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      <invstOrSec>
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        <name>CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY</name>
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        <name>REGENTS OF THE UNIVERSITY OF CALIFORNIA MEDICAL CENTER POOLED REVENUE</name>
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        <name>CHINO VALLEY UNIFIED SCHOOL DISTRICT</name>
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      <invstOrSec>
        <name>SAN DIEGO UNIFIED SCHOOL DISTRICT</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>CALIFORNIA STATE</name>
        <lei>9845007J7054602FF597</lei>
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      <invstOrSec>
        <name>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</name>
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      <invstOrSec>
        <name>CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK</name>
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      <invstOrSec>
        <name>CALIFORNIA STATE</name>
        <lei>9845007J7054602FF597</lei>
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        <curCd>USD</curCd>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</name>
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        <title>CALIFORNIA ST MUNI FIN AUTH RE CASFIN 11/35 FIXED 5</title>
        <cusip>13048V3D8</cusip>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>SAN FRANCISCO CITY &amp; COUNTY AIRPORT COMM-SAN FRANCISCO INTERNATIONAL AIRPORT</name>
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        <cusip>79766DXK0</cusip>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK</name>
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        <title>CALIFORNIA ST INFRASTRUCTURE CASEDU 11/50 FIXED 4</title>
        <cusip>13035ABR9</cusip>
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        <curCd>USD</curCd>
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          <annualizedRt>4</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY</name>
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        <cusip>13013JDG8</cusip>
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          <annualizedRt>5.25</annualizedRt>
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      <invstOrSec>
        <name>PACIFICA SCHOOL DISTRICT</name>
        <lei>N/A</lei>
        <title>PACIFICA CA SCH DIST PACSCD 08/50 FIXED 5</title>
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        <curCd>USD</curCd>
        <valUSD>5199231.000000</valUSD>
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        <assetCat>DBT</assetCat>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>LONG BEACH UNIFIED SCHOOL DISTRICT</name>
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      <invstOrSec>
        <name>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</name>
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          <annualizedRt>4</annualizedRt>
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        <name>RANCHO CORDOVA CITY OF</name>
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        <name>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</name>
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          <annualizedRt>4</annualizedRt>
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        <name>PUERTO RICO SALES TAX FINANCING CORP SALES TAX REVENUE</name>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY</name>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA SCHOOL FINANCE AUTHORITY</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
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      <invstOrSec>
        <name>ONTARIO INTERNATIONAL AIRPORT AUTHORITY</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY</name>
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      <invstOrSec>
        <name>PALM SPRINGS UNIFIED SCHOOL DISTRICT</name>
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      <invstOrSec>
        <name>CALIFORNIA STATEWIDE FINANCING AUTHORITY</name>
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      <invstOrSec>
        <name>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</name>
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      <invstOrSec>
        <name>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</name>
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      <invstOrSec>
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          <annualizedRt>5</annualizedRt>
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        <name>CALIFORNIA HOUSING FINANCE AGENCY</name>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY</name>
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        <name>CALIFORNIA STATE UNIVERSITY</name>
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        <name>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</name>
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        <name>LOS ANGELES COUNTY PUBLIC WORKS FINANCING AUTHORITY</name>
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        <name>CALIFORNIA STATE UNIVERSITY</name>
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        <name>NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY</name>
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      <invstOrSec>
        <name>COUNTY OF SACRAMENTO CA</name>
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      <invstOrSec>
        <name>SILICON VALLEY TOBACCO SECURITIZATION AUTHORITY</name>
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        <name>EUREKA CITY SCHOOLS</name>
        <lei>N/A</lei>
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          <isin value="US298470BT15"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <name>CALIFORNIA HOUSING FINANCE AGENCY</name>
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      <invstOrSec>
        <name>ELK GROVE FINANCE AUTHORITY</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</name>
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        <curCd>USD</curCd>
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        <name>MOUNT SAN JACINTO COMMUNITY COLLEGE DISTRICT</name>
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        <name>CMFA SPECIAL FINANCE AGENCY VII</name>
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        <name>CALIFORNIA COUNTY TOBACCO SECURITIZATION AGENCY</name>
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        <name>LOCAL PUBLIC SCHOOLS FUNDING AUTHORITY SCHOOL IMPROVEMENT DISTRICT NO 2016-1</name>
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        <name>CALIFORNIA COUNTY TOBACCO SECURITIZATION AGENCY</name>
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        <name>LOCAL PUBLIC SCHOOLS FUNDING AUTHORITY SCHOOL IMPROVEMENT DISTRICT NO 2016-1</name>
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        <name>ALAMEDA CORRIDOR TRANSPORTATION AUTHORITY</name>
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        <name>CALIFORNIA STATE UNIVERSITY</name>
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        <name>CALIFORNIA HOUSING FINANCE AGENCY</name>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA STATE UNIVERSITY</name>
        <lei>N/A</lei>
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        <cusip>13077DUR1</cusip>
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          <isin value="US13077DUR15"/>
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        <balance>2000000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1893640.200000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>GOLDEN STATE TOBACCO SECURITIZATION</name>
        <lei>N/A</lei>
        <title>GOLDEN ST TOBACCO SECURITIZATI GLDGEN 06/66 ZEROCPNOID 0</title>
        <cusip>38122NB84</cusip>
        <identifiers>
          <isin value="US38122NB843"/>
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        <balance>59600000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6347811.240000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-06-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>IRVINE FACILITIES FINANCING AUTHORITY</name>
        <lei>N/A</lei>
        <title>IRVINE CA FACS FING AUTH SPL T IRGFAC 09/58 FIXED OID 4</title>
        <cusip>46360WAY2</cusip>
        <identifiers>
          <isin value="US46360WAY21"/>
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        <balance>2000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1812127.800000</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>2058-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STWD CMNTYS DEV AUT CASGEN 08/57 FIXED OID 5.375</title>
        <cusip>13080SM84</cusip>
        <identifiers>
          <isin value="US13080SM848"/>
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        <balance>3050000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3140068.940000</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>2057-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.375</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STWD CMNTYS DEV AUT CASGEN 12/53 FIXED 4</title>
        <cusip>13080STM6</cusip>
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          <isin value="US13080STM60"/>
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        <balance>230000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>208165.460000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
          <maturityDt>2053-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHINO VALLEY UNIFIED SCHOOL DISTRICT</name>
        <lei>N/A</lei>
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        <cusip>169583JU6</cusip>
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          <isin value="US169583JU60"/>
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        <balance>1405000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>578286.480000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA HOUSING FINANCE AGENCY</name>
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        <title>CALIFORNIA HSG FIN AGY LTD OBL CASMFH 03/53 ADJUSTABLE VAR</title>
        <cusip>13034DAJ3</cusip>
        <identifiers>
          <isin value="US13034DAJ37"/>
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        <balance>5850000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5970775.010000</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>
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          <couponKind>Variable</couponKind>
          <annualizedRt>6</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SOUTH SAN FRANCISCO UNIFIED SCHOOL DISTRICT</name>
        <lei>N/A</lei>
        <title>SOUTH SAN FRANCISCO CA UNIF SC SSFSCD 09/48 FIXED 4</title>
        <cusip>840058WA5</cusip>
        <identifiers>
          <isin value="US840058WA51"/>
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        <balance>2000000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1906814.800000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA ST STWD CMNTYS DEV CASDEV 09/44 FIXED 5</title>
        <cusip>13078YVU6</cusip>
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          <isin value="US13078YVU62"/>
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        <balance>3175000.000000</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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          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>GLENDALE CALIF CMNTY COLLEGE DIST</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>5625 CASE</name>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CORONA-NORCA UNIFIED SCHOOL DI</name>
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        <name>ILLINOIS ST</name>
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      <invstOrSec>
        <name>UNIVERSITY OF CALIFORNIA</name>
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        <name>POWAY UNIFIED SCHOOL DISTRICT</name>
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        <curCd>USD</curCd>
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        <name>BUTTE-GLENN COMMUNITY COLLEGE DISTRICT</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</name>
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        <curCd>USD</curCd>
        <valUSD>6161077.800000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
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      <invstOrSec>
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        <name>SAN MATEO JOINT POWERS FINANCING AUTHORITY</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</name>
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        <name>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</name>
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        <name>LONG BEACH BOND FINANCE AUTHORITY</name>
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        <name>MAMMOTH LAKES TOWN OF</name>
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        <name>ORANGE COUNTY COMMUNITY FACILITIES DISTRICT</name>
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        <name>CALIFORNIA HOUSING FINANCE AGENCY</name>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY</name>
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        <name>FONTANA UNIFIED SCHOOL DISTRICT</name>
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        <name>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</name>
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        <name>CALIFORNIA PUBLIC FINANCE AUTHORITY</name>
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        <name>CSCDA COMMUNITY IMPROVEMENT AUTHORITY</name>
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          <annualizedRt>3</annualizedRt>
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        <name>TOBACCO SECURITIZATION AUTH SOUTHN CAL T</name>
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        <name>CHINO VALLEY UNIFIED SCHOOL DISTRICT</name>
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        <name>CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY</name>
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        <name>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</name>
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        <name>RIVERSIDE COUNTY TRANSPORTATION COMMISSION</name>
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        <name>CALIFORNIA HOUSING FINANCE AGENCY</name>
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        <name>CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY</name>
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      <invstOrSec>
        <name>HARTNELL CALIF CMNTY COLLEGE DIST</name>
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      <invstOrSec>
        <name>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</name>
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        <name>UNIVERSITY OF CALIFORNIA</name>
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      <invstOrSec>
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        <name>MOUNTAIN HOUSE COMMUNITY FACILITIES DISTRICT</name>
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        <valUSD>2131524.020000</valUSD>
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        <invCountry>US</invCountry>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST EDUCTNL FACS AUT CASEDU 10/39 FIXED OID 4</title>
        <cusip>130179RH9</cusip>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <name>ANGELINA &amp; NECHES RIVER AUTHORITY</name>
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        <name>CHINO VALLEY UNIFIED SCHOOL DISTRICT</name>
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        <name>CORONA COMMUNITY FACILITIES DISTRICT</name>
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        <name>ALAMEDA CORRIDOR TRANSPORTATION AUTHORITY</name>
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        <name>PUERTO RICO GOVT</name>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <name>VIRGINIA SMALL BUSINESS FING AUTH HOSP R</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</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>AFFORDABLE HOUSING OPPORTUNITIES TRUST SERIES AH-01</name>
        <lei>N/A</lei>
        <title>AFFORDABLE HSG OPPORTUNITIES T TENGEN 10/38 ADJUST OID VAR</title>
        <cusip>00826SAQ3</cusip>
        <identifiers>
          <isin value="US00826SAQ30"/>
        </identifiers>
        <balance>7910000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6735221.830000</valUSD>
        <pctVal>1.22285</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.167</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 MUNICIPAL FINANCE AUTHORITY</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA ST MUNI FIN AUTH ST CASFIN 05/41 FIXED 4</title>
        <cusip>13049YFN6</cusip>
        <identifiers>
          <isin value="US13049YFN67"/>
        </identifiers>
        <balance>500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>487397.100000</valUSD>
        <pctVal>0.0884921</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>SAN JUAN UNIFIED SCHOOL DISTRICT</name>
        <lei>N/A</lei>
        <title>SAN JUAN CA UNIF SCH DIST SAN JUAN UNIF SD</title>
        <cusip>798306ZS8</cusip>
        <identifiers>
          <isin value="US798306ZS82"/>
        </identifiers>
        <balance>5000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4665255.000000</valUSD>
        <pctVal>0.847027</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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 MUNICIPAL FINANCE AUTHORITY</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA ST MUNI FIN AUTH SP CASGEN 09/55 FIXED OID 5.375</title>
        <cusip>13051ANU8</cusip>
        <identifiers>
          <isin value="US13051ANU87"/>
        </identifiers>
        <balance>1355000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1405742.990000</valUSD>
        <pctVal>0.255228</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.375</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>WASHINGTON TOWNSHIP HEALTHCARE DISTRICT</name>
        <lei>N/A</lei>
        <title>WASHINGTON TWP CA HLTH CARE DI WASMED 08/53 FIXED 5.5</title>
        <cusip>940642GF2</cusip>
        <identifiers>
          <isin value="US940642GF24"/>
        </identifiers>
        <balance>4120000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4448117.620000</valUSD>
        <pctVal>0.807603</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</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>CITY OF LOS ANGELES DEPARTMENT OF AIRPORTS</name>
        <lei>N/A</lei>
        <title>LOS ANGELES CA DEPT OF ARPTS A LOSAPT 05/48 FIXED 5</title>
        <cusip>544445GY9</cusip>
        <identifiers>
          <isin value="US544445GY95"/>
        </identifiers>
        <balance>1800000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1814461.560000</valUSD>
        <pctVal>0.329435</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>5</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>HASTINGS CAMPUS HOUSING FINANCE AUTHORITY</name>
        <lei>N/A</lei>
        <title>HASTINGS CAMPUS HSG FIN AUTH C HCHGEN 07/61 FIXED 5</title>
        <cusip>418338AB5</cusip>
        <identifiers>
          <isin value="US418338AB53"/>
        </identifiers>
        <balance>2100000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1869728.490000</valUSD>
        <pctVal>0.339469</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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 COMMUNITIES DEVELOPMENT AUTHORITY</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA STWD CMNTYS DEV AUT CASGEN 07/40 FIXED 4</title>
        <cusip>13080SUZ5</cusip>
        <identifiers>
          <isin value="US13080SUZ54"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1004533.600000</valUSD>
        <pctVal>0.182384</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>CITY OF RICHMOND CA WASTEWATER REVENUE</name>
        <lei>N/A</lei>
        <title>RICHMOND CA WSTWTR REVENUE RICUTL 08/49 FIXED 4</title>
        <cusip>764507DC0</cusip>
        <identifiers>
          <isin value="US764507DC02"/>
        </identifiers>
        <balance>4000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3713687.600000</valUSD>
        <pctVal>0.67426</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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 COMMUNITY CHOICE FINANCING AUTHORITY</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA CMNTY CHOICE FING A CCEDEV 01/55 ADJUSTABLE VAR</title>
        <cusip>13013JEA0</cusip>
        <identifiers>
          <isin value="US13013JEA07"/>
        </identifiers>
        <balance>5000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5297813.500000</valUSD>
        <pctVal>0.961874</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5</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="Total returns do not deduct sales loads and redemption fees." noteItem="B.5.a"/>

      <explntrNote note="To the extent an instrument's maturity date, termination date, expiration date, or settlement date does not exist or is not available as of period end, and is required for reporting, the registrant will disclose 12/31/2500." noteItem="C.11.c.vi"/>
      <explntrNote note="A negative balance, which may be due to such circumstances as a net overdraft as of the reporting period-end, is reported as $0 in Item B.2.f - Cash and cash equivalents not reported in Parts C and D.  This is done in order to conform to the technical constraints of the XML type, which do not allow negative values in B.2.f." noteItem="B.2.f"/>
      <explntrNote note="To the extent an instrument's maturity date, termination date, expiration date, or settlement date does not exist or is not available as of period end, and is required for reporting, the registrant will disclose 12/31/2500." noteItem="C.11.d.iii"/>
      <explntrNote note="To the extent an instrument's maturity date, termination date, expiration date, or settlement date does not exist or is not available as of period end, and is required for reporting, the registrant will disclose 12/31/2500." noteItem="C.11.e.iii"/>
      <explntrNote note="The form requires the filer to report ISO country codes and certain supranational entities are not on the ISO country code list.  Instruments issued by or economic exposure to a supranational entity may be disclosed as N/A." noteItem="C.5.a"/>
      <explntrNote note="To the extent an instrument's maturity date, termination date, expiration date, or settlement date does not exist or is not available as of period end, and is required for reporting, the registrant will disclose 12/31/2500." noteItem="C.11.f.ii"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-11-26</ncom:dateSigned>
      <ncom:nameOfApplicant>PIMCO California Municipal Income Fund</ncom:nameOfApplicant>
      <ncom:signature>/s/ Bijal Parikh</ncom:signature>
      <ncom:signerName>Bijal Parikh</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
