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      <invstOrSec>
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      <invstOrSec>
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        <name>State of California</name>
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        <name>State of California</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of California</name>
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        <name>State of California</name>
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        <name>State of California</name>
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        <name>State of California</name>
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        <name>State of California</name>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>Chino Community Facilities District</name>
        <lei>N/A</lei>
        <title>Chino Community Facilities District, Series 2024</title>
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        <balance>350000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Chino Community Facilities District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Chino Community Facilities District</name>
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        <balance>830000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
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        <name>Chino Valley Unified School District</name>
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      <invstOrSec>
        <name>Coachella Valley Unified School District</name>
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        <name>Coachella Valley Unified School District</name>
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      <invstOrSec>
        <name>Coachella Valley Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-08-01</maturityDt>
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      <invstOrSec>
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      <invstOrSec>
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        <name>Corona-Norco Unified School District</name>
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        <name>Delano Joint Union High School District</name>
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        <name>City of Dublin CA</name>
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        <name>County of El Dorado CA</name>
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        <name>Day Creek Square Public Facilities Community Facilities District No. 2018-1</name>
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        <name>FHLMC Multifamily ML Certificates</name>
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        <name>Fairfax School District</name>
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        <name>City of Fillmore CA</name>
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        <name>Folsom Cordova Unified School District School Facilities Improvement Dist No. 5</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>Midpeninsula Regional Open Space District Field Employees Corp.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-09-01</maturityDt>
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      <invstOrSec>
        <name>Modesto High School District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-01</maturityDt>
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      <invstOrSec>
        <name>Monterey Peninsula Unified School District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Moorpark Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Moreno Valley Unified School District</name>
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        <name>Moreno Valley Unified School District</name>
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        <name>Moreno Valley Unified School District/CA</name>
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        <name>Mount Diablo Unified School District</name>
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        <name>Mount San Antonio Community College District</name>
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        <name>Murrieta Valley Unified School District</name>
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        <name>Murrieta Valley Unified School District</name>
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        <name>Oceanside Unified School District/CA</name>
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        <name>Rancho Mirage Community Facilities District</name>
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      <invstOrSec>
        <name>Rio Hondo Community College District</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>River Islands Public Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Riverside CA Sewer Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Riverside Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Riverside Unified School District</name>
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      <invstOrSec>
        <name>Riverside County Community Facilities Districts</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Riverside County Transportation Commission Sales Tax Revenue</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Rocklin Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Rocklin Unified School District</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Rohnert Park Community Development Commission Successor Agency</name>
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          <isin value="US77539VCZ04"/>
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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>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Romoland School District</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Romoland School District</name>
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          <isin value="US776192UY09"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-09-01</maturityDt>
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        <name>San Diego Unified School District</name>
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      <invstOrSec>
        <name>San Juan Unified School District</name>
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        <title>San Juan Unified School District, Series 2003 B</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Luis Obispo County Financing Authority</name>
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      <invstOrSec>
        <name>San Marino Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US798832FR72"/>
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      <invstOrSec>
        <name>San Mateo Foster City Public Financing Authority</name>
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      <invstOrSec>
        <name>San Rafael City High School District</name>
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        <title>San Rafael City High School District, Series 2018 B</title>
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          <isin value="US799289LM34"/>
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      <invstOrSec>
        <name>Sanger Unified School District</name>
        <lei>N/A</lei>
        <title>Sanger Unified School District, Series A</title>
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          <isin value="US800851PU59"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-08-01</maturityDt>
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      <invstOrSec>
        <name>Santa Cruz County Redevelopment Successor Agency</name>
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          <isin value="US80182YBD85"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Santa Paula CA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Santa Paula CA</name>
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      <invstOrSec>
        <name>School Facilities Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US807847BD90"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Semitropic Improvement District of the Semitropic Water Storage District</name>
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        <name>Southern California Public Power Authority</name>
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      <invstOrSec>
        <name>Southern California Public Power Authority</name>
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          <maturityDt>2027-11-01</maturityDt>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Sulphur Springs Union School District</name>
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      <invstOrSec>
        <name>Temecula Public Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Temescal Valley Water District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Three Rivers Levee Improvement Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>Town of Tiburon CA</name>
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      <invstOrSec>
        <name>Tobacco Securitization Authority of Northern California</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Tobacco Securitization Authority of Southern California</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
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      <invstOrSec>
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        <name>Tracy Community Facilities District/CA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Transbay Joint Powers Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Truckee-Donner Public Utility District Water System Revenue</name>
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        <name>Turlock Irrigation District</name>
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        <name>Union Elementary School District</name>
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        <name>Regents of the University of California Medical Center Pooled Revenue</name>
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        <name>Regents of the University of California Medical Center Pooled Revenue</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-09-01</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>West Sacramento Financing Authority</name>
        <lei>N/A</lei>
        <title>West Sacramento Financing Authority, Series A</title>
        <cusip>955641DD4</cusip>
        <identifiers>
          <isin value="US955641DD44"/>
          <other otherDesc="Inhouse Asset ID" value="362143"/>
        </identifiers>
        <balance>4940000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5520455.93000000</valUSD>
        <pctVal>0.042031457726</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-01</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>Westside Union School District Community Facilities District</name>
        <lei>N/A</lei>
        <title>Westside Union School District, Series 2023</title>
        <cusip>961491ED5</cusip>
        <identifiers>
          <isin value="US961491ED59"/>
          <other otherDesc="Inhouse Asset ID" value="1271970"/>
        </identifiers>
        <balance>1175000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1186261.20000000</valUSD>
        <pctVal>0.009031914775</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-09-01</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>Westside Union School District Community Facilities District</name>
        <lei>N/A</lei>
        <title>Westside Union School District, Series 2023</title>
        <cusip>961491EE3</cusip>
        <identifiers>
          <isin value="US961491EE33"/>
          <other otherDesc="Inhouse Asset ID" value="1271969"/>
        </identifiers>
        <balance>1890000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1904148.35000000</valUSD>
        <pctVal>0.014497739297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>City of Wildomar CA</name>
        <lei>N/A</lei>
        <title>City of Wildomar, Series 2024</title>
        <cusip>968118AL3</cusip>
        <identifiers>
          <isin value="US968118AL36"/>
          <other otherDesc="Inhouse Asset ID" value="1367744"/>
        </identifiers>
        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>841650.56000000</valUSD>
        <pctVal>0.006408130122</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-01</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>City of Wildomar CA</name>
        <lei>N/A</lei>
        <title>City of Wildomar, Series 2024</title>
        <cusip>968118AM1</cusip>
        <identifiers>
          <isin value="US968118AM19"/>
          <other otherDesc="Inhouse Asset ID" value="1367745"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1041074.40000000</valUSD>
        <pctVal>0.007926496504</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-09-01</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>City of Wildomar CA</name>
        <lei>N/A</lei>
        <title>City of Wildomar, Series 2024</title>
        <cusip>968118AN9</cusip>
        <identifiers>
          <isin value="US968118AN91"/>
          <other otherDesc="Inhouse Asset ID" value="1367746"/>
        </identifiers>
        <balance>1200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1239035.88000000</valUSD>
        <pctVal>0.009433728820</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-01</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>William S Hart Union High School District</name>
        <lei>N/A</lei>
        <title>William S Hart Union High School District, Series 2024</title>
        <cusip>969281JT2</cusip>
        <identifiers>
          <isin value="US969281JT20"/>
          <other otherDesc="Inhouse Asset ID" value="1340546"/>
        </identifiers>
        <balance>385000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>401966.53000000</valUSD>
        <pctVal>0.003060478958</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-09-01</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>William S Hart Union High School District</name>
        <lei>N/A</lei>
        <title>William S Hart Union High School District, Series 2024</title>
        <cusip>969281JU9</cusip>
        <identifiers>
          <isin value="US969281JU92"/>
          <other otherDesc="Inhouse Asset ID" value="1340547"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>774531.15000000</valUSD>
        <pctVal>0.005897098663</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-01</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>William S Hart Union High School District</name>
        <lei>N/A</lei>
        <title>William S Hart Union High School District, Series 2024</title>
        <cusip>969281JV7</cusip>
        <identifiers>
          <isin value="US969281JV75"/>
          <other otherDesc="Inhouse Asset ID" value="1340548"/>
        </identifiers>
        <balance>885000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>908300.37000000</valUSD>
        <pctVal>0.006915586155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-01</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>Centennial Gardens LP</name>
        <lei>N/A</lei>
        <title>Centennial Gardens LP, First Lien, Delayed Draw CME Term Loan</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1186682"/>
        </identifiers>
        <balance>1495231.55000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1497383.58000000</valUSD>
        <pctVal>0.011400727664</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-07</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.88000000</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>Perris Joint Powers Authority</name>
        <lei>549300YM04SQ63RR8P86</lei>
        <title>Perris Joint Powers Authority, Series 2020</title>
        <cusip>714376TC4</cusip>
        <identifiers>
          <isin value="US714376TC49"/>
          <other otherDesc="Inhouse Asset ID" value="1120075"/>
        </identifiers>
        <balance>1125000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1004634.00000000</valUSD>
        <pctVal>0.007649047838</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-09-01</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>
      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>California Health Facilities Financing Authority, Series 2020 A</title>
        <cusip>13032UWZ7</cusip>
        <identifiers>
          <isin value="US13032UWZ73"/>
          <other otherDesc="Inhouse Asset ID" value="1120264"/>
        </identifiers>
        <balance>5950000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6000280.48000000</valUSD>
        <pctVal>0.045684729402</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-01</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>
      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority, Escrow Account</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1288562"/>
        </identifiers>
        <balance>4167132.28000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3333705.82000000</valUSD>
        <pctVal>0.025382054855</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AES Guayama Holdings BV</name>
        <lei>N/A</lei>
        <title>AES Guayama Holdings BV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1317595"/>
        </identifiers>
        <balance>79045.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-03-31</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin California Tax Free Income Fund</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
