# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-26-000427
**Filing Date:** 2026-1
**Character Count:** 70802
**Document Hash:** 04d1189dfa4087c5bd0ac003c981c359
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-26-000427.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0001004726-26-000427

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VICTORY PORTFOLIOS III
- **CENTRAL INDEX KEY:** 0000908695

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07852
- **FILM NUMBER:** 26563046

**BUSINESS ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **STREET 2:** BUILDING TWO
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256
- **BUSINESS PHONE:** 210-697-3625

**MAIL ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **STREET 2:** BUILDING TWO
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USAA MUTUAL FUNDS TRUST
- **DATE OF NAME CHANGE:** 20060420

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USAA STATE TAX FREE TRUST
- **DATE OF NAME CHANGE:** 19940325

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USAA STATE TAX EXEMPT TRUST
- **DATE OF NAME CHANGE:** 19930707

## Series and Classes Contracts Data

### Victory California Bond Fund (Formerly USAA California Bond Fund) (Series ID: S000012916)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000034886 | Victory California Bond Fund Shares               | USCBX           |
| C000220628 | Victory California Bond Fund Class A              | UXABX           |
| C000220629 | Victory California Bond Fund Institutional Shares | UCBIX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Victory Portfolios III

- **b. Investment Company Act file number:** 811-07852

- **c. CIK number of Registrant:** 0000908695

- **d. LEI of Registrant:** 549300WIDR2J6W1Y9S11

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 15935 La Cantera Pkwy Building Two

  - **City:** San Antonio

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

  - **Telephone number:** 800-235-8396

**Item A.2. Information about the Series.**

- **a. Name of Series:** Victory California Bond Fund

- **b. EDGAR series identifier (if any):** S000012916

- **c. LEI of Series:** 549300TYXVR824ZBF173

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $409663180.34

**Total Liabilities:** $2267427.80

**Net Assets:** $407395752.54

**Cash Not Reported:** $308708.66

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -988.21111030 | **1-Year:** -16103.34896118 | **5-Year:** -51612.01915963 | **10-Year:** -129310.80062298 | **30-Year:** -64262.69331714

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -165.15680712 | **1-Year:** -364.48528409 | **5-Year:** -932.01456657 | **10-Year:** -2264.11779501 | **30-Year:** -1384.58689667

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000220628 | 3.33%                | 1.66%                | 0.26%                |
| Class ID C000034886 | 3.35%                | 1.78%                | 0.28%                |
| Class ID C000220629 | 3.35%                | 1.78%                | 0.28%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $12225788.35                               |
| Month 2  | $251478.01               | $5681795.43                                |
| Month 3  | $-28764.50               | $11420.21                                  |

### Schedule of Portfolio Investments

| Name                                                                             | Title                                              | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CALIFORNIA HEALTH FACS FING AUTH REV                                             | CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY   | CUSIP: 13032UDT2<br>LEI: N/A | Long             | DBT              | MUN               | US        |  14000000 | PA      | $13626681.98  | 3.34%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FACS FING AUTH REV                                             | CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY   | CUSIP: 13032UU71<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1370944.58   | 0.34%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STOCKTON CALIF PUB FING AUTH PKG REV                                             | STOCKTON CA PUBLIC FING AUTH PKG REVENUE           | CUSIP: 86139TAU3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    920000 | PA      | $855527.35    | 0.21%             | 2040-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SCH FAC REV                                              | CALIFORNIA MUNICIPAL FINANCE AUTHORITY             | CUSIP: 13051BAD8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    305000 | PA      | $309870.92    | 0.08%             | 2059-05-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| IRVINE CALIF UNI SCH DIST SPL TAX                                                | IRVINE UNIFIED SCHOOL DISTRICT                     | CUSIP: 463612JY8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    995000 | PA      | $1010750.78   | 0.25%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY & CNTY INFRASTRUCTURE & REVITALIZATION FING DIST NO 1   | CITY COUNTY OF SAN FRANCISCO CA INFRASTRUCTURE     | CUSIP: 79773NAD0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1235700.70   | 0.30%             | 2052-09-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| TAHOE-TRUCKEE CALIF UNI SCH DIST CTFS PARTN                                      | TAHOE TRUCKEE CA UNIF SCH DIST                     | CUSIP: 873885CM7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000625.46   | 0.25%             | 2043-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON TWP CALIF HEALTH CARE DIST REV                                        | WASHINGTON TOWNSHIP HEALTH CARE DISTRICT           | CUSIP: 940204GY0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1583024.94   | 0.39%             | 2053-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BURBANK GLENDALE PASADENA ARPT AUTH CALIF ARPT REV                               | BURBANK GLENDALE PASADENA AIRPORT AUTHORITY BRICK  | CUSIP: 120827EG1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987183.00    | 0.24%             | 2054-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SR LIVING REV                                            | CALIFORNIA MUNICIPAL FINANCE AUTHORITY             | CUSIP: 13049RBS4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1100000 | PA      | $886175.50    | 0.22%             | 2056-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCHL FIN AUTH EDL FACS REV                                            | CALIFORNIA SCHOOL FINANCE AUTHORITY                | CUSIP: 130591BN9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    650000 | PA      | $599898.20    | 0.15%             | 2054-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CALIFORNIA POLLUTN CTL FING AUTH SOLID WASTE DISP REV                            | CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY   | CUSIP: 130536RN7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $496502.23    | 0.12%             | 2043-07-01      | Variable      | 3.80%                 | Yes           |                  2 | On Loan: No      |
| WASHINGTON TWP CALIF HEALTH CARE DIST                                            | WASHINGTON TOWNSHIP HEALTH CARE DISTRICT           | CUSIP: 940642FS5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3280000 | PA      | $3065527.01   | 0.75%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BURBANK GLENDALE PASADENA ARPT AUTH CALIF ARPT REV                               | BURBANK GLENDALE PASADENA AIRPORT AUTHORITY BRICK  | CUSIP: 120827EF3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2875000 | PA      | $2983095.67   | 0.73%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH REV                                                      | CALIFORNIA MUNICIPAL FINANCE AUTHORITY             | CUSIP: 13048TS20<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007986.15   | 0.49%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH REV                                                      | CALIFORNIA MUNICIPAL FINANCE AUTHORITY             | CUSIP: 13048T7N7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2518841.36   | 0.62%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CALIF REGL ARPT AUTH ARPT REV                                     | SAN DIEGO COUNTY REGIONAL AIRPORT AUTHORITY        | CUSIP: 79739GNX0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1714740.24   | 0.42%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE CMNTYS DEV AUTH STATEWIDE CMNTY INFRASTRUCTURE PROGRAM REV  | CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO | CUSIP: 13078YWL5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1281318.31   | 0.31%             | 2055-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SCH FAC REV                                              | CALIFORNIA MUNICIPAL FINANCE AUTHORITY             | CUSIP: 13051BAB2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    290000 | PA      | $291865.34    | 0.07%             | 2044-05-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| MORENO VALLEY CALIF UNI SCH DIST                                                 | MORENO VALLEY UNIFIED SCHOOL DISTRICT CA           | CUSIP: 616871KX6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6748366.93   | 1.66%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA EDL FACS AUTH REV                                                     | CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY        | CUSIP: 130179VJ0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $479430.31    | 0.12%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS PUB FING AUTH CALIF SPL TAX                                        | RIVER ISLANDS PUBLIC FINANCING AUTHORITY           | CUSIP: 76827QJD6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2080883.64   | 0.51%             | 2052-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH REV                                                      | CALIFORNIA MUNICIPAL FINANCE AUTHORITY             | CUSIP: 13048VXH6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6500000 | PA      | $5785097.20   | 1.42%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FAC REV                                              | CALIFORNIA SCHOOL FINANCE AUTHORITY                | CUSIP: 13059TEW5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1370037.73   | 0.34%             | 2047-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY & CNTY INFRASTRUCTURE & REVITALIZATION FING DIST NO 1   | CITY COUNTY OF SAN FRANCISCO CA INFRASTRUCTURE     | CUSIP: 79773NAF5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    640000 | PA      | $627352.10    | 0.15%             | 2052-09-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV                       | GOLDEN STATE TOBACCO SECURITIZATION CORP           | CUSIP: 38122ND90<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002752.08   | 0.25%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV                                         | CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO | CUSIP: 13080STL8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004695.66   | 0.25%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH CTFS PARTN                                               | CALIFORNIA MUNICIPAL FINANCE AUTHORITY             | CUSIP: 130493DH9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3136426.62   | 0.77%             | 2055-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FAC REV                                              | CALIFORNIA SCHOOL FINANCE AUTHORITY                | CUSIP: 13059TFV6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3146711.14   | 0.77%             | 2054-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| IRVINE CALIF UNI SCH DIST SPL TAX                                                | IRVINE CA UNIF SCH DIST SPL TAX                    | CUSIP: 463612NT4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1703236.79   | 0.42%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FACS FING AUTH REV                                             | CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY   | CUSIP: 13032UGL6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7375000 | PA      | $7069285.12   | 1.74%             | 2039-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANTA CLARITA CALIF CMNTY COLLEGE DIST                                           | SANTA CLARITA COMMUNITY COLLEGE DISTRICT           | CUSIP: 801686PW0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5142250.27   | 1.26%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CNTY CALIF ARPT SYS REV                                               | COUNTY OF SACRAMENTO CA AIRPORT SYSTEM REVENUE     | CUSIP: 786107VW9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2105590.06   | 0.52%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BAY AREA TOLL AUTH CALIF TOLL BRDG REV                                           | BAY AREA TOLL AUTHORITY                            | CUSIP: 072024ST0<br>LEI: N/A | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15022015.00  | 3.69%             | 2036-04-01      | Floating      | 4.04%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SCH FAC REV                                              | CALIFORNIA MUNICIPAL FINANCE AUTHORITY             | CUSIP: 13051BAC0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    710000 | PA      | $713791.54    | 0.18%             | 2054-05-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| NORWALK CALIF REDEV AGY                                                          | NORWALK REDEVELOPMENT AGENCY                       | CUSIP: 668823DK0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3503480.19   | 0.86%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRVINE CALIF UNI SCH DIST SPL TAX                                                | IRVINE UNIFIED SCHOOL DISTRICT                     | CUSIP: 463612LR0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    995000 | PA      | $1003557.69   | 0.25%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STOCKTON CALIF PUB FING AUTH PKG REV                                             | STOCKTON PUBLIC FINANCING AUTHORITY                | CUSIP: 86139TAV1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4385000 | PA      | $4396594.80   | 1.08%             | 2047-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY TOB SETTLEMENT REV                  | CALIFORNIA CNTY CA TOBACCO                         | CUSIP: 13016NEZ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $439900.97    | 0.11%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY HSG AGY ESSENTIAL HSG REV                                       | CALIFORNIA COMMUNITY HOUSING AGENCY                | CUSIP: 13013FAF1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1755183.85   | 0.43%             | 2050-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH CTFS PARTN                                               | CALIFORNIA MUNICIPAL FINANCE AUTHORITY             | CUSIP: 130493CL1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $513219.22    | 0.13%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VACAVILLE CALIF UNI SCH DIST                                                     | VACAVILLE CA UNIF SCH DIST                         | CUSIP: 918608UF5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1824338.22   | 0.45%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH REV                                                      | CALIFORNIA MUNICIPAL FINANCE AUTHORITY             | CUSIP: 13048TR88<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $759165.00    | 0.19%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV AUTH CHARTER SCH REV                                | CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY        | CUSIP: 13069AAZ1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1985000 | PA      | $1880381.78   | 0.46%             | 2054-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY TOB SETTLEMENT REV                  | CALIFORNIA COUNTY TOBACCO SECURITIZATION AGENCY    | CUSIP: 13016NGY4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $432031.78    | 0.11%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV                                         | CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO | CUSIP: 13080STK0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4066773.38   | 1.00%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUB FIN AUTH REV                                                      | CALIFORNIA PUBLIC FINANCE AUTHORITY                | CUSIP: 13057EAK0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004574.59   | 0.25%             | 2037-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORWALK CALIF REDEV AGY                                                          | NORWALK REDEVELOPMENT AGENCY                       | CUSIP: 668823DJ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5006874.47   | 1.23%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FACS FING AUTH REV                                             | CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY   | CUSIP: 13032UFP8<br>LEI: N/A | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8863604.74   | 2.18%             | 2047-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH ACADEMIC FACS REV                                        | CALIFORNIA MUNICIPAL FINANCE AUTHORITY             | CUSIP: 130491AT0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015625.00   | 0.25%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV                        | SAN FRANCISCO CITY COUNTY AIRPORT COMM SAN FRANC   | CUSIP: 79766DWX3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1476529.39   | 0.36%             | 2049-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH CHARTER SCH REV                                          | CALIFORNIA SCHOOL FINANCE AUTHORITY                | CUSIP: 13058TUE8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013687.21   | 0.25%             | 2049-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| INGLEWOOD CALIF UNI SCH DIST                                                     | INGLEWOOD CA UNIF SCH DIST                         | CUSIP: 457110MA9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    450000 | PA      | $456714.19    | 0.11%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CALIF DEPT WTR & PWR REV                                             | LOS ANGELES DEPARTMENT OF WATER POWER              | CUSIP: 544532QQ0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1562317.43   | 0.38%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTINELA VALLEY CALIF UN HIGH SCH                                               | CENTINELA VALLEY UNION HIGH SCHOOL DISTRICT        | CUSIP: 152339QH3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   9000000 | PA      | $8540181.66   | 2.10%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BURBANK CALIF UNI SCH DIST                                                       | BURBANK CA UNIF SCH DIST                           | CUSIP: 12082SBZ6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3094936.29   | 0.76%             | 2034-08-01      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CALIF REGL ARPT AUTH ARPT REV                                     | SAN DIEGO COUNTY REGIONAL AIRPORT AUTHORITY        | CUSIP: 79739GNV4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2759328.92   | 0.68%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIDDLE FORK PROJ FIN AUTH CALIF REV                                              | MIDDLE FORK PROJ                                   | CUSIP: 59572CAP2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2205000 | PA      | $2314022.61   | 0.57%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH SOUTHN CALIF TOB SETTLEMENT REV                      | TOBACCO SECURITIZATION AUT                         | CUSIP: 888804CR0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2177277.19   | 0.53%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH CHARTER SCH REV                                          | CALIFORNIA SCHOOL FINANCE AUTHORITY                | CUSIP: 13058TTR1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    900000 | PA      | $832277.25    | 0.20%             | 2054-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| RNR SCH FING AUTH CALIF SPL TAX                                                  | RNR SCHOOL FINANCING AUTHORITY                     | CUSIP: 769697KN2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2025038.45   | 0.50%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INGLEWOOD CALIF UNI SCH DIST                                                     | INGLEWOOD UNIFIED SCHOOL DISTRICT                  | CUSIP: 457110NM2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3550000 | PA      | $3435542.08   | 0.84%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FOOTHILL / EASTERN TRANSN CORRIDOR AGY CALIF TOLL RD REV                         | FOOTHILL EASTERN TRANSPORTATION CORRIDOR AGENCY    | CUSIP: 345105HZ6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7500000 | PA      | $5701076.32   | 1.40%             | 2035-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PERRIS CALIF UN HIGH SCH DIST                                                    | PERRIS UNION HIGH SCHOOL DISTRICT CA               | CUSIP: 714398KF0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4915526.20   | 1.21%             | 2048-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CALIF DEPT ARPTS REV                                                 | CITY OF LOS ANGELES DEPARTMENT OF AIRPORTS         | CUSIP: 5444453C1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1539204.71   | 0.38%             | 2055-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA EDL FACS AUTH REV                                                     | CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY        | CUSIP: 130179RD8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2060478.21   | 0.51%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA EDL FACS AUTH REV                                                     | CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY        | CUSIP: 130179XN9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $972819.06    | 0.24%             | 2050-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH CHARTER SCH REV                                          | CALIFORNIA SCHOOL FINANCE AUTHORITY                | CUSIP: 13058TLZ1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1600020.75   | 0.39%             | 2041-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE CMNTYS DEV AUTH HOSP REV                                    | CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO | CUSIP: 13081KAX8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1995000 | PA      | $2017819.40   | 0.50%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURBANK CALIF UNI SCH DIST                                                       | BURBANK CA UNIF SCH DIST                           | CUSIP: 12082SBY9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3085000 | PA      | $3181488.39   | 0.78%             | 2033-08-01      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV                                         | CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO | CUSIP: 13080SPQ1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3799258.12   | 0.93%             | 2046-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUAM PWR AUTH REV                                                                | GUAM POWER AUTHORITY                               | CUSIP: 400653JL6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2834440.74   | 0.70%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV                        | SAN FRANCISCO CITY COUNTY AIRPORT COMM SAN FRANC   | CUSIP: 79766DXQ7<br>LEI: N/A | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12810243.53  | 3.14%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IRVINE CALIF UNI SCH DIST SPL TAX                                                | IRVINE UNIFIED SCHOOL DISTRICT                     | CUSIP: 463612KU4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    995000 | PA      | $1007050.65   | 0.25%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CALIF REGL ARPT AUTH ARPT REV                                     | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE   | CUSIP: 79739GNY8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5295950.72   | 1.30%             | 2056-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOCAL PUB SCHS FDG AUTH SCH FACS IMPT DIST NO 2016-1 CALIF                       | LOCAL PUBLIC SCHOOLS FUNDING AUTHORITY SCHOOL IMPR | CUSIP: 53957RAQ5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1416360.40   | 0.35%             | 2052-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY & CNTY CMNTY FACS DIST NO 2014-1 SPL TAX                | CITY COUNTY OF SAN FRANCISCO CA COMMUNITY FACILI   | CUSIP: 79772EFN4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $771806.32    | 0.19%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY TOB SETTLEMENT REV                  | CALIFORNIA COUNTY TOBACCO SECURITIZATION AGENCY    | CUSIP: 13016NHY3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $874325.18    | 0.21%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE CMNTYS DEV AUTH STUDENT HSG REV                             | CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO | CUSIP: 13078RHF0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1991360.32   | 0.49%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH CTFS PARTN                                               | CALIFORNIA MUNICIPAL FINANCE AUTHORITY             | CUSIP: 130493CK3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066584.93   | 0.26%             | 2036-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PALOMAR POMERADO HEALTH CALIF                                                    | PALOMAR HEALTH                                     | CUSIP: 69753RBU7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5335750.69   | 1.31%             | 2026-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BK SPEARS/LIFERS TR VAR STS                                             | DEUTSCHE BANK SPEARS LIFERS TRUST                  | CUSIP: 25156SGB7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 0.22%             | 2054-07-01      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| FILLMORE CALIF WASTEWATER REV                                                    | CITY OF FILLMORE CA WASTEWATER REVENUE             | CUSIP: 317109AJ5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2027812.35   | 0.50%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATWATER CALIF WASTEWATER REV                                                     | CITY OF ATWATER CA WASTEWATER REVENUE              | CUSIP: 050002AX2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1325520.65   | 0.33%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH REV                                                      | CALIFORNIA MUNICIPAL FINANCE AUTHORITY             | CUSIP: 13048VWT1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    965000 | PA      | $854307.71    | 0.21%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH SOUTHN CALIF TOB SETTLEMENT REV                      | TOBACCO SECURITIZATION AUT                         | CUSIP: 888804CT6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    655000 | PA      | $644820.64    | 0.16%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA EDL FACS AUTH REV                                                     | CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY        | CUSIP: 130179GT5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002205.66   | 0.25%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV                                  | CALIFORNIA ST INFRASTRUCTURE ECON DEV BANK REVEN   | CUSIP: 13034AK82<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3799751.89   | 0.93%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV                                         | CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO | CUSIP: 13080SMW1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2673020.10   | 0.66%             | 2051-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IRVINE CALIF UNI SCH DIST SPL TAX                                                | IRVINE UNIFIED SCHOOL DISTRICT                     | CUSIP: 463612JZ5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    995000 | PA      | $1010527.21   | 0.25%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH CHARTER SCH REV                                          | CALIFORNIA SCHOOL FINANCE AUTHORITY                | CUSIP: 13058TMA5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2050000 | PA      | $1960635.63   | 0.48%             | 2046-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| MONROVIA CALIF FING AUTH WTR & SWR REV                                           | MONROVIA FINANCING AUTHORITY                       | CUSIP: 611579AS2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2345000 | PA      | $2349173.60   | 0.58%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM INTL ARPT AUTH REV                                                          | ANTONIO B WON PAT INTERNATIONAL AIRPORT AUTHORITY  | CUSIP: 40064RFX2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    100000 | PA      | $106667.77    | 0.03%             | 2041-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH REV                                                      | CALIFORNIA STATE MUNI FINANCE AUTHORITY REVENUE    | CUSIP: 13048VLA4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1823389.59   | 0.45%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FACS FING AUTH REV                                             | CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY   | CUSIP: 13032UY36<br>LEI: N/A | Long             | DBT              | MUN               | US        |     55000 | PA      | $59189.87     | 0.01%             | 2049-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV AUTH CHARTER SCH REV                                | CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY        | CUSIP: 13069AAY4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $732070.88    | 0.18%             | 2044-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV                                         | CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO | CUSIP: 13080STN4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2527335.36   | 0.62%             | 2057-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FACS FING AUTH REV                                             | CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY   | CUSIP: 13032UL22<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034620.67   | 0.25%             | 2053-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CALIF SPL TAX                                                         | SACRAMENTO CA SPL TAX                              | CUSIP: 786071RQ5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2012435.61   | 0.49%             | 2052-09-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FAC REV                                              | CALIFORNIA SCHOOL FINANCE AUTHORITY                | CUSIP: 13059TJR1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1058501.93   | 0.26%             | 2054-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| VAL VERDE CALIF UNI SCH DIST                                                     | VAL VERDE UNIFIED SCHOOL DISTRICT                  | CUSIP: 91882RDV1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4475000 | PA      | $4326663.20   | 1.06%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY CALIF REVS                                                            | UNIVERSITY OF CALIFORNIA                           | CUSIP: 91412GSG1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3800000.00   | 0.93%             | 2048-05-15      | Variable      | 2.40%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA EDL FACS AUTH REV                                                     | CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY        | CUSIP: 130179UR3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5565471.12   | 1.37%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIO CALIF ELEM SCH DIST                                                          | RIO ELEMENTARY SCHOOL DISTRICT CA                  | CUSIP: 767032FP5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2700025.06   | 0.66%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH CHARTER SCH REV                                          | CALIFORNIA SCHOOL FINANCE AUTHORITY                | CUSIP: 13058TVE7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1984591.98   | 0.49%             | 2055-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| MANTECA CALIF UNI SCH DIST SPL TAX                                               | MANTECA UNIFIED SCHOOL DISTRICT                    | CUSIP: 564547RL3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2040058.75   | 0.50%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UPLAND CALIF CTFS PARTN                                                          | CITY OF UPLAND CA                                  | CUSIP: 915346GA2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2817928.39   | 0.69%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON TWP CALIF HEALTH CARE DIST REV                                        | WASHINGTON TOWNSHIP HEALTH CARE DISTRICT           | CUSIP: 940204ED8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001601.33   | 0.25%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| POWAY CALIF UNI SCH DIST SPL TAX                                                 | POWAY CA UNIF SCH DIST SPL TAX                     | CUSIP: 738855J63<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4750000 | PA      | $4518798.81   | 1.11%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV                                         | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE            | CUSIP: 13080SYX6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1404904.52   | 0.34%             | 2045-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CALIF REGL ARPT AUTH ARPT REV                                     | SAN DIEGO COUNTY REGIONAL AIRPORT AUTHORITY        | CUSIP: 79739GFR2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1526228.26   | 0.37%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV                          | CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY    | CUSIP: 13013JHD1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $532071.57    | 0.13%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUB FIN AUTH REV                                                      | CALIFORNIA PUBLIC FINANCE AUTHORITY                | CUSIP: 13057EAL8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2945407.56   | 0.72%             | 2047-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH REV                                                      | CALIFORNIA MUNICIPAL FINANCE AUTHORITY             | CUSIP: 13048V2U1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1535577.69   | 0.38%             | 2054-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRVINE CALIF UNI SCH DIST SPL TAX                                                | IRVINE UNIFIED SCHOOL DISTRICT                     | CUSIP: 463612MJ7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5970000 | PA      | $6031715.02   | 1.48%             | 2056-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS PUB FING AUTH CALIF SPL TAX                                        | RIVER ISLANDS PUBLIC FINANCING AUTHORITY           | CUSIP: 76827QGR8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1575904.88   | 0.39%             | 2052-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PALOMAR POMERADO HEALTH CALIF                                                    | PALOMAR HEALTH                                     | CUSIP: 69753RCV4<br>LEI: N/A | Long             | DBT              | MUN               | US        |  12230000 | PA      | $9749172.04   | 2.39%             | 2031-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV AUTH LEASE REV                                      | COUNTY OF RIVERSIDE CA                             | CUSIP: 13067VAW4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    680000 | PA      | $617519.86    | 0.15%             | 2050-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV                                         | CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO | CUSIP: 13080SPM0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2762854.75   | 0.68%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALBANY CALIF UNI SCH DIST                                                        | ALBANY UNIFIED SCHOOL DISTRICT                     | CUSIP: 012104RP2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1462498.86   | 0.36%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARCH JT PWRS REDEV AGY SUCCESSOR AGY CALIF TAX ALLOCATION                       | MARCH JOINT POWERS REDEVELOPMENT AGENCY SUCCESSOR  | CUSIP: 56621VAX0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5790000 | PA      | $5790637.88   | 1.42%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FACS FING AUTH REV                                             | CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY   | CUSIP: 13032UNG9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2843995.92   | 0.70%             | 2047-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CALIF DEPT ARPTS REV                                                 | CITY OF LOS ANGELES DEPARTMENT OF AIRPORTS         | CUSIP: 544445RG6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1650971.14   | 0.41%             | 2050-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV                                  | CALIFORNIA INFRASTRUCTURE ECONOMIC DEVELOPMENT B   | CUSIP: 13034A5L0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2045154.88   | 0.50%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH CHARTER SCH REV                                          | CALIFORNIA SCHOOL FINANCE AUTHORITY                | CUSIP: 13058TPV6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $973748.63    | 0.24%             | 2052-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH STUDENT HSG REV                                          | CALIFORNIA MUNICIPAL FINANCE AUTHORITY             | CUSIP: 13049YAK7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971653.21    | 0.24%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOOTHILL / EASTERN TRANSN CORRIDOR AGY CALIF TOLL RD REV                         | FOOTHILL EASTERN TRANSPORTATION CORRIDOR AGENCY    | CUSIP: 345105GU8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1238012.58   | 0.30%             | 2053-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SR LIVING REV                                            | CALIFORNIA MUNICIPAL FINANCE AUTHORITY             | CUSIP: 13049RBR6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $616314.13    | 0.15%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA EDL FACS AUTH REV                                                     | CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY        | CUSIP: 130179RE6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2019491.12   | 0.50%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV AUTH REV                                            | CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY        | CUSIP: 13067REJ8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1860837.56   | 0.46%             | 2054-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIO CALIF REDEV AGY TAX ALLOC                                                  | INDIO REDEVELOPMENT AGENCY SUCCESSOR AGENCY        | CUSIP: 455719CN2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2940000 | PA      | $2944382.46   | 0.72%             | 2031-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SR LIVING REV                                            | CALIFORNIA MUNICIPAL FINANCE AUTHORITY             | CUSIP: 13049RAT3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2092737.03   | 0.51%             | 2046-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SAN RAMON CALIF REDEV AGY SUCCESSOR AGY TAX ALLOCATION                           | SAN RAMON REDEVELOPMENT AGENCY SUCCESSOR AGENCY    | CUSIP: 799387AN5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5005307.77   | 1.23%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRVINE CALIF UNI SCH DIST SPL TAX                                                | IRVINE UNIFIED SCHOOL DISTRICT                     | CUSIP: 463612MG3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2990000 | PA      | $3056521.30   | 0.75%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROVIA CALIF FING AUTH LEASE REV                                               | MONROVIA FINANCING AUTHORITY                       | CUSIP: 611578BZ7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3435000 | PA      | $3441052.24   | 0.84%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CALIF HSG AUTH MULTIFAMILY HSG REV                                   | LOS ANGELES HOUSING AUTHORITY                      | CUSIP: 544562DN8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1828975.53   | 0.45%             | 2054-12-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA POLLUTION CTL FING AUTH WTR FURNISHING REV                            | CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY   | CUSIP: 13054WAQ0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7470000 | PA      | $7547003.03   | 1.85%             | 2045-11-21      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| NORWALK LA MIRADA CALIF UNI SCH DIST                                             | NORWALK LA MIRADA UNIFIED SCHOOL DISTRICT          | CUSIP: 669096PQ6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7500000 | PA      | $6675369.64   | 1.64%             | 2030-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CALIF AREA FLOOD CTL AGY                                              | SACRAMENTO AREA FLOOD CONTROL AGENCY               | CUSIP: 785840HE2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002330.78   | 0.49%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK NATL CHARTER SCH REVOLVING LN FD REV | CALIFORNIA INFRASTRUCTURE ECONOMIC DEVELOPMENT B   | CUSIP: 13035ADC0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1321479.08   | 0.32%             | 2057-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INGLEWOOD CALIF UNI SCH DIST                                                     | INGLEWOOD CA UNIF SCH DIST                         | CUSIP: 457110MC5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    450000 | PA      | $452787.54    | 0.11%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY & CNTY CMNTY FACS DIST NO 2016-1 IMPT AREA NO 2 SPL TAX | CITY COUNTY OF SAN FRANCISCO CA COMMUNITY FACILI   | CUSIP: 79773LAC6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1506158.77   | 0.37%             | 2052-09-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| IRVINE CALIF UNI SCH DIST SPL TAX                                                | IRVINE UNIFIED SCHOOL DISTRICT                     | CUSIP: 463612KV2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    520000 | PA      | $524724.28    | 0.13%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW CALIF SCH DIST LOS ANGELES CNTY                                    | MOUNTAIN VIEW SCHOOL DISTRICT LOS ANGELES COUNTY C | CUSIP: 624403FY2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3315000 | PA      | $3363628.11   | 0.83%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM PWR AUTH REV                                                                | GUAM POWER AUTHORITY                               | CUSIP: 400653KG5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2635000 | PA      | $2768963.39   | 0.68%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WASTEWTR SYS REV                                     | GUAM GOVERNMENT WATERWORKS AUTHORITY               | CUSIP: 40065FFK5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $784669.30    | 0.19%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH CHARTER SCH REV                                          | CALIFORNIA SCHOOL FINANCE AUTHORITY                | CUSIP: 13058TPU8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002482.07   | 0.25%             | 2042-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| FOOTHILL / EASTERN TRANSN CORRIDOR AGY CALIF TOLL RD REV                         | FOOTHILL EASTERN TRANSPORTATION CORRIDOR AGENCY    | CUSIP: 345105JA9<br>LEI: N/A | Long             | DBT              | MUN               | US        |  15000000 | PA      | $11832237.63  | 2.90%             | 2034-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE CMNTYS DEV AUTH STUDENT HSG REV                             | CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO | CUSIP: 13078RGJ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2758682.71   | 0.68%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV AUTH LEASE REV                                      | COUNTY OF RIVERSIDE CA                             | CUSIP: 13067VAV6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1735315.99   | 0.43%             | 2049-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH REV                                                      | CALIFORNIA MUNICIPAL FINANCE AUTHORITY             | CUSIP: 13048T4P5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000428.24   | 0.25%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV CALIF REGTS MED CTR POOLED REV                                              | REGENTS OF THE UNIVERSITY OF CALIFORNIA MEDICAL CE | CUSIP: 913366KA7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    420000 | PA      | $420000.00    | 0.10%             | 2045-05-15      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CALIF REGL ARPT AUTH ARPT REV                                     | SAN DIEGO COUNTY REGIONAL AIRPORT AUTHORITY        | CUSIP: 79739GTE6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1611708.64   | 0.40%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UPLAND CALIF CTFS PARTN                                                          | CITY OF UPLAND CA                                  | CUSIP: 915346GB0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003110.81   | 0.49%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CORRIDOR TRANSN AUTH CALIF REV                                           | ALAMEDA CORRIDOR TRANSPORTATION AUTHORITY          | CUSIP: 010869JQ9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $707286.79    | 0.17%             | 2050-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TULARE CALIF SWR REV                                                             | CITY OF TULARE CA SEWER REVENUE                    | CUSIP: 899124LN9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4848522.19   | 1.19%             | 2044-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRANSBAY JT PWRS AUTH TAX ALLOCATION CALIF                                       | TRANSBAY JT POWER                                  | CUSIP: 89356CAU0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    800000 | PA      | $791656.19    | 0.19%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SR LIVING REV                                            | CALIFORNIA MUNICIPAL FINANCE AUTHORITY             | CUSIP: 13049RAS5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1914542.96   | 0.47%             | 2039-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY & CNTY INFRASTRUCTURE & REVITALIZATION FING DIST NO 1   | CITY COUNTY SAN FRANCISCO CA INFRASTRUCTURE RE     | CUSIP: 79773NAN8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $982146.91    | 0.24%             | 2055-09-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CALIFORNIA PUB FIN AUTH HEALTH CARE FACS REV                                     | CALIFORNIA PUBLIC FINANCE AUTHORITY                | CUSIP: 13056HAB4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003761.90   | 0.25%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-30

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer