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        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
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      </invstOrSec>
      <invstOrSec>
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      <invstOrSec>
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        <name>CALIFORNIA MUN FIN AUTH REV</name>
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        <name>CALIFORNIA MUN FIN AUTH REV</name>
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        <name>CALIFORNIA MUN FIN AUTH REV</name>
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        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
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        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
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          <isin value="US13048VXH67"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA MUN FIN AUTH ACADEMIC FACS REV</name>
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          <isin value="US130491AT08"/>
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        <name>CALIFORNIA MUN FIN AUTH CTFS PARTN</name>
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        <name>CALIFORNIA MUN FIN AUTH STUDENT HSG REV</name>
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          <isin value="US13049YAK73"/>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV</name>
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          <isin value="US13080SYX60"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CENTINELA VALLEY CALIF UN HIGH SCH</name>
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          <isin value="US152339QH38"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FILLMORE CALIF WASTEWATER REV</name>
        <lei>N/A</lei>
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          <isin value="US317109AJ56"/>
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        <balance>2000000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FOOTHILL / EASTERN TRANSN CORRIDOR AGY CALIF TOLL RD REV</name>
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          <isin value="US345105GU84"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>FOOTHILL / EASTERN TRANSN CORRIDOR AGY CALIF TOLL RD REV</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>FOOTHILL / EASTERN TRANSN CORRIDOR AGY CALIF TOLL RD REV</name>
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        <cusip>345105JA9</cusip>
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          <isin value="US345105JA93"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-01-15</maturityDt>
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      <invstOrSec>
        <name>GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV</name>
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          <isin value="US38122ND906"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>GUAM INTL ARPT AUTH REV</name>
        <lei>N/A</lei>
        <title>ANTONIO B WON PAT INTERNATIONAL AIRPORT AUTHORITY</title>
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          <isin value="US40064RFX26"/>
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        <balance>100000.00000000</balance>
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        <valUSD>106720.54000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-10-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <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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        <balance>2800000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>GUAM GOVT WTRWKS AUTH WTR &amp; WASTEWTR SYS REV</name>
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          <isin value="US40065FFK57"/>
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        <name>INDIO CALIF REDEV AGY TAX ALLOC</name>
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        <name>INGLEWOOD CALIF UNI SCH DIST</name>
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        <name>INGLEWOOD CALIF UNI SCH DIST</name>
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        <name>INGLEWOOD CALIF UNI SCH DIST</name>
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        <name>IRVINE CALIF UNI SCH DIST SPL TAX</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>IRVINE CALIF UNI SCH DIST SPL TAX</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>IRVINE CALIF UNI SCH DIST SPL TAX</name>
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        <name>IRVINE CALIF UNI SCH DIST SPL TAX</name>
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          <isin value="US463612NT44"/>
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      <invstOrSec>
        <name>LOCAL PUB SCHS FDG AUTH SCH FACS IMPT DIST NO 2016-1 CALIF</name>
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          <isin value="US53957RAQ56"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>LOS ANGELES CALIF DEPT ARPTS REV</name>
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          <isin value="US5444453C19"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>LOS ANGELES CALIF DEPT ARPTS REV</name>
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          <isin value="US544445RG60"/>
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        <name>LOS ANGELES CALIF DEPT WTR &amp; PWR REV</name>
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        <name>LOS ANGELES CALIF HSG AUTH MULTIFAMILY HSG REV</name>
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        <name>MANTECA CALIF UNI SCH DIST SPL TAX</name>
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        <name>MARCH JT PWRS REDEV AGY SUCCESSOR AGY CALIF TAX ALLOCATION</name>
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        <name>MIDDLE FORK PROJ FIN AUTH CALIF REV</name>
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        <name>MONROVIA CALIF FING AUTH LEASE REV</name>
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        <name>MONROVIA CALIF FING AUTH WTR &amp; SWR REV</name>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORENO VALLEY CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>MORENO VALLEY UNIFIED SCHOOL DISTRICT CA</title>
        <cusip>616871KX6</cusip>
        <identifiers>
          <isin value="US616871KX65"/>
          <other otherDesc="Internal" value="616871KX6"/>
        </identifiers>
        <balance>6500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6662410.24000000</valUSD>
        <pctVal>1.678895897592</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-08-01</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>NORWALK CALIF REDEV AGY</name>
        <lei>N/A</lei>
        <title>NORWALK REDEVELOPMENT AGENCY</title>
        <cusip>668823DJ3</cusip>
        <identifiers>
          <isin value="US668823DJ39"/>
          <other otherDesc="Internal" value="668823DJ3"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5008444.60000000</valUSD>
        <pctVal>1.262104372044</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-01</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>NORWALK CALIF REDEV AGY</name>
        <lei>N/A</lei>
        <title>NORWALK REDEVELOPMENT AGENCY</title>
        <cusip>668823DK0</cusip>
        <identifiers>
          <isin value="US668823DK02"/>
          <other otherDesc="Internal" value="668823DK0"/>
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        <balance>3500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3504470.33000000</valUSD>
        <pctVal>0.883109962960</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-01</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>NORWALK LA MIRADA CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>NORWALK LA MIRADA UNIFIED SCHOOL DISTRICT</title>
        <cusip>669096PQ6</cusip>
        <identifiers>
          <isin value="US669096PQ67"/>
          <other otherDesc="Internal" value="669096PQ6"/>
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        <balance>7500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6629125.21000000</valUSD>
        <pctVal>1.670508227319</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-01</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>PALOMAR POMERADO HEALTH CALIF</name>
        <lei>N/A</lei>
        <title>PALOMAR HEALTH</title>
        <cusip>69753RBU7</cusip>
        <identifiers>
          <isin value="US69753RBU77"/>
          <other otherDesc="Internal" value="69753RBU7"/>
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        <balance>5500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5468820.80000000</valUSD>
        <pctVal>1.378116998959</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</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>PALOMAR POMERADO HEALTH CALIF</name>
        <lei>N/A</lei>
        <title>PALOMAR HEALTH</title>
        <cusip>69753RCV4</cusip>
        <identifiers>
          <isin value="US69753RCV42"/>
          <other otherDesc="Internal" value="69753RCV4"/>
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        <balance>12230000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10082204.22000000</valUSD>
        <pctVal>2.540667820486</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</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>PERRIS CALIF UN HIGH SCH DIST</name>
        <lei>N/A</lei>
        <title>PERRIS UNION HIGH SCHOOL DISTRICT CA</title>
        <cusip>714398KF0</cusip>
        <identifiers>
          <isin value="US714398KF07"/>
          <other otherDesc="Internal" value="714398KF0"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4811132.05000000</valUSD>
        <pctVal>1.212382541835</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4242081.01000000</valUSD>
        <pctVal>1.068984368777</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RIO CALIF ELEM SCH DIST</name>
        <lei>N/A</lei>
        <title>RIO ELEMENTARY SCHOOL DISTRICT CA</title>
        <cusip>767032FP5</cusip>
        <identifiers>
          <isin value="US767032FP51"/>
          <other otherDesc="Internal" value="767032FP5"/>
        </identifiers>
        <balance>2800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2736435.18000000</valUSD>
        <pctVal>0.689568734471</pctVal>
        <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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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"/>
          <other otherDesc="Internal" value="76827QGR8"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1581553.57000000</valUSD>
        <pctVal>0.398544026087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RIVER ISLANDS PUB FING AUTH CALIF SPL TAX</name>
        <lei>N/A</lei>
        <title>RIVER ISLANDS PUBLIC FINANCING AUTHORITY</title>
        <cusip>76827QJD6</cusip>
        <identifiers>
          <isin value="US76827QJD60"/>
          <other otherDesc="Internal" value="76827QJD6"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2100224.61000000</valUSD>
        <pctVal>0.529246677213</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RNR SCH FING AUTH CALIF SPL TAX</name>
        <lei>N/A</lei>
        <title>RNR SCHOOL FINANCING AUTHORITY</title>
        <cusip>769697KN2</cusip>
        <identifiers>
          <isin value="US769697KN25"/>
          <other otherDesc="Internal" value="769697KN2"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2007310.49000000</valUSD>
        <pctVal>0.505832758034</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>SACRAMENTO CALIF AREA FLOOD CTL AGY</name>
        <lei>N/A</lei>
        <title>SACRAMENTO AREA FLOOD CONTROL AGENCY</title>
        <cusip>785840HE2</cusip>
        <identifiers>
          <isin value="US785840HE23"/>
          <other otherDesc="Internal" value="785840HE2"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2002496.03000000</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>2044-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SACRAMENTO CALIF SPL TAX</name>
        <lei>N/A</lei>
        <title>SACRAMENTO CA SPL TAX</title>
        <cusip>786071RQ5</cusip>
        <identifiers>
          <isin value="US786071RQ58"/>
          <other otherDesc="Internal" value="786071RQ5"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2039755.40000000</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>2052-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SACRAMENTO CNTY CALIF ARPT SYS REV</name>
        <lei>N/A</lei>
        <title>COUNTY OF SACRAMENTO CA AIRPORT SYSTEM REVENUE</title>
        <cusip>786107VW9</cusip>
        <identifiers>
          <isin value="US786107VW94"/>
          <other otherDesc="Internal" value="786107VW9"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2087338.56000000</valUSD>
        <pctVal>0.525999453505</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>SAN DIEGO CNTY CALIF REGL ARPT AUTH ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN DIEGO COUNTY REGIONAL AIRPORT AUTHORITY</title>
        <cusip>79739GNV4</cusip>
        <identifiers>
          <isin value="US79739GNV40"/>
          <other otherDesc="Internal" value="79739GNV4"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2801868.21000000</valUSD>
        <pctVal>0.706057548831</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAN DIEGO CNTY CALIF REGL ARPT AUTH ARPT REV</name>
        <lei>N/A</lei>
        <title>SAN DIEGO COUNTY REGIONAL AIRPORT AUTHORITY</title>
        <cusip>79739GNX0</cusip>
        <identifiers>
          <isin value="US79739GNX06"/>
          <other otherDesc="Internal" value="79739GNX0"/>
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        <balance>1685000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1705842.03000000</valUSD>
        <pctVal>0.429864130688</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <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>803772.95000000</valUSD>
        <pctVal>0.202546985210</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>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>4924778.75000000</valUSD>
        <pctVal>1.241020973203</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>UNIV CALIF REGTS MED CTR POOLED REV</name>
        <lei>N/A</lei>
        <title>REGENTS OF THE UNIVERSITY OF CALIFORNIA MEDICAL CE</title>
        <cusip>913366KA7</cusip>
        <identifiers>
          <isin value="US913366KA73"/>
          <other otherDesc="Internal" value="913366KA7"/>
        </identifiers>
        <balance>310000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>310000.00000000</valUSD>
        <pctVal>0.078118535110</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIVERSITY CALIF REVS</name>
        <lei>N/A</lei>
        <title>UNIVERSITY OF CALIFORNIA</title>
        <cusip>91412GSG1</cusip>
        <identifiers>
          <isin value="US91412GSG19"/>
          <other otherDesc="Internal" value="91412GSG1"/>
        </identifiers>
        <balance>6550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6550000.00000000</valUSD>
        <pctVal>1.650569048301</pctVal>
        <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>2.35000000</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>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"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2731006.39000000</valUSD>
        <pctVal>0.688200705045</pctVal>
        <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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <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>2006172.33000000</valUSD>
        <pctVal>0.505545947092</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>VACAVILLE CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>VACAVILLE CA UNIF SCH DIST</title>
        <cusip>918608UF5</cusip>
        <identifiers>
          <isin value="US918608UF57"/>
          <other otherDesc="Internal" value="918608UF5"/>
        </identifiers>
        <balance>1850000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1831054.55000000</valUSD>
        <pctVal>0.461417094042</pctVal>
        <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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VAL VERDE CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>VAL VERDE UNIFIED SCHOOL DISTRICT</title>
        <cusip>91882RDV1</cusip>
        <identifiers>
          <isin value="US91882RDV15"/>
          <other otherDesc="Internal" value="91882RDV1"/>
        </identifiers>
        <balance>4475000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4486666.16000000</valUSD>
        <pctVal>1.130618670802</pctVal>
        <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>
          <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 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"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>996667.56000000</valUSD>
        <pctVal>0.251155515417</pctVal>
        <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>
          <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 TWP CALIF HEALTH CARE DIST REV</name>
        <lei>N/A</lei>
        <title>WASHINGTON TOWNSHIP HEALTH CARE DISTRICT</title>
        <cusip>940204GY0</cusip>
        <identifiers>
          <isin value="US940204GY05"/>
          <other otherDesc="Internal" value="940204GY0"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1550520.74000000</valUSD>
        <pctVal>0.390723899571</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>5.75000000</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 TWP CALIF HEALTH CARE DIST</name>
        <lei>N/A</lei>
        <title>WASHINGTON TOWNSHIP HEALTH CARE DISTRICT</title>
        <cusip>940642FS5</cusip>
        <identifiers>
          <isin value="US940642FS53"/>
          <other otherDesc="Internal" value="940642FS5"/>
        </identifiers>
        <balance>3280000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2899266.05000000</valUSD>
        <pctVal>0.730601344262</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </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>2026-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios III</ncom:nameOfApplicant>
      <ncom:signature>Carol D. Trevino</ncom:signature>
      <ncom:signerName>Carol D. Trevino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
