CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA ST PUB WKS BRD</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>SAN DIEGO CNTY CALIF REGL ARPT AUTH</name>
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        <title>CA SDGAPT 5.5 07/01/2055</title>
        <cusip>79739GTE6</cusip>
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          <isin value="US79739GTE60"/>
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        <balance>2575000.00000000</balance>
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        <valUSD>2771652.75000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>MATCHING FD SPL PURP SECURITIZATION CORP VIRGIN IS</name>
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        <balance>500000.00000000</balance>
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        <valUSD>537250.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>SAN DIEGO CNTY CALIF REGL ARPT AUTH</name>
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        <title>CA SDGAPT 4 07/01/2056</title>
        <cusip>79739GNZ5</cusip>
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        <balance>1000000.00000000</balance>
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        <valUSD>893260.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>REGENTS OF THE UNIVERSITY OF CALIFORNIA (THE) (CA)</name>
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        <cusip>91412HQY2</cusip>
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        <balance>2000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>CALIFORNIA POLLUTION CTL FING AUTH</name>
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        <cusip>13054WAC1</cusip>
        <identifiers>
          <isin value="US13054WAC10"/>
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        <balance>940000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-21</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>CHILDRENS TR FD P R</name>
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          <isin value="US16876QBL23"/>
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        <balance>47000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA ST</name>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH</name>
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        <title>CA CASGEN 4 04/01/2045</title>
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          <isin value="US13080SYX60"/>
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        <name>PUERTO RICO SALES TAX FINANCING CORP</name>
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        <cusip>74529JPW9</cusip>
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        <name>CALIFORNIA INFRASTRUCTURE &amp; ECONOMIC DEV BK</name>
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        <name>PUERTO RICO ELEC PWR AUTH</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PR PRCPWR 5.75 07/01/2036</title>
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        <fairValLevel>2</fairValLevel>
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        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUERTO RICO ELEC PWR AUTH</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PR PRCPWR 5 07/01/2028</title>
        <cusip>74526QVC3</cusip>
        <identifiers>
          <isin value="US74526QVC31"/>
        </identifiers>
        <balance>470000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>313725.00000000</valUSD>
        <pctVal>0.108674680476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA EDL FACS AUTH</name>
        <lei>N/A</lei>
        <title>CA CASEDU 5 05/01/2049</title>
        <cusip>130179SD7</cusip>
        <identifiers>
          <isin value="US130179SD70"/>
        </identifiers>
        <balance>3500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4066545.00000000</valUSD>
        <pctVal>1.408655601296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>SACRAMENTO (CA), COUNTY OF</name>
        <lei>549300OXI5MD45L13R20</lei>
        <title>CA SACAPT 5.25 07/01/2054</title>
        <cusip>786107VC3</cusip>
        <identifiers>
          <isin value="US786107VC31"/>
        </identifiers>
        <balance>1285000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1377545.70000000</valUSD>
        <pctVal>0.477183325488</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-07-01</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>CALIFORNIA STATEWIDE CMNTYS DEV AUTH</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CA CASGEN 4 08/01/2045</title>
        <cusip>13080SUG7</cusip>
        <identifiers>
          <isin value="US13080SUG73"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>463735.00000000</valUSD>
        <pctVal>0.160638307277</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-04-23</ncom:dateSigned>
      <ncom:nameOfApplicant>Voyageur Mutual Funds</ncom:nameOfApplicant>
      <ncom:signature>Dan Geatens</ncom:signature>
      <ncom:signerName>Dan Geatens</ncom:signerName>
      <ncom:title>Division Director - Head of US Fund Administration</ncom:title>
    </signature>
  </formData>
</edgarSubmission>