| Putnam California Tax Exempt Income Fund | ||||||
| The fund's portfolio | ||||||
| 12/31/24 (Unaudited) | ||||||
| Key to holding's abbreviations | ||||||
| AGM — Assured Guaranty Municipal Corporation | ||||||
| BAM — Build America Mutual | ||||||
| COP — Certificates of Participation | ||||||
| FCS — Farm Credit System | ||||||
| FHLMC Coll. — Federal Home Loan Mortgage Corporation Collateralized | ||||||
| FNMA Coll. — Federal National Mortgage Association Collateralized | ||||||
| G.O. Bonds — General Obligation Bonds | ||||||
| NATL — National Public Finance Guarantee Corporation | ||||||
| VRDN — Variable Rate Demand Notes, which are floating-rate securities with long-term maturities that carry coupons that reset and are payable upon demand either daily, weekly or monthly. The rate shown is the current interest rate at the close of the reporting period. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current SIFMA Municipal Swap Index rate, which was 3.62% as of the close of the reporting period. | ||||||
| MUNICIPAL BONDS AND NOTES (102.3%)(a) | ||||||
| Rating(RAT) | Principal amount | Value | ||||
| California (99.4%) | ||||||
| Alameda, Corridor Trans. Auth. Rev. Bonds, Ser. A, zero %, 10/1/49 | A3 | $10,000,000 | $5,734,730 | |||
| Burbank-Glendale-Pasadena Arpt. Auth. Rev. Bonds, (Brick Campaign), Ser. B | ||||||
| 5.25%, 7/1/54 | A2 | 1,500,000 | 1,588,408 | |||
| AGM, 4.50%, 7/1/54 | AA | 2,000,000 | 1,993,136 | |||
| CA Cmnty. Choice Fin. Auth. | ||||||
| Mandatory Put Bonds (8/1/32) Ser. F, 5.00%, 2/1/55 | Aa3 | 5,000,000 | 5,332,628 | |||
| Mandatory Put Bonds (12/1/27) (Clean Energy), Ser. A, 4.00%, 10/1/52 | A2 | 11,600,000 | 11,619,964 | |||
| CA Cmnty. Choice Fin. Auth. Rev. Bonds, (Sustainable Bonds-Clean Energy) Mandatory Put Bonds (5/1/33), Ser. H, 5.00%, 1/1/56 | Aaa | 7,500,000 | 8,181,521 | |||
| CA Cmnty. Hsg. Agcy. Essential Hsg. 144A Rev. Bonds | ||||||
| (The Arbors), Ser. A, 5.00%, 8/1/50 | BBB-/P | 4,350,000 | 4,098,544 | |||
| (Aster Apt.), Ser. A-1, 4.00%, 2/1/56 | A-/P | 1,100,000 | 942,533 | |||
| (Fountains at Emerald Park), 3.00%, 8/1/56 | A/P | 7,775,000 | 5,561,248 | |||
| CA Hsg. Fin. Agcy. Rev. Bonds, Ser. 2, Class A, 4.00%, 3/20/33 | BBB+ | 4,372,725 | 4,361,664 | |||
| CA Hsg. Fin. Agcy. Muni. Certif. Rev. Bonds, Ser. 21-1, Class A, 3.50%, 11/20/35 | BBB+ | 3,888,471 | 3,706,608 | |||
| CA Hsg. Fin. Agcy., Ltd. Oblig. Multi-Fam. Hsg. Rev. Bonds, (Found Middle LP), 5.20%, 12/1/27 | BBB/P | 3,250,000 | 3,261,555 | |||
| CA Muni. Fin Auth. Multi-Fam. Rev. Bonds, (Terry Manor Sr. Hsg.), FNMA Coll., 4.20%, 8/1/40 | Aaa | 7,465,000 | 7,355,570 | |||
| CA Muni. Fin. Auth. Special Fin. Agcy. VII Essential Hsg. 144A Rev. Bonds, (The Breakwater Apt.), Ser. A-1, 3.00%, 8/1/56 | A/P | 2,000,000 | 1,369,870 | |||
| CA School Fac. Fin. Auth. Rev. Bonds | ||||||
| (Green Dot Pub. Schools), 5.75%, 8/1/52 | BBB- | 1,500,000 | 1,609,694 | |||
| (Kipp SoCal Pub. Schools), Ser. A, 5.00%, 7/1/54 | BBB | 3,150,000 | 3,203,069 | |||
| (Kipp SoCal Pub. Schools), Ser. A, 5.00%, 7/1/39 | BBB | 1,000,000 | 1,037,855 | |||
| CA School Fac. Fin. Auth. 144A Rev. Bonds | ||||||
| (Granada Hills Charter High School), 5.00%, 7/1/64 | BBB | 1,000,000 | 1,020,490 | |||
| (Granada Hills Charter High School), 5.00%, 7/1/54 | BBB | 7,120,000 | 7,150,405 | |||
| (Granada Hills Charter High School), 5.00%, 7/1/54 | BBB | 525,000 | 539,611 | |||
| (Alliance College-Ready Pub. Schools), Ser. A, 5.00%, 7/1/51 | BBB | 1,570,000 | 1,572,226 | |||
| (Green Dot Pub. Schools), Ser. A, 5.00%, 8/1/48 | BBB- | 5,250,000 | 5,324,325 | |||
| (Green Dot Pub. Schools), Ser. A, 5.00%, 8/1/45 | BBB- | 1,500,000 | 1,502,794 | |||
| (Granada Hills Charter High School), 5.00%, 7/1/43 | BBB | 1,750,000 | 1,761,443 | |||
| (Green Dot Pub. Schools), Ser. A, 5.00%, 8/1/38 | BBB- | 1,000,000 | 1,023,462 | |||
| (Alliance College-Ready Pub. Schools), Ser. A, 5.00%, 7/1/36 | BBB | 1,250,000 | 1,254,722 | |||
| (Alliance College-Ready Pub. Schools), Ser. A, 5.00%, 7/1/31 | BBB | 1,830,000 | 1,839,442 | |||
| (Alliance College-Ready Pub. Schools), Ser. C, 5.00%, 7/1/31 | BBB | 1,425,000 | 1,446,100 | |||
| (Kipp SoCal Pub. Schools Oblig. Group), Ser. A, 4.00%, 7/1/55 | BBB | 1,075,000 | 964,753 | |||
| (Kipp SoCal Pub. Schools Oblig. Group), Ser. A, 4.00%, 7/1/50 | BBB | 2,275,000 | 2,083,855 | |||
| (Granada Hills Charter High School Oblig. Group), 4.00%, 7/1/48 | BBB | 675,000 | 609,483 | |||
| (Kipp SoCal Pub. Schools Oblig. Group), Ser. A, 4.00%, 7/1/40 | BBB | 800,000 | 777,458 | |||
| (Granada Hills Charter High School Oblig. Group), 4.00%, 7/1/38 | BBB | 465,000 | 450,784 | |||
| CA State G.O. Bonds | ||||||
| 5.00%, 10/1/45 | Aa2 | 5,575,000 | 6,113,104 | |||
| 3.00%, 12/1/43 | Aa2 | 500,000 | 424,993 | |||
| CA State VRDN Ser. D, 1.50%, 5/1/50 | VMIG 1 | 10,000,000 | 10,000,000 | |||
| CA State Charter School Fin. Auth. 144A Rev. Bonds | ||||||
| (Hawking STEAM Charter Schools, Inc.), 5.50%, 7/1/62 | BB+ | 1,000,000 | 1,021,528 | |||
| Ser. A, 5.125%, 6/1/59 | BB/P | 1,500,000 | 1,452,456 | |||
| (Aspire Pub. Schools Oblig. Group), Ser. A, 5.00%, 8/1/59 | BBB | 2,365,000 | 2,360,580 | |||
| (Summit Pub. Schools), 5.00%, 6/1/53 (Prerefunded 6/1/27) | AAA/P | 1,250,000 | 1,298,269 | |||
| (Summit Pub. Schools), 5.00%, 6/1/53 | Ba3 | 1,100,000 | 1,044,040 | |||
| (Classical Academy Oblig. Group), Ser. A, 5.00%, 10/1/50 | BBB- | 3,000,000 | 2,990,810 | |||
| (Aspire Pub. Schools Oblig. Group), Ser. A, 5.00%, 8/1/50 | BBB | 3,000,000 | 3,008,567 | |||
| (Summit Pub. Schools), 5.00%, 6/1/47 | Ba3 | 470,000 | 456,411 | |||
| (Aspire Public Schools), 5.00%, 8/1/42 | BBB | 1,000,000 | 1,011,725 | |||
| (Classical Academy Oblig. Group), Ser. A, 5.00%, 10/1/40 | BBB- | 215,000 | 218,061 | |||
| (Aspire Pub. Schools Oblig. Group), Ser. A, 5.00%, 8/1/40 | BBB | 1,000,000 | 1,015,335 | |||
| (Santa Clarita Valley Intl. Charter School), Ser. A, 4.00%, 6/1/61 | B/P | 1,175,000 | 822,251 | |||
| (Vista Charter Pub. Schools Oblig. Group), Ser. A, 4.00%, 6/1/61 | BB | 3,000,000 | 2,377,602 | |||
| (Santa Clarita Valley Intl. Charter School), Ser. A, 4.00%, 6/1/51 | B/P | 650,000 | 478,928 | |||
| (Santa Clarita Valley Intl. Charter School), Ser. A, 4.00%, 6/1/41 | B/P | 500,000 | 413,604 | |||
| CA State Cmnty. College Fin. Auth. Rev. Bonds, (Orange Coast College Hsg.) | ||||||
| 5.25%, 5/1/43 | BBB- | 500,000 | 516,707 | |||
| 5.00%, 5/1/37 | BBB- | 1,000,000 | 1,033,787 | |||
| 5.00%, 5/1/34 | BBB- | 800,000 | 832,178 | |||
| 5.00%, 5/1/33 | BBB- | 600,000 | 625,776 | |||
| 5.00%, 5/1/31 | BBB- | 825,000 | 863,923 | |||
| CA State Edl. Fac. Auth. Rev. Bonds | ||||||
| (U. of the Pacific), 5.00%, 11/1/53 | A2 | 4,000,000 | 4,305,894 | |||
| (U. of Redlands), Ser. A, 5.00%, 10/1/37 | Baa2 | 425,000 | 428,954 | |||
| (U. of the Pacific), 5.00%, 11/1/36 | A2 | 500,000 | 505,328 | |||
| (U. of Redlands), Ser. A, 5.00%, 10/1/35 | Baa2 | 1,000,000 | 963,157 | |||
| CA State Enterprise Dev. Auth. Student Hsg. Rev. Bonds | ||||||
| (Provident Group-SDSU Properties, LLC), Ser. A, 5.00%, 8/1/57 | Baa3 | 400,000 | 404,227 | |||
| (Provident Group-SDSU Properties, LLC), Ser. A, 5.00%, 8/1/50 | Baa3 | 500,000 | 507,740 | |||
| (Pomona Properties, LLC), 5.00%, 1/15/45 | Baa3 | 1,000,000 | 1,033,453 | |||
| (Provident Group-SDSU Properties, LLC), Ser. A, 5.00%, 8/1/40 | Baa3 | 1,000,000 | 1,022,412 | |||
| (Pomona Properties, LLC), 5.00%, 1/15/39 | Baa3 | 650,000 | 688,739 | |||
| CA State Hlth. Fac. Fin. Auth. Rev. Bonds | ||||||
| (Episcopal Cmnty. & Svcs for Seniors), Ser. B, 5.25%, 11/15/58 | A-/F | 1,500,000 | 1,546,981 | |||
| (Episcopal Cmnty. & Svcs for Seniors), Ser. B, 5.25%, 11/15/53 | A-/F | 1,000,000 | 1,034,738 | |||
| (Lundquist Inst. for Biomedical Innovation at Harbor - UCLA MED.CTR), 5.00%, 9/1/48 | Baa2 | 4,850,000 | 4,863,223 | |||
| (Episcopal Cmnty. & Svcs for Seniors), Ser. B, 5.00%, 11/15/43 | A-/F | 1,500,000 | 1,545,065 | |||
| (Los Angeles Biomedical Research Inst.), 5.00%, 9/1/43 | Baa2 | 2,730,000 | 2,750,411 | |||
| (Episcopal Cmnty. & Svcs for Seniors), Ser. B, 5.00%, 11/15/38 | A-/F | 1,500,000 | 1,575,569 | |||
| (Los Angeles Biomedical Research Inst.), 5.00%, 9/1/37 | Baa2 | 1,845,000 | 1,884,720 | |||
| CA State Infrastructure & Econ. Dev. Bank Mandatory Put Bonds (8/1/26), (Colburn School (The)), 1.75%, 8/1/55 | A+ | 4,600,000 | 4,439,503 | |||
| CA State Infrastructure & Econ. Dev. Bank Rev. Bonds | ||||||
| 5.00%, 11/1/59 | A | 1,000,000 | 1,067,889 | |||
| (Equitable School Revolving Fund), 5.00%, 11/1/57 | A | 5,000,000 | 5,280,981 | |||
| 5.00%, 11/1/54 | A | 1,250,000 | 1,340,079 | |||
| (Equitable School Revolving Fund), 5.00%, 11/1/47 | A | 2,300,000 | 2,465,361 | |||
| (Equitable School Revolving Fund), Ser. B, 5.00%, 11/1/39 | A | 600,000 | 629,770 | |||
| (CA Science Ctr. Foundation), 4.00%, 5/1/51 | A3 | 1,250,000 | 1,180,555 | |||
| Ser. B, 4.00%, 11/1/39 | A | 1,360,000 | 1,364,132 | |||
| Ser. B, 4.00%, 11/1/37 | A | 1,720,000 | 1,734,543 | |||
| (Performing Arts Center of Los Angeles Cnty.), 4.00%, 12/1/36 | A | 515,000 | 521,197 | |||
| CA State Infrastructure & Econ. Dev. Bank 144A Rev. Bonds | ||||||
| (WFCS Holdings II, LLC), Ser. A-1, 5.00%, 1/1/56 | BB-/P | 1,740,000 | 1,705,076 | |||
| (WFCS Holdings, LLC), 5.00%, 1/1/55 | BB-/P | 2,920,000 | 2,862,192 | |||
| (WFCS Holdings, LLC), 4.125%, 1/1/35 | BB/P | 455,000 | 445,687 | |||
| CA State Infrastructure & Econ. Dev. Bk. Rev. Bonds, (Roseville Sustainable Energy Partner, LLC), 5.25%, 7/1/54 | BBB+ | 2,000,000 | 2,109,671 | |||
| CA State Muni. Fin. Auth. COP, (Palomar Hlth.), Ser. A, AGM, 5.25%, 11/1/52 | AA | 6,000,000 | 6,405,675 | |||
| CA State Muni. Fin. Auth. Rev. Bonds | ||||||
| (Caritas Corp. CMFA Mobile Home Park Fin. 2024 Portfolio), Ser. A, 5.00%, 8/15/59 | A- | 2,600,000 | 2,700,229 | |||
| (Ignation Corp. (The)), 5.00%, 9/1/54 | A | 3,000,000 | 3,250,564 | |||
| (Caritas Corp. CMFA Mobile Home Park Fin. 2024 Portfolio), Ser. A, 5.00%, 8/15/54 | A- | 1,800,000 | 1,883,706 | |||
| 5.00%, 4/1/54 | BBB+/F | 1,250,000 | 1,294,530 | |||
| (Caritas Corp. CMFA Mobile Home Park Fin. 2024 Portfolio), Ser. A, 5.00%, 8/15/49 | A- | 1,225,000 | 1,289,600 | |||
| 5.00%, 4/1/49 | BBB+/F | 1,000,000 | 1,042,287 | |||
| (Cmnty. Hosp. of Central CA), Ser. A, 5.00%, 2/1/47 | A3 | 3,400,000 | 3,422,484 | |||
| (HumanGood CA Oblig. Group), Ser. A, 5.00%, 10/1/44 | A/F | 5,000,000 | 5,026,530 | |||
| (Dundee Glasgow Student Hsg.), 5.00%, 5/15/43 | Baa3 | 5,195,000 | 5,333,683 | |||
| (Bethany Home Society of San Joaquin Cnty.), 5.00%, 11/15/42 | AA- | 5,500,000 | 5,955,753 | |||
| (CHF-Riverside I, LLC), 5.00%, 5/15/40 | Baa3 | 500,000 | 516,287 | |||
| (Master's U. (The)), 5.00%, 8/1/39 | BBB- | 3,390,000 | 3,439,666 | |||
| (Master's U. (The)), 5.00%, 8/1/34 | BBB- | 1,385,000 | 1,424,929 | |||
| (Congregational Homes, Inc.), 4.00%, 11/15/56 | BBB-/F | 750,000 | 601,707 | |||
| (Congregational Homes, Inc.), 4.00%, 11/15/52 | BBB-/F | 750,000 | 615,416 | |||
| (HumanGood CA Oblig. Group), Ser. A, 4.00%, 10/1/44 | A/F | 5,000,000 | 4,597,423 | |||
| (Congregational Homes, Inc.), 4.00%, 11/15/42 | BBB-/F | 295,000 | 264,917 | |||
| (CHF-Davis II, LLC), BAM, 4.00%, 5/15/38 | AA | 1,300,000 | 1,313,867 | |||
| (U. of the Pacific), 4.00%, 11/1/37 | A2 | 400,000 | 401,720 | |||
| (U. of the Pacific), 4.00%, 11/1/36 | A2 | 860,000 | 866,235 | |||
| (CHF-Davis II, LLC), BAM, 3.00%, 5/15/51 | AA | 9,250,000 | 7,179,496 | |||
| (CA Inst. of the Arts), 3.00%, 10/1/41 | Baa1 | 960,000 | 778,195 | |||
| CA State Muni. Fin. Auth. Special Tax | ||||||
| (BOLD Program), Ser. A, 4.00%, 9/1/51 | BB-/P | 1,500,000 | 1,331,344 | |||
| Ser. B, 4.00%, 9/1/50 | BB-/P | 1,525,000 | 1,364,477 | |||
| (BOLD Program), Ser. A, 4.00%, 9/1/46 | BB-/P | 1,090,000 | 995,446 | |||
| Ser. B, 4.00%, 9/1/43 | BB-/P | 1,070,000 | 997,329 | |||
| (BOLD Program), Ser. A, 4.00%, 9/1/41 | BB-/P | 660,000 | 629,893 | |||
| Ser. B, 4.00%, 9/1/35 | BB-/P | 660,000 | 638,676 | |||
| CA State Muni. Fin. Auth. Special Tax Bonds | ||||||
| Ser. B, 5.75%, 9/1/53 | BB-/P | 1,850,000 | 2,001,243 | |||
| Ser. B, 5.50%, 9/1/43 | BB-/P | 600,000 | 643,809 | |||
| Ser. A, 5.125%, 9/1/54 | BB/P | 1,000,000 | 1,038,467 | |||
| (Elk Grove, Cmnty. Fac. Dist. No. 23-7 Area No. 1), 5.00%, 9/1/54 | BBB-/P | 750,000 | 772,209 | |||
| (Elk Grove, Cmnty. Fac. Dist. No. 23-7 Area No. 1), 5.00%, 9/1/49 | BBB-/P | 785,000 | 813,229 | |||
| Ser. A, 5.00%, 9/1/48 | BB/P | 375,000 | 389,241 | |||
| (Elk Grove, Cmnty. Fac. Dist. No. 23-7 Area No. 1), 5.00%, 9/1/44 | BBB-/P | 900,000 | 941,413 | |||
| (Elk Grove, Cmnty. Fac. Dist. No. 23-7 Area No. 1), 5.00%, 9/1/39 | BBB-/P | 575,000 | 603,386 | |||
| (Wildhawk North), 5.00%, 9/1/39 | BBB-/P | 400,000 | 421,917 | |||
| CA State Muni. Fin. Auth. 144A Rev. Bonds | ||||||
| (Westside Neighborhood School), 6.375%, 6/15/64 | BB | 2,000,000 | 2,161,238 | |||
| (MWLA, Inc.), 5.50%, 6/1/54 | BB | 1,085,000 | 1,064,777 | |||
| CA State Muni. Fin. Auth. Mobile Home Pk. Rev. Bonds, (Caritas Acquisitions IX, LLC), Ser. A | ||||||
| 5.25%, 8/15/58 | A- | 800,000 | 832,529 | |||
| 5.25%, 8/15/53 | A- | 900,000 | 939,043 | |||
| CA State Muni. Fin. Auth. Multi-Fam. Hsg. Rev. Bonds, (Roseville Affordable LP), Ser. A, FNMA Coll., 4.45%, 12/1/42 | Aaa | 5,000,000 | 5,032,474 | |||
| CA State Muni. Fin. Auth. Solid Waste Disp. 144A Mandatory Put Bonds (2/3/25), (Waste Management, Inc.), Ser. A, 1.30%, 2/1/39 | A- | 1,600,000 | 1,596,139 | |||
| CA State Muni. Fin.Auth. Dist. No. 2022-6 Area No. 1 Special Tax Bonds, (Wildhawk North) | ||||||
| 5.00%, 9/1/49 | BBB-/P | 1,250,000 | 1,298,124 | |||
| 5.00%, 9/1/44 | BBB-/P | 750,000 | 787,731 | |||
| CA State Poll. Control Fin. Auth. 144A Rev. Bonds | ||||||
| (Wtr. Furnishing), 5.00%, 11/21/45 | Baa3 | 14,250,000 | 14,212,608 | |||
| (Poseidon Resources Channelside LP), 5.00%, 7/1/39 | Baa3 | 2,250,000 | 2,314,767 | |||
| CA State Poll. Control Fin. Auth. Wtr. Furnishing 144A Rev. Bonds, (San Diego Cnty. Wtr. Auth. Desalination), 5.00%, 11/21/45 | Baa3 | 2,140,000 | 2,177,179 | |||
| CA State Pub. Wks. Board Rev. Bonds (Various Capital), Ser. D, 5.00%, 11/1/39(T) | Aa3 | 10,915,000 | 12,302,078 | |||
| CA State Statewide Communities Dev. Auth. Hosp. Rev. Bonds, (Methodist Hosp. of Southern CA) | ||||||
| 5.00%, 1/1/48 | Aa2 | 7,000,000 | 7,202,694 | |||
| 5.00%, 1/1/43 | Aa2 | 2,195,000 | 2,266,866 | |||
| 4.25%, 1/1/43 | Aa2 | 3,450,000 | 3,463,177 | |||
| CA State Tobacco Securitization Agcy. Rev. Bonds | ||||||
| (Merced Cnty. Tobacco Funding Corp.), 5.00%, 6/1/50 | A+/P | 860,000 | 847,337 | |||
| Ser. B-1, 5.00%, 6/1/49 | BBB+ | 325,000 | 327,591 | |||
| (Sonoma Cnty. Securitization Corp.), 5.00%, 6/1/49 | BBB+ | 225,000 | 226,938 | |||
| (Kern Cnty. Tobacco Funding Corp.), 5.00%, 6/1/40 | A-/P | 5,000,000 | 4,999,784 | |||
| (Merced Cnty. Tobacco Funding Corp.), 4.00%, 6/1/42 | A- | 100,000 | 96,346 | |||
| (Merced Cnty. Tobacco Funding Corp.), 4.00%, 6/1/41 | A- | 100,000 | 96,720 | |||
| Ser. A, 4.00%, 6/1/40 | A- | 400,000 | 388,367 | |||
| (Merced Cnty. Tobacco Funding Corp.), 4.00%, 6/1/40 | A- | 200,000 | 194,184 | |||
| (Sonoma Cnty. Securitization Corp.), 4.00%, 6/1/40 | A- | 325,000 | 315,548 | |||
| Ser. A, 4.00%, 6/1/39 | A- | 300,000 | 294,807 | |||
| Ser. A, 4.00%, 6/1/38 | A- | 275,000 | 273,890 | |||
| (Merced Cnty. Tobacco Funding Corp.), 4.00%, 6/1/38 | A- | 250,000 | 248,991 | |||
| (Sonoma Cnty. Securitization Corp.), 4.00%, 6/1/38 | A- | 800,000 | 796,770 | |||
| (Merced Cnty. Tobacco Funding Corp.), 4.00%, 6/1/37 | A- | 100,000 | 100,206 | |||
| (Merced Cnty. Tobacco Funding Corp.), 4.00%, 6/1/36 | A- | 225,000 | 226,385 | |||
| (Sonoma Cnty. Securitization Corp.), 4.00%, 6/1/36 | A- | 610,000 | 613,754 | |||
| (Merced Cnty. Tobacco Funding Corp.), 4.00%, 6/1/35 | A- | 100,000 | 101,005 | |||
| (Sonoma Cnty. Securitization Corp.), 4.00%, 6/1/35 | A- | 350,000 | 353,519 | |||
| (Merced Cnty. Tobacco Funding Corp.), 4.00%, 6/1/34 | A- | 200,000 | 202,498 | |||
| (Sonoma Cnty. Securitization Corp.), zero %, 6/1/55 | BB+/P | 7,295,000 | 1,472,902 | |||
| CA State U. Mandatory Put Bonds (11/1/26), Ser. B-2, 0.55%, 11/1/49 | Aa2 | 1,500,000 | 1,410,486 | |||
| CA Statewide Cmnty. Dev. Auth. Rev. Bonds | ||||||
| Ser. B-1, 5.00%, 9/2/49 | A+/P | 1,685,000 | 1,733,903 | |||
| (American Baptist Homes of the West), 5.00%, 10/1/45 | A/F | 2,550,000 | 2,557,521 | |||
| Ser. B-1, 5.00%, 9/2/44 | A+/P | 1,890,000 | 1,969,946 | |||
| (Front Porch Cmnty. & Svcs.), Ser. A, 5.00%, 4/1/30 | A- | 310,000 | 318,283 | |||
| (Front Porch Cmnty. & Svcs.), Ser. A, 4.00%, 4/1/47 | A- | 3,440,000 | 3,139,073 | |||
| (Marin Gen. Hosp.), Ser. A, 4.00%, 8/1/45 | BBB | 2,500,000 | 2,235,944 | |||
| CA Statewide Cmnty. Dev. Auth. Special Tax, (Cmnty. Fac. Dist. No. 2020-02) | ||||||
| 4.00%, 9/1/51 | BB+/P | 1,170,000 | 1,041,695 | |||
| 4.00%, 9/1/41 | BB+/P | 500,000 | 476,623 | |||
| CA Statewide Cmnty. Dev. Auth. Special Tax Bonds, (Dist. No. 20-2 Impt. Area 4), 5.00%, 9/1/55 | BBB/P | 2,400,000 | 2,471,960 | |||
| CA Statewide Cmnty. Dev. Auth. 144A Rev. Bonds | ||||||
| (Loma Linda U. Med. Ctr.), Ser. A, 5.25%, 12/1/56 | BB | 2,000,000 | 2,009,871 | |||
| (Lancer Edl. Student Hsg.), Ser. A, 5.00%, 6/1/51 | BB/P | 1,440,000 | 1,410,978 | |||
| (CA Baptist U.), Ser. A, 5.00%, 11/1/41 | BB/P | 1,535,000 | 1,539,997 | |||
| (Lancer Edl. Student Hsg.), Ser. A, 5.00%, 6/1/39 | BB-/P | 475,000 | 480,979 | |||
| (Lancer Edl. Student Hsg.), Ser. A, 5.00%, 6/1/34 | BB-/P | 375,000 | 386,045 | |||
| (CA Baptist U.), Ser. A, 5.00%, 11/1/32 | BB/P | 720,000 | 733,640 | |||
| (Lancer Edl. Student Hsg.), Ser. A, 3.00%, 6/1/29 | BB/P | 560,000 | 531,001 | |||
| Central CA Unified School Dist. G.O. Bonds, Ser. B, 5.25%, 8/1/52 | Aa3 | 4,500,000 | 4,954,471 | |||
| Ceres, Unified School Dist. G.O. Bonds, BAM | ||||||
| zero %, 8/1/40 | AA | 1,285,000 | 671,146 | |||
| zero %, 8/1/39 | AA | 1,075,000 | 591,973 | |||
| zero %, 8/1/38 | AA | 1,000,000 | 579,314 | |||
| zero %, 8/1/36 | AA | 545,000 | 346,535 | |||
| zero %, 8/1/34 | AA | 715,000 | 496,796 | |||
| zero %, 8/1/33 | AA | 250,000 | 181,339 | |||
| Chabot-Las Positas Cmnty. College Dist. G.O. Bonds, Ser. C, 5.25%, 8/1/48 | Aa2 | 7,000,000 | 7,788,115 | |||
| Chino, Cmnty. Fac. Special Tax, (Dist. No. 2003-3) | ||||||
| 4.00%, 9/1/50 | BB/P | 1,265,000 | 1,154,711 | |||
| 4.00%, 9/1/45 | BB/P | 500,000 | 469,507 | |||
| 3.00%, 9/1/25 | BB/P | 345,000 | 342,837 | |||
| Chino, Cmnty. Fac. Special Tax Bonds, (Dist. No. 2003-3) | ||||||
| 5.375%, 9/1/52 | A-/P | 2,000,000 | 2,106,169 | |||
| 5.375%, 9/1/47 | A-/P | 1,615,000 | 1,710,594 | |||
| 5.25%, 9/1/42 | A-/P | 1,585,000 | 1,687,698 | |||
| CMFA Special Fin. Agcy. I 144A Rev. Bonds, (Social Bond), Ser. A-2, 4.00%, 4/1/56 | BB/P | 3,500,000 | 2,652,701 | |||
| Corona, Cmnty. Facs. Special Tax Bonds, (Bedford Impt. Area No. 2) | ||||||
| 5.00%, 9/1/54 | A-/P | 1,600,000 | 1,660,620 | |||
| 5.00%, 9/1/49 | A-/P | 1,600,000 | 1,665,418 | |||
| 5.00%, 9/1/44 | A-/P | 725,000 | 763,228 | |||
| CSCDA Cmnty. Impt. Auth. Rev. Bonds, (Pasadena Portfolio), Ser. A-2, 3.00%, 12/1/56 | BBB+/P | 3,350,000 | 2,315,620 | |||
| CSCDA Cmnty. Impt. Auth. 144A Rev. Bonds | ||||||
| (Anaheim), 4.00%, 8/1/56 | BBB-/P | 3,205,000 | 2,807,069 | |||
| (1818 Platinum Triangle Apt.), 3.25%, 4/1/57 | BBB/P | 3,000,000 | 2,152,135 | |||
| (Jefferson-Anaheim), 3.125%, 8/1/56 | BBB+/P | 2,775,000 | 2,030,547 | |||
| (City of Orange Portfolio), 3.00%, 3/1/57 | BBB+/P | 8,110,000 | 5,489,153 | |||
| (Essential Hsg.), Ser. A-2, 3.00%, 2/1/57 | A-/P | 7,800,000 | 5,434,763 | |||
| (Jefferson-Anaheim), 2.875%, 8/1/41 | A-/P | 2,080,000 | 1,875,932 | |||
| Dixon, Special Tax, (Cmnty. Fac. Dist. No. 2019-1 Homestead) | ||||||
| 4.00%, 9/1/45 | BB-/P | 2,000,000 | 1,857,567 | |||
| 4.00%, 9/1/40 | BB-/P | 400,000 | 385,518 | |||
| 4.00%, 9/1/36 | BB-/P | 175,000 | 172,085 | |||
| 4.00%, 9/1/33 | BB-/P | 425,000 | 424,512 | |||
| Dublin, Special Tax, (Cmnty. Fac. Dist. No. 2015-1) | ||||||
| 4.00%, 9/1/51 | BB/P | 865,000 | 782,300 | |||
| 4.00%, 9/1/45 | BB/P | 850,000 | 798,161 | |||
| Dublin, Special Tax Bonds, (Cmnty. Fac. Dist. No. 2015-1 Impt. Area No. 5), 5.375%, 9/1/51 | BBB-/P | 1,225,000 | 1,289,900 | |||
| El Rancho, Unified School Dist. G.O. Bonds, Ser. D, BAM, 5.75%, 8/1/48 | AA | 1,500,000 | 1,735,896 | |||
| Fairfield Cmnty., Fac. Special Tax, (Dist. No. 2016-1), 4.00%, 9/1/52 | BB/P | 2,500,000 | 2,235,545 | |||
| Federal Home Loan Mortgage Corporation Multifamily ML certificates | ||||||
| Ser. Ser. 19-ML-05, Class Class A-CA, 3.35%, 11/25/33 | AA+ | 10,101,404 | 9,268,869 | |||
| Ser. M-054, Class A, 2.35%, 12/15/35 | AA+ | 965,000 | 802,210 | |||
| Fillmore, Cmnty. Fac. Special Tax Bonds, (Dist. No. 5), 5.00%, 9/1/43 | A-/P | 1,095,000 | 1,144,795 | |||
| Folsom Ranch, Fin. Auth. Special Tax Bonds | ||||||
| 5.00%, 9/1/54 | AA/P | 2,770,000 | 2,883,762 | |||
| 5.00%, 9/1/49 | AA/P | 1,200,000 | 1,253,855 | |||
| Fontana, Special Tax, (Cmnty. Fac. Dist. No. 85) | ||||||
| 4.00%, 9/1/50 | A-/P | 900,000 | 824,076 | |||
| 4.00%, 9/1/40 | A-/P | 625,000 | 602,372 | |||
| 4.00%, 9/1/36 | A-/P | 550,000 | 543,340 | |||
| 4.00%, 9/1/32 | A-/P | 240,000 | 241,003 | |||
| Fontana, Cmnty. Fac. Special Tax Bonds | ||||||
| 5.00%, 9/1/54 | A-/P | 1,500,000 | 1,567,595 | |||
| 5.00%, 9/1/49 | A-/P | 1,160,000 | 1,213,919 | |||
| 5.00%, 9/1/44 | A-/P | 1,000,000 | 1,058,400 | |||
| 5.00%, 9/1/39 | A-/P | 1,200,000 | 1,285,363 | |||
| Foothill-Eastern Trans. Corridor Agcy. Rev. Bonds, (Senior Lien), Ser. A, 4.00%, 1/15/46 | A | 3,250,000 | 3,205,053 | |||
| Golden State Tobacco Securitization Corp. Rev. Bonds, Ser. A-1, 5.00%, 6/1/51 | BBB+ | 5,000,000 | 5,201,166 | |||
| Hartnell Cmnty. College Dist. G.O. Bonds, Ser. A | ||||||
| zero %, 8/1/37 | Aa2 | 3,500,000 | 2,061,819 | |||
| zero %, 8/1/36 | Aa2 | 4,750,000 | 2,944,804 | |||
| zero %, 8/1/35 | Aa2 | 1,000,000 | 650,149 | |||
| Hastings Campus HFA Rev. Bonds, (U. of CA Hastings College of the Law), Ser. A, 5.00%, 7/1/61 | BB-/P | 3,500,000 | 3,125,433 | |||
| Hsg. Fin. Agcy. Rev. Bonds, Ser. A, 4.25%, 1/15/35 | BBB+ | 2,748,573 | 2,804,016 | |||
| Imperial, Cmnty. College Dist. G.O. Bonds, Ser. A, AGM | ||||||
| 5.25%, 8/1/53 | AA | 1,500,000 | 1,642,486 | |||
| 5.00%, 8/1/48 | AA | 1,500,000 | 1,625,473 | |||
| Indio, Pub. Fin. Auth. Rev. Bonds, Ser. A, BAM, 5.25%, 11/1/42 | AA | 4,000,000 | 4,427,137 | |||
| Irvine, Cmnty. Fac. Dist. No. 13-3 Special Tax Bonds, (Great Park Impt. Area No. 4), 4.00%, 9/1/41 | BB-/P | 2,500,000 | 2,397,390 | |||
| Irvine, Unified School Dist. Special Tax Bonds, (Cmnty. Fac. Dist. No. 09-1) | ||||||
| Ser. A, 5.00%, 9/1/47 | BB+/P | 190,000 | 193,093 | |||
| Ser. C, 5.00%, 9/1/47 | AA-/P | 995,000 | 1,011,198 | |||
| Ser. A, 5.00%, 9/1/42 | AA-/P | 395,000 | 403,467 | |||
| Ser. B, 5.00%, 9/1/42 | AA-/P | 995,000 | 1,016,328 | |||
| Lake Elsinore, Pub. Fin. Auth. Local Agcy. Special Tax Bonds, (Canyon Hills Impt. Areas), Ser. A & C | ||||||
| 5.00%, 9/1/33 | BB+/P | 1,105,000 | 1,106,144 | |||
| 5.00%, 9/1/31 | BB+/P | 1,045,000 | 1,046,157 | |||
| Liberty, Union High School Dist. G.O. Bonds, Ser. B, 3.00%, 8/1/41 | Aa2 | 1,670,000 | 1,442,384 | |||
| Long Beach Marina, Rev. Bonds, 5.00%, 5/15/40 | BBB/F | 1,000,000 | 1,002,443 | |||
| Long Beach, Bond Fin. Auth. Rev. Bonds, (Natural Gas Purchase), Ser. A, 5.50%, 11/15/28 | A1 | 5,000,000 | 5,294,554 | |||
| Long Beach, Cmnty. College Dist. G.O. Bonds, (2008 Election), Ser. B | ||||||
| zero %, 8/1/34 | Aa2 | 1,500,000 | 1,072,062 | |||
| zero %, 8/1/33 | Aa2 | 625,000 | 465,203 | |||
| Long Beach, Unified School Dist. G.O. Bonds | ||||||
| Ser. B, 3.00%, 8/1/48 | Aa2 | 4,600,000 | 3,637,701 | |||
| Ser. D-1, zero %, 8/1/37 | Aa2 | 1,000,000 | 587,745 | |||
| Los Angeles, Dept. of Wtr. & Pwr. Rev. Bonds, Ser. C, 5.00%, 7/1/52 | Aa2 | 5,715,000 | 6,156,232 | |||
| Los Angeles, Hsg. Auth. Multi-Fam. Hsg. Rev. Bonds | ||||||
| Ser. A, FNMA Coll., 3.75%, 4/1/34 | Aaa | 5,250,000 | 5,218,964 | |||
| Ser. B, FNMA Coll., 3.75%, 4/1/34 | Aaa | 1,000,000 | 994,088 | |||
| Ser. C, FNMA Coll., 3.75%, 4/1/34 | Aaa | 2,400,000 | 2,385,812 | |||
| Los Angeles, Multi-Fam. Rev. Bonds, (Jordan Downs Phase 1B LP), Ser. A1, FNMA Coll., 3.60%, 7/1/39 | AA+ | 4,807,060 | 4,409,047 | |||
| M-S-R Energy Auth. Rev. Bonds | ||||||
| Ser. A, 6.50%, 11/1/39 | BBB+ | 6,000,000 | 7,480,858 | |||
| Ser. A, 6.125%, 11/1/29 | BBB+ | 775,000 | 822,580 | |||
| Ser. B, 6.125%, 11/1/29 | BBB+ | 1,950,000 | 2,069,620 | |||
| Menifee, Union School Dist. Cmnty. Fac. Special Tax, (Dist. No. 2011-1) | ||||||
| 4.00%, 9/1/51 | A-/P | 1,815,000 | 1,670,182 | |||
| 4.00%, 9/1/36 | A-/P | 500,000 | 496,230 | |||
| Montebello, Unified School Dist. G.O. Bonds, Ser. B, AGM | ||||||
| 5.00%, 8/1/50 | AA | 3,000,000 | 3,183,492 | |||
| 5.00%, 8/1/44 | AA | 1,975,000 | 2,116,282 | |||
| Moreland, School Dist. G.O. Bonds, Ser. B, 5.00%, 8/1/41 | Aa3 | 3,395,000 | 3,789,925 | |||
| Murrieta Valley, Unified School Dist. G.O. Bonds, AGM, zero %, 9/1/31 | Aa2 | 2,000,000 | 1,593,955 | |||
| Newport Beach, Impt. Dist. No. 124 Special Assmt. Bonds, Ser. A | ||||||
| 5.00%, 9/2/43 | AA-/P | 650,000 | 684,361 | |||
| 4.125%, 9/2/38 | AA-/P | 575,000 | 573,509 | |||
| 4.00%, 9/2/33 | AA-/P | 200,000 | 201,809 | |||
| 4.00%, 9/2/32 | AA-/P | 250,000 | 254,181 | |||
| 4.00%, 9/2/31 | AA-/P | 250,000 | 254,572 | |||
| Northern CA Energy Auth. Commodity Supply Mandatory Put Bonds (8/1/30), Ser. A-1, 5.00%, 12/1/54 | Aa3 | 6,000,000 | 6,333,740 | |||
| Norwalk-La Mirada, Unified School Dist. G.O. Bonds, Ser. F, 5.00%, 8/1/51 | Aa3 | 3,000,000 | 3,248,275 | |||
| Ontario, Special Tax, (Cmnty. Fac. Dist. No. 53) | ||||||
| 4.00%, 9/1/51 | BB+/P | 1,170,000 | 1,049,872 | |||
| 4.00%, 9/1/42 | A-/P | 600,000 | 568,618 | |||
| 4.00%, 9/1/36 | A-/P | 500,000 | 492,126 | |||
| Orange Cnty., Cmnty. Fac. Dist. No. 2023-1 Special Tax Bonds, Ser. A, 5.50%, 8/15/48 | BBB-/P | 1,450,000 | 1,556,241 | |||
| Poway Unified School Dist. Cmnty. Fac. Dist. No. 15 Special Tax Bonds, BAM, 5.25%, 9/1/52 | AA | 2,500,000 | 2,678,864 | |||
| Rancho Cordova, Cmnty. Fac. Dist. Special Tax Bonds | ||||||
| (Dist. No. 2023-1 Impt. Area 2), 5.00%, 9/1/49 | BBB/P | 1,960,000 | 2,033,902 | |||
| (Dist. No. 2023-1 Impt. Area 2), 5.00%, 9/1/44 | BBB/P | 1,545,000 | 1,614,043 | |||
| (Sunridge Anatolia No. 03-1), 4.00%, 9/1/27 | BBB-/P | 425,000 | 427,255 | |||
| River Islands, Pub. Fin. Auth. Special Tax Bonds, (Cmnty. Fac. Dist. No. 23-1 Area 2), 4.50%, 9/1/44 | BB/P | 1,650,000 | 1,627,472 | |||
| Riverside Cnty., Redev. Successor Agcy. Tax Alloc. Bonds, (Hsg.), Ser. B, BAM | ||||||
| stepped-coupon 5.00% (5.00%, 10/1/26), 10/1/41(STP) | AA | 1,990,000 | 2,036,526 | |||
| stepped-coupon 5.00% (5.00%, 10/1/26), 10/1/37(STP) | AA | 1,010,000 | 1,039,458 | |||
| stepped-coupon 5.00% (5.00%, 10/1/26), 10/1/26(STP) | AA | 500,000 | 517,674 | |||
| Riverside, Unif. School Dist. Special Tax Bonds, (Cmnty. Fac. Dist. No. 19 Impt. Area 1) | ||||||
| 5.00%, 9/1/54 | A-/P | 1,265,000 | 1,304,286 | |||
| 5.00%, 9/1/49 | A-/P | 1,050,000 | 1,087,758 | |||
| 5.00%, 9/1/44 | A-/P | 690,000 | 723,273 | |||
| 5.00%, 9/1/39 | A-/P | 370,000 | 392,110 | |||
| Rocklin, Special Tax, (Cmnty. Fac. Dist. No. 10) | ||||||
| 5.00%, 9/1/40 | BB+/P | 485,000 | 488,723 | |||
| 5.00%, 9/1/39 | BB+/P | 485,000 | 489,072 | |||
| Rocklin, Special Tax Bonds, 5.00%, 9/1/35 | BB/P | 3,430,000 | 3,459,662 | |||
| Rohnert Pk., Cmnty. Dev. Agcy. Tax Alloc. Bonds, (Rohnert Redev.), NATL, zero %, 8/1/25 | A+ | 1,340,000 | 1,313,496 | |||
| Romoland, School Dist. Special Tax, Ser. A | ||||||
| 4.00%, 9/1/50 | BB+/P | 2,360,000 | 2,121,324 | |||
| 4.00%, 9/1/45 | BBB+/F | 750,000 | 693,739 | |||
| 4.00%, 9/1/40 | BB+/P | 555,000 | 530,031 | |||
| Roseville, Special Tax | ||||||
| 5.00%, 9/1/39 | BB/P | 465,000 | 479,780 | |||
| (Fiddyment Ranch Cmnty. Fac. Dist. No. 5), 4.00%, 9/1/50 | BB/P | 1,775,000 | 1,588,161 | |||
| (Ranch at Sierra Vista Cmnty. Fac. Dist. No. 1), 4.00%, 9/1/50 | BB-/P | 450,000 | 406,985 | |||
| (Ranch at Sierra Vista Cmnty. Fac. Dist. No. 1), 4.00%, 9/1/45 | BB-/P | 1,000,000 | 933,880 | |||
| (Fiddyment Ranch Cmnty. Fac. Dist. No. 5), 4.00%, 9/1/41 | BB/P | 700,000 | 670,467 | |||
| Roseville, Special Tax Bonds | ||||||
| (The Ranch at Sierra Vista Cmnty. Fac. Dist. No. 1), 5.00%, 9/1/53 | A+/P | 1,000,000 | 1,029,382 | |||
| (The Ranch at Sierra Vista Cmnty. Fac. Dist. No. 1), 5.00%, 9/1/48 | A+/P | 850,000 | 881,043 | |||
| (The Ranch at Sierra Vista Cmnty. Fac. Dist. No. 1), 5.00%, 9/1/43 | A+/P | 735,000 | 767,346 | |||
| (Westpark Cmnty. Pub. Fac. Dist. No. 1), 5.00%, 9/1/37 | AA-/P | 1,250,000 | 1,257,828 | |||
| (Westpark Cmnty. Pub. Fac. Dist. No. 1), 5.00%, 9/1/33 | AA-/P | 1,000,000 | 1,007,511 | |||
| Rowland, Unified School Dist. G.O. Bonds, Ser. B | ||||||
| 4.00%, 8/1/43 | Aa2 | 920,000 | 939,595 | |||
| 4.00%, 8/1/42 | Aa2 | 750,000 | 769,845 | |||
| 4.00%, 8/1/41 | Aa2 | 725,000 | 750,187 | |||
| Sacramento, Special Tax, (Greenbriar Cmnty. Fac. Dist. No 2018-03), 4.00%, 9/1/46 | BB/P | 600,000 | 566,780 | |||
| San Bernardino Cnty., Special Tax Bonds, 5.00%, 9/1/33 | BBB-/P | 2,500,000 | 2,503,610 | |||
| San Diego Cmnty. Fac. Dist. No. 3 Special Tax Bonds, 5.00%, 9/1/36 | BBB/P | 965,000 | 965,812 | |||
| San Diego Cnty., Special Tax Bonds, (Harmony Grove Village-Impt. Area No. 1), Ser. A | ||||||
| 4.00%, 9/1/50 | BB/P | 875,000 | 773,377 | |||
| 4.00%, 9/1/45 | BB/P | 550,000 | 501,857 | |||
| San Diego, Multi-Fam. Hsg. Auth. Rev. Bonds, (Sea Breeze Gardens Preservation LP), Ser. E, FHLMC Coll., 4.20%, 6/1/40 | Aaa | 7,475,000 | 7,466,707 | |||
| San Diego, Pub. Fac. Fin. Auth. Rev. Bonds, (Cap. Impt.), Ser. A, 5.25%, 10/15/52 | AA- | 8,000,000 | 8,754,464 | |||
| San Diego, Tobacco Settlement Funding Corp. Rev. Bonds, Ser. C, 4.00%, 6/1/32 | A | 370,000 | 372,375 | |||
| San Diego, Unified School Dist. G.O. Bonds | ||||||
| Ser. R-2, stepped-coupon zero % (6.625%, 7/1/30), 7/1/41(STP) | Aa2 | 1,990,000 | 1,988,000 | |||
| Ser. K-2, zero %, 7/1/35 | Aa2 | 1,025,000 | 689,488 | |||
| Ser. K-2, zero %, 7/1/32 | Aa2 | 1,955,000 | 1,495,195 | |||
| San Francisco City & Cnty., Special Tax, (Cmnty. Fac. Dist. No. 2016-1), Ser. 21, 4.00%, 9/1/41 | BB-/P | 850,000 | 807,363 | |||
| San Francisco, Bay Area Rapid Transit Dist. G.O. Bonds | ||||||
| (Election 2016), 3.00%, 8/1/49 | Aaa | 6,365,000 | 5,039,209 | |||
| 3.00%, 8/1/38 | Aaa | 4,280,000 | 3,868,466 | |||
| San Francisco, Bay Area Rapid Transit Dist. Sales Tax Rev. Bonds, Ser. A, 3.00%, 7/1/44 | AA+ | 3,000,000 | 2,491,075 | |||
| San Francisco, City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, Ser. A, 5.25%, 5/1/49 | A1 | 1,000,000 | 1,065,714 | |||
| San Francisco, City & Cnty. Arpt. Comm. Intl. Arpt. VRDN, Ser. B, 1.35%, 5/1/58 | VMIG 1 | 4,505,000 | 4,505,000 | |||
| San Francisco, City & Cnty. Pub. Util. Comm. Rev. Bonds, Ser. A, 5.00%, 11/1/53 | AA | 7,000,000 | 7,522,565 | |||
| San Francisco, City & Cnty. Redev. Agcy. Cmnty. Successor Special Tax Bonds, (Dist. No. 6), AGM | ||||||
| 5.25%, 8/1/43 | AA | 1,000,000 | 1,118,279 | |||
| 5.25%, 8/1/42 | AA | 1,000,000 | 1,124,435 | |||
| 5.25%, 8/1/41 | AA | 1,250,000 | 1,411,463 | |||
| 5.25%, 8/1/40 | AA | 1,100,000 | 1,248,462 | |||
| 5.25%, 8/1/39 | AA | 1,000,000 | 1,141,624 | |||
| San Francisco, City & Cnty., Infrastructure & Revitalization 144A Tax Alloc. Bonds, (Fin. Dist. No. 1 Fac.), Ser. A, 5.00%, 9/1/52 | BB/P | 1,300,000 | 1,291,066 | |||
| San Luis Obispo Cnty., Fin. Auth. Rev. Bonds, Ser. A, 5.50%, 11/15/47 | AA+ | 1,885,000 | 2,084,389 | |||
| Santa Maria, G.O. Bonds, (Joint Union High School Dist. Election 2016) | ||||||
| 3.00%, 8/1/42 | Aa2 | 540,000 | 460,182 | |||
| 3.00%, 8/1/39 | Aa2 | 1,385,000 | 1,237,658 | |||
| 3.00%, 8/1/37 | Aa2 | 355,000 | 324,805 | |||
| 3.00%, 8/1/36 | Aa2 | 250,000 | 230,559 | |||
| School Fin. Fac. Auth. 144A Rev. Bonds, (Kipp LA Projects), Ser. A, 5.00%, 7/1/45 | BBB | 1,500,000 | 1,503,174 | |||
| South Lake Tahoe, Joint Pwrs. Fin. Auth. Rev. Bonds, Ser. A | ||||||
| 5.25%, 10/1/53 | AA | 4,000,000 | 4,392,252 | |||
| 5.25%, 10/1/48 | AA | 3,500,000 | 3,864,670 | |||
| Sweetwater, G.O. Bonds, (Sweetwater Union High School Dist.), Ser. A1, 5.00%, 8/1/52 | A1 | 6,500,000 | 6,994,998 | |||
| Temescal Valley, Wtr. Supply Dist. No. 4 Area No. 3 Special Tax Bonds | ||||||
| 5.00%, 9/1/54 | BBB/P | 1,185,000 | 1,228,956 | |||
| 5.00%, 9/1/44 | BBB/P | 600,000 | 631,637 | |||
| 5.00%, 9/1/39 | BBB/P | 615,000 | 658,242 | |||
| 4.00%, 9/1/49 | BBB/P | 1,415,000 | 1,297,628 | |||
| Tobacco Securitization Auth. of Southern CA Rev. Bonds, Ser. B-1, Class 2, 5.00%, 6/1/48 | BBB- | 10,275,000 | 10,378,378 | |||
| Tustin Cmnty., Fac. Dist. Special Tax Bonds, (No. 06-1 Legacy Columbus Villages), Ser. A, 5.00%, 9/1/37 | A | 2,100,000 | 2,115,899 | |||
| U. of CA Rev. Bonds, Ser. AZ, 5.00%, 5/15/48 | Aa2 | 9,110,000 | 9,485,726 | |||
| Vernon, Elec. Syst. Rev. Bonds, Ser. A | ||||||
| 5.00%, 8/1/40 | A- | 740,000 | 797,986 | |||
| 5.00%, 8/1/39 | A- | 425,000 | 459,750 | |||
| 5.00%, 8/1/35 | A- | 1,440,000 | 1,536,432 | |||
| 5.00%, 8/1/34 | A- | 1,060,000 | 1,134,459 | |||
| 5.00%, 8/1/33 | A- | 960,000 | 1,031,051 | |||
| 5.00%, 8/1/32 | A- | 1,000,000 | 1,077,790 | |||
| 5.00%, 8/1/31 | A- | 770,000 | 831,334 | |||
| Los Angeles, Dept. of Arpt. Rev. Bonds, (Los Angeles Intl. Arpt.) | ||||||
| Ser. G, 5.00%, 5/15/47(T) | Aa2 | 9,000,000 | 9,346,500 | |||
| Ser. A, 5.00%, 5/15/44(T) | Aa3 | 10,000,000 | 10,274,100 | |||
| 718,750,750 | ||||||
| Guam (0.3%) | ||||||
| Territory of GU, Govt. G.O. Bonds, 5.00%, 11/15/31 | Baa3 | 640,000 | 649,126 | |||
| Territory of GU, Port Auth. Rev. Bonds, Ser. A, 5.00%, 7/1/48 | A | 1,500,000 | 1,510,714 | |||
| 2,159,840 | ||||||
| Illinois (0.2%) | ||||||
| IL State G.O. Bonds, 5.00%, 1/1/41 | A3 | 1,770,000 | 1,781,220 | |||
| 1,781,220 | ||||||
| New Hampshire (0.7%) | ||||||
| National Fin. Auth. Rev. Bonds, (NH Bus. Fin. Auth.), Ser. 24-4, Class A, 3.925%, 7/20/39 | AA- | 5,500,000 | 5,334,734 | |||
| 5,334,734 | ||||||
| Other (0.6%) | ||||||
| Federal Home Loan Mortgage Corporation Multifamily ML certificates, Ser. 24-ML-25, Class A-CA, 3.543%, 11/25/38 | AA+ | 4,990,427 | 4,622,088 | |||
| 4,622,088 | ||||||
| Puerto Rico (0.4%) | ||||||
| Cmnwlth. of PR, G.O. Bonds, Ser. A-1, 4.00%, 7/1/37 | BB-/P | 2,750,000 | 2,655,032 | |||
| 2,655,032 | ||||||
| Washington (0.7%) | ||||||
| Grays Harbor Cnty., Pub. Hosp. Dist. No. 1 Rev. Bonds, 6.75%, 12/1/44 | BB+ | 4,300,000 | 4,810,782 | |||
| 4,810,782 | ||||||
| Total municipal bonds and notes (cost $754,399,341) | $740,114,446 | |||||
| SHORT-TERM INVESTMENTS (0.2%)(a) | ||||||
| Principal amount/shares | Value | |||||
| Putnam Short Term Investment Fund Class P 4.56%(AFF) | Shares | 816,448 | $816,448 | |||
| U.S. Treasury Bills 4.628%, 1/16/25(SEG) | $500,000 | 499,177 | ||||
| Total short-term investments (cost $1,315,507) | $1,315,625 | |||||
| TOTAL INVESTMENTS | ||||||
| Total investments (cost $755,714,848) | $741,430,071 | |||||
| FUTURES CONTRACTS OUTSTANDING at 12/31/24 (Unaudited) | ||||||
| Number of contracts | Notional amount | Value | Expiration date | Unrealized appreciation/ (depreciation) | ||
| U.S. Treasury Bond Ultra 30 yr (Short) | 72 | $8,561,250 | $8,561,250 | Mar-25 | $488,799 | |
| Unrealized appreciation | 488,799 | |||||
| Unrealized (depreciation) | — | |||||
| Total | $488,799 | |||||
| Notes to the fund's portfolio | ||||||
| Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from October 1, 2024 through December 31, 2024 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's investment manager, an indirect wholly-owned subsidiary of Franklin Resources, Inc., references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter. | ||||||
| Putnam California Tax Exempt Income Fund (the fund) is a Massachusetts business trust, which is registered under the 1940 Act as a diversified open-end management investment company. | ||||||
| The fund follows the accounting and reporting guidance in Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946. | ||||||
| (a) | Percentages indicated are based on net assets of $723,566,796. | |||||
| (RAT) | The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer. For further details regarding security ratings, please see the Statement of Additional Information. | |||||
| (STP) | The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate. | |||||
| (AFF) | Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | |||||
| Name of affiliate | Fair value as of 9/30/24 | Purchase cost | Sale proceeds | Investment income | Shares outstanding and fair value as of 12/31/24 | |
| Short-term investments | ||||||
| Putnam Short Term Investment Fund Class P‡ | $714,723 | $83,342,114 | $83,240,389 | $120,267 | $816,448 | |
| Total Short-term investments | $714,723 | $83,342,114 | $83,240,389 | $120,267 | $816,448 | |
| ‡ Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period. | ||||||
| (SEG) | This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $429,183. | |||||
| (T) | Underlying security in a tender option bond transaction. This security has been segregated as collateral for financing transactions. | |||||
| Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. | ||||||
| 144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | ||||||
| On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent the next mandatory put dates. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index, US Secured Overnight Financing Rate (SOFR), Chicago Mercantile Exchange (CME) Term SOFR 3 Month or CME Term SOFR 6 Month rates, which were 3.62%, 4.49%, 4.31%, and 4.25%, respectively, as of the close of the reporting period. | ||||||
| The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates. | ||||||
| The dates shown on debt obligations are the original maturity dates. | ||||||
| The fund had the following sector (concentration)(concentrations) greater than 10% at the close of the reporting period (as a percentage of net assets): | ||||||
| Education | 18.8% | |||||
| Land | 16.8 | |||||
| Housing | 15.4 | |||||
| Local debt | 13.5 | |||||
| Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees (Trustees). The Trustees have formed a Pricing Committee to oversee the implementation of these procedures. Under compliance policies and procedures approved by the Trustees, the Trustees have designated the fund’s investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the fund’s administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC). The VC is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Trustees. | ||||||
| Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2. | ||||||
| Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by the fund’s investment manager. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. | ||||||
| Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | ||||||
| To the extent a pricing service or dealer is unable to value a security or provides a valuation that the fund’s investment manager does not believe accurately reflects the security's fair value, the security will be valued at fair value by the fund’s investment manager, which has been designated as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | ||||||
| To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | ||||||
| At the close of the reporting period, the fund has deposited cash valued at $429,183 in a segregated account to cover margin requirements on open futures contracts. | ||||||
| Master agreements: The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund’s custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund’s portfolio. | ||||||
| Collateral pledged by the fund is segregated by the fund’s custodian and identified in the fund’s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty. | ||||||
| With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund’s future derivative activity. | ||||||
| At the close of the reporting period, the fund did not have a net liability position on open derivative contracts subject to the Master Agreements. | ||||||
| Tender option bond transactions: The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust’s assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in The fund’s portfolio and including the floating rate bond as a liability in the Statement of assets and liabilities. At the close of the reporting period, the fund’s investments with a value of $31,922,678 were held by the TOB trust and served as collateral for $20,565,075 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $166,651 for these investments based on an average interest rate of 3.23%. | ||||||
| ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ||||
| Level 1: Valuations based on quoted prices for identical securities in active markets. | ||||
| Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | ||||
| Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement. | ||||
| The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | ||||
| Valuation inputs | ||||
| Investments in securities: | Level 1 | Level 2 | Level 3 | |
| Municipal bonds and notes | $— | $740,114,446 | $— | |
| Short-term investments | — | 1,315,625 | — | |
| Totals by level | $— | $741,430,071 | $— | |
| Valuation inputs | ||||
| Other financial instruments: | Level 1 | Level 2 | Level 3 | |
| Futures contracts | $488,799 | $— | $— | |
| Totals by level | $488,799 | $— | $— | |
| The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period: | ||||
| Futures contracts (number of contracts) | 70 | |||
| For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnam.com | ||||
