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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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          <isin value="US13048VJF67"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
        <title>State of California</title>
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          <isin value="US13066JYX44"/>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-05-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.57000000</annualizedRt>
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      <invstOrSec>
        <name>California State University</name>
        <lei>N/A</lei>
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        <cusip>13077DEY4</cusip>
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          <isin value="US13077DEY40"/>
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        <curCd>USD</curCd>
        <valUSD>12970615.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>University of California</name>
        <lei>N/A</lei>
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        <cusip>91412HHG1</cusip>
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          <isin value="US91412HHG11"/>
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        <balance>14000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13892711.00000000</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>2047-05-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE</title>
        <cusip>13013JCB0</cusip>
        <identifiers>
          <isin value="US13013JCB08"/>
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        <balance>45200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>47360673.45000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Los Angeles Department of Airports</name>
        <lei>N/A</lei>
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        <cusip>544445WR6</cusip>
        <identifiers>
          <isin value="US544445WR60"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5242148.60000000</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>2045-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>San Diego County Regional Airport Authority</name>
        <lei>N/A</lei>
        <title>SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE</title>
        <cusip>79739GNX0</cusip>
        <identifiers>
          <isin value="US79739GNX06"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10282233.40000000</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>2051-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
        <lei>54930055TIDYHNDP4F84</lei>
        <title>SAN FRANCISCO CALIF CITY &amp;CNTY ARPTS COMMN INTL ARPT REV</title>
        <cusip>79766DRM3</cusip>
        <identifiers>
          <isin value="US79766DRM38"/>
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        <balance>30660000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>31312236.16000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-01</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>California School Finance Authority</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE</title>
        <cusip>13058TSB7</cusip>
        <identifiers>
          <isin value="US13058TSB79"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>702512.64000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.88000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Los Angeles Department of Airports</name>
        <lei>N/A</lei>
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        <cusip>544445CB3</cusip>
        <identifiers>
          <isin value="US544445CB39"/>
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        <balance>8500000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STWD CMNTYS DEV AUTH REVENUE</title>
        <cusip>13080STP9</cusip>
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          <isin value="US13080STP91"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA ST HLTH FACS FING AUTH REVENUE</title>
        <cusip>13032UNY0</cusip>
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          <isin value="US13032UNY00"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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        <cusip>13059TCQ0</cusip>
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          <isin value="US13059TCQ04"/>
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        <balance>755000.00000000</balance>
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      <invstOrSec>
        <name>East Bay Municipal Utility District Water System Revenue</name>
        <lei>N/A</lei>
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        <cusip>271014J60</cusip>
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        <assetCat>DBT</assetCat>
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      <invstOrSec>
        <name>Santa Monica-Malibu Unified School District</name>
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      <invstOrSec>
        <name>Norman Y Mineta San Jose International Airport SJC</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Santa Monica Community College District</name>
        <lei>N/A</lei>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-08-01</maturityDt>
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      <invstOrSec>
        <name>Oxnard School District</name>
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          <isin value="US692020M805"/>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Community Choice Financing Authority</name>
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          <isin value="US13013JDD54"/>
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        <name>City of San Francisco CA Public Utilities Commission Water Revenue</name>
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          <isin value="US79765R5L90"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Folsom Cordova Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US34440PBY60"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>Los Angeles Department of Water &amp; Power</name>
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          <isin value="US544532ED21"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Sacramento County Sanitation Districts Financing Authority</name>
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          <isin value="US786134UP91"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Coachella Valley Unified School District/CA</name>
        <lei>N/A</lei>
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          <isin value="US189849MA75"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
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        <cusip>13016NEZ3</cusip>
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          <isin value="US13016NEZ33"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US13059TAF66"/>
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        <balance>1500000.00000000</balance>
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          <annualizedRt>6.00000000</annualizedRt>
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        <name>California Community Housing Agency</name>
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        <cusip>13013FBC7</cusip>
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          <isin value="US13013FBC77"/>
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        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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        <name>Menifee Union School District</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <name>San Diego County Regional Airport Authority</name>
        <lei>N/A</lei>
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        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
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          <isin value="US13013JBL98"/>
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        <name>Anaheim City School District/CA</name>
        <lei>N/A</lei>
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        <lei>N/A</lei>
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      <invstOrSec>
        <name>Port of Los Angeles</name>
        <lei>N/A</lei>
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          <isin value="US544552WJ77"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>University of California</name>
        <lei>N/A</lei>
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          <isin value="US91412HND16"/>
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      <invstOrSec>
        <name>California State Public Works Board</name>
        <lei>N/A</lei>
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          <isin value="US13068XLF41"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
        <lei>N/A</lei>
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        <cusip>74529JPW9</cusip>
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          <isin value="US74529JPW98"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-01</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
        <lei>N/A</lei>
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        <cusip>74529JPX7</cusip>
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          <isin value="US74529JPX71"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Statewide Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US130923BP90"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Livermore Valley Water Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US53833PBW59"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>California State Public Works Board</name>
        <lei>N/A</lei>
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        <cusip>13068XKS7</cusip>
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          <isin value="US13068XKS70"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Southern California Public Power Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Val Verde Unified School District</name>
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          <maturityDt>2049-08-01</maturityDt>
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        <name>University of California</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <name>California Statewide Communities Development Authority</name>
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      <invstOrSec>
        <name>County of Sacramento CA Airport System Revenue</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Redwood City School District</name>
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      <invstOrSec>
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      <invstOrSec>
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        <name>California Health Facilities Financing Authority</name>
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          <isin value="US13032UE388"/>
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          <maturityDt>2048-08-15</maturityDt>
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        <name>CSCDA Community Improvement Authority</name>
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          <isin value="US126292CJ80"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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          <isin value="US79766DVY20"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-05-01</maturityDt>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
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          <isin value="US13063DFS27"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Golden State Tobacco Securitization Corp</name>
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        <name>Livermore Valley Joint Unified School District/CA</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Solano County Community College District</name>
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        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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      <invstOrSec>
        <name>Livermore Valley Water Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US53833PBX33"/>
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      <invstOrSec>
        <name>Santa Clarita Community College District</name>
        <lei>N/A</lei>
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          <isin value="US801686UL86"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-08-01</maturityDt>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
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          <isin value="US13063DS827"/>
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        <curCd>USD</curCd>
        <valUSD>5354914.45000000</valUSD>
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          <maturityDt>2052-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Los Angeles Department of Airports</name>
        <lei>N/A</lei>
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          <isin value="US544445WS44"/>
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        <curCd>USD</curCd>
        <valUSD>4502904.15000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US13058THG85"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2058-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Ravenswood City School District/CA</name>
        <lei>N/A</lei>
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          <isin value="US754405JN98"/>
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        <curCd>USD</curCd>
        <valUSD>8274393.12000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE</title>
        <cusip>13013JDB9</cusip>
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          <isin value="US13013JDB98"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-02-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA ST HLTH FACS FING AUTH REVENUE</title>
        <cusip>13032UE20</cusip>
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          <isin value="US13032UE206"/>
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        <balance>13975000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10906335.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-08-15</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <cusip>544532DK7</cusip>
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          <isin value="US544532DK72"/>
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        <curCd>USD</curCd>
        <valUSD>6100371.19000000</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>2051-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>University of California</name>
        <lei>N/A</lei>
        <title>UNIV OF CALIFORNIA CA REVENUES</title>
        <cusip>91412HJG9</cusip>
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          <isin value="US91412HJG92"/>
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        <balance>15000000.00000000</balance>
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        <valUSD>14728071.15000000</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>2051-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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          <isin value="US79766DSA80"/>
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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>2050-05-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Irvine Facilities Financing Authority</name>
        <lei>N/A</lei>
        <title>IRVINE CA FACS FING AUTH SPL TAX REVENUE</title>
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          <isin value="US46360WAU09"/>
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          <maturityDt>2048-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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          <isin value="US13048RAJ68"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Chino Valley Unified School District</name>
        <lei>N/A</lei>
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        <name>CSCDA Community Improvement Authority</name>
        <lei>N/A</lei>
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        <name>Southern California Public Power Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Redwood City School District</name>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-08-01</maturityDt>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>Chaffey Joint Union High School District</name>
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        <name>University of California</name>
        <lei>N/A</lei>
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          <maturityDt>2048-05-15</maturityDt>
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      <invstOrSec>
        <name>San Mateo Foster City Public Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-08-01</maturityDt>
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      <invstOrSec>
        <name>Norman Y Mineta San Jose International Airport SJC</name>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>San Diego Unified School District/CA</name>
        <lei>N/A</lei>
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          <isin value="US7973555X82"/>
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      <invstOrSec>
        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>San Diego Unified School District/CA</name>
        <lei>N/A</lei>
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        <name>City of Los Angeles CA Wastewater System Revenue</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <name>CSCDA Community Improvement Authority</name>
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        <name>Santa Clara County Financing Authority</name>
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        <name>Oxnard Union High School District</name>
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        <name>California School Finance Authority</name>
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        <name>California School Finance Authority</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Alameda Corridor Transportation Authority</name>
        <lei>N/A</lei>
        <title>ALAMEDA CA CORRIDOR TRANSPRTN AUTH REVENUE</title>
        <cusip>010869HB4</cusip>
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          <isin value="US010869HB41"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-10-01</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>City of Los Angeles CA</name>
        <lei>549300E7TO710PTXPJ65</lei>
        <title>LOS ANGELES CA COPS</title>
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          <isin value="US544358WR16"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1502896.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.20000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>City of Los Angeles Department of Airports</name>
        <lei>N/A</lei>
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        <cusip>544445Q69</cusip>
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          <isin value="US544445Q698"/>
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        <balance>115000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CMFA Special Finance Agency VIII</name>
        <lei>N/A</lei>
        <title>CMFA SPL FIN AGY VIII CA ESSENTIAL HSG REVENUE</title>
        <cusip>12574VAA0</cusip>
        <identifiers>
          <isin value="US12574VAA08"/>
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        <balance>3235000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2057783.76000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Los Angeles Department of Water &amp; Power</name>
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        <cusip>544532FS8</cusip>
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          <isin value="US544532FS80"/>
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        <balance>2810000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3111379.97000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA ST STWD CMNTYS DEV AUTH STWD REVENUE</title>
        <cusip>13078YRM9</cusip>
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          <isin value="US13078YRM92"/>
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        <balance>4985000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4177924.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-09-02</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>CMFA Special Finance Agency</name>
        <lei>N/A</lei>
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        <cusip>12574WAB6</cusip>
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          <isin value="US12574WAB63"/>
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        <balance>240000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>195627.34000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Los Angeles County Facilities Inc</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CNTY CA FACS INC LEASE REVENUE</title>
        <cusip>54531FAS0</cusip>
        <identifiers>
          <isin value="US54531FAS02"/>
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        <balance>13344995.83000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14110974.09000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sacramento Municipal Utility District</name>
        <lei>E3GSVR6ZOU1MX2V7HF33</lei>
        <title>SACRAMENTO CA MUNI UTILITY DIST ELEC REVENUE</title>
        <cusip>786005C97</cusip>
        <identifiers>
          <isin value="US786005C978"/>
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        <balance>3730000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3945924.93000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Imperial Irrigation District Electric System Revenue</name>
        <lei>N/A</lei>
        <title>IMPERIAL CA IRR DIST ELEC REVENUE</title>
        <cusip>452650JA3</cusip>
        <identifiers>
          <isin value="US452650JA39"/>
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        <balance>7750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8020788.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chabot-Las Positas Community College District</name>
        <lei>N/A</lei>
        <title>CHABOT-LAS POSITAS CA CMNTY CLG DIST</title>
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        <identifiers>
          <isin value="US15722TKU42"/>
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        <balance>13355000.00000000</balance>
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        <valUSD>14860448.38000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA ST MUNI FIN AUTH REVENUE</title>
        <cusip>13048VCA4</cusip>
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          <isin value="US13048VCA44"/>
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        <balance>21415000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18538520.92000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Golden State Tobacco Securitization Corp</name>
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        <cusip>38122NZQ8</cusip>
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          <isin value="US38122NZQ86"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>San Mateo Joint Powers Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US79904NGQ79"/>
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        <invCountry>US</invCountry>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Simi Valley Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US828641YT16"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
        <lei>N/A</lei>
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          <isin value="US130179RL06"/>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Pollution Control Financing Authority</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST POLL CONTROL FING AUTH REVENUE</title>
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          <isin value="US13053CAD48"/>
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        <balance>4000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US LONG BOND(CBT) JUN24</title>
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          <other otherDesc="BlackRock Identifier" value="USM420242"/>
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        <name>CSCDA Community Improvement Authority</name>
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        <name>California Educational Facilities Authority</name>
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      <invstOrSec>
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        <name>Santa Clara County Housing Authority</name>
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        <name>California School Finance Authority</name>
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        <name>Los Angeles County Public Works Financing Authority</name>
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        <name>California Enterprise Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-08-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Eastern Municipal Water District Financing Authority</name>
        <lei>N/A</lei>
        <title>ESTRN CA MUNI WTR DIST FING AUTH WTR &amp; WSTWTR REVENUE</title>
        <cusip>27677SAW3</cusip>
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          <isin value="US27677SAW35"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Washington Township Health Care District</name>
        <lei>N/A</lei>
        <title>WASHINGTON TWP CA HLTH CARE DIST</title>
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          <isin value="US940642CD12"/>
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        <balance>3250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3266006.51000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE</title>
        <cusip>13016NGB4</cusip>
        <identifiers>
          <isin value="US13016NGB47"/>
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        <balance>520000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>520717.32000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
        <lei>N/A</lei>
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        <cusip>74529JQG3</cusip>
        <identifiers>
          <isin value="US74529JQG30"/>
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        <balance>26291000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8192302.68000000</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>2046-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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        <cusip>13058TSG6</cusip>
        <identifiers>
          <isin value="US13058TSG66"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>401145.94000000</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>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA ST MUNI FIN AUTH LEASE REVENUE</title>
        <cusip>13049UEZ8</cusip>
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          <isin value="US13049UEZ84"/>
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        <balance>15000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Peralta Community College District</name>
        <lei>N/A</lei>
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          <isin value="US713575YD42"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2779524.80000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Infrastructure &amp; Economic Development Bank</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>CALIFORNIA ST INFRASTRUCTURE &amp; ECON DEV BANK REVENUE</title>
        <cusip>13034A2M1</cusip>
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          <isin value="US13034A2M15"/>
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        <balance>11370000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11600416.12000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CSCDA Community Improvement Authority</name>
        <lei>N/A</lei>
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        <cusip>126292BE0</cusip>
        <identifiers>
          <isin value="US126292BE03"/>
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        <balance>695000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>536505.30000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Marin Healthcare District</name>
        <lei>N/A</lei>
        <title>MARIN CA HLTHCARE DIST</title>
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          <isin value="US56782TAU60"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STWD CMNTYS DEV AUTH REVENUE</title>
        <cusip>13080SWJ9</cusip>
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          <isin value="US13080SWJ94"/>
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        <balance>5000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Riverside CA Water Revenue</name>
        <lei>N/A</lei>
        <title>RIVERSIDE CA WTR REVENUE</title>
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          <isin value="US769076WD81"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-10-01</maturityDt>
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        <name>Indio Finance Authority</name>
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          <isin value="US45571LDR50"/>
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          <maturityDt>2052-11-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Chaffey Joint Union High School District</name>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
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        <title>CALIFORNIA ST HLTH FACS FING AUTH REVENUE</title>
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      <invstOrSec>
        <name>Foothill-Eastern Transportation Corridor Agency</name>
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      <invstOrSec>
        <name>Southern California Public Power Authority</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Southern California Public Power Authority</name>
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          <isin value="US842469BJ64"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fremont Union High School District</name>
        <lei>N/A</lei>
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          <isin value="US357172L943"/>
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        <curCd>USD</curCd>
        <valUSD>4978365.35000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US79730AKY37"/>
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        <curCd>USD</curCd>
        <valUSD>7553496.62000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Mountain House Public Financing Authority</name>
        <lei>N/A</lei>
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        <cusip>62412PBP0</cusip>
        <identifiers>
          <isin value="US62412PBP09"/>
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        <balance>4500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4426080.57000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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        <cusip>13058TPW4</cusip>
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          <isin value="US13058TPW44"/>
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        <balance>5315000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5196513.02000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Francisco Bay Area Rapid Transit District</name>
        <lei>549300Y3C3QUMLE3FY58</lei>
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        <cusip>797661C52</cusip>
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          <isin value="US797661C520"/>
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        <curCd>USD</curCd>
        <valUSD>8928927.23000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
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        <cusip>13063DF94</cusip>
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          <isin value="US13063DF949"/>
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        <valUSD>5099257.30000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-10-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Francisco Bay Area Rapid Transit District</name>
        <lei>549300Y3C3QUMLE3FY58</lei>
        <title>SAN FRANCISCO CA BAY AREA RAPID TRANSIT DIST</title>
        <cusip>797661WQ4</cusip>
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          <isin value="US797661WQ47"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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        <cusip>13058TPV6</cusip>
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          <isin value="US13058TPV60"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Enterprise Development Authority</name>
        <lei>549300544P6FSHU1HB46</lei>
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          <isin value="US13067RCZ47"/>
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          <maturityDt>2062-11-15</maturityDt>
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          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>South Orange County Public Financing Authority</name>
        <lei>N/A</lei>
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        <name>Contra Costa Water District</name>
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        <name>Florida Development Finance Corp</name>
        <lei>549300HC854CNBLMWC48</lei>
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        <name>Oak Grove School District</name>
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        <name>Indio Finance Authority</name>
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        <name>Bay Area Toll Authority</name>
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        <name>Irvine Facilities Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US46360WAT36"/>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>La Canada Unified School District</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>San Diego County Regional Airport Authority</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>California Community Choice Financing Authority</name>
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          <isin value="US13013JCM62"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California State University</name>
        <lei>N/A</lei>
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          <isin value="US13077DBD30"/>
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          <maturityDt>2042-11-01</maturityDt>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
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          <isin value="US13033L8P56"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-08-15</maturityDt>
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      <invstOrSec>
        <name>California State Public Works Board</name>
        <lei>N/A</lei>
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          <isin value="US13068XBT54"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA ST HLTH FACS FING AUTH REVENUE</title>
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          <isin value="US13032UMN53"/>
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        <balance>31000000.00000000</balance>
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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>2044-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA ST HLTH FACS FING AUTH REVENUE</title>
        <cusip>13032UNW4</cusip>
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          <isin value="US13032UNW44"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US13058TSF83"/>
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        <balance>420000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
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        <title>CALIFORNIA ST STWD CMNTYS DEVAUTH STUDENT HSG REVENUE</title>
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          <isin value="US13078RGJ32"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CSCDA Community Improvement Authority</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>State of California</name>
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        <name>CSCDA Community Improvement Authority</name>
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      <invstOrSec>
        <name>City of Oakland CA</name>
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        <name>San Francisco Bay Area Rapid Transit District</name>
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      <invstOrSec>
        <name>Tobacco Securitization Authority of Southern California</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-06-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Chaffey Joint Union High School District</name>
        <lei>N/A</lei>
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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>2042-02-01</maturityDt>
          <couponKind>None</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>Golden State Tobacco Securitization Corp</name>
        <lei>N/A</lei>
        <title>GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT</title>
        <cusip>38122ND90</cusip>
        <identifiers>
          <isin value="US38122ND906"/>
        </identifiers>
        <balance>13000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13444339.87000000</valUSD>
        <pctVal>1.157057035876</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>East Bay Municipal Utility District Water System Revenue</name>
        <lei>N/A</lei>
        <title>EAST BAY CA MUNI UTILITY DIST WTR SYS REVENUE</title>
        <cusip>271014A36</cusip>
        <identifiers>
          <isin value="US271014A364"/>
        </identifiers>
        <balance>5500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5500754.05000000</valUSD>
        <pctVal>0.473410092107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-01</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="Item B.2.c amount includes liabilities associated with tender option bond transactions." noteItem="B.2.c"/>

      <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>2024-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>BlackRock MuniHoldings California Quality Fund, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Chuck Pulsfort</ncom:signature>
      <ncom:signerName>Chuck Pulsfort</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
