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        <name>California Municipal Finance Authority</name>
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        <name>California Municipal Finance Authority</name>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US13058TUF55"/>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US130591BF69"/>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US130591BG43"/>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US13059TFT16"/>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US13059TFU88"/>
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        <invCountry>US</invCountry>
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          <annualizedRt>5.0000000</annualizedRt>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US13059TFV61"/>
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        <invCountry>US</invCountry>
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          <annualizedRt>5.0000000</annualizedRt>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US13059TGZ66"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000</annualizedRt>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
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        <cusip>13063CMA5</cusip>
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          <isin value="US13063CMA52"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-10-01</maturityDt>
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          <annualizedRt>5.0000000</annualizedRt>
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        <name>State of California</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>State of California</name>
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        <name>California Enterprise Development Authority</name>
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          <maturityDt>2040-05-01</maturityDt>
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          <annualizedRt>4.0000000</annualizedRt>
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        <name>California Enterprise Development Authority</name>
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      <invstOrSec>
        <name>California Enterprise Development Authority</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>California Enterprise Development Authority</name>
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        <invCountry>US</invCountry>
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        <name>Clovis Unified School District</name>
        <lei>N/A</lei>
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          <couponKind>Fixed</couponKind>
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        <name>Compton Community Redevelopment Agency Successor Agency</name>
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        <name>Del Mar Race Track Authority</name>
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        <name>Desert Community College District</name>
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      <invstOrSec>
        <name>FHLMC Multifamily VRD Certificates</name>
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          <isin value="US31350ACJ51"/>
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        <name>Foothill-Eastern Transportation Corridor Agency</name>
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        <name>Freddie Mac Multifamily ML Certificates</name>
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        <name>Garden Grove Public Financing Authority</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000</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>Los Angeles Department of Water &amp; Power</name>
        <lei>549300S8NXV6YU61GG95</lei>
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        <cusip>544532EY6</cusip>
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          <isin value="US544532EY67"/>
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        <balance>1000000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1097787.000000</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>2052-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000</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>Port of Los Angeles</name>
        <lei>N/A</lei>
        <title>PORT OF LOS ANGELES</title>
        <cusip>544552C75</cusip>
        <identifiers>
          <isin value="US544552C758"/>
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        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1111375.900000</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>2036-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000</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>
        <name>Port of Los Angeles</name>
        <lei>N/A</lei>
        <title>PORT OF LOS ANGELES</title>
        <cusip>544552C83</cusip>
        <identifiers>
          <isin value="US544552C832"/>
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        <balance>750000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>833531.930000</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>2036-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000</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>
        <name>Port of Los Angeles</name>
        <lei>N/A</lei>
        <title>PORT OF LOS ANGELES</title>
        <cusip>544552C91</cusip>
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          <isin value="US544552C915"/>
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        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1108549.500000</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>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000</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>Port of Los Angeles</name>
        <lei>N/A</lei>
        <title>PORT OF LOS ANGELES</title>
        <cusip>544552WH1</cusip>
        <identifiers>
          <isin value="US544552WH12"/>
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        <balance>4075000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4079408.340000</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>2036-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Los Angeles Unified School District/CA</name>
        <lei>N/A</lei>
        <title>LOS ANGELES UNIFIED SCHOOL DISTRICT/CA</title>
        <cusip>5446463V2</cusip>
        <identifiers>
          <isin value="US5446463V27"/>
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        <balance>3750000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3762170.250000</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>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000</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>Los Angeles Unified School District/CA</name>
        <lei>N/A</lei>
        <title>LOS ANGELES UNIFIED SCHOOL DISTRICT/CA</title>
        <cusip>544647JL5</cusip>
        <identifiers>
          <isin value="US544647JL51"/>
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        <balance>3250000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3742766.950000</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>2049-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000</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>Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue</name>
        <lei>N/A</lei>
        <title>LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY SALES TAX REVENUE</title>
        <cusip>54466HJT4</cusip>
        <identifiers>
          <isin value="US54466HJT41"/>
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        <balance>1375000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1442525.980000</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>2037-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue</name>
        <lei>N/A</lei>
        <title>LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY SALES TAX REVENUE</title>
        <cusip>54466HNG7</cusip>
        <identifiers>
          <isin value="US54466HNG73"/>
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        <balance>2475000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2862475.360000</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>5.0000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Los Angeles County Facilities Inc</name>
        <lei>N/A</lei>
        <title>LOS ANGELES COUNTY FACILITIES INC</title>
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          <isin value="US54531FAS02"/>
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        <balance>6400000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6772004.480000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Modesto Elementary School District/Stanislaus County</name>
        <lei>N/A</lei>
        <title>MODESTO ELEMENTARY SCHOOL DISTRICT/STANISLAUS COUNTY</title>
        <cusip>607735CZ8</cusip>
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          <isin value="US607735CZ84"/>
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        <balance>2700000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2279349.720000</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>2050-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.0000000</annualizedRt>
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      <invstOrSec>
        <name>City of Newport Beach CA</name>
        <lei>N/A</lei>
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          <isin value="US651784UT54"/>
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        <balance>570000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>579418.510000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-09-02</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>City of Newport Beach CA</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>691642.340000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-09-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000</annualizedRt>
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      <invstOrSec>
        <name>Northern California Energy Authority</name>
        <lei>5493001ZIJGWU7HYLH34</lei>
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        <curCd>USD</curCd>
        <valUSD>4284160.400000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.0000000</annualizedRt>
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      <invstOrSec>
        <name>Oakland Unified School District/Alameda County</name>
        <lei>N/A</lei>
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          <isin value="US672325R587"/>
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        <balance>4500000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5077413.900000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Oceanside Unified School District/CA</name>
        <lei>N/A</lei>
        <title>OCEANSIDE UNIFIED SCHOOL DISTRICT/CA</title>
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          <isin value="US675383RP08"/>
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        <balance>500000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>451760.450000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.0000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Oceanside Unified School District/CA</name>
        <lei>N/A</lei>
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        <cusip>675383UT8</cusip>
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          <isin value="US675383UT82"/>
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        <balance>250000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>225880.230000</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>2028-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.0000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Oceanside Unified School District/CA</name>
        <lei>N/A</lei>
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        <balance>380000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>343337.940000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.0000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Oceanside Unified School District/CA</name>
        <lei>N/A</lei>
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        <cusip>675383XB4</cusip>
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          <isin value="US675383XB48"/>
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        <balance>3870000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3480068.860000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.0000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Ontario International Airport Authority</name>
        <lei>N/A</lei>
        <title>ONTARIO INTERNATIONAL AIRPORT AUTHORITY</title>
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          <isin value="US683042AX38"/>
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        <curCd>USD</curCd>
        <valUSD>1044733.770000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Ontario International Airport Authority</name>
        <lei>N/A</lei>
        <title>ONTARIO INTERNATIONAL AIRPORT AUTHORITY</title>
        <cusip>683042AY1</cusip>
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          <isin value="US683042AY11"/>
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        <curCd>USD</curCd>
        <valUSD>577584.220000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000</annualizedRt>
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      <invstOrSec>
        <name>Ontario International Airport Authority</name>
        <lei>N/A</lei>
        <title>ONTARIO INTERNATIONAL AIRPORT AUTHORITY</title>
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          <isin value="US683042BB09"/>
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        <curCd>USD</curCd>
        <valUSD>1349236.980000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000</annualizedRt>
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      <invstOrSec>
        <name>City of Ontario CA Community Facilities District No 64</name>
        <lei>N/A</lei>
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          <isin value="US68305GAP81"/>
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        <curCd>USD</curCd>
        <valUSD>3165399.300000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Orange County Community Facilities District</name>
        <lei>N/A</lei>
        <title>ORANGE COUNTY COMMUNITY FACILITIES DISTRICT</title>
        <cusip>68423PA75</cusip>
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          <isin value="US68423PA753"/>
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        <balance>1340000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1458013.260000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000</annualizedRt>
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      <invstOrSec>
        <name>Orange County Community Facilities District</name>
        <lei>N/A</lei>
        <title>ORANGE COUNTY COMMUNITY FACILITIES DISTRICT</title>
        <cusip>68423PA83</cusip>
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          <isin value="US68423PA837"/>
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        <curCd>USD</curCd>
        <valUSD>1579471.520000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5000000</annualizedRt>
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      <invstOrSec>
        <name>Orange County Community Facilities District</name>
        <lei>N/A</lei>
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          <isin value="US68423PA910"/>
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        <curCd>USD</curCd>
        <valUSD>1084904.600000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5000000</annualizedRt>
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        <name>Orange County Community Facilities District</name>
        <lei>N/A</lei>
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          <isin value="US68423PWC03"/>
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        <curCd>USD</curCd>
        <valUSD>2953710.730000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000</annualizedRt>
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      <invstOrSec>
        <name>Orange County Community Facilities District</name>
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          <isin value="US68423PZJ29"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000</annualizedRt>
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      <invstOrSec>
        <name>City of Palo Alto CA</name>
        <lei>N/A</lei>
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          <isin value="US697373CV86"/>
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        <valUSD>884826.800000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.0000000</annualizedRt>
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        <lei>N/A</lei>
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        <name>City of Palo Alto CA</name>
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        <invCountry>US</invCountry>
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          <annualizedRt>5.0000000</annualizedRt>
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        <name>Palomar Health</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.0000000</annualizedRt>
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        <name>Port of Oakland</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>1846872.460000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000</annualizedRt>
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      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
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          <isin value="US74514L3F25"/>
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        <curCd>USD</curCd>
        <valUSD>184746.130000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</maturityDt>
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          <annualizedRt>5.3750000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
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          <isin value="US74514L3G08"/>
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        <balance>901843.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>943525.910000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>5493003BRB67HF8ST418</lei>
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        <valUSD>15675.000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
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          <isin value="US74526QWM04"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
        <cusip>74526QWY4</cusip>
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          <isin value="US74526QWY42"/>
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        <curCd>USD</curCd>
        <valUSD>13062.500000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
        <cusip>74526QXH0</cusip>
        <identifiers>
          <isin value="US74526QXH00"/>
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        <balance>245000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>128625.000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2019-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
        <cusip>74526QXN7</cusip>
        <identifiers>
          <isin value="US74526QXN77"/>
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        <balance>70000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>36750.000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
        <cusip>74526QXP2</cusip>
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          <isin value="US74526QXP26"/>
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        <curCd>USD</curCd>
        <valUSD>13125.000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELECTRIC POWER AUTHORITY</title>
        <cusip>74526QXS6</cusip>
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          <isin value="US74526QXS64"/>
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        <curCd>USD</curCd>
        <valUSD>18375.000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2017-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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          <isin value="US74526QYS55"/>
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        <valUSD>13062.500000</valUSD>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QYY24"/>
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      <invstOrSec>
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        <lei>5493003BRB67HF8ST418</lei>
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      <invstOrSec>
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        <lei>5493003BRB67HF8ST418</lei>
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        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Rancho Cucamonga Redevelopment Agency Successor Agency</name>
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      </invstOrSec>
      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>San Diego Unified School District/CA</name>
        <lei>N/A</lei>
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          <isin value="US797356FF41"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego Unified School District/CA</name>
        <lei>N/A</lei>
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          <isin value="US797356JP86"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego Unified School District/CA</name>
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          <isin value="US797356MV18"/>
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      <invstOrSec>
        <name>San Diego County Regional Airport Authority</name>
        <lei>N/A</lei>
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          <isin value="US79739GFR20"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.0000000</annualizedRt>
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      <invstOrSec>
        <name>San Diego County Regional Airport Authority</name>
        <lei>N/A</lei>
        <title>SAN DIEGO COUNTY REGIONAL AIRPORT AUTHORITY</title>
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          <isin value="US79739GLX24"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego County Regional Airport Authority</name>
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          <isin value="US79739GLZ71"/>
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      <invstOrSec>
        <name>San Diego County Regional Airport Authority</name>
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          <isin value="US79739GMA12"/>
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        <name>San Diego County Regional Airport Authority</name>
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          <isin value="US79739GMB94"/>
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        <name>San Diego County Regional Airport Authority</name>
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        <name>San Diego County Regional Airport Authority</name>
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        <name>San Diego County Regional Airport Authority</name>
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        <name>San Diego County Regional Airport Authority</name>
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        <name>San Diego County Regional Airport Authority</name>
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      <invstOrSec>
        <name>San Diego County Water Authority</name>
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      <invstOrSec>
        <name>County of San Diego CA</name>
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      <invstOrSec>
        <name>County of San Diego CA</name>
        <lei>254900MKIGRAYVDUZ926</lei>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>County of San Diego CA</name>
        <lei>254900MKIGRAYVDUZ926</lei>
        <title>COUNTY OF SAN DIEGO CA</title>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Washington Township Health Care District</name>
        <lei>N/A</lei>
        <title>WASHINGTON TOWNSHIP HEALTH CARE DISTRICT</title>
        <cusip>940204GW4</cusip>
        <identifiers>
          <isin value="US940204GW49"/>
        </identifiers>
        <balance>275000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>284841.450000</valUSD>
        <pctVal>0.0354700497</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Washington Township Health Care District</name>
        <lei>N/A</lei>
        <title>WASHINGTON TOWNSHIP HEALTH CARE DISTRICT</title>
        <cusip>940204GX2</cusip>
        <identifiers>
          <isin value="US940204GX22"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1100919.900000</valUSD>
        <pctVal>0.1370927004</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.7500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Washington Township Health Care District</name>
        <lei>N/A</lei>
        <title>WASHINGTON TOWNSHIP HEALTH CARE DISTRICT</title>
        <cusip>940204GY0</cusip>
        <identifiers>
          <isin value="US940204GY05"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1093301.100000</valUSD>
        <pctVal>0.1361439648</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.7500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Washington Township Health Care District</name>
        <lei>N/A</lei>
        <title>WASHINGTON TOWNSHIP HEALTH CARE DISTRICT</title>
        <cusip>940642GE5</cusip>
        <identifiers>
          <isin value="US940642GE58"/>
        </identifiers>
        <balance>1600000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1787680.480000</valUSD>
        <pctVal>0.2226119670</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Washington Township Health Care District</name>
        <lei>N/A</lei>
        <title>WASHINGTON TOWNSHIP HEALTH CARE DISTRICT</title>
        <cusip>940642GF2</cusip>
        <identifiers>
          <isin value="US940642GF24"/>
        </identifiers>
        <balance>1600000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1812592.320000</valUSD>
        <pctVal>0.2257141285</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>West Sacramento Financing Authority</name>
        <lei>N/A</lei>
        <title>WEST SACRAMENTO FINANCING AUTHORITY</title>
        <cusip>955641DC6</cusip>
        <identifiers>
          <isin value="US955641DC60"/>
        </identifiers>
        <balance>855000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>877276.430000</valUSD>
        <pctVal>0.1092433653</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000</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>2025-01-09</ncom:dateSigned>
      <ncom:nameOfApplicant>T. ROWE PRICE STATE TAX-FREE FUNDS, INC.</ncom:nameOfApplicant>
      <ncom:signature>/s/ Alan Dupski</ncom:signature>
      <ncom:signerName>Alan Dupski</ncom:signerName>
      <ncom:title>Treasurer &amp; Vice President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
