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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>California County Tobacco Securitization Agency</name>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
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        <balance>790000.00000000</balance>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
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          <isin value="US13016NGX66"/>
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        <balance>830000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
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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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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Coachella Valley Unified School District</name>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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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>Downey Unified School District</name>
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        <name>City of Dublin CA</name>
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        <name>Eastern Municipal Water District Community Facilities District</name>
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        <name>FHLMC Multifamily ML Certificates</name>
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        <name>Folsom Cordova Unified School District School Facilities Improvement Dist No. 5</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lakeside Union School District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Midpeninsula Regional Open Space District Field Employees Corp.</name>
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      <invstOrSec>
        <name>Modesto High School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Monterey Peninsula Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-08-01</maturityDt>
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      <invstOrSec>
        <name>Moorpark Unified School District</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Moreno Valley 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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        <fairValLevel>2</fairValLevel>
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        <name>Moreno Valley Unified School District/CA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Moreno Valley Unified School District Community Facilities District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Moreno Valley Unified School District Community Facilities District</name>
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        <name>Mt. San Antonio Community College District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mount San Jacinto Community College District</name>
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        <name>Mountain House Community Facilities District</name>
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        <name>Murrieta Valley Unified School District</name>
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        <title>Murrieta Valley Unified School District, Series 2021</title>
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        <name>Murrieta Valley Unified School District</name>
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        <name>City of Newport Beach CA</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-09-02</maturityDt>
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        <name>Newport Mesa Unified School District</name>
        <lei>N/A</lei>
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        <name>Oceanside Unified School District/CA</name>
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        <name>City of Ontario CA Community Facilities District No. 13</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Ontario CA</name>
        <lei>254900FN91TH1F225693</lei>
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        <name>City of Ontario CA</name>
        <lei>254900FN91TH1F225693</lei>
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        <name>Riverside County Community Facilities Districts</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Rohnert Park Community Development Commission Successor Agency</name>
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      <invstOrSec>
        <name>Romoland School District</name>
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      </invstOrSec>
      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>San Diego Unified School District/CA</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>San Diego County Regional Airport Authority</name>
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        <name>San Diego County Regional Airport Authority</name>
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        <name>Southern California Public Power Authority</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Town of Tiburon CA</name>
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        <valUSD>354196.61000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.37500000</annualizedRt>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-09-02</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Tobacco Securitization Authority of Northern California</name>
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        <valUSD>6993181.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Tracy Community Facilities District</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tracy Community Facilities District</name>
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      <invstOrSec>
        <name>Tracy Community Facilities District</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tracy Community Facilities District/CA</name>
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      <invstOrSec>
        <name>Transbay Joint Powers Authority</name>
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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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      <invstOrSec>
        <name>Regents of the University of California Medical Center Pooled Revenue</name>
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          <annualizedRt>4.62500000</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 Patterson Financing Authority</name>
        <lei>N/A</lei>
        <title>West Patterson Financing Authority, Series 2024</title>
        <cusip>955232FM0</cusip>
        <identifiers>
          <isin value="US955232FM04"/>
          <other otherDesc="Inhouse Asset ID" value="1327526"/>
        </identifiers>
        <balance>2430000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2430182.01000000</valUSD>
        <pctVal>0.018479347737</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>West Sacramento Area Flood Control Agency</name>
        <lei>N/A</lei>
        <title>West Sacramento Area Flood Control Agency, Series 2015</title>
        <cusip>955627CF9</cusip>
        <identifiers>
          <isin value="US955627CF90"/>
          <other otherDesc="Inhouse Asset ID" value="599901"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3004357.50000000</valUSD>
        <pctVal>0.022845435750</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-09-01</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 Area Flood Control Agency</name>
        <lei>N/A</lei>
        <title>West Sacramento Area Flood Control Agency, Series 2015</title>
        <cusip>955627CG7</cusip>
        <identifiers>
          <isin value="US955627CG73"/>
          <other otherDesc="Inhouse Asset ID" value="599900"/>
        </identifiers>
        <balance>7500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7508236.50000000</valUSD>
        <pctVal>0.057093383380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <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>5480284.84000000</valUSD>
        <pctVal>0.041672635565</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>1182581.10000000</valUSD>
        <pctVal>0.008992465290</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>1859700.09000000</valUSD>
        <pctVal>0.014141346001</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>832998.80000000</valUSD>
        <pctVal>0.006334206420</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>1018871.20000000</valUSD>
        <pctVal>0.007747598791</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>1208177.40000000</valUSD>
        <pctVal>0.009187102123</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>397711.01000000</valUSD>
        <pctVal>0.003024234408</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>755957.55000000</valUSD>
        <pctVal>0.005748377028</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>887455.43000000</valUSD>
        <pctVal>0.006748300096</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>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>964363.16000000</valUSD>
        <pctVal>0.007333114188</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>5999764.02000000</valUSD>
        <pctVal>0.045622807350</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>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>2026-06-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
