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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TULARE CALIF SWR REV</name>
        <lei>N/A</lei>
        <title>CITY OF TULARE CA SEWER REVENUE</title>
        <cusip>899124LL3</cusip>
        <identifiers>
          <isin value="US899124LL32"/>
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        <balance>5710000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5734256.37000000</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>2041-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </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"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1633184.97000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UPLAND CALIF CTFS PARTN</name>
        <lei>N/A</lei>
        <title>CITY OF UPLAND CA</title>
        <cusip>915346GB0</cusip>
        <identifiers>
          <isin value="US915346GB03"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2045637.36000000</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>2047-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VAL VERDE CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>VAL VERDE UNIFIED SCHOOL DISTRICT</title>
        <cusip>91882RDV1</cusip>
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          <isin value="US91882RDV15"/>
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        <balance>4475000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4491075.54000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO</title>
        <cusip>13080STN4</cusip>
        <identifiers>
          <isin value="US13080STN44"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2562308.88000000</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>2057-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>IRVINE CALIF UNI SCH DIST SPL TAX</name>
        <lei>N/A</lei>
        <title>IRVINE UNIFIED SCHOOL DISTRICT</title>
        <cusip>463612KU4</cusip>
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          <isin value="US463612KU44"/>
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        <balance>995000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1017876.60000000</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>2042-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH SCH FAC REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
        <cusip>13051BAD8</cusip>
        <identifiers>
          <isin value="US13051BAD82"/>
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        <balance>305000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>322832.51000000</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>2059-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</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>
      <invstOrSec>
        <name>ALBANY CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>ALBANY UNIFIED SCHOOL DISTRICT</title>
        <cusip>012104RP2</cusip>
        <identifiers>
          <isin value="US012104RP28"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1506038.25000000</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>2046-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TAHOE-TRUCKEE CALIF UNI SCH DIST CTFS PARTN</name>
        <lei>N/A</lei>
        <title>TAHOE TRUCKEE CA UNIF SCH DIST</title>
        <cusip>873885CM7</cusip>
        <identifiers>
          <isin value="US873885CM77"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1008046.26000000</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>2043-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GUAM PWR AUTH REV</name>
        <lei>N/A</lei>
        <title>GUAM POWER AUTHORITY</title>
        <cusip>400653JL6</cusip>
        <identifiers>
          <isin value="US400653JL65"/>
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        <balance>2800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2874064.82000000</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>2040-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LONG BEACH CALIF BD FIN AUTH NAT GAS PUR REV</name>
        <lei>N/A</lei>
        <title>LONG BEACH BOND FINANCE AUTHORITY</title>
        <cusip>54241AAY9</cusip>
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          <isin value="US54241AAY91"/>
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        <balance>3875000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4313124.36000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO</title>
        <cusip>13080STL8</cusip>
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          <isin value="US13080STL87"/>
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        <balance>1000000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH STUDENT HSG REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO</title>
        <cusip>13078RHF0</cusip>
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          <isin value="US13078RHF01"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-05-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY TOB SETTLEMENT REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA COUNTY TOBACCO SECURITIZATION AGENCY</title>
        <cusip>13016NGY4</cusip>
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          <isin value="US13016NGY40"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH SCH FAC REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
        <cusip>13051BAC0</cusip>
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          <isin value="US13051BAC00"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA EDL FACS AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY</title>
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          <isin value="US130179UR39"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WASHINGTON TWP CALIF HEALTH CARE DIST REV</name>
        <lei>N/A</lei>
        <title>WASHINGTON TOWNSHIP HEALTH CARE DISTRICT</title>
        <cusip>940204GY0</cusip>
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          <isin value="US940204GY05"/>
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        <balance>1500000.00000000</balance>
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        <valUSD>1628996.88000000</valUSD>
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        <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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NORWALK CALIF REDEV AGY</name>
        <lei>N/A</lei>
        <title>NORWALK REDEVELOPMENT AGENCY</title>
        <cusip>668823DJ3</cusip>
        <identifiers>
          <isin value="US668823DJ39"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5006164.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH CTFS PARTN</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
        <cusip>130493CK3</cusip>
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          <isin value="US130493CK37"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1114736.71000000</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>2036-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA SCH FIN AUTH CHARTER SCH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA SCHOOL FINANCE AUTHORITY</title>
        <cusip>13058TPU8</cusip>
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          <isin value="US13058TPU87"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1030568.92000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>IRVINE CALIF UNI SCH DIST SPL TAX</name>
        <lei>N/A</lei>
        <title>IRVINE UNIFIED SCHOOL DISTRICT</title>
        <cusip>463612LR0</cusip>
        <identifiers>
          <isin value="US463612LR06"/>
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        <balance>995000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1023258.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
        <cusip>13048TS20</cusip>
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          <isin value="US13048TS204"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2017582.24000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY</title>
        <cusip>13032UFP8</cusip>
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          <isin value="US13032UFP84"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9704374.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-10-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY</title>
        <cusip>13032UXE3</cusip>
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          <isin value="US13032UXE36"/>
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        <balance>1800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1794748.27000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>TOBACCO SECURITIZATION AUTH SOUTHN CALIF TOB SETTLEMENT REV</name>
        <lei>N/A</lei>
        <title>TOBACCO SECURITIZATION AUT</title>
        <cusip>888804CT6</cusip>
        <identifiers>
          <isin value="US888804CT68"/>
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        <balance>720000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>738411.22000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INGLEWOOD CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>INGLEWOOD CA UNIF SCH DIST</title>
        <cusip>457110MC5</cusip>
        <identifiers>
          <isin value="US457110MC50"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>454352.78000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAN BRUNO PK CALIF SCH DIST</name>
        <lei>N/A</lei>
        <title>SAN BRUNO PARK ELEMENTARY SCHOOL DISTRICT</title>
        <cusip>797002EU2</cusip>
        <identifiers>
          <isin value="US797002EU25"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3087144.24000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH SR LIVING REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
        <cusip>13049RAS5</cusip>
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          <isin value="US13049RAS58"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <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>79739GFR2</cusip>
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          <isin value="US79739GFR20"/>
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          <maturityDt>2047-07-01</maturityDt>
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        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA STATE MUNI FINANCE AUTHORITY REVENUE</title>
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          <isin value="US13048VLA43"/>
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        <name>RIVERSIDE CNTY CALIF PUB FING AUTH TAX ALLOC REV</name>
        <lei>N/A</lei>
        <title>RIVERSIDE COUNTY PUBLIC FINANCING AUTHORITY</title>
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          <isin value="US76912TKU69"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA ST ENTERPRISE DEV AUTH LEASE REV</name>
        <lei>N/A</lei>
        <title>COUNTY OF RIVERSIDE CA</title>
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          <isin value="US13067VAV62"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-11-01</maturityDt>
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      <invstOrSec>
        <name>RNR SCH FING AUTH CALIF SPL TAX</name>
        <lei>N/A</lei>
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          <isin value="US769697KN25"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2041-09-01</maturityDt>
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      <invstOrSec>
        <name>BURBANK GLENDALE PASADENA ARPT AUTH CALIF ARPT REV</name>
        <lei>N/A</lei>
        <title>BURBANK GLENDALE PASADENA AIRPORT AUTHORITY BRICK</title>
        <cusip>120827EG1</cusip>
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          <isin value="US120827EG13"/>
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        <balance>1000000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-07-01</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA SCH FIN AUTH CHARTER SCH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA SCHOOL FINANCE AUTHORITY</title>
        <cusip>13058TTR1</cusip>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA EDL FACS AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY</title>
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          <isin value="US130179RE62"/>
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        <valUSD>2093979.50000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA INFRASTRUCTURE &amp; ECONOMIC DEV BK REV</name>
        <lei>N/A</lei>
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          <isin value="US13034A5L05"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-07-01</maturityDt>
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      <invstOrSec>
        <name>ADELANTO CALIF PUB UTIL AUTH REV</name>
        <lei>N/A</lei>
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          <isin value="US006797BY94"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2089472.96000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ALAMEDA CORRIDOR TRANSN AUTH CALIF REV</name>
        <lei>N/A</lei>
        <title>ALAMEDA CORRIDOR TRANSPORTATION AUTHORITY</title>
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          <isin value="US010869JQ91"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-10-01</maturityDt>
          <couponKind>None</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA SCH FIN AUTH CHARTER SCH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA SCHOOL FINANCE AUTHORITY</title>
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          <isin value="US13058TPV60"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ALBANY CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
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          <isin value="US012104RN79"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2066601.86000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IRVINE CALIF UNI SCH DIST SPL TAX</name>
        <lei>N/A</lei>
        <title>IRVINE UNIFIED SCHOOL DISTRICT</title>
        <cusip>463612JY8</cusip>
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          <isin value="US463612JY84"/>
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        <balance>995000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1040504.07000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
        <cusip>13048T7N7</cusip>
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          <isin value="US13048T7N76"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2564543.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HAYWARD CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>HAYWARD UNIFIED SCHOOL</title>
        <cusip>4212905A1</cusip>
        <identifiers>
          <isin value="US4212905A17"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3182819.13000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>LOCAL PUB SCHS FDG AUTH SCH FACS IMPT DIST NO 2016-1 CALIF</name>
        <lei>N/A</lei>
        <title>LOCAL PUBLIC SCHOOLS FUNDING AUTHORITY SCHOOL IMPR</title>
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          <isin value="US53957RAQ56"/>
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        <balance>1500000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PERRIS CALIF UN HIGH SCH DIST</name>
        <lei>N/A</lei>
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          <isin value="US714398KF07"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-09-01</maturityDt>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO</title>
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          <isin value="US13080STK05"/>
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        <name>IRVINE CALIF UNI SCH DIST SPL TAX</name>
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          <isin value="US463612MX64"/>
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          <maturityDt>2039-09-01</maturityDt>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV</name>
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        <title>CALIFORNIA STWD CMNTYS DEV AUTH REVENUE</title>
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          <isin value="US13080SYX60"/>
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        <name>CALIFORNIA INFRASTRUCTURE &amp; ECONOMIC DEV BK NATL CHARTER SCH REVOLVING LN FD REV</name>
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          <isin value="US13035ADC09"/>
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        <name>GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV</name>
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          <isin value="US38122ND906"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CENTINELA VALLEY CALIF UN HIGH SCH</name>
        <lei>N/A</lei>
        <title>CENTINELA VALLEY UNION HIGH SCHOOL DISTRICT</title>
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          <isin value="US152339QH38"/>
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        <balance>9500000.00000000</balance>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
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          <isin value="US13048T4P51"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ATWATER CALIF WASTEWATER REV</name>
        <lei>N/A</lei>
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        <cusip>050002AX2</cusip>
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          <isin value="US050002AX20"/>
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        <balance>1300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1338766.82000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>UPLAND CALIF CTFS PARTN</name>
        <lei>N/A</lei>
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          <isin value="US915346GA20"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2916307.53000000</valUSD>
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        <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>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
        <lei>N/A</lei>
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          <isin value="US13032UVN52"/>
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        <valUSD>2011995.08000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-08-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>MONROVIA CALIF FING AUTH WTR &amp; SWR REV</name>
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          <isin value="US611579AS29"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
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        <cusip>13048V2U1</cusip>
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          <isin value="US13048V2U11"/>
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        <curCd>USD</curCd>
        <valUSD>1667279.58000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA EDL FACS AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY</title>
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          <isin value="US130179RD89"/>
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        <curCd>USD</curCd>
        <valUSD>2115271.76000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY</title>
        <cusip>13032UXF0</cusip>
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          <isin value="US13032UXF01"/>
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        <valUSD>1682568.54000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-04-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA SCH FIN AUTH CHARTER SCH REV</name>
        <lei>N/A</lei>
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        <cusip>13058TLZ1</cusip>
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          <isin value="US13058TLZ11"/>
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        <valUSD>1612200.19000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>IRVINE CALIF UNI SCH DIST SPL TAX</name>
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          <isin value="US463612NT44"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>INDIO CALIF REDEV AGY TAX ALLOC</name>
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          <isin value="US455719CN25"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-15</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>MARCH JT PWRS REDEV AGY SUCCESSOR AGY CALIF TAX ALLOCATION</name>
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        <name>CALIFORNIA SCH FIN AUTH CHARTER SCH REV</name>
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          <isin value="US13058TLL25"/>
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        <name>MONROVIA CALIF FING AUTH LEASE REV</name>
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          <isin value="US611578BZ79"/>
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        <name>PALOMAR POMERADO HEALTH CALIF</name>
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        <name>CALIFORNIA CMNTY HSG AGY ESSENTIAL HSG REV</name>
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        <title>CALIFORNIA COMMUNITY HOUSING AGENCY</title>
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          <isin value="US13013FAF18"/>
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        <name>FOOTHILL / EASTERN TRANSN CORRIDOR AGY CALIF TOLL RD REV</name>
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          <isin value="US345105GU84"/>
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        <isRestrictedSec>N</isRestrictedSec>

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      </invstOrSec>
      <invstOrSec>
        <name>RIVERSIDE CNTY CALIF TRANSN COMMN TOLL REV</name>
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          <isin value="US76912DAZ15"/>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH STUDENT HSG REV</name>
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          <isin value="US13078RGJ32"/>
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      <invstOrSec>
        <name>TOBACCO SECURITIZATION AUTH SOUTHN CALIF TOB SETTLEMENT REV</name>
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          <isin value="US888804CR03"/>
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      <invstOrSec>
        <name>CALIFORNIA EDL FACS AUTH REV</name>
        <lei>N/A</lei>
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          <isin value="US130179VJ04"/>
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        <curCd>USD</curCd>
        <valUSD>539524.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-10-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
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          <isin value="US13048VWT15"/>
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        <name>IRVINE CALIF UNI SCH DIST SPL TAX</name>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>SAN FRANCISCO CALIF CITY &amp; CNTY INFRASTRUCTURE &amp; REVITALIZATION FING DIST NO 1</name>
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          <isin value="US79773NAF50"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA ST ENTERPRISE DEV AUTH CHARTER SCH REV</name>
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        <title>CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY</title>
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          <isin value="US13069AAZ12"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH SR LIVING REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
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          <isin value="US13049RBS40"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-11-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>GRASS VALLEY CALIF SCH DIST</name>
        <lei>N/A</lei>
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          <isin value="US388784BU38"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>RIO CALIF ELEM SCH DIST</name>
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          <isin value="US767032FP51"/>
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        <name>CALIFORNIA PUB FIN AUTH REV</name>
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        <name>CALIFORNIA ST ENTERPRISE DEV AUTH REV</name>
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        <name>VACAVILLE CALIF UNI SCH DIST</name>
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        <name>WESTERN PLACER CALIF UNI SCH CTFS PARTN</name>
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          <isin value="US959215EN07"/>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV</name>
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        <name>CHINO VY UNI SCH DIST CALIF</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>

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        <name>SACRAMENTO CALIF AREA FLOOD CTL AGY</name>
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        <name>STOCKTON CALIF PUB FING AUTH PKG REV</name>
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        <name>FOOTHILL / EASTERN TRANSN CORRIDOR AGY CALIF TOLL RD REV</name>
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        <name>MORENO VALLEY CALIF UNI SCH DIST</name>
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        <name>CALIFORNIA MUN FIN AUTH STUDENT HSG REV</name>
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        <name>CALIFORNIA ST ENTERPRISE DEV AUTH CHARTER SCH REV</name>
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        <name>TULARE CALIF SWR REV</name>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV</name>
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        <name>SAN DIEGO CALIF PUB FACS FING AUTH LEASE REV</name>
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        <name>IRVINE CALIF UNI SCH DIST SPL TAX</name>
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        <title>CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY</title>
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          <isin value="US13032UNG93"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO</title>
        <cusip>13080SPM0</cusip>
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          <isin value="US13080SPM07"/>
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        <curCd>USD</curCd>
        <valUSD>2769318.31000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY</title>
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          <isin value="US13032UL227"/>
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        <valUSD>1075348.43000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-11-15</maturityDt>
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      <invstOrSec>
        <name>TEMECULA VY CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
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          <isin value="US87970GNS20"/>
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        <balance>7500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7517689.13000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH STUDENT HSG REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO</title>
        <cusip>13078RGR5</cusip>
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          <isin value="US13078RGR57"/>
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        <balance>2180000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2194465.91000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-05-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>SAN FRANCISCO CALIF CITY &amp; CNTY CMNTY FACS DIST NO 2016-1 IMPT AREA NO 2 SPL TAX</name>
        <lei>N/A</lei>
        <title>CITY COUNTY OF SAN FRANCISCO CA COMMUNITY FACILI</title>
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          <isin value="US79773LAC63"/>
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      <invstOrSec>
        <name>State of California</name>
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          <isin value="US13063DFS27"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-10-01</maturityDt>
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      <invstOrSec>
        <name>SACRAMENTO CALIF SPL TAX</name>
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        <cusip>786071RQ5</cusip>
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          <isin value="US786071RQ58"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2153647.30000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-09-01</maturityDt>
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          <annualizedRt>5.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BAY AREA TOLL AUTH CALIF TOLL BRDG REV</name>
        <lei>N/A</lei>
        <title>BAY AREA TOLL AUTHORITY</title>
        <cusip>072024ST0</cusip>
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          <isin value="US072024ST08"/>
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        <balance>15000000.00000000</balance>
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        <valUSD>15173674.35000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.11000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>SAN FRANCISCO CALIF CITY &amp; CNTY INFRASTRUCTURE &amp; REVITALIZATION FING DIST NO 1</name>
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          <isin value="US79773NAD03"/>
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        <valUSD>1265239.53000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA ST ENTERPRISE DEV AUTH LEASE REV</name>
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          <isin value="US13067VAW46"/>
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      <invstOrSec>
        <name>SAN FRANCISCO CALIF CITY &amp; CNTY CMNTY FACS DIST NO 2014-1 SPL TAX</name>
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          <isin value="US79772EFN40"/>
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        <name>FILLMORE CALIF WASTEWATER REV</name>
        <lei>N/A</lei>
        <title>CITY OF FILLMORE CA WASTEWATER REVENUE</title>
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          <isin value="US317109AJ56"/>
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        <name>INGLEWOOD CALIF UNI SCH DIST</name>
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          <isin value="US457110MA94"/>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO</title>
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          <isin value="US13081KAX81"/>
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        <name>CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY TOB SETTLEMENT REV</name>
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        <name>CALIFORNIA EDL FACS AUTH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY</title>
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          <isin value="US130179GT50"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-10-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <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>
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          <isin value="US79739GNV40"/>
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      <invstOrSec>
        <name>LOS ANGELES CNTY CALIF PUB WKS FING AUTH LEASE REV</name>
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          <isin value="US54473EQU19"/>
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      <invstOrSec>
        <name>STOCKTON CALIF PUB FING AUTH PKG REV</name>
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          <isin value="US86139TAU34"/>
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        <name>RIVER ISLANDS PUB FING AUTH CALIF SPL TAX</name>
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        <name>CALIFORNIA HEALTH FACS FING AUTH REV</name>
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        <name>CALIFORNIA SCHL FIN AUTH EDL FACS REV</name>
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        <name>GUAM PWR AUTH REV</name>
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        <name>CALIFORNIA MUN FIN AUTH REV</name>
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          <isin value="US13048TR883"/>
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        <name>CALIFORNIA MUN FIN AUTH SR LIVING REV</name>
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          <isin value="US13049RBR66"/>
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      <invstOrSec>
        <name>SWEETWATER CALIF UN HIGH SCH DIST</name>
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        <name>PALOMAR POMERADO HEALTH CALIF</name>
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        <name>SACRAMENTO CNTY CALIF ARPT SYS REV</name>
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        <name>CALIFORNIA MUN FIN AUTH LEASE REV</name>
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          <isin value="US13049UEY10"/>
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        <name>VIRGIN ISLANDS PUB FIN AUTH REV</name>
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        <name>CALIFORNIA MUN FIN AUTH SR LIVING REV</name>
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        <name>RIVERSIDE CNTY CALIF REDEV AGY SUCCESSOR AGY TAX ALLOCATION</name>
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        <name>CALIFORNIA SCH FIN AUTH SCH FAC REV</name>
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        <name>NORWALK LA MIRADA CALIF UNI SCH DIST</name>
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          <maturityDt>2030-08-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>WASHINGTON TWP CALIF HEALTH CARE DIST REV</name>
        <lei>N/A</lei>
        <title>WASHINGTON TOWNSHIP HEALTH CARE DISTRICT</title>
        <cusip>940204ED8</cusip>
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          <isin value="US940204ED85"/>
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        <balance>1000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>SANTA ROSA CALIF HIGH SCH DIST</name>
        <lei>N/A</lei>
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        <cusip>802615J21</cusip>
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          <isin value="US802615J219"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1027082.52000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA PUB FIN AUTH REV</name>
        <lei>N/A</lei>
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        <cusip>13057EAK0</cusip>
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          <isin value="US13057EAK01"/>
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        <curCd>USD</curCd>
        <valUSD>1010205.46000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SAN LEANDRO CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>SAN LEANDRO UNIFIED SCHOOL</title>
        <cusip>798458TK1</cusip>
        <identifiers>
          <isin value="US798458TK19"/>
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        <balance>2750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2928093.71000000</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>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <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"/>
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        <balance>4750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4784099.68000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH CTFS PARTN</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
        <cusip>130493CL1</cusip>
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          <isin value="US130493CL10"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>537660.37000000</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>2052-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WEST CONTRA COSTA CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>WEST CONTRA COSTA UNIFIED SCHOOL DISTRICT</title>
        <cusip>95234AAU9</cusip>
        <identifiers>
          <isin value="US95234AAU97"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1106070.94000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SANTA CLARITA CALIF CMNTY COLLEGE DIST</name>
        <lei>N/A</lei>
        <title>SANTA CLARITA COMMUNITY COLLEGE DISTRICT</title>
        <cusip>801686PW0</cusip>
        <identifiers>
          <isin value="US801686PW07"/>
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        <balance>5250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5274489.62000000</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>2046-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA SCH FIN AUTH CHARTER SCH REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA SCHOOL FINANCE AUTHORITY</title>
        <cusip>13058TUE8</cusip>
        <identifiers>
          <isin value="US13058TUE80"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1057804.95000000</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>2049-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA SCH FIN AUTH SCH FAC REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA SCHOOL FINANCE AUTHORITY</title>
        <cusip>13059TJR1</cusip>
        <identifiers>
          <isin value="US13059TJR14"/>
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        <balance>1050000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1089309.95000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAN MATEO CALIF SPL TAX</name>
        <lei>N/A</lei>
        <title>CITY OF SAN MATEO CA</title>
        <cusip>79901PCZ9</cusip>
        <identifiers>
          <isin value="US79901PCZ99"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4406427.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>TRANSBAY JT PWRS AUTH TAX ALLOCATION CALIF</name>
        <lei>N/A</lei>
        <title>TRANSBAY JT POWER</title>
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          <isin value="US89356CAU09"/>
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        <balance>800000.00000000</balance>
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        <valUSD>816681.76000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>WASHINGTON TWP CALIF HEALTH CARE DIST</name>
        <lei>N/A</lei>
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        <cusip>940642FS5</cusip>
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          <isin value="US940642FS53"/>
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        <balance>3280000.00000000</balance>
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        <valUSD>3144892.70000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>FRESNO CALIF JT PWRS FING AUTH LEASE REV</name>
        <lei>N/A</lei>
        <title>FRESNO CA JT PWRS FING AUTH LEASE REVENUE</title>
        <cusip>358184RH4</cusip>
        <identifiers>
          <isin value="US358184RH44"/>
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        <balance>1225000.00000000</balance>
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        <valUSD>1234460.31000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-04-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>UNIVERSITY CALIF REVS</name>
        <lei>N/A</lei>
        <title>UNIVERSITY OF CALIFORNIA</title>
        <cusip>91412GSG1</cusip>
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          <isin value="US91412GSG19"/>
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        <balance>7800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7800000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-05-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MOUNTAIN VIEW CALIF SCH DIST LOS ANGELES CNTY</name>
        <lei>N/A</lei>
        <title>MOUNTAIN VIEW SCHOOL DISTRICT LOS ANGELES COUNTY C</title>
        <cusip>624403FY2</cusip>
        <identifiers>
          <isin value="US624403FY21"/>
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        <balance>3315000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BURBANK CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>BURBANK CA UNIF SCH DIST</title>
        <cusip>12082SBY9</cusip>
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          <isin value="US12082SBY90"/>
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        <balance>3085000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3247298.36000000</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>2033-08-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INGLEWOOD CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>INGLEWOOD UNIFIED SCHOOL DISTRICT</title>
        <cusip>457110LJ1</cusip>
        <identifiers>
          <isin value="US457110LJ13"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>769081.88000000</valUSD>
        <pctVal>0.163515598525</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-01</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>CALIFORNIA MUN FIN AUTH SCH FAC REV</name>
        <lei>N/A</lei>
        <title>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</title>
        <cusip>13051BAB2</cusip>
        <identifiers>
          <isin value="US13051BAB27"/>
        </identifiers>
        <balance>290000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>301589.73000000</valUSD>
        <pctVal>0.064121423859</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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"/>
        </identifiers>
        <balance>3500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3503602.48000000</valUSD>
        <pctVal>0.744905934479</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>BURBANK CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>BURBANK CA UNIF SCH DIST</title>
        <cusip>12082SBZ6</cusip>
        <identifiers>
          <isin value="US12082SBZ65"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3159731.37000000</valUSD>
        <pctVal>0.671795005943</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.35000000</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>MANTECA CALIF UNI SCH DIST SPL TAX</name>
        <lei>N/A</lei>
        <title>MANTECA UNIFIED SCHOOL DISTRICT</title>
        <cusip>564547RL3</cusip>
        <identifiers>
          <isin value="US564547RL35"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2114458.78000000</valUSD>
        <pctVal>0.449558105528</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INGLEWOOD CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>INGLEWOOD UNIFIED SCHOOL DISTRICT</title>
        <cusip>457110NM2</cusip>
        <identifiers>
          <isin value="US457110NM24"/>
        </identifiers>
        <balance>3550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3595656.91000000</valUSD>
        <pctVal>0.764477758507</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-01</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</name>
        <lei>N/A</lei>
        <title>WASHINGTON TOWNSHIP HEALTH CARE DISTRICT</title>
        <cusip>940642GG0</cusip>
        <identifiers>
          <isin value="US940642GG07"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>787117.48000000</valUSD>
        <pctVal>0.167350173237</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>4.50000000</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>2024-12-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios III</ncom:nameOfApplicant>
      <ncom:signature>Carol Trevino</ncom:signature>
      <ncom:signerName>Carol Trevino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
