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      <invstOrSec>
        <name>SAN DIEGO CNTY CALIF REGL ARPT AUTH ARPT REV</name>
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      <invstOrSec>
        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH STATEWIDE CMNTY INFRASTRUCTURE PROGRAM REV</name>
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          <isin value="US13078YWL54"/>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH SCH FAC REV</name>
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          <isin value="US13051BAB27"/>
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      <invstOrSec>
        <name>MORENO VALLEY CALIF UNI SCH DIST</name>
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          <isin value="US616871KX65"/>
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      <invstOrSec>
        <name>CALIFORNIA EDL FACS AUTH REV</name>
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          <isin value="US130179VJ04"/>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH STATEWIDE CMNTY INFRASTRUCTURE PROGRAM REV</name>
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          <isin value="US13078YYM10"/>
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      <invstOrSec>
        <name>RIVER ISLANDS PUB FING AUTH CALIF SPL TAX</name>
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          <isin value="US76827QJD60"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-09-01</maturityDt>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
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          <isin value="US13048VXH67"/>
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      <invstOrSec>
        <name>CALIFORNIA SCH FIN AUTH SCH FAC REV</name>
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        <name>SAN FRANCISCO CALIF CITY &amp; CNTY INFRASTRUCTURE &amp; REVITALIZATION FING DIST NO 1</name>
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        <name>GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV</name>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV</name>
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        <name>CALIFORNIA MUN FIN AUTH CTFS PARTN</name>
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        <name>CALIFORNIA SCH FIN AUTH SCH FAC REV</name>
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        <name>IRVINE CALIF UNI SCH DIST SPL TAX</name>
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        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
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        <name>SACRAMENTO CNTY CALIF ARPT SYS REV</name>
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        <name>BAY AREA TOLL AUTH CALIF TOLL BRDG REV</name>
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        <name>STOCKTON CALIF PUB FING AUTH PKG REV</name>
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        <name>CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY TOB SETTLEMENT REV</name>
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        <name>CALIFORNIA CMNTY HSG AGY ESSENTIAL HSG REV</name>
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        <name>VACAVILLE CALIF UNI SCH DIST</name>
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        <name>CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY TOB SETTLEMENT REV</name>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV</name>
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        <name>CALIFORNIA PUB FIN AUTH REV</name>
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        <name>LOS ANGELES CALIF DEPT WTR &amp; PWR REV</name>
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        <name>SAN DIEGO CNTY CALIF REGL ARPT AUTH ARPT REV</name>
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        <name>TOBACCO SECURITIZATION AUTH SOUTHN CALIF TOB SETTLEMENT REV</name>
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      <invstOrSec>
        <name>LOS ANGELES CALIF DEPT ARPTS REV</name>
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      <invstOrSec>
        <name>CALIFORNIA EDL FACS AUTH REV</name>
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      <invstOrSec>
        <name>CALIFORNIA SCH FIN AUTH CHARTER SCH REV</name>
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      <invstOrSec>
        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH HOSP REV</name>
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          <isin value="US13081KAX81"/>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>BURBANK CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
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          <isin value="US12082SBY90"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV</name>
        <lei>N/A</lei>
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          <isin value="US13080SPQ11"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GUAM PWR AUTH REV</name>
        <lei>N/A</lei>
        <title>GUAM POWER AUTHORITY</title>
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          <isin value="US400653JL65"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>SAN FRANCISCO CALIF CITY &amp; CNTY ARPTS COMMN INTL ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN FRANCISCO CITY COUNTY AIRPORT COMM SAN FRANC</title>
        <cusip>79766DXQ7</cusip>
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          <isin value="US79766DXQ77"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-05-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>IRVINE CALIF UNI SCH DIST SPL TAX</name>
        <lei>N/A</lei>
        <title>IRVINE UNIFIED SCHOOL DISTRICT</title>
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          <isin value="US463612KU44"/>
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        <balance>995000.00000000</balance>
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        <valUSD>1020167.04000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SAN DIEGO CNTY CALIF REGL ARPT AUTH ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE</title>
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          <isin value="US79739GNY88"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LOCAL PUB SCHS FDG AUTH SCH FACS IMPT DIST NO 2016-1 CALIF</name>
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        <name>SAN FRANCISCO CALIF CITY &amp; CNTY CMNTY FACS DIST NO 2014-1 SPL TAX</name>
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        <name>CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY TOB SETTLEMENT REV</name>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH STUDENT HSG REV</name>
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        <name>CALIFORNIA MUN FIN AUTH CTFS PARTN</name>
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        <name>PALOMAR POMERADO HEALTH CALIF</name>
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        <name>FILLMORE CALIF WASTEWATER REV</name>
        <lei>N/A</lei>
        <title>CITY OF FILLMORE CA WASTEWATER REVENUE</title>
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          <isin value="US317109AJ56"/>
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      <invstOrSec>
        <name>ATWATER CALIF WASTEWATER REV</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>TOBACCO SECURITIZATION AUTH SOUTHN CALIF TOB SETTLEMENT REV</name>
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      <invstOrSec>
        <name>CALIFORNIA EDL FACS AUTH REV</name>
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          <isin value="US130179GT50"/>
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        <name>CALIFORNIA INFRASTRUCTURE &amp; ECONOMIC DEV BK REV</name>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV</name>
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          <isin value="US13080SMW16"/>
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      <invstOrSec>
        <name>IRVINE CALIF UNI SCH DIST SPL TAX</name>
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          <isin value="US463612JZ59"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA SCH FIN AUTH CHARTER SCH REV</name>
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          <isin value="US13058TMA50"/>
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      <invstOrSec>
        <name>SAN FRANCISCO CALIF CITY &amp; CNTY ARPTS COMMN INTL ARPT REV</name>
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          <isin value="US79766DYA17"/>
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        <name>MONROVIA CALIF FING AUTH WTR &amp; SWR REV</name>
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        <name>GUAM INTL ARPT AUTH REV</name>
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          <isin value="US40064RFX26"/>
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        <name>CALIFORNIA MUN FIN AUTH REV</name>
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          <isin value="US13048VLA43"/>
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        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
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        <name>CALIFORNIA ST ENTERPRISE DEV AUTH CHARTER SCH REV</name>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV</name>
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        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
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      <invstOrSec>
        <name>SACRAMENTO CALIF SPL TAX</name>
        <lei>N/A</lei>
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        <cusip>786071RQ5</cusip>
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          <isin value="US786071RQ58"/>
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        <valUSD>2035574.34000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-09-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA SCH FIN AUTH SCH FAC REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA SCHOOL FINANCE AUTHORITY</title>
        <cusip>13059TJR1</cusip>
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          <isin value="US13059TJR14"/>
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        <balance>1050000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1042996.34000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>VAL VERDE CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
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          <isin value="US91882RDV15"/>
          <other otherDesc="Internal" value="91882RDV1"/>
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        <balance>4475000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4422177.57000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UNIVERSITY CALIF REVS</name>
        <lei>N/A</lei>
        <title>UNIVERSITY OF CALIFORNIA</title>
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        <identifiers>
          <isin value="US91412GSG19"/>
          <other otherDesc="Internal" value="91412GSG1"/>
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        <balance>6150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6150000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA EDL FACS AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY</title>
        <cusip>130179UR3</cusip>
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          <isin value="US130179UR39"/>
          <other otherDesc="Internal" value="130179UR3"/>
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        <balance>5500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5494638.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RIO CALIF ELEM SCH DIST</name>
        <lei>N/A</lei>
        <title>RIO ELEMENTARY SCHOOL DISTRICT CA</title>
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          <isin value="US767032FP51"/>
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        <balance>2800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2800345.64000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA SCH FIN AUTH CHARTER SCH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA SCHOOL FINANCE AUTHORITY</title>
        <cusip>13058TVE7</cusip>
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          <isin value="US13058TVE71"/>
          <other otherDesc="Internal" value="13058TVE7"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2007186.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MANTECA CALIF UNI SCH DIST SPL TAX</name>
        <lei>N/A</lei>
        <title>MANTECA UNIFIED SCHOOL DISTRICT</title>
        <cusip>564547RL3</cusip>
        <identifiers>
          <isin value="US564547RL35"/>
          <other otherDesc="Internal" value="564547RL3"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2037701.87000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UPLAND CALIF CTFS PARTN</name>
        <lei>N/A</lei>
        <title>CITY OF UPLAND CA</title>
        <cusip>915346GA2</cusip>
        <identifiers>
          <isin value="US915346GA20"/>
          <other otherDesc="Internal" value="915346GA2"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2856137.92000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WASHINGTON TWP CALIF HEALTH CARE DIST REV</name>
        <lei>N/A</lei>
        <title>WASHINGTON TOWNSHIP HEALTH CARE DISTRICT</title>
        <cusip>940204ED8</cusip>
        <identifiers>
          <isin value="US940204ED85"/>
          <other otherDesc="Internal" value="940204ED8"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1001607.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>POWAY CALIF UNI SCH DIST SPL TAX</name>
        <lei>N/A</lei>
        <title>POWAY CA UNIF SCH DIST SPL TAX</title>
        <cusip>738855J63</cusip>
        <identifiers>
          <isin value="US738855J632"/>
          <other otherDesc="Internal" value="738855J63"/>
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        <balance>4750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4447577.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA STWD CMNTYS DEV AUTH REVENUE</title>
        <cusip>13080SYX6</cusip>
        <identifiers>
          <isin value="US13080SYX60"/>
          <other otherDesc="Internal" value="13080SYX6"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1419093.48000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY</title>
        <cusip>13013JHD1</cusip>
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          <isin value="US13013JHD19"/>
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        <balance>500000.00000000</balance>
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        <valUSD>540942.12000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA PUB FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA PUBLIC FINANCE AUTHORITY</title>
        <cusip>13057EAL8</cusip>
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          <isin value="US13057EAL83"/>
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        <balance>3000000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-10-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
        <cusip>13048V2U1</cusip>
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          <isin value="US13048V2U11"/>
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        <balance>1540000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-04-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IRVINE CALIF UNI SCH DIST SPL TAX</name>
        <lei>N/A</lei>
        <title>IRVINE UNIFIED SCHOOL DISTRICT</title>
        <cusip>463612MJ7</cusip>
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          <isin value="US463612MJ70"/>
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        <balance>5970000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RIVER ISLANDS PUB FING AUTH CALIF SPL TAX</name>
        <lei>N/A</lei>
        <title>RIVER ISLANDS PUBLIC FINANCING AUTHORITY</title>
        <cusip>76827QGR8</cusip>
        <identifiers>
          <isin value="US76827QGR83"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1571063.23000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      </invstOrSec>
      <invstOrSec>
        <name>PALOMAR POMERADO HEALTH CALIF</name>
        <lei>N/A</lei>
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          <isin value="US69753RCV42"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA ST ENTERPRISE DEV AUTH LEASE REV</name>
        <lei>N/A</lei>
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          <isin value="US13067VAW46"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV</name>
        <lei>N/A</lei>
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          <isin value="US13080SPM07"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ALBANY CALIF UNI SCH DIST</name>
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          <isin value="US012104RP28"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>MARCH JT PWRS REDEV AGY SUCCESSOR AGY CALIF TAX ALLOCATION</name>
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          <isin value="US56621VAX01"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY</title>
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          <isin value="US13032UNG93"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>LOS ANGELES CALIF DEPT ARPTS REV</name>
        <lei>N/A</lei>
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          <isin value="US544445RG60"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA INFRASTRUCTURE &amp; ECONOMIC DEV BK REV</name>
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          <isin value="US13034A5L05"/>
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      <invstOrSec>
        <name>CALIFORNIA SCH FIN AUTH CHARTER SCH REV</name>
        <lei>N/A</lei>
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          <isin value="US13058TPV60"/>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH STUDENT HSG REV</name>
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          <isin value="US13049YAK73"/>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>FOOTHILL / EASTERN TRANSN CORRIDOR AGY CALIF TOLL RD REV</name>
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        <cusip>345105GU8</cusip>
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          <isin value="US345105GU84"/>
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        <name>CALIFORNIA MUN FIN AUTH SR LIVING REV</name>
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          <isin value="US13049RBR66"/>
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        <name>CALIFORNIA EDL FACS AUTH REV</name>
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        <name>INDIO CALIF REDEV AGY TAX ALLOC</name>
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        <name>IRVINE CALIF UNI SCH DIST SPL TAX</name>
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        <name>MONROVIA CALIF FING AUTH LEASE REV</name>
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      <invstOrSec>
        <name>LOS ANGELES CALIF HSG AUTH MULTIFAMILY HSG REV</name>
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      <invstOrSec>
        <name>CALIFORNIA POLLUTION CTL FING AUTH WTR FURNISHING REV</name>
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      <invstOrSec>
        <name>NORWALK LA MIRADA CALIF UNI SCH DIST</name>
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          <isin value="US669096PQ67"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SACRAMENTO CALIF AREA FLOOD CTL AGY</name>
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          <isin value="US785840HE23"/>
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        <invCountry>US</invCountry>

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        <name>CALIFORNIA INFRASTRUCTURE &amp; ECONOMIC DEV BK NATL CHARTER SCH REVOLVING LN FD REV</name>
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          <isin value="US13035ADC09"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>INGLEWOOD CALIF UNI SCH DIST</name>
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          <isin value="US457110MC50"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>SAN FRANCISCO CALIF CITY &amp; CNTY CMNTY FACS DIST NO 2016-1 IMPT AREA NO 2 SPL TAX</name>
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          <isin value="US79773LAC63"/>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>IRVINE CALIF UNI SCH DIST SPL TAX</name>
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          <isin value="US463612KV27"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GUAM GOVT WTRWKS AUTH WTR &amp; WASTEWTR SYS REV</name>
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          <isin value="US40065FFK57"/>
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      <invstOrSec>
        <name>CALIFORNIA SCH FIN AUTH CHARTER SCH REV</name>
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        <name>FOOTHILL / EASTERN TRANSN CORRIDOR AGY CALIF TOLL RD REV</name>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH STUDENT HSG REV</name>
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        <name>CALIFORNIA ST ENTERPRISE DEV AUTH LEASE REV</name>
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        <name>CALIFORNIA MUN FIN AUTH REV</name>
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        <name>UNIV CALIF REGTS MED CTR POOLED REV</name>
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        <title>REGENTS OF THE UNIVERSITY OF CALIFORNIA MEDICAL CE</title>
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        <name>SAN DIEGO CNTY CALIF REGL ARPT AUTH ARPT REV</name>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UPLAND CALIF CTFS PARTN</name>
        <lei>N/A</lei>
        <title>CITY OF UPLAND CA</title>
        <cusip>915346GB0</cusip>
        <identifiers>
          <isin value="US915346GB03"/>
          <other otherDesc="Internal" value="915346GB0"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2012121.89000000</valUSD>
        <pctVal>0.495043665303</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-01-01</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>ALAMEDA CORRIDOR TRANSN AUTH CALIF REV</name>
        <lei>N/A</lei>
        <title>ALAMEDA CORRIDOR TRANSPORTATION AUTHORITY</title>
        <cusip>010869JQ9</cusip>
        <identifiers>
          <isin value="US010869JQ91"/>
          <other otherDesc="Internal" value="010869JQ9"/>
        </identifiers>
        <balance>1250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>743770.46000000</valUSD>
        <pctVal>0.182990332987</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-10-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TULARE CALIF SWR REV</name>
        <lei>N/A</lei>
        <title>CITY OF TULARE CA SEWER REVENUE</title>
        <cusip>899124LN9</cusip>
        <identifiers>
          <isin value="US899124LN97"/>
          <other otherDesc="Internal" value="899124LN9"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5000026.70000000</valUSD>
        <pctVal>1.230159840953</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-11-15</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>TRANSBAY JT PWRS AUTH TAX ALLOCATION CALIF</name>
        <lei>N/A</lei>
        <title>TRANSBAY JT POWER</title>
        <cusip>89356CAU0</cusip>
        <identifiers>
          <isin value="US89356CAU09"/>
          <other otherDesc="Internal" value="89356CAU0"/>
        </identifiers>
        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>792794.98000000</valUSD>
        <pctVal>0.195051867724</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-10-01</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 MUN FIN AUTH SR LIVING REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
        <cusip>13049RAS5</cusip>
        <identifiers>
          <isin value="US13049RAS58"/>
          <other otherDesc="Internal" value="13049RAS5"/>
        </identifiers>
        <balance>1900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1910294.66000000</valUSD>
        <pctVal>0.469991045271</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>4.12500000</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>SAN FRANCISCO CALIF CITY &amp; CNTY INFRASTRUCTURE &amp; REVITALIZATION FING DIST NO 1</name>
        <lei>N/A</lei>
        <title>CITY COUNTY SAN FRANCISCO CA INFRASTRUCTURE RE</title>
        <cusip>79773NAN8</cusip>
        <identifiers>
          <isin value="US79773NAN84"/>
          <other otherDesc="Internal" value="79773NAN8"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>998643.72000000</valUSD>
        <pctVal>0.245696967931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</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>CALIFORNIA PUB FIN AUTH HEALTH CARE FACS REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA PUBLIC FINANCE AUTHORITY</title>
        <cusip>13056HAB4</cusip>
        <identifiers>
          <isin value="US13056HAB42"/>
          <other otherDesc="Internal" value="13056HAB4"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1005592.42000000</valUSD>
        <pctVal>0.247406561139</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-01</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly total returns reported under item B.5.a do not include any sales or redemption charges, as applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-03-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios III</ncom:nameOfApplicant>
      <ncom:signature>Carol Trevino</ncom:signature>
      <ncom:signerName>Carol Trevino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>