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        <name>California Health Facilities Financing Authority</name>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Newport Beach CA</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>California Statewide Communities Development Authority</name>
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          <isin value="US13077EPQ79"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-09-01</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Orange Unified School District</name>
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        <name>Romoland School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Irvine Unified School District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-09-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-07-01</maturityDt>
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      <invstOrSec>
        <name>Dublin Unified School District</name>
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          <isin value="US26362VLA43"/>
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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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        <name>West Basin Municipal Water District/CA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Sacramento CA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Chino Community Facilities District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-09-01</maturityDt>
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        <name>Orange County Community Facilities District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City &amp; County of San Francisco CA Special Tax District No. 2020-1</name>
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        <name>California State Public Works Board</name>
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        <name>Hemet Unified School District</name>
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        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Poway Unified School District Public Financing Authority</name>
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        <name>City &amp; County of San Francisco CA</name>
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        <name>City of Long Beach CA Harbor Revenue</name>
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        <name>California Pollution Control Financing Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>City of Menifee CA</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <name>California Municipal Finance Authority</name>
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        <name>City of Rancho Cordova CA</name>
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        <name>Riverside Unified School District</name>
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        <name>Golden State Tobacco Securitization Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Washington Township Health Care District</name>
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        <name>Eastern Municipal Water District Community Facilities District</name>
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        <name>Independent Cities Finance Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>City of Menifee CA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California Educational Facilities Authority</name>
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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>California Community College Financing Authority</name>
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        <name>Beaumont Unified School District Community Facilities District No. 2020-1</name>
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        <name>Sierra View Local Health Care District</name>
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        <name>Sonoma Community Development Agency Successor Agency</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>City of Los Angeles Department of Airports</name>
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      <invstOrSec>
        <name>City of Fontana CA</name>
        <lei>N/A</lei>
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        <name>California Municipal Finance Authority</name>
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        <name>Tobacco Securitization Authority of Southern California</name>
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        <name>San Diego County Regional Airport Authority</name>
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        <name>Root Creek Water District Community Facilities District No. 2016-1 Impt Area No. 1</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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          <isin value="US130483JZ43"/>
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      <invstOrSec>
        <name>Menifee Union School District</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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          <isin value="US544532NG50"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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          <isin value="US13051CAA27"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Mt. San Antonio Community College District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Imperial Irrigation District Electric System Revenue</name>
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          <isin value="US452650LG70"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-11-01</maturityDt>
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      <invstOrSec>
        <name>City of Newport Beach CA</name>
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          <isin value="US651784UP33"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-02</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Series 2019 A</title>
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          <isin value="US13048VGG77"/>
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        <balance>2945000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Washington Township Health Care District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Chino Community Facilities District</name>
        <lei>N/A</lei>
        <title>Chino Community Facilities District, Series 2023</title>
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          <isin value="US169511XN76"/>
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        <balance>1090000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
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        <title>California Educational Facilities Authority, Series 2023 A</title>
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          <isin value="US130179VF81"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Sonoma Community Development Agency Successor Agency</name>
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          <isin value="US835523AL51"/>
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        <invCountry>US</invCountry>
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        <name>City of Ontario CA</name>
        <lei>254900FN91TH1F225693</lei>
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          <maturityDt>2037-09-01</maturityDt>
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        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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        <name>City of Lake Elsinore CA</name>
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      <invstOrSec>
        <name>Desert Sands Unified School District</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-08-01</maturityDt>
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        <name>Transbay Joint Powers Authority</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <name>City &amp; County of San Francisco CA Special Tax District No. 2020-1</name>
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        <name>California Educational Facilities Authority</name>
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        <name>Beaumont Unified School District Community Facilities District No. 2020-1</name>
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        <name>Washington Township Health Care District</name>
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        <name>California Municipal Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California Municipal Finance Authority</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CMFA Special Finance Agency VIII</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lammersville Joint Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California School Finance Authority</name>
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        <name>Washington Township Health Care District</name>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Moreno Valley Unified School District Community Facilities District</name>
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        <name>Guam Government Waterworks Authority</name>
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        <invCountry>GU</invCountry>
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        <name>Mid-Peninsula Water District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Pasadena CA Water Revenue</name>
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        <name>California School Finance Authority</name>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <name>County of San Diego CA</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Sierra View Local Health Care District</name>
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        <name>California Municipal Finance Authority</name>
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        <name>City of Lake Elsinore CA</name>
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        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>San Diego Community College District</name>
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        <name>Orange County Community Facilities District</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>University of California</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Transbay Joint Powers Authority</name>
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        <name>Poway Unified School District</name>
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        <name>City of Clovis CA Sewer Revenue</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Transbay Joint Powers Authority</name>
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        <name>City of Sacramento CA Transient Occupancy Tax Revenue</name>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>Irvine Unified School District</name>
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        <name>Beaumont Public Improvement Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California Enterprise Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-01</maturityDt>
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      <invstOrSec>
        <name>Tracy Community Facilities District/CA</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>California Community College Financing Authority</name>
        <lei>N/A</lei>
        <title>California Community College Financing Authority, Series 2018</title>
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          <isin value="US13012RAT68"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-05-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Menifee CA</name>
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          <isin value="US58680WHM91"/>
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        <balance>2000000.00000000</balance>
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        <valUSD>2072618.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Southern California Public Power Authority</name>
        <lei>5493003B5TD5FWUKMD34</lei>
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          <isin value="US842469DK10"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Washington Township Health Care District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Series 2017 A</title>
        <cusip>13048TN58</cusip>
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          <isin value="US13048TN585"/>
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        <balance>1400000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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          <isin value="US13080SPP38"/>
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        <balance>9000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Poway Unified School District</name>
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        <name>California Educational Facilities Authority</name>
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        <name>West Basin Municipal Water District</name>
        <lei>54930017XCXSHT6Y5458</lei>
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        <invCountry>US</invCountry>
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        <name>River Islands Public Financing Authority</name>
        <lei>N/A</lei>
        <title>River Islands Public Financing Authority, Series 2025</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Eastern Municipal Water District Community Facilities District</name>
        <lei>N/A</lei>
        <title>Eastern Municipal Water District, Series 2026</title>
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        <balance>275000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-09-01</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>Elsinore Valley Municipal Water District</name>
        <lei>N/A</lei>
        <title>Elsinore Valley Municipal Water District, Series 2026</title>
        <cusip>290322EM4</cusip>
        <identifiers>
          <isin value="US290322EM40"/>
          <other otherDesc="Inhouse Asset ID" value="1566913"/>
        </identifiers>
        <balance>980000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>984765.94000000</valUSD>
        <pctVal>0.069392363183</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>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>Moreno Valley Unified School District Community Facilities District</name>
        <lei>N/A</lei>
        <title>Moreno Valley Unified School District, Series 2025</title>
        <cusip>616874WS8</cusip>
        <identifiers>
          <isin value="US616874WS81"/>
          <other otherDesc="Inhouse Asset ID" value="1496589"/>
        </identifiers>
        <balance>925000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>946161.23000000</valUSD>
        <pctVal>0.066672049707</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>5.12500000</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>Imperial Irrigation District Electric System Revenue</name>
        <lei>N/A</lei>
        <title>Imperial Irrigation District, Series 2019</title>
        <cusip>452650LD4</cusip>
        <identifiers>
          <isin value="US452650LD40"/>
          <other otherDesc="Inhouse Asset ID" value="1201657"/>
        </identifiers>
        <balance>1100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1170981.46000000</valUSD>
        <pctVal>0.082514196980</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-01</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>Los Angeles Unified School District/CA</name>
        <lei>N/A</lei>
        <title>Los Angeles Unified School District, Series 2024 A</title>
        <cusip>544647HH6</cusip>
        <identifiers>
          <isin value="US544647HH67"/>
          <other otherDesc="Inhouse Asset ID" value="1351154"/>
        </identifiers>
        <balance>13000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13000000.00000000</valUSD>
        <pctVal>0.916055973037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Series 2022 A</title>
        <cusip>13049RBL9</cusip>
        <identifiers>
          <isin value="US13049RBL96"/>
          <other otherDesc="Inhouse Asset ID" value="1187515"/>
        </identifiers>
        <balance>240000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>252745.54000000</valUSD>
        <pctVal>0.017809927813</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</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 Los Angeles Department of Airports</name>
        <lei>N/A</lei>
        <title>City of Los Angeles, Series 2022 C</title>
        <cusip>544445YC7</cusip>
        <identifiers>
          <isin value="US544445YC73"/>
          <other otherDesc="Inhouse Asset ID" value="1286632"/>
        </identifiers>
        <balance>2800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2822124.48000000</valUSD>
        <pctVal>0.198863383581</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-05-15</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 Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Series 2021 B</title>
        <cusip>13049SEQ3</cusip>
        <identifiers>
          <isin value="US13049SEQ30"/>
          <other otherDesc="Inhouse Asset ID" value="1179021"/>
        </identifiers>
        <balance>590000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>561028.46000000</valUSD>
        <pctVal>0.039533343986</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-15</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>Romoland School District</name>
        <lei>N/A</lei>
        <title>Romoland School District, Series 2025</title>
        <cusip>776192YA8</cusip>
        <identifiers>
          <isin value="US776192YA86"/>
          <other otherDesc="Inhouse Asset ID" value="1466426"/>
        </identifiers>
        <balance>1800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1832115.06000000</valUSD>
        <pctVal>0.129101534154</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>5.00000000</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>Irvine Unified School District</name>
        <lei>549300BNIP4XNVC0X742</lei>
        <title>Irvine Unified School District, Series 2020 A</title>
        <cusip>463612NQ0</cusip>
        <identifiers>
          <isin value="US463612NQ05"/>
          <other otherDesc="Inhouse Asset ID" value="1065443"/>
        </identifiers>
        <balance>2890000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2891225.94000000</valUSD>
        <pctVal>0.203732676287</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-09-01</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 Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>California Community Choice Financing Authority, Series 2021 A</title>
        <cusip>13013JAX4</cusip>
        <identifiers>
          <isin value="US13013JAX46"/>
          <other otherDesc="Inhouse Asset ID" value="1174120"/>
        </identifiers>
        <balance>13200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13392904.80000000</valUSD>
        <pctVal>0.943742341412</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-10-01</maturityDt>
          <couponKind>Variable</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>City of Fontana CA</name>
        <lei>N/A</lei>
        <title>City of Fontana, Series 2021</title>
        <cusip>344630ZQ4</cusip>
        <identifiers>
          <isin value="US344630ZQ43"/>
          <other otherDesc="Inhouse Asset ID" value="1153459"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>392429.92000000</valUSD>
        <pctVal>0.027652905554</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-09-01</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 Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Series 2026 A</title>
        <cusip>130483LU2</cusip>
        <identifiers>
          <isin value="US130483LU28"/>
          <other otherDesc="Inhouse Asset ID" value="1619890"/>
        </identifiers>
        <balance>4200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4227864.06000000</valUSD>
        <pctVal>0.297920009642</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000120</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 2017 A</title>
        <cusip>13032UNC8</cusip>
        <identifiers>
          <isin value="US13032UNC89"/>
          <other otherDesc="Inhouse Asset ID" value="666273"/>
        </identifiers>
        <balance>2045000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2049100.02000000</valUSD>
        <pctVal>0.144391562513</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-15</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>Menifee Union School District</name>
        <lei>N/A</lei>
        <title>Menifee Union School District, Series 2025 A</title>
        <cusip>586807LK3</cusip>
        <identifiers>
          <isin value="US586807LK30"/>
          <other otherDesc="Inhouse Asset ID" value="1457040"/>
        </identifiers>
        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2400847.25000000</valUSD>
        <pctVal>0.169177727977</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</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>Romoland School District</name>
        <lei>N/A</lei>
        <title>Romoland School District, Series 2015</title>
        <cusip>776192NP7</cusip>
        <identifiers>
          <isin value="US776192NP74"/>
          <other otherDesc="Inhouse Asset ID" value="605806"/>
        </identifiers>
        <balance>2130000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2137877.59000000</valUSD>
        <pctVal>0.150647348918</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-01</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>
    </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>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin California Tax Free Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
