UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
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| Investment Company Act file number | 811-03706 |
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| AMERICAN CENTURY CALIFORNIA TAX-FREE AND MUNICIPAL FUNDS |
| (Exact name of registrant as specified in charter) |
| |
| 4500 MAIN STREET, KANSAS CITY, MISSOURI | 64111 |
| (Address of principal executive offices) | (Zip Code) |
| |
JOHN PAK
4500 MAIN STREET, KANSAS CITY, MISSOURI 64111 |
| (Name and address of agent for service) |
| |
| Registrant’s telephone number, including area code: | 816-531-5575 |
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| Date of fiscal year end: | 08-31 |
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| Date of reporting period: | 02-28-2022 |
ITEM 1. REPORTS TO STOCKHOLDERS.
(a) Provided under separate cover.
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| Semiannual Report |
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| February 28, 2022 |
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| California High-Yield Municipal Fund |
| Investor Class (BCHYX) |
| I Class (BCHIX) |
| Y Class (ACYHX) |
| A Class (CAYAX) |
| C Class (CAYCX) |
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| President’s Letter | |
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| Fund Characteristics | |
| Shareholder Fee Example | |
| Schedule of Investments | |
| Statement of Assets and Liabilities | |
| Statement of Operations | |
| Statement of Changes in Net Assets | |
| Notes to Financial Statements | |
| Financial Highlights | |
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| Additional Information | |
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Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended February 28, 2022. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.
Rising Rates, Volatility Pressured Returns
Investors faced increasingly challenging market conditions as the reporting period progressed. From rising interest rates and soaring inflation to a Federal Reserve (Fed) policy pivot and mounting geopolitical unrest, most asset classes struggled as volatility intensified.
Early on, relatively high valuations after an extended performance run for the broad municipal bond (muni) market gave investors pause. Additionally, uncertainties surrounding proposed Biden administration tax and spending programs weighed on market sentiment. Investor reaction to the November passage of the Infrastructure Investment and Jobs Act was mixed. The bill omitted key financing tools many muni market advocates hoped it would restore. However, others were hopeful the bill’s infrastructure projects will boost municipal credit ratings and local bond issuance.
Meanwhile, surging inflation prompted the Fed to end its bond-buying program and prepare investors for the first Fed rate hike in more than three years. By period-end, Russia’s invasion of Ukraine aggravated the already-volatile climate in U.S. and global financial markets.
Rising inflation and expectations for Fed tightening fueled a steady rise in U.S. Treasury yields, and muni yields followed suit. Municipal bond returns declined for the six-month period but not as steeply as Treasury returns. California munis slightly underperformed their national municipal bond peers, while high-yield munis outperformed their investment-grade counterparts.
Staying Focused in Uncertain Times
We expect market volatility to linger amid elevated inflation and tighter Fed policy. In addition, Russia’s invasion of Ukraine has led to a devastating humanitarian crisis and further complicated a tense geopolitical backdrop. While the California muni market remains somewhat insulated from the financial market implications, we continue to evaluate the situation and what it broadly means for investors.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
| | | | | |
| FEBRUARY 28, 2022 |
| Types of Investments in Portfolio | % of net assets |
| Municipal Securities | 99.8% |
| Other Assets and Liabilities | 0.2% |
| |
| Top Five Sectors | % of fund investments |
| Special Tax | 36% |
| Hospital | 13% |
| Charter School | 8% |
| Multi-Family Housing | 6% |
| General Obligation (GO) - Local | 4% |
Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2021 to February 28, 2022.
Actual Expenses
The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25.00 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
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| | Beginning
Account Value
9/1/21 | Ending
Account Value
2/28/22 | Expenses Paid During Period(1) 9/1/21 - 2/28/22 | Annualized Expense Ratio(1) |
| Actual |
| Investor Class | $1,000 | $968.00 | $2.39 | 0.49% |
| I Class | $1,000 | $969.80 | $1.42 | 0.29% |
| Y Class | $1,000 | $970.00 | $1.27 | 0.26% |
| A Class | $1,000 | $966.80 | $3.61 | 0.74% |
| C Class | $1,000 | $964.10 | $7.26 | 1.49% |
| Hypothetical |
| Investor Class | $1,000 | $1,022.37 | $2.46 | 0.49% |
| I Class | $1,000 | $1,023.36 | $1.45 | 0.29% |
| Y Class | $1,000 | $1,023.51 | $1.30 | 0.26% |
| A Class | $1,000 | $1,021.13 | $3.71 | 0.74% |
| C Class | $1,000 | $1,017.41 | $7.45 | 1.49% |
(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
FEBRUARY 28, 2022 (UNAUDITED)
| | | | | | | | |
| Principal Amount | Value |
| MUNICIPAL SECURITIES — 99.8% |
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| California — 98.5% | | |
| 91 Express Lanes Toll Road Rev., 5.00%, 8/15/30 | $ | 2,400,000 | | $ | 2,534,990 | |
ABAG Finance Authority for Nonprofit Corps. Rev., (Jackson Laboratory), 5.00%, 7/1/22, Prerefunded at 100% of Par(1) | 2,000,000 | | 2,028,850 | |
| Alameda Community Facilities District Special Tax, 5.00%, 9/1/42 | 1,250,000 | | 1,349,972 | |
| Alameda Community Facilities District Special Tax, (District No. 13-1), 4.00%, 9/1/51 | 5,000,000 | | 5,396,974 | |
| Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/26 | 2,000,000 | | 2,114,620 | |
| Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/27 (AGM) | 2,000,000 | | 2,114,296 | |
| Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/35 | 2,270,000 | | 2,553,281 | |
| Antelope Valley Healthcare District Rev., 5.00%, 3/1/46 | 5,000,000 | | 5,362,141 | |
| Bay Area Toll Authority Rev., VRN, 0.65%, (MUNIPSA plus 0.45%), 4/1/56 | 1,750,000 | | 1,762,743 | |
| Beaumont Special Tax, (Beaumont Community Facilities District No. 93-1), 4.00%, 9/1/40 | 1,250,000 | | 1,347,066 | |
| Beaumont Special Tax, (Beaumont Community Facilities District No. 93-1), 5.00%, 9/1/43 | 1,605,000 | | 1,783,194 | |
| Beaumont Special Tax, (Beaumont Community Facilities District No. 93-1), 4.00%, 9/1/45 | 1,510,000 | | 1,617,780 | |
| Beaumont Special Tax, (Beaumont Community Facilities District No. 93-1), 5.00%, 9/1/48 | 2,855,000 | | 3,159,685 | |
| Beaumont Special Tax, (Beaumont Community Facilities District No. 93-1), 5.00%, 9/1/48 | 2,535,000 | | 2,805,535 | |
| Beaumont Special Tax, (Beaumont Community Facilities District No. 93-1), 4.00%, 9/1/50 | 1,500,000 | | 1,598,819 | |
| California Community Choice Financing Authority Rev., VRN, 0.65%, (MUNIPSA plus 0.45%), 2/1/52 (GA: Morgan Stanley) | 17,545,000 | | 17,549,395 | |
| California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.25%, 5/1/43 | 3,200,000 | | 3,592,732 | |
| California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.25%, 5/1/48 | 4,500,000 | | 5,022,813 | |
California Community Housing Agency Rev., 5.00%, 8/1/49(2) | 11,000,000 | | 11,434,427 | |
California Community Housing Agency Rev., (Fountains at Emerald Park), 4.00%, 8/1/46(2) | 3,100,000 | | 2,811,718 | |
| California County Tobacco Securitization Agency Rev., 4.00%, 6/1/49 | 750,000 | | 812,967 | |
| California County Tobacco Securitization Agency Rev., 5.00%, 6/1/49 | 650,000 | | 736,764 | |
California County Tobacco Securitization Agency Rev., (Alameda County Tobacco Securitization Corp.), 0.00%, 6/1/50(3) | 22,520,000 | | 4,015,616 | |
California County Tobacco Securitization Agency Rev., Capital Appreciation, 0.00%, 6/1/55(3) | 2,000,000 | | 380,165 | |
California Enterprise Development Authority Rev., (Academy For Academic Excellence), 5.00%, 7/1/40(2) | 500,000 | | 542,743 | |
California Enterprise Development Authority Rev., (Academy For Academic Excellence), 5.00%, 7/1/50(2) | 500,000 | | 538,175 | |
California Enterprise Development Authority Rev., (Academy For Academic Excellence), 5.00%, 7/1/55(2) | 350,000 | | 375,312 | |
| California Enterprise Development Authority Rev., (Provident Group-SDSU Properties LLC), 5.00%, 8/1/50 | 1,700,000 | | 1,963,429 | |
| California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center Obligated Group), 5.00%, 8/15/51 | 7,000,000 | | 8,549,754 | |
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| Principal Amount | Value |
| California Health Facilities Financing Authority Rev., (CommonSpirit Health Obligated Group), 4.00%, 4/1/49 | $ | 6,020,000 | | $ | 6,560,826 | |
| California Health Facilities Financing Authority Rev., (Stanford Health Care Obligated Group), 4.00%, 8/15/50 | 6,500,000 | | 7,274,550 | |
| California Housing Finance Rev., 4.00%, 3/20/33 | 19,809,136 | | 21,841,686 | |
| California Housing Finance Rev., 4.25%, 1/15/35 | 3,203,096 | | 3,620,345 | |
| California Housing Finance Rev., 3.50%, 11/20/35 | 2,629,915 | | 2,811,637 | |
| California Infrastructure & Economic Development Bank Rev., (Academy of Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/29 | 5,000,000 | | 6,168,215 | |
| California Infrastructure & Economic Development Bank Rev., (California Science Center Foundation), 4.00%, 5/1/51 | 5,000,000 | | 5,521,896 | |
| California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 4.00%, 11/1/46 | 1,500,000 | | 1,662,012 | |
| California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 4.00%, 11/1/51 | 1,600,000 | | 1,767,007 | |
| California Municipal Finance Authority Rev., (Azusa Pacific University), 5.00%, 4/1/41 | 1,860,000 | | 1,999,298 | |
| California Municipal Finance Authority Rev., (Bowles Hall Foundation), 5.00%, 6/1/50 | 1,750,000 | | 1,903,843 | |
California Municipal Finance Authority Rev., (California Baptist University), 5.00%, 11/1/46(2) | 2,000,000 | | 2,215,040 | |
| California Municipal Finance Authority Rev., (Caritas Affordable Housing, Inc.), 5.00%, 8/15/22 | 360,000 | | 366,865 | |
| California Municipal Finance Authority Rev., (CHF-Davis I LLC), 5.00%, 5/15/32 (BAM-TCRS) | 3,000,000 | | 3,545,659 | |
| California Municipal Finance Authority Rev., (CHF-Davis I LLC), 5.00%, 5/15/48 | 6,700,000 | | 7,581,729 | |
| California Municipal Finance Authority Rev., (CHF-Davis I LLC), 5.00%, 5/15/51 | 5,505,000 | | 6,218,705 | |
| California Municipal Finance Authority Rev., (CHF-Davis II LLC), 4.00%, 5/15/46 (BAM) | 1,000,000 | | 1,091,544 | |
California Municipal Finance Authority Rev., (Claremont Graduate University), 5.00%, 10/1/49(2) | 2,145,000 | | 2,340,108 | |
California Municipal Finance Authority Rev., (Claremont Graduate University), 5.00%, 10/1/54(2) | 1,875,000 | | 2,038,378 | |
| California Municipal Finance Authority Rev., (Clinicas del Camino Real Incorporated), 4.00%, 3/1/40 | 2,750,000 | | 3,036,427 | |
| California Municipal Finance Authority Rev., (Clinicas del Camino Real Incorporated), 4.00%, 3/1/50 | 6,785,000 | | 7,358,809 | |
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/54(2) | 1,590,000 | | 1,788,492 | |
California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/25, Prerefunded at 100% of Par(1) | 3,615,000 | | 3,998,002 | |
| California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/27 | 1,000,000 | | 1,165,629 | |
| California Municipal Finance Authority Rev., (Congregational Home Obligated Group), 5.00%, 11/15/39 | 1,200,000 | | 1,334,091 | |
| California Municipal Finance Authority Rev., (Congregational Home Obligated Group), 5.00%, 11/15/49 | 4,750,000 | | 5,245,274 | |
California Municipal Finance Authority Rev., (Creative Center of Los Altos), 4.00%, 11/1/26(2) | 480,000 | | 489,750 | |
California Municipal Finance Authority Rev., (Creative Center of Los Altos), 4.00%, 11/1/36(2) | 1,400,000 | | 1,403,487 | |
California Municipal Finance Authority Rev., (Creative Center of Los Altos), 4.50%, 11/1/46(2) | 3,100,000 | | 3,127,091 | |
| California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/35 | 3,500,000 | | 4,050,791 | |
| | | | | | | | |
| Principal Amount | Value |
| California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/35 | $ | 1,500,000 | | $ | 1,736,053 | |
| California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/36 | 1,580,000 | | 1,825,704 | |
| California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/37 | 1,500,000 | | 1,730,730 | |
| California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/42 | 1,750,000 | | 2,002,745 | |
| California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/47 | 3,000,000 | | 3,414,079 | |
| California Municipal Finance Authority Rev., (Emerson College), 5.00%, 1/1/42 | 5,250,000 | | 5,933,559 | |
California Municipal Finance Authority Rev., (Healthright 360), 5.00%, 11/1/29(2) | 1,670,000 | | 1,841,407 | |
California Municipal Finance Authority Rev., (Healthright 360), 5.00%, 11/1/39(2) | 3,535,000 | | 3,868,893 | |
California Municipal Finance Authority Rev., (Healthright 360), 5.00%, 11/1/49(2) | 4,450,000 | | 4,825,911 | |
| California Municipal Finance Authority Rev., (HumanGood California Obligated Group), 4.00%, 10/1/46 | 6,500,000 | | 7,104,996 | |
| California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/24 | 1,000,000 | | 1,082,068 | |
| California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/25 | 1,000,000 | | 1,106,684 | |
| California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/26 | 500,000 | | 564,624 | |
| California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/35 | 350,000 | | 375,428 | |
| California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/40 | 500,000 | | 535,185 | |
| California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/44 | 300,000 | | 320,278 | |
| California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.25%, 11/1/47 | 1,600,000 | | 1,800,161 | |
California Municipal Finance Authority Rev., (P3 Claremont Holdings LLC), 5.00%, 7/1/40(2) | 1,515,000 | | 1,647,455 | |
California Municipal Finance Authority Rev., (P3 Claremont Holdings LLC), 5.00%, 7/1/52(2) | 2,075,000 | | 2,223,304 | |
California Municipal Finance Authority Rev., (Palmdale Aerospace Academy, Inc.), 5.00%, 7/1/49(2) | 5,100,000 | | 5,687,037 | |
California Municipal Finance Authority Rev., (River Charter Schools), 5.50%, 6/1/38(2) | 800,000 | | 874,482 | |
California Municipal Finance Authority Rev., (River Charter Schools), 5.50%, 6/1/48(2) | 2,265,000 | | 2,447,785 | |
California Municipal Finance Authority Rev., (River Charter Schools), 5.50%, 6/1/53(2) | 1,805,000 | | 1,946,961 | |
California Municipal Finance Authority Rev., (Santa Rosa Academy LLC), 5.125%, 7/1/35(2) | 905,000 | | 970,239 | |
California Municipal Finance Authority Rev., (Santa Rosa Academy LLC), 5.375%, 7/1/45(2) | 1,400,000 | | 1,495,409 | |
| California Municipal Finance Authority Rev., (Touro College and University System Obligated Group), 5.25%, 1/1/34 | 950,000 | | 1,016,341 | |
| California Municipal Finance Authority Rev., (Touro College and University System Obligated Group), 5.25%, 1/1/40 | 1,750,000 | | 1,863,150 | |
| California Municipal Finance Authority Rev., (University of San Diego), 5.00%, 10/1/44 | 5,000,000 | | 5,951,115 | |
| California Municipal Finance Authority Rev., (University of San Diego), 5.00%, 10/1/49 | 5,000,000 | | 5,914,219 | |
| California Municipal Finance Authority Rev., (William Jessup University), 5.00%, 8/1/39 | 2,750,000 | | 2,950,367 | |
| | | | | | | | |
| Principal Amount | Value |
| California Municipal Finance Authority Rev., (William Jessup University), 5.00%, 8/1/48 | $ | 2,700,000 | | $ | 2,860,992 | |
| California Municipal Finance Authority Special Tax, 4.00%, 9/1/43 | 1,000,000 | | 1,078,911 | |
| California Municipal Finance Authority Special Tax, 4.00%, 9/1/50 | 1,500,000 | | 1,605,755 | |
| California Municipal Finance Authority Special Tax, (Facilities District No. 2020-4), 4.00%, 9/1/46 | 2,290,000 | | 2,429,170 | |
| California Municipal Finance Authority Special Tax, (Facilities District No. 2020-4), 4.00%, 9/1/51 | 3,145,000 | | 3,317,557 | |
California Pollution Control Financing Authority Rev., (San Diego County Water Authority), 5.00%, 11/21/45(2) | 2,500,000 | | 2,839,689 | |
| California Public Finance Authority Rev., 4.00%, 10/15/27 | 400,000 | | 445,986 | |
| California Public Finance Authority Rev., 4.00%, 10/15/28 | 365,000 | | 412,160 | |
California Public Finance Authority Rev., (Crossroads Christian Schools Obligated Group), 5.00%, 1/1/56(2) | 4,000,000 | | 4,053,954 | |
| California Public Finance Authority Rev., (Henry Mayo Newhall Memorial Hospital), 4.00%, 10/15/26 | 200,000 | | 219,744 | |
| California Public Finance Authority Rev., (Henry Mayo Newhall Memorial Hospital), 5.00%, 10/15/47 | 3,500,000 | | 3,930,095 | |
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 3.125%, 5/15/29(2) | 2,580,000 | | 2,586,094 | |
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 5.00%, 11/15/36(2) | 1,160,000 | | 1,304,371 | |
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 5.00%, 11/15/46(2) | 1,545,000 | | 1,698,479 | |
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 5.00%, 11/15/51(2) | 1,260,000 | | 1,382,494 | |
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 5.00%, 11/15/56(2) | 1,235,000 | | 1,351,578 | |
| California Public Finance Authority Rev., VRN, 4.00%, 10/15/51 | 685,000 | | 791,778 | |
California School Finance Authority Rev., 5.00%, 8/1/25, Prerefunded at 100% of Par(1)(2) | 50,000 | | 56,033 | |
California School Finance Authority Rev., 5.00%, 8/1/25, Prerefunded at 100% of Par(1)(2) | 50,000 | | 56,033 | |
California School Finance Authority Rev., 5.00%, 8/1/25, Prerefunded at 100% of Par(1)(2) | 95,000 | | 106,462 | |
California School Finance Authority Rev., 5.00%, 8/1/25, Prerefunded at 100% of Par(1)(2) | 110,000 | | 123,272 | |
California School Finance Authority Rev., 5.00%, 8/1/25, Prerefunded at 100% of Par(1)(2) | 95,000 | | 106,462 | |
California School Finance Authority Rev., 5.00%, 8/1/25, Prerefunded at 100% of Par(1)(2) | 130,000 | | 145,685 | |
California School Finance Authority Rev., 5.00%, 8/1/25, Prerefunded at 100% of Par(1)(2) | 65,000 | | 72,843 | |
California School Finance Authority Rev., 5.00%, 8/1/27(2) | 890,000 | | 985,428 | |
California School Finance Authority Rev., 5.00%, 8/1/28(2) | 1,155,000 | | 1,278,955 | |
California School Finance Authority Rev., 5.00%, 8/1/29(2) | 730,000 | | 807,135 | |
California School Finance Authority Rev., 5.00%, 8/1/30(2) | 350,000 | | 386,517 | |
California School Finance Authority Rev., 5.00%, 8/1/31(2) | 450,000 | | 496,252 | |
California School Finance Authority Rev., 5.00%, 8/1/36(2) | 1,075,000 | | 1,182,837 | |
California School Finance Authority Rev., 5.00%, 8/1/46(2) | 1,190,000 | | 1,296,482 | |
| California School Finance Authority Rev., (Alliance for College Ready Public Schools Obligated Group), 5.00%, 7/1/31 | 4,000,000 | | 4,409,198 | |
California School Finance Authority Rev., (Alliance for College Ready Public Schools Obligated Group), 5.00%, 7/1/45(2) | 5,000,000 | | 5,424,656 | |
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/40(2) | 1,000,000 | | 1,096,357 | |
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/50(2) | 1,200,000 | | 1,359,874 | |
| | | | | | | | |
| Principal Amount | Value |
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/51(2) | $ | 1,300,000 | | $ | 1,380,645 | |
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/59(2) | 4,165,000 | | 4,691,210 | |
California School Finance Authority Rev., (Bright Star Schools Obligated Group), 2.00%, 6/1/27(2) | 1,020,000 | | 992,006 | |
California School Finance Authority Rev., (Bright Star Schools Obligated Group), 5.00%, 6/1/37(2) | 1,800,000 | | 2,018,057 | |
California School Finance Authority Rev., (Bright Star Schools Obligated Group), 4.00%, 6/1/39(2) | 1,085,000 | | 1,148,612 | |
California School Finance Authority Rev., (Bright Star Schools Obligated Group), 5.00%, 6/1/47(2) | 3,130,000 | | 3,466,956 | |
California School Finance Authority Rev., (Bright Star Schools Obligated Group), 4.00%, 6/1/51(2) | 1,730,000 | | 1,794,985 | |
California School Finance Authority Rev., (Bright Star Schools Obligated Group), 4.00%, 6/1/61(2) | 2,220,000 | | 2,285,696 | |
California School Finance Authority Rev., (Downtown College Prep Obligated Group), 4.00%, 6/1/26(2) | 2,115,000 | | 2,177,869 | |
California School Finance Authority Rev., (Downtown College Prep Obligated Group), 4.50%, 6/1/31(2) | 1,500,000 | | 1,587,194 | |
California School Finance Authority Rev., (Downtown College Prep Obligated Group), 4.75%, 6/1/36(2) | 1,500,000 | | 1,584,857 | |
California School Finance Authority Rev., (Downtown College Prep Obligated Group), 5.00%, 6/1/46(2) | 4,630,000 | | 4,882,930 | |
California School Finance Authority Rev., (Downtown College Prep Obligated Group), 5.00%, 6/1/51(2) | 2,000,000 | | 2,105,229 | |
California School Finance Authority Rev., (Ednovate Obligated Group), 5.00%, 6/1/30(2) | 1,260,000 | | 1,389,347 | |
California School Finance Authority Rev., (Ednovate Obligated Group), 5.00%, 6/1/37(2) | 430,000 | | 469,482 | |
California School Finance Authority Rev., (Ednovate Obligated Group), 5.00%, 6/1/48(2) | 2,100,000 | | 2,259,078 | |
California School Finance Authority Rev., (Ednovate Obligated Group), 5.00%, 6/1/56(2) | 2,000,000 | | 2,143,556 | |
California School Finance Authority Rev., (Fenton Charter Public Schools), 5.00%, 7/1/50(2) | 785,000 | | 854,502 | |
California School Finance Authority Rev., (Fenton Charter Public Schools), 5.00%, 7/1/58(2) | 770,000 | | 834,254 | |
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/38(2) | 1,130,000 | | 1,289,700 | |
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/45(2) | 3,500,000 | | 3,768,634 | |
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/48(2) | 3,630,000 | | 4,081,760 | |
California School Finance Authority Rev., (Kepler Education, Inc.), 5.75%, 5/1/37(2) | 1,050,000 | | 1,135,917 | |
California School Finance Authority Rev., (Kepler Education, Inc.), 5.875%, 5/1/47(2) | 2,425,000 | | 2,602,343 | |
| California School Finance Authority Rev., (Kipp SoCal Public Schools Obligated Group), 4.125%, 7/1/24 | 250,000 | | 258,050 | |
| California School Finance Authority Rev., (Kipp SoCal Public Schools Obligated Group), 5.00%, 7/1/34 | 500,000 | | 534,827 | |
California School Finance Authority Rev., (Kipp SoCal Public Schools Obligated Group), 5.00%, 7/1/37(2) | 1,180,000 | | 1,335,302 | |
California School Finance Authority Rev., (Kipp SoCal Public Schools Obligated Group), 5.00%, 7/1/39(2) | 1,000,000 | | 1,165,805 | |
| California School Finance Authority Rev., (Kipp SoCal Public Schools Obligated Group), 5.125%, 7/1/44 | 700,000 | | 746,318 | |
California School Finance Authority Rev., (Kipp SoCal Public Schools Obligated Group), 5.00%, 7/1/45(2) | 1,650,000 | | 1,791,242 | |
| | | | | | | | |
| Principal Amount | Value |
California School Finance Authority Rev., (Kipp SoCal Public Schools Obligated Group), 5.00%, 7/1/49(2) | $ | 2,000,000 | | $ | 2,303,695 | |
California School Finance Authority Rev., (Kipp SoCal Public Schools Obligated Group), 5.00%, 7/1/54(2) | 1,150,000 | | 1,318,083 | |
California School Finance Authority Rev., (Larchmont Schools), 5.00%, 6/1/33(2) | 500,000 | | 551,258 | |
California School Finance Authority Rev., (Larchmont Schools), 5.00%, 6/1/43(2) | 550,000 | | 597,168 | |
California School Finance Authority Rev., (Larchmont Schools), 5.00%, 6/1/55(2) | 1,000,000 | | 1,075,751 | |
California School Finance Authority Rev., (Real Journey Academies Obligated Group), 5.00%, 6/1/49(2) | 5,250,000 | | 5,619,035 | |
California School Finance Authority Rev., (Real Journey Academies Obligated Group), 5.00%, 6/1/50(2) | 2,740,000 | | 2,931,246 | |
California School Finance Authority Rev., (Real Journey Academies Obligated Group), 5.00%, 6/1/59(2) | 3,915,000 | | 4,168,950 | |
California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/26(2) | 500,000 | | 530,779 | |
California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/31(2) | 870,000 | | 932,336 | |
California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/36(2) | 1,000,000 | | 1,067,150 | |
California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/37(2) | 360,000 | | 394,700 | |
California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/46(2) | 2,100,000 | | 2,221,590 | |
California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/53(2) | 2,265,000 | | 2,439,962 | |
California School Finance Authority Rev., (Summit Public Schools Obligated Group), 5.00%, 6/1/37(2) | 1,000,000 | | 1,110,365 | |
California School Finance Authority Rev., (Summit Public Schools Obligated Group), 5.00%, 6/1/47(2) | 1,870,000 | | 2,060,934 | |
California School Finance Authority Rev., (TEACH, Inc. Obligated Group), 5.00%, 6/1/58(2) | 3,600,000 | | 3,770,050 | |
| California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/34 | 1,400,000 | | 1,573,960 | |
| California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/39 | 1,640,000 | | 1,824,266 | |
| California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/48 | 1,000,000 | | 1,096,493 | |
| California State Public Works Board Rev., 5.00%, 11/1/38 | 2,350,000 | | 2,485,919 | |
| California State Public Works Board Rev., (State of California Department of Corrections & Rehabilitation), 5.00%, 9/1/39 | 7,000,000 | | 7,581,791 | |
| California State University Rev., 5.00%, 11/1/49 | 7,375,000 | | 8,920,907 | |
California Statewide Communities Development Authority Rev., (899 Charleston LLC), 5.25%, 11/1/44(2) | 1,795,000 | | 1,867,185 | |
| California Statewide Communities Development Authority Rev., (Adventist Health System / West Obligated Group), 5.00%, 3/1/35 | 1,785,000 | | 2,004,379 | |
California Statewide Communities Development Authority Rev., (California Baptist University), 3.00%, 11/1/22(2) | 440,000 | | 444,660 | |
California Statewide Communities Development Authority Rev., (California Baptist University), 3.50%, 11/1/27(2) | 2,630,000 | | 2,801,380 | |
California Statewide Communities Development Authority Rev., (California Baptist University), 5.00%, 11/1/32(2) | 3,090,000 | | 3,530,588 | |
California Statewide Communities Development Authority Rev., (California Baptist University), 5.00%, 11/1/41(2) | 6,325,000 | | 7,105,282 | |
| California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 4.00%, 5/15/46 (BAM) | 3,000,000 | | 3,310,675 | |
| | | | | | | | |
| Principal Amount | Value |
California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/24, Prerefunded at 100% of Par(1) | $ | 1,500,000 | | $ | 1,627,866 | |
California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/24, Prerefunded at 100% of Par(1) | 2,760,000 | | 2,995,273 | |
| California Statewide Communities Development Authority Rev., (Emanate Health Obligated Group), 4.00%, 4/1/45 | 2,000,000 | | 2,228,509 | |
| California Statewide Communities Development Authority Rev., (Episcopal Communities & Services for Seniors), 5.00%, 5/15/42 | 2,635,000 | | 2,654,290 | |
| California Statewide Communities Development Authority Rev., (Front Porch Communities & Services Obligated Group), 4.00%, 4/1/46 | 2,500,000 | | 2,693,038 | |
| California Statewide Communities Development Authority Rev., (Front Porch Communities & Services Obligated Group), 4.00%, 4/1/51 | 4,750,000 | | 5,097,037 | |
California Statewide Communities Development Authority Rev., (Henry Mayo Newhall Memorial Hospital), 5.25%, 10/1/24, Prerefunded at 100% of Par (AGM)(1) | 1,000,000 | | 1,099,904 | |
California Statewide Communities Development Authority Rev., (HumanGood California Obligated Group), 5.00%, 10/1/22, Prerefunded at 100% of Par (GA: American Baptist Homes Foundation)(1) | 1,200,000 | | 1,228,826 | |
| California Statewide Communities Development Authority Rev., (HumanGood California Obligated Group), 5.00%, 10/1/45 | 2,400,000 | | 2,603,056 | |
California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 5.00%, 6/1/46(2) | 3,500,000 | | 3,822,309 | |
California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 5.00%, 6/1/51(2) | 1,450,000 | | 1,628,799 | |
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/26(2) | 2,000,000 | | 2,273,499 | |
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/29(2) | 3,155,000 | | 3,566,630 | |
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/36(2) | 1,000,000 | | 1,123,127 | |
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/41(2) | 1,700,000 | | 1,904,254 | |
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/46(2) | 9,900,000 | | 11,068,530 | |
| California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.50%, 12/1/54 | 4,605,000 | | 5,041,163 | |
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.50%, 12/1/58(2) | 14,750,000 | | 17,273,933 | |
| California Statewide Communities Development Authority Rev., (Methodist Hospital of Southern California Obligated Group), 5.00%, 1/1/48 | 10,000,000 | | 11,452,228 | |
| California Statewide Communities Development Authority Rev., (Montage Health Obligated Group), 4.00%, 6/1/46 | 2,500,000 | | 2,827,426 | |
| California Statewide Communities Development Authority Rev., (Redlands Community Hospital), 4.00%, 10/1/41 | 6,500,000 | | 6,997,464 | |
| California Statewide Communities Development Authority Special Assessment, 2.70%, 9/2/22 | 345,000 | | 346,993 | |
| California Statewide Communities Development Authority Special Assessment, 3.00%, 9/2/23 | 355,000 | | 360,479 | |
| California Statewide Communities Development Authority Special Assessment, 3.00%, 9/2/24 | 365,000 | | 372,579 | |
| | | | | | | | |
| Principal Amount | Value |
| California Statewide Communities Development Authority Special Assessment, 5.00%, 9/2/34 | $ | 1,125,000 | | $ | 1,330,533 | |
| California Statewide Communities Development Authority Special Assessment, 5.00%, 9/2/35 | 1,920,000 | | 2,095,068 | |
| California Statewide Communities Development Authority Special Assessment, 5.00%, 9/2/39 | 1,300,000 | | 1,527,892 | |
| California Statewide Communities Development Authority Special Assessment, 4.00%, 9/2/44 | 900,000 | | 970,353 | |
| California Statewide Communities Development Authority Special Assessment, 5.00%, 9/2/45 | 3,810,000 | | 4,116,190 | |
| California Statewide Communities Development Authority Special Assessment, 5.00%, 9/2/49 | 700,000 | | 808,538 | |
| California Statewide Communities Development Authority Special Tax, 5.00%, 9/1/36 | 1,000,000 | | 1,088,494 | |
| California Statewide Communities Development Authority Special Tax, 5.00%, 9/1/37 | 1,875,000 | | 2,038,421 | |
| California Statewide Communities Development Authority Special Tax, 5.00%, 9/1/39 | 1,530,000 | | 1,761,129 | |
| California Statewide Communities Development Authority Special Tax, 5.00%, 9/1/45 | 1,500,000 | | 1,617,326 | |
| California Statewide Communities Development Authority Special Tax, 5.00%, 9/1/47 | 1,650,000 | | 1,843,737 | |
| California Statewide Communities Development Authority Special Tax, 5.00%, 9/1/48 | 7,330,000 | | 8,436,005 | |
| California Statewide Communities Development Authority Special Tax, 5.00%, 9/1/48 | 1,750,000 | | 1,980,382 | |
| California Statewide Communities Development Authority Special Tax, (California Statewide Communities Development Authority Cmnty Facs Dist No. 2016-02), 5.00%, 9/1/39 | 1,000,000 | | 1,163,330 | |
| California Statewide Communities Development Authority Special Tax, (California Statewide Communities Development Authority Cmnty Facs Dist No. 2016-02), 5.00%, 9/1/49 | 2,095,000 | | 2,395,278 | |
| California Statewide Communities Development Authority Special Tax, (California Statewide Communities Development Authority Cmnty Facs Dist No. 2018-), 4.00%, 9/1/50 | 1,200,000 | | 1,283,676 | |
| Calimesa Special Tax, (Calimesa Community Facilities District No. 2018-1), 4.00%, 9/1/37 | 415,000 | | 452,518 | |
| Calimesa Special Tax, (Calimesa Community Facilities District No. 2018-1), 4.00%, 9/1/45 | 865,000 | | 933,162 | |
| Calimesa Special Tax, (Calimesa Community Facilities District No. 2018-1), 4.00%, 9/1/50 | 820,000 | | 879,718 | |
| Cathedral City Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/29 (AGM) | 1,250,000 | | 1,346,680 | |
| Cathedral City Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/30 (AGM) | 1,315,000 | | 1,418,394 | |
| Cathedral City Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/31 (AGM) | 1,380,000 | | 1,489,377 | |
| Central Basin Municipal Water District Rev., 5.00%, 8/1/44 | 5,000,000 | | 5,510,187 | |
| Chino Community Facilities District Special Tax, 5.00%, 9/1/43 | 3,160,000 | | 3,622,566 | |
| Chino Community Facilities District Special Tax, 4.00%, 9/1/45 | 1,325,000 | | 1,429,544 | |
| Chino Community Facilities District Special Tax, 5.00%, 9/1/48 | 2,500,000 | | 2,851,447 | |
| Chino Community Facilities District Special Tax, 4.00%, 9/1/50 | 2,500,000 | | 2,682,068 | |
| Chino Community Facilities District Special Tax, (Chino Community Facilities District No. 2019-1), 4.00%, 9/1/51 | 1,000,000 | | 1,072,063 | |
| Chula Vista Community Facilities District Special Tax, (Chula Vista Community Facilities District No. 06-1), 5.00%, 9/1/43 | 595,000 | | 661,060 | |
| Chula Vista Community Facilities District Special Tax, (Chula Vista Community Facilities District No. 06-1), 5.00%, 9/1/48 | 1,000,000 | | 1,107,434 | |
| City & County of San Francisco Community Facilities District No. 2016-1 Special Tax, 4.00%, 9/1/35 | 300,000 | | 324,422 | |
| | | | | | | | |
| Principal Amount | Value |
| City & County of San Francisco Community Facilities District No. 2016-1 Special Tax, 4.00%, 9/1/41 | $ | 1,000,000 | | $ | 1,068,927 | |
| City & County of San Francisco Community Facilities District No. 2016-1 Special Tax, 4.00%, 9/1/42 | 600,000 | | 638,234 | |
| City & County of San Francisco Community Facilities District No. 2016-1 Special Tax, 4.00%, 9/1/46 | 1,000,000 | | 1,055,976 | |
| City & County of San Francisco Community Facilities District No. 2016-1 Special Tax, 4.00%, 9/1/50 | 1,450,000 | | 1,526,681 | |
| City & County of San Francisco Community Facilities District No. 2016-1 Special Tax, 4.00%, 9/1/51 | 1,250,000 | | 1,314,223 | |
City & County of San Francisco, Special Tax District No. 2020-1 Special Tax, 4.00%, 9/1/46(2) | 2,475,000 | | 2,654,706 | |
| Corona-Norco Unified School District Special Tax, 5.00%, 9/1/43 | 2,430,000 | | 2,698,047 | |
| Corona-Norco Unified School District Special Tax, 4.00%, 9/1/45 | 2,000,000 | | 2,103,027 | |
| Corona-Norco Unified School District Special Tax, 5.00%, 9/1/48 | 1,500,000 | | 1,660,080 | |
CSCDA Community Improvement Authority Rev., 5.00%, 7/1/51(2) | 8,250,000 | | 8,721,973 | |
CSCDA Community Improvement Authority Rev., 4.00%, 8/1/56(2) | 4,700,000 | | 4,497,429 | |
CSCDA Community Improvement Authority Rev., (Altana Apartments), 4.00%, 10/1/56(2) | 13,000,000 | | 12,620,037 | |
CSCDA Community Improvement Authority Rev., (Escondido Portfolio), 4.00%, 3/1/57(2) | 3,235,000 | | 2,770,821 | |
CSCDA Community Improvement Authority Rev., (Escondido Portfolio), 4.00%, 4/1/57(2) | 5,500,000 | | 4,841,220 | |
CSCDA Community Improvement Authority Rev., (Escondido Portfolio), 4.00%, 12/1/59(2) | 12,000,000 | | 9,513,288 | |
CSCDA Community Improvement Authority Rev., (Oceanaire Apartments), 4.00%, 9/1/56(2) | 7,000,000 | | 7,033,001 | |
CSCDA Community Improvement Authority Rev., (Pasadena Portfolio), 4.00%, 12/1/56(2) | 5,000,000 | | 4,424,736 | |
CSCDA Community Improvement Authority Rev., (Westgate Apartments), 4.00%, 9/1/46(2) | 1,925,000 | | 1,740,564 | |
CSCDA Community Improvement Authority Rev., (Westgate Apartments), 2.80%, 3/1/47(2) | 1,500,000 | | 1,363,443 | |
CSCDA Community Improvement Authority Rev., (Westgate Apartments), 4.00%, 2/1/57(2) | 4,000,000 | | 3,472,594 | |
CSCDA Community Improvement Authority Rev., (Westgate Apartments), 4.00%, 6/1/57(2) | 2,500,000 | | 2,184,423 | |
| Del Mar Race Track Authority Rev., 5.00%, 10/1/29 | 1,010,000 | | 1,037,493 | |
| Del Mar Race Track Authority Rev., 5.00%, 10/1/35 | 2,000,000 | | 2,032,419 | |
| Dixon Special Tax, 5.00%, 9/1/45 | 4,780,000 | | 5,195,568 | |
| Dixon Special Tax, (Dixon Community Facilities District No. 2019-1 Homestead), 4.00%, 9/1/45 | 1,000,000 | | 1,078,901 | |
| Dublin Community Facilities District Improvement Area No. 1 Special Tax, 5.00%, 9/1/29 | 665,000 | | 759,610 | |
| Dublin Community Facilities District Improvement Area No. 1 Special Tax, 5.00%, 9/1/37 | 1,150,000 | | 1,305,825 | |
| Dublin Community Facilities District Improvement Area No. 1 Special Tax, 5.00%, 9/1/39 | 3,200,000 | | 3,624,272 | |
| Dublin Community Facilities District Improvement Area No. 1 Special Tax, 5.00%, 9/1/47 | 2,840,000 | | 3,175,002 | |
| Dublin Community Facilities District Improvement Area No. 1 Special Tax, 5.00%, 9/1/49 | 7,300,000 | | 8,160,125 | |
| East Garrison Public Finance Authority Special Tax, 5.00%, 9/1/46 | 1,170,000 | | 1,289,442 | |
| Eastern Municipal Water District Special Tax, 5.00%, 9/1/36 | 3,575,000 | | 3,902,682 | |
| El Dorado County Special Tax, 4.00%, 9/1/43 | 1,250,000 | | 1,330,627 | |
| El Dorado County Special Tax, 4.00%, 9/1/46 | 2,350,000 | | 2,455,805 | |
| | | | | | | | |
| Principal Amount | Value |
| El Dorado County Special Tax, (El County Dorado Community Facilities District No. 2018-1 Bass Lake Hills), 5.00%, 9/1/34 | $ | 450,000 | | $ | 503,705 | |
| El Dorado County Special Tax, (El County Dorado Community Facilities District No. 2018-1 Bass Lake Hills), 5.00%, 9/1/39 | 725,000 | | 809,208 | |
| El Dorado County Special Tax, (El County Dorado Community Facilities District No. 2018-1 Bass Lake Hills), 5.00%, 9/1/44 | 1,300,000 | | 1,441,350 | |
| El Dorado County Special Tax, (El County Dorado Community Facilities District No. 2018-1 Bass Lake Hills), 5.00%, 9/1/49 | 1,500,000 | | 1,657,390 | |
El Monte Union High School District GO, Capital Appreciation, 0.00%, 6/1/44(3) | 3,100,000 | | 1,606,861 | |
El Monte Union High School District GO, Capital Appreciation, 0.00%, 6/1/45(3) | 3,170,000 | | 1,585,102 | |
El Monte Union High School District GO, Capital Appreciation, 0.00%, 6/1/46(3) | 2,765,000 | | 1,333,227 | |
| Elk Grove Finance Authority Special Tax, 5.00%, 9/1/43 | 1,040,000 | | 1,149,404 | |
| Elk Grove Finance Authority Special Tax, 5.00%, 9/1/48 | 1,250,000 | | 1,375,333 | |
| Elk Grove Finance Authority Special Tax, (Elk Grove Community Facilities District No. 2005-1 Laguna Ridge), 4.00%, 9/1/46 | 1,285,000 | | 1,376,301 | |
| Elk Grove Finance Authority Special Tax, (Elk Grove Community Facilities District No. 2005-1 Laguna Ridge), 4.00%, 9/1/51 | 1,780,000 | | 1,897,283 | |
| Emeryville Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/34 (AGM) | 1,000,000 | | 1,091,898 | |
| Fairfield Community Facilities District Special Tax, 5.00%, 9/1/49 | 1,600,000 | | 1,822,384 | |
| Fairfield Community Facilities District Special Tax, (District No. 2016-1), 4.00%, 9/1/41 | 1,145,000 | | 1,240,773 | |
| Fairfield Community Facilities District Special Tax, (District No. 2016-1), 4.00%, 9/1/45 | 2,000,000 | | 2,144,773 | |
| Fairfield Community Facilities District Special Tax, (Fairfield Community Facilities District No. 2016-1), 5.00%, 9/1/39 | 500,000 | | 577,245 | |
Fairfield Community Facilities District Special Tax, (Fairfield Community Facilities District No. 2019-1), 5.00%, 9/1/35(2) | 780,000 | | 913,798 | |
Fairfield Community Facilities District Special Tax, (Fairfield Community Facilities District No. 2019-1), 5.00%, 9/1/50(2) | 3,250,000 | | 3,723,401 | |
| Folsom Ranch Financing Authority Special Tax, 5.00%, 9/1/47 | 4,325,000 | | 4,825,802 | |
| Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 19), 5.00%, 9/1/34 | 1,690,000 | | 1,926,444 | |
| Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 19), 5.00%, 9/1/39 | 1,255,000 | | 1,425,446 | |
| Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 19), 5.00%, 9/1/44 | 2,285,000 | | 2,572,597 | |
| Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 20), 5.00%, 9/1/33 | 530,000 | | 593,529 | |
| Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 20), 5.00%, 9/1/38 | 845,000 | | 943,620 | |
| Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 20), 5.00%, 9/1/48 | 1,675,000 | | 1,854,952 | |
| Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 21), 5.00%, 9/1/35 | 1,285,000 | | 1,463,937 | |
| Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 21), 5.00%, 9/1/39 | 1,555,000 | | 1,765,472 | |
| Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 21), 5.00%, 9/1/44 | 2,540,000 | | 2,857,370 | |
| Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 21), 4.00%, 9/1/46 | 800,000 | | 855,827 | |
| Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 23), 4.00%, 9/1/40 | 1,245,000 | | 1,349,216 | |
| Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 23), 4.00%, 9/1/45 | 1,075,000 | | 1,156,468 | |
| Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 23), 4.00%, 9/1/50 | 1,140,000 | | 1,222,139 | |
| | | | | | | | |
| Principal Amount | Value |
| Fontana Special Tax, (Fontana Community Facilities District No. 31), 5.00%, 9/1/35 | $ | 1,365,000 | | $ | 1,521,785 | |
| Fontana Special Tax, (Fontana Community Facilities District No. 80 Bella Strada), 5.00%, 9/1/46 | 1,000,000 | | 1,114,008 | |
| Fontana Special Tax, (Fontana Community Facilities District No. 85), 4.00%, 9/1/45 | 750,000 | | 807,422 | |
| Fontana Special Tax, (Fontana Community Facilities District No. 85), 4.00%, 9/1/50 | 900,000 | | 963,453 | |
| Fontana Special Tax, (Fontana Community Facilities District No. 90), 4.00%, 9/1/46 | 470,000 | | 505,729 | |
| Fontana Special Tax, (Fontana Community Facilities District No. 90), 4.00%, 9/1/51 | 525,000 | | 563,542 | |
| Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/43 | 4,198,000 | | 4,597,471 | |
| Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/46 | 1,475,000 | | 1,622,730 | |
Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/42(3) | 6,000,000 | | 3,188,779 | |
| Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, VRN, 0.00%, 1/15/42 | 2,200,000 | | 2,681,499 | |
| Foothill-Eastern Transportation Corridor Agency Rev., VRN, 5.50%, 1/15/53 | 3,750,000 | | 3,814,402 | |
| Fremont Community Facilities District No. 1 Special Tax, 5.00%, 9/1/40 | 3,000,000 | | 3,251,554 | |
| Fremont Community Facilities District No. 1 Special Tax, 5.00%, 9/1/45 | 2,000,000 | | 2,158,519 | |
| Fremont Community Facilities District No. 2 Special Tax, 5.00%, 9/1/44 | 1,000,000 | | 1,104,803 | |
| Fremont Community Facilities District No. 2 Special Tax, 5.00%, 9/1/49 | 1,550,000 | | 1,706,572 | |
| Fullerton Public Financing Authority Rev., (Marshall B Ketchum University), 4.00%, 2/1/51 | 2,500,000 | | 2,767,397 | |
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/22, Prerefunded at 100% of Par(1) | 1,830,000 | | 1,850,174 | |
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/22, Prerefunded at 100% of Par(1) | 785,000 | | 793,455 | |
Golden State Tobacco Securitization Corp. Rev., 5.25%, 6/1/22, Prerefunded at 100% of Par(1) | 3,025,000 | | 3,060,213 | |
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/23, Prerefunded at 100% of Par(1) | 1,500,000 | | 1,574,601 | |
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/24(1) | 1,500,000 | | 1,622,600 | |
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/25(1) | 1,000,000 | | 1,114,593 | |
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/26(1) | 1,000,000 | | 1,144,638 | |
Golden State Tobacco Securitization Corp. Rev., 0.00%, Capital Appreciation, 6/1/66(3) | 29,750,000 | | 4,450,407 | |
| Hastings Campus Housing Finance Authority Rev., (University of California Hastings College of the Law), 5.00%, 7/1/61 | 5,335,000 | | 5,883,267 | |
Hastings Campus Housing Finance Authority Rev., (University of California Hastings College of the Law), Capital Appreciation, VRN, 0.00%, 7/1/61(2) | 14,365,000 | | 7,924,043 | |
| Hemet Unified School District Financing Authority Special Tax, 5.00%, 9/1/34 | 350,000 | | 378,056 | |
| Hemet Unified School District Financing Authority Special Tax, 5.00%, 9/1/39 | 2,100,000 | | 2,263,365 | |
| Hesperia Special Tax, 5.00%, 9/1/29 | 1,060,000 | | 1,136,285 | |
| Hesperia Special Tax, 5.00%, 9/1/35 | 2,690,000 | | 2,874,422 | |
| Independent Cities Finance Authority Rev., 5.00%, 10/15/47 | 4,000,000 | | 4,056,809 | |
| | | | | | | | |
| Principal Amount | Value |
| Independent Cities Finance Authority Rev., (Augusta Communities LLC), 5.00%, 5/15/39 | $ | 2,500,000 | | $ | 2,510,885 | |
Independent Cities Finance Authority Rev., (Compton Sales Tax Rev.), 4.00%, 6/1/46 (AGM)(2) | 900,000 | | 994,289 | |
Independent Cities Finance Authority Rev., (Compton Sales Tax Rev.), 4.00%, 6/1/51 (AGM)(2) | 1,250,000 | | 1,372,315 | |
| Independent Cities Finance Authority Rev., (Palomar Estates East), 5.00%, 9/15/36 | 1,000,000 | | 1,057,316 | |
| Independent Cities Finance Authority Rev., (Palomar Estates West), 5.00%, 9/15/36 | 1,500,000 | | 1,585,974 | |
| Inglewood Unified School District GO, 4.00%, 8/1/51 (AGM) | 5,000,000 | | 5,521,235 | |
| Inland Valley Development Agency Tax Allocation, 5.25%, 9/1/37 | 1,110,000 | | 1,189,384 | |
| Irvine Special Assessment, 5.00%, 9/2/42 | 1,500,000 | | 1,648,196 | |
| Irvine Special Tax, (Irvine Community Facilities District No. 2013-3), 5.00%, 9/1/43 | 2,500,000 | | 2,804,622 | |
| Irvine Special Tax, (Irvine Community Facilities District No. 2013-3), 5.00%, 9/1/48 | 4,250,000 | | 4,750,885 | |
| Irvine Unified School District Special Tax, 5.00%, 9/1/29 | 550,000 | | 636,738 | |
| Irvine Unified School District Special Tax, 5.00%, 9/1/29 | 700,000 | | 810,394 | |
| Irvine Unified School District Special Tax, 5.00%, 9/1/31 | 420,000 | | 483,871 | |
| Irvine Unified School District Special Tax, 5.00%, 9/1/34 | 500,000 | | 574,890 | |
| Irvine Unified School District Special Tax, 5.00%, 3/1/57 | 3,500,000 | | 3,936,937 | |
| Jurupa Community Services District Special Tax, 5.00%, 9/1/40 | 1,605,000 | | 1,781,753 | |
| Jurupa Unified School District Special Tax, 5.00%, 9/1/33 | 1,220,000 | | 1,363,588 | |
| Jurupa Unified School District Special Tax, 5.00%, 9/1/38 | 1,000,000 | | 1,113,828 | |
| Jurupa Unified School District Special Tax, 5.00%, 9/1/43 | 1,255,000 | | 1,388,050 | |
| Jurupa Unified School District Special Tax, 4.00%, 9/1/47 | 1,000,000 | | 1,052,506 | |
La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/22, Prerefunded at 101% of Par(1) | 1,100,000 | | 1,120,789 | |
| Lake Elsinore Special Tax, (Lake Elsinore Community Facilities District No. 2016-2), 5.00%, 9/1/43 | 2,470,000 | | 2,736,270 | |
| Lake Elsinore Special Tax, (Lake Elsinore Community Facilities District No. 2016-2), 5.00%, 9/1/48 | 3,640,000 | | 4,018,079 | |
| Lake Elsinore Facilities Financing Authority Special Tax, 4.00%, 9/1/44 | 535,000 | | 564,474 | |
| Lake Elsinore Public Financing Authority Special Tax, 5.00%, 9/1/40 | 1,925,000 | | 2,090,454 | |
| Lake Elsinore Unified School District Community Facilities District Special Tax, 4.00%, 9/1/42 | 600,000 | | 633,895 | |
| Lake Elsinore Unified School District Community Facilities District Special Tax, 4.00%, 9/1/47 | 900,000 | | 947,954 | |
| Lammersville Joint Unified School District Special Tax, (Lammersville Joint Unified School District Community Facilities Dist No. 2007-1), 6.00%, 9/1/43 | 1,250,000 | | 1,314,437 | |
| Lammersville Joint Unified School District Special Tax, (Lammersville Joint Unified School District Community Facilities Dist No. 2014-1), 5.00%, 9/1/43 | 775,000 | | 855,781 | |
| Lammersville Joint Unified School District Special Tax, (Lammersville Joint Unified School District Community Facilities Dist No. 2014-1), 5.00%, 9/1/47 | 3,750,000 | | 4,178,141 | |
| Lammersville Joint Unified School District Special Tax, (Lammersville Joint Unified School District Community Facilities Dist No. 2014-1), 5.00%, 9/1/48 | 2,500,000 | | 2,749,901 | |
| Lammersville Joint Unified School District Special Tax, (Lammersville Joint Unified School District Community Facilities District No. 200), 5.00%, 9/1/27 | 450,000 | | 517,494 | |
| Lammersville Joint Unified School District Special Tax, (Lammersville Joint Unified School District Community Facilities District No. 200), 5.00%, 9/1/28 | 505,000 | | 579,149 | |
| | | | | | | | |
| Principal Amount | Value |
| Lammersville Joint Unified School District Special Tax, (Lammersville Joint Unified School District Community Facilities District No. 200), 5.00%, 9/1/30 | $ | 1,300,000 | | $ | 1,488,424 | |
| Lammersville Joint Unified School District Special Tax, (Lammersville Joint Unified School District Community Facilities District No. 200), 5.00%, 9/1/32 | 1,510,000 | | 1,716,673 | |
| Long Beach Bond Finance Authority Rev., 5.50%, 11/15/37 (GA: Merrill Lynch & Co.) | 1,150,000 | | 1,569,178 | |
| Los Angeles Community Facilities District Special Tax, 6.40%, 9/1/22 | 170,000 | | 173,160 | |
| Los Angeles Community Facilities District Special Tax, (District No. 11), 4.00%, 9/1/46 | 1,500,000 | | 1,612,747 | |
| Los Angeles County Metropolitan Transportation Authority Rev., 4.00%, 6/1/39 | 5,000,000 | | 5,817,768 | |
| Los Angeles County Public Works Financing Authority Rev., 5.00%, 12/1/44 | 7,000,000 | | 8,536,132 | |
| Los Angeles County Public Works Financing Authority Rev., (Los Angeles County), 4.00%, 12/1/46 | 5,000,000 | | 5,653,820 | |
| Los Angeles Department of Airports Rev., 5.00%, 5/15/39 | 5,000,000 | | 6,078,031 | |
| Los Angeles Department of Airports Rev., 4.00%, 5/15/40 | 5,000,000 | | 5,663,177 | |
| Los Angeles Department of Airports Rev., 4.00%, 5/15/48 | 5,000,000 | | 5,651,442 | |
| Los Angeles Department of Water Rev., 5.00%, 7/1/33 | 825,000 | | 1,031,682 | |
| Los Angeles Department of Water Rev., 5.00%, 7/1/34 | 1,500,000 | | 1,873,953 | |
| Los Angeles Department of Water Rev., 5.00%, 7/1/46 | 10,500,000 | | 12,874,897 | |
| Los Angeles Department of Water & Power Rev., 5.00%, 7/1/45 | 2,500,000 | | 3,088,981 | |
| Los Angeles Unified School District GO, 4.00%, 7/1/36 | 4,800,000 | | 5,502,789 | |
| Los Angeles Unified School District GO, 4.00%, 7/1/37 | 5,200,000 | | 5,956,728 | |
| M-S-R Energy Authority Rev., 7.00%, 11/1/34 (GA: Citigroup Global Markets) | 1,700,000 | | 2,426,788 | |
| M-S-R Energy Authority Rev., 6.50%, 11/1/39 (GA: Citigroup Global Markets) | 4,000,000 | | 5,909,175 | |
| Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/22 | 100,000 | | 101,892 | |
| Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/22 | 225,000 | | 229,256 | |
| Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/23 | 100,000 | | 105,103 | |
| Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/23 | 110,000 | | 115,647 | |
| Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/24 | 250,000 | | 269,565 | |
| Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/25 | 175,000 | | 193,299 | |
| Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/25 | 260,000 | | 287,187 | |
| Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/26 | 135,000 | | 152,349 | |
| Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/26 | 115,000 | | 129,779 | |
| Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/27 | 100,000 | | 112,529 | |
| Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/28 | 100,000 | | 112,214 | |
| Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/28 | 100,000 | | 112,323 | |
| Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/33 | 340,000 | | 380,016 | |
| Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/33 | 250,000 | | 279,424 | |
| | | | | | | | |
| Principal Amount | Value |
| Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/38 | $ | 400,000 | | $ | 445,387 | |
| Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/38 | 250,000 | | 278,367 | |
| Menifee Union School District Special Tax, 5.00%, 9/1/43 | 1,000,000 | | 1,109,949 | |
| Menifee Union School District Special Tax, 5.00%, 9/1/44 | 2,245,000 | | 2,520,388 | |
| Menifee Union School District Special Tax, 5.00%, 9/1/48 | 1,500,000 | | 1,658,474 | |
| Menifee Union School District Public Financing Authority Special Tax, 5.00%, 9/1/24 | 1,200,000 | | 1,283,872 | |
| Middle Fork Project Finance Authority Rev., 5.00%, 4/1/34 | 2,325,000 | | 2,792,272 | |
| Middle Fork Project Finance Authority Rev., 5.00%, 4/1/35 | 2,230,000 | | 2,673,525 | |
| Middle Fork Project Finance Authority Rev., 5.00%, 4/1/36 | 1,800,000 | | 2,154,645 | |
| Moreno Valley Unified School District Community Facilities District Special Tax, (District No. 2018-1), 4.00%, 9/1/52 | 3,985,000 | | 4,267,390 | |
Mount San Antonio Community College District GO, Capital Appreciation, 0.00%, 8/1/46(3) | 8,225,000 | | 3,869,747 | |
| Murrieta Community Facilities District Special Tax, 5.00%, 9/1/42 | 655,000 | | 735,407 | |
| Murrieta Community Facilities District Special Tax, 5.00%, 9/1/46 | 825,000 | | 920,841 | |
| Murrieta Financing Authority Special Tax, 5.00%, 9/1/31 | 1,735,000 | | 1,766,976 | |
| Murrieta Valley Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/30 | 1,735,000 | | 1,944,518 | |
| Murrieta Valley Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/31 | 1,915,000 | | 2,142,545 | |
| Murrieta Valley Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/32 | 1,155,000 | | 1,291,041 | |
Northern Inyo County Local Hospital District GO, 0.00%, 11/1/34(3) | 1,325,000 | | 901,598 | |
Northern Inyo County Local Hospital District GO, 0.00%, 11/1/36(3) | 2,885,000 | | 1,813,271 | |
Northern Inyo County Local Hospital District Rev., 3.875%, 12/1/23, Prerefunded at 100% of Par(1) | 3,075,000 | | 3,195,461 | |
| Oakland Unified School District/Alameda County GO, 4.00%, 8/1/46 (BAM) | 9,000,000 | | 10,189,692 | |
| Ontario Community Facilities District No. 24 Special Tax, 5.00%, 9/1/26 | 390,000 | | 437,441 | |
| Ontario Community Facilities District No. 24 Special Tax, 5.00%, 9/1/41 | 2,065,000 | | 2,285,886 | |
| Ontario Community Facilities District No. 24 Special Tax, 5.00%, 9/1/46 | 1,500,000 | | 1,652,461 | |
| Ontario Community Facilities District No. 28 Special Tax, 5.00%, 9/1/42 | 1,000,000 | | 1,085,287 | |
| Ontario Community Facilities District No. 28 Special Tax, 5.00%, 9/1/47 | 500,000 | | 541,135 | |
| Ontario Community Facilities District No. 30 Special Tax, 4.00%, 9/1/42 | 1,395,000 | | 1,473,806 | |
| Ontario Community Facilities District No. 30 Special Tax, 4.00%, 9/1/48 | 2,000,000 | | 2,105,653 | |
| Ontario Community Facilities District No. 31 Special Tax, 5.00%, 9/1/42 | 1,050,000 | | 1,178,897 | |
| Ontario Community Facilities District No. 34 Special Tax, 4.00%, 9/1/48 | 1,000,000 | | 1,052,827 | |
| Ontario Community Facilities District No. 43 Special Tax, 4.00%, 9/1/50 | 1,000,000 | | 1,074,379 | |
| Orange County Community Facilities District Special Tax, 4.00%, 8/15/40 | 1,080,000 | | 1,175,925 | |
| Orange County Community Facilities District Special Tax, 5.25%, 8/15/45 | 3,905,000 | | 4,268,405 | |
| | | | | | | | |
| Principal Amount | Value |
| Orange County Community Facilities District Special Tax, 5.00%, 8/15/46 | $ | 10,000,000 | | $ | 11,006,797 | |
| Orange County Community Facilities District Special Tax, 5.00%, 8/15/47 | 2,550,000 | | 2,890,625 | |
| Orange County Community Facilities District Special Tax, 4.00%, 8/15/50 | 1,000,000 | | 1,072,480 | |
| Oroville Rev., (Oroville Hospital), 5.25%, 4/1/39 | 2,350,000 | | 2,616,914 | |
| Oroville Rev., (Oroville Hospital), 5.25%, 4/1/49 | 7,805,000 | | 8,571,577 | |
| Oroville Rev., (Oroville Hospital), 5.25%, 4/1/54 | 3,000,000 | | 3,277,154 | |
| Palm Desert Special Tax, (Palm Desert Community Facilities District No. 2021-1), 3.00%, 9/1/31 | 420,000 | | 414,529 | |
| Palm Desert Special Tax, (Palm Desert Community Facilities District No. 2021-1), 4.00%, 9/1/41 | 900,000 | | 954,614 | |
| Palm Desert Special Tax, (Palm Desert Community Facilities District No. 2021-1), 4.00%, 9/1/51 | 1,300,000 | | 1,356,238 | |
| Palomar Health COP, (Palomar Health Obligated Group), 4.00%, 11/1/38 | 1,445,000 | | 1,576,036 | |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/27 | 2,005,000 | | 2,301,335 | |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/30 | 3,000,000 | | 3,415,101 | |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/31 | 2,125,000 | | 2,415,079 | |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/36 | 8,465,000 | | 9,609,592 | |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/39 | 8,250,000 | | 9,343,068 | |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/42 | 10,000,000 | | 11,523,546 | |
Peninsula Corridor Joint Powers Board Rev., 5.00%, 6/1/51(4) | 10,000,000 | | 12,291,840 | |
| Perris Joint Powers Authority Special Tax, 5.00%, 9/1/26 | 1,090,000 | | 1,235,095 | |
| Perris Joint Powers Authority Special Tax, 5.00%, 9/1/27 | 1,000,000 | | 1,153,917 | |
| Perris Joint Powers Authority Special Tax, 5.00%, 9/1/30 | 1,325,000 | | 1,518,526 | |
| Perris Joint Powers Authority Special Tax, 5.00%, 9/1/34 | 1,555,000 | | 1,770,582 | |
| Perris Union High School District Special Tax, 5.00%, 9/1/41 | 4,750,000 | | 5,106,221 | |
| Pleasant Valley School District / Ventura County GO, 5.85%, 8/1/31 (NATL) | 4,835,000 | | 5,819,817 | |
| Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/34 | 995,000 | | 1,090,019 | |
| Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/35 | 990,000 | | 1,084,045 | |
| Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/36 | 1,245,000 | | 1,362,191 | |
| Rancho Cordova Special Tax, 4.00%, 9/1/31 | 1,350,000 | | 1,430,916 | |
| Rancho Cordova Special Tax, 4.00%, 9/1/37 | 3,000,000 | | 3,160,547 | |
| Rancho Cordova Special Tax, 5.00%, 9/1/40 | 1,195,000 | | 1,298,966 | |
| Rancho Cordova Special Tax, 4.00%, 9/1/45 | 1,025,000 | | 1,074,803 | |
| Rancho Cordova Special Tax, 5.00%, 9/1/45 | 1,250,000 | | 1,352,556 | |
| Rancho Cordova Special Tax, (Rancho Cordova Grantline 208 Community Facilities District No. 2018-1), 5.00%, 9/1/39 | 690,000 | | 779,263 | |
| Rancho Cordova Special Tax, (Rancho Cordova Grantline 208 Community Facilities District No. 2018-1), 5.00%, 9/1/44 | 410,000 | | 459,734 | |
| Rancho Cordova Special Tax, (Rancho Cordova Grantline 208 Community Facilities District No. 2018-1), 4.00%, 9/1/46 | 225,000 | | 238,747 | |
| Rancho Cordova Special Tax, (Rancho Cordova Grantline 208 Community Facilities District No. 2018-1), 5.00%, 9/1/49 | 530,000 | | 592,207 | |
| Rancho Cordova Special Tax, (Rancho Cordova Grantline 208 Community Facilities District No. 2018-1), 4.00%, 9/1/50 | 200,000 | | 211,249 | |
| | | | | | | | |
| Principal Amount | Value |
Redwood City Redevelopment Agency Successor Agency Tax Allocation, Capital Appreciation, 0.00%, 7/15/28 (Ambac)(3) | $ | 3,405,000 | | $ | 2,989,361 | |
| Rio Vista Community Facilities District Special Tax, 5.00%, 9/1/38 | 1,070,000 | | 1,195,653 | |
| Rio Vista Community Facilities District Special Tax, 5.00%, 9/1/48 | 1,190,000 | | 1,317,847 | |
| River Islands Public Financing Authority Special Tax, 5.50%, 9/1/45 | 3,500,000 | | 3,617,792 | |
| River Islands Public Financing Authority Special Tax, 5.50%, 9/1/45 | 5,000,000 | | 5,168,275 | |
| Riverside County Community Facilities Districts Special Tax, 5.00%, 9/1/30 | 1,035,000 | | 1,050,610 | |
| Riverside County Community Facilities Districts Special Tax, 5.00%, 9/1/35 | 2,520,000 | | 2,556,400 | |
| Riverside County Community Facilities Districts Special Tax, 5.00%, 9/1/40 | 2,250,000 | | 2,453,655 | |
| Riverside County Community Facilities Districts Special Tax, 5.00%, 9/1/42 | 1,110,000 | | 1,254,154 | |
| Riverside County Community Facilities Districts Special Tax, 5.00%, 9/1/44 | 2,735,000 | | 2,972,592 | |
| Riverside County Community Facilities Districts Special Tax, 5.00%, 9/1/45 | 540,000 | | 607,352 | |
| Riverside County Community Facilities Districts Special Tax, 5.00%, 9/1/48 | 2,500,000 | | 2,768,586 | |
Riverside County Transportation Commission Rev., 5.75%, 6/1/23, Prerefunded at 100% of Par(1) | 500,000 | | 529,826 | |
| Riverside County Transportation Commission Rev., 4.00%, 6/1/47 | 2,500,000 | | 2,743,252 | |
Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/41(3) | 2,000,000 | | 1,095,462 | |
Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/42(3) | 3,320,000 | | 1,752,809 | |
Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/43(3) | 5,000,000 | | 2,535,501 | |
| Riverside Unified School District Special Tax, 4.00%, 9/1/40 | 350,000 | | 380,049 | |
| Riverside Unified School District Special Tax, 4.00%, 9/1/45 | 415,000 | | 447,702 | |
| Riverside Unified School District Special Tax, 4.00%, 9/1/50 | 875,000 | | 938,724 | |
| Riverside Unified School District Special Tax, (Riverside Unified School District Community Facilities District No. 32), 4.00%, 9/1/43 | 1,600,000 | | 1,704,221 | |
| Riverside Unified School District Special Tax, (Riverside Unified School District Community Facilities District No. 32), 4.00%, 9/1/48 | 1,850,000 | | 1,962,752 | |
| Romoland School District Special Tax, 5.00%, 9/1/35 | 4,685,000 | | 5,111,866 | |
| Romoland School District Special Tax, 5.00%, 9/1/38 | 2,900,000 | | 3,160,279 | |
| Romoland School District Special Tax, 5.00%, 9/1/41 | 1,250,000 | | 1,410,799 | |
| Romoland School District Special Tax, 5.00%, 9/1/43 | 2,640,000 | | 2,738,706 | |
| Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2004-1 Heritage Lake), 5.00%, 9/1/43 | 3,000,000 | | 3,328,772 | |
| Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2004-1 Heritage Lake), 5.00%, 9/1/48 | 3,250,000 | | 3,594,520 | |
Roseville Special Tax, 5.00%, 9/1/32(2) | 1,265,000 | | 1,438,140 | |
| Roseville Special Tax, 5.00%, 9/1/40 | 1,670,000 | | 1,886,596 | |
| Roseville Special Tax, 5.00%, 9/1/44 | 2,950,000 | | 3,314,559 | |
Roseville Special Tax, 5.00%, 9/1/47(2) | 6,500,000 | | 7,270,256 | |
| Roseville Special Tax, 5.00%, 9/1/49 | 850,000 | | 949,766 | |
| Roseville Special Tax, (Roseville Creekview Community Facilities District No. 1), 5.00%, 9/1/45 | 1,280,000 | | 1,458,790 | |
| | | | | | | | |
| Principal Amount | Value |
| Roseville Special Tax, (Roseville Creekview Community Facilities District No. 1), 5.00%, 9/1/50 | $ | 250,000 | | $ | 284,117 | |
| Roseville Special Tax, (Roseville Fiddyment Ranch Community Facilities District No. 5), 5.00%, 9/1/49 | 1,000,000 | | 1,117,372 | |
| Roseville Special Tax, (Roseville Ranch at Sierra Vista Community Facilities District No. 1), 4.00%, 9/1/45 | 450,000 | | 483,054 | |
| Roseville Special Tax, (Roseville Ranch at Sierra Vista Community Facilities District No. 1), 4.00%, 9/1/50 | 1,000,000 | | 1,068,186 | |
| Roseville Special Tax, (Roseville SVSP Westpark-Federico Community Facilities District No. 1), 5.00%, 9/1/39 | 445,000 | | 500,938 | |
| Roseville Special Tax, (Roseville SVSP Westpark-Federico Community Facilities District No. 1), 5.00%, 9/1/44 | 500,000 | | 559,514 | |
| Roseville Special Tax, (Roseville SVSP Westpark-Federico Community Facilities District No. 1), 4.00%, 9/1/46 | 640,000 | | 691,941 | |
| Roseville Special Tax, (Roseville SVSP Westpark-Federico Community Facilities District No. 1), 5.00%, 9/1/49 | 700,000 | | 780,576 | |
| Roseville Special Tax, (Roseville SVSP Westpark-Federico Community Facilities District No. 1), 4.00%, 9/1/51 | 1,290,000 | | 1,389,107 | |
| Roseville Special Tax, (Villages at Sierra Vista Community Facilities District No. 1), 5.00%, 9/1/36 | 685,000 | | 776,129 | |
| Roseville Special Tax, (Villages at Sierra Vista Community Facilities District No. 1), 5.00%, 9/1/39 | 1,390,000 | | 1,570,458 | |
| Roseville Special Tax, (Villages at Sierra Vista Community Facilities District No. 1), 4.00%, 9/1/45 | 495,000 | | 531,359 | |
| Roseville Special Tax, (Villages at Sierra Vista Community Facilities District No. 1), 5.00%, 9/1/49 | 3,870,000 | | 4,322,476 | |
| Roseville Special Tax, (Villages at Sierra Vista Community Facilities District No. 1), 4.00%, 9/1/50 | 650,000 | | 694,321 | |
| Roseville Special Tax, (Westbrook Community Facilities District No. 1), 5.00%, 9/1/37 | 1,250,000 | | 1,365,541 | |
| Roseville Special Tax, (Westbrook Community Facilities District No. 1), 5.00%, 9/1/43 | 2,840,000 | | 3,140,072 | |
| Roseville Special Tax, (Westbrook Community Facilities District No. 1), 5.00%, 9/1/44 | 1,650,000 | | 1,753,975 | |
| Roseville Special Tax, (Westbrook Community Facilities District No. 1), 5.00%, 9/1/48 | 2,030,000 | | 2,236,521 | |
| Roseville Natural Gas Financing Authority Rev., 5.00%, 2/15/27 (GA: Merrill Lynch & Co.) | 5,000,000 | | 5,735,904 | |
Sacramento Special Tax, 5.00%, 9/1/32(2) | 300,000 | | 328,260 | |
| Sacramento Special Tax, 5.00%, 9/1/41 | 1,900,000 | | 2,102,383 | |
| Sacramento Special Tax, 5.00%, 9/1/44 | 500,000 | | 553,293 | |
| Sacramento Special Tax, 5.00%, 9/1/46 | 2,250,000 | | 2,477,687 | |
Sacramento Special Tax, 5.00%, 9/1/47(2) | 1,900,000 | | 2,057,279 | |
| Sacramento Special Tax, 5.00%, 9/1/49 | 1,000,000 | | 1,103,858 | |
| Sacramento Special Tax, (Sacramento Curtis Park Village Community Facilities Dist No. 2014-02), 5.00%, 9/1/39 | 1,120,000 | | 1,271,077 | |
| Sacramento Special Tax, (Sacramento Greenbriar Community Facilities District No. 2018-03), 4.00%, 9/1/46 | 1,200,000 | | 1,293,054 | |
| Sacramento Special Tax, (Sacramento Greenbriar Community Facilities District No. 2018-03), 4.00%, 9/1/50 | 1,500,000 | | 1,609,241 | |
| Sacramento County Special Tax, 5.00%, 9/1/29 | 1,000,000 | | 1,144,243 | |
| Sacramento County Special Tax, 5.00%, 9/1/30 | 1,170,000 | | 1,339,582 | |
| Sacramento County Special Tax, 5.00%, 9/1/31 | 1,355,000 | | 1,548,186 | |
| Sacramento County Special Tax, 5.00%, 9/1/32 | 665,000 | | 758,967 | |
| Sacramento County Special Tax, 5.00%, 9/1/35 | 2,335,000 | | 2,655,596 | |
| Sacramento County Special Tax, 5.00%, 9/1/40 | 2,325,000 | | 2,579,996 | |
| Sacramento County Special Tax, 5.00%, 9/1/40 | 3,000,000 | | 3,377,745 | |
| Sacramento County Special Tax, 5.00%, 9/1/45 | 4,645,000 | | 5,126,961 | |
| Sacramento County Special Tax, 5.00%, 9/1/46 | 3,375,000 | | 3,721,053 | |
| | | | | | | | |
| Principal Amount | Value |
| San Bernardino County Special Tax, (County of San Bernardino CA Community Facilities District No. 2002-1), 5.00%, 9/1/33 | $ | 3,000,000 | | $ | 3,201,790 | |
| San Bernardino County Special Tax, (County of San Bernardino CA Community Facilities District No. 2002-1), 4.00%, 9/1/42 | 700,000 | | 739,544 | |
| San Bernardino County Special Tax, (County of San Bernardino CA Community Facilities District No. 2002-1), 4.00%, 9/1/48 | 1,000,000 | | 1,052,308 | |
| San Bernardino County Special Tax, (County of San Bernardino CA Community Facilities District No. 2006-1), 5.00%, 9/1/43 | 1,300,000 | | 1,443,399 | |
| San Bernardino County Special Tax, (County of San Bernardino CA Community Facilities District No. 2006-1), 5.00%, 9/1/48 | 1,200,000 | | 1,328,921 | |
| San Clemente Special Tax, 5.00%, 9/1/46 | 7,530,000 | | 8,153,735 | |
| San Diego Special Tax, 5.00%, 9/1/37 | 965,000 | | 1,075,389 | |
| San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/25 | 835,000 | | 940,799 | |
| San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/26 | 525,000 | | 592,724 | |
| San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/30 | 725,000 | | 814,650 | |
| San Diego County Special Tax, (San County Diego Community Facilities District No. 2008-01), 4.00%, 9/1/43 | 1,255,000 | | 1,324,267 | |
| San Diego County Special Tax, (San County Diego Community Facilities District No. 2008-01), 4.00%, 9/1/48 | 1,250,000 | | 1,314,736 | |
San Diego County Regional Airport Authority Rev., 5.00%, 7/1/23, Prerefunded at 100% of Par(1) | 500,000 | | 526,697 | |
| San Diego County Regional Airport Authority Rev., 5.00%, 7/1/35 | 3,750,000 | | 4,501,327 | |
| San Diego County Regional Airport Authority Rev., 5.00%, 7/1/44 | 2,000,000 | | 2,362,951 | |
| San Diego County Regional Airport Authority Rev., 5.00%, 7/1/44 | 3,425,000 | | 3,666,222 | |
| San Diego County Regional Airport Authority Rev., 5.00%, 7/1/47 | 7,625,000 | | 8,764,277 | |
| San Diego County Regional Airport Authority Rev., 5.00%, 7/1/51 | 4,000,000 | | 4,852,867 | |
| San Diego County Water Authority Rev., 5.00%, 5/1/29 | 1,225,000 | | 1,514,281 | |
| San Diego County Water Authority Rev., 5.00%, 5/1/30 | 930,000 | | 1,173,563 | |
| San Diego County Water Authority Rev., 5.00%, 5/1/31 | 1,050,000 | | 1,350,122 | |
| San Diego County Water Authority Rev., 4.00%, 5/1/38 | 4,890,000 | | 5,685,702 | |
| San Diego County Water Authority Rev., 5.00%, 5/1/52 | 3,000,000 | | 3,801,367 | |
| San Diego Unified Port District Rev., 5.00%, 9/1/26 | 750,000 | | 790,578 | |
| San Diego Unified School District GO, 4.00%, 7/1/51 | 4,720,000 | | 5,347,157 | |
| San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/52 | 6,495,000 | | 8,002,191 | |
San Francisco City & County Redevelopment Agency Successor Agency Special Tax, Capital Appreciation, 0.00%, 8/1/43(3) | 5,500,000 | | 1,601,903 | |
| San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/33 | 780,000 | | 849,813 | |
| San Francisco Municipal Transportation Agency Rev., 5.00%, 3/1/51 | 12,285,000 | | 15,065,871 | |
| San Jacinto Community Facilities District Special Tax, 5.00%, 9/1/28 | 1,080,000 | | 1,216,533 | |
| San Jacinto Community Facilities District Special Tax, 5.00%, 9/1/29 | 1,165,000 | | 1,309,805 | |
| San Jacinto Community Facilities District Special Tax, 5.00%, 9/1/32 | 450,000 | | 503,003 | |
| San Jacinto Community Facilities District Special Tax, 5.00%, 9/1/33 | 1,280,000 | | 1,429,970 | |
| San Jacinto Community Facilities District Special Tax, 5.00%, 9/1/34 | 335,000 | | 374,031 | |
| | | | | | | | |
| Principal Amount | Value |
| San Joaquin Hills Transportation Corridor Agency Rev., 5.25%, 1/15/44 | $ | 6,000,000 | | $ | 6,524,251 | |
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/25 (NATL)(3) | 3,090,000 | | 2,938,534 | |
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/29 (NATL)(3) | 165,000 | | 140,246 | |
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/31 (NATL)(3) | 16,000,000 | | 12,682,093 | |
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/32 (NATL)(3) | 290,000 | | 221,658 | |
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/36 (NATL)(3) | 1,335,000 | | 889,435 | |
| San Luis Obispo Community Facilities District No. 2019-1 Special Tax, 4.00%, 9/1/46 | 550,000 | | 588,066 | |
| San Luis Obispo Community Facilities District No. 2019-1 Special Tax, 4.00%, 9/1/51 | 700,000 | | 742,509 | |
| San Mateo Special Tax, 6.00%, 9/1/42 | 500,000 | | 508,444 | |
| San Mateo Special Tax, 5.50%, 9/1/44 | 2,250,000 | | 2,284,430 | |
| Santa Clara Valley Transportation Authority Rev., VRDN, (2000 Measure A Sales Tax), 0.05%, 3/1/22 (LOC: TD Bank N.A.) | 4,325,000 | | 4,325,000 | |
| Santa Margarita Water District Special Tax, 5.625%, 9/1/43 | 1,200,000 | | 1,257,094 | |
| Santa Paula Special Tax, (Santa Paula Harvest Community Facilities District No. 1), 4.00%, 9/1/45 | 2,100,000 | | 2,254,252 | |
| Santa Paula Special Tax, (Santa Paula Harvest Community Facilities District No. 1), 4.00%, 9/1/50 | 1,500,000 | | 1,601,122 | |
| Saugus-Castaic School Facilities Financing Authority Special Tax, 6.00%, 9/1/43 | 1,445,000 | | 1,516,435 | |
| Saugus/Hart School Facilities Financing Authority Special Tax, 5.00%, 9/1/41 | 1,235,000 | | 1,354,114 | |
| Saugus/Hart School Facilities Financing Authority Special Tax, 5.00%, 9/1/46 | 1,245,000 | | 1,358,186 | |
Silicon Valley Tobacco Securitization Authority Rev., Capital Appreciation, 0.00%, 6/1/36(3) | 32,000,000 | | 14,526,013 | |
Silicon Valley Tobacco Securitization Authority Rev., Capital Appreciation, 0.00%, 6/1/41(3) | 11,465,000 | | 3,903,061 | |
| Southern California Public Power Authority Rev., 5.00%, 11/1/29 (GA: Goldman Sachs Group, Inc.) | 2,000,000 | | 2,396,024 | |
| Southern California Public Power Authority Rev., 5.00%, 11/1/33 (GA: Goldman Sachs Group, Inc.) | 3,755,000 | | 4,730,578 | |
Southern Mono Health Care District GO, Capital Appreciation, 0.00%, 8/1/26 (NATL)(3) | 1,800,000 | | 1,634,067 | |
| State of California GO, 5.00%, 9/1/41 | 2,680,000 | | 3,392,926 | |
| State of California GO, 5.00%, 11/1/47 | 8,375,000 | | 9,791,822 | |
| Stockton Community Facilities District Special Tax, (Stockton Community Facilities District No. 2018-2), 4.00%, 9/1/45 | 1,115,000 | | 1,193,445 | |
| Stockton Community Facilities District Special Tax, (Stockton Community Facilities District No. 2018-2), 4.00%, 9/1/50 | 1,500,000 | | 1,596,504 | |
| Stockton Public Financing Authority Rev., (Stockton Water Rev.), 5.00%, 10/1/33 (BAM) | 1,000,000 | | 1,198,598 | |
| Stockton Public Financing Authority Rev., (Stockton Water Rev.), 5.00%, 10/1/34 (BAM) | 3,250,000 | | 3,892,176 | |
| Stockton Public Financing Authority Rev., (Stockton Water Rev.), 5.00%, 10/1/35 (BAM) | 1,975,000 | | 2,363,365 | |
| Stockton Public Financing Authority Rev., (Stockton), 5.00%, 9/1/37 | 2,500,000 | | 2,768,981 | |
| Stockton Public Financing Authority Rev., (Stockton), 5.00%, 9/1/43 | 3,000,000 | | 3,302,038 | |
| Stockton Unified School District GO, 4.00%, 8/1/45 (AGM) | 5,000,000 | | 5,664,265 | |
| | | | | | | | |
| Principal Amount | Value |
| Sulphur Springs Union School District Special Tax, (Sulphur Springs School District Community Facilities District No. 2006-1), 5.00%, 9/1/43 | $ | 1,410,000 | | $ | 1,537,415 | |
| Sulphur Springs Union School District Special Tax, (Sulphur Springs School District Community Facilities District No. 2006-1), 5.00%, 9/1/47 | 1,820,000 | | 1,980,425 | |
| Sunnyvale Special Tax, 7.75%, 8/1/32 | 6,500,000 | | 6,525,052 | |
| Tejon Ranch Public Facilities Finance Authority Special Tax, 5.00%, 9/1/45 | 6,000,000 | | 6,506,931 | |
| Tejon Ranch Public Facilities Finance Authority Special Tax, (Tejon Ranch Public Facilities Finance Authority Community Facs Dist No. 2008-1), 4.00%, 9/1/50 | 4,750,000 | | 5,084,892 | |
| Temecula Valley Unified School District Community Facilities District Special Tax, (Temecula Valley Unified School District Community Facilities District No. 2014-1), 5.00%, 9/1/43 | 1,000,000 | | 1,105,659 | |
| Temescal Valley Water District Special Tax, (Community Facilities District No. 4 Terramor), 4.00%, 9/1/46 | 1,040,000 | | 1,126,192 | |
| Temescal Valley Water District Special Tax, (Community Facilities District No. 4 Terramor), 4.00%, 9/1/51 | 930,000 | | 1,003,040 | |
| Temescal Valley Water District Special Tax, (Temescal Valley Water District Community Facilities District No. 4 Terramor), 5.00%, 9/1/43 | 4,730,000 | | 5,226,395 | |
| Temescal Valley Water District Special Tax, (Temescal Valley Water District Community Facilities District No. 4 Terramor), 5.00%, 9/1/48 | 6,040,000 | | 6,650,187 | |
| Tobacco Securitization Authority of Northern California Rev., (Sacramento County Tobacco Securitization Corp.), 4.00%, 6/1/49 | 2,000,000 | | 2,136,275 | |
Tobacco Securitization Authority of Northern California Rev., (San Diego County Tobacco Asset Securitization Corp.), Capital Appreciation, 0.00%, 6/1/60(3) | 5,000,000 | | 1,000,962 | |
| Tobacco Securitization Authority of Southern California Rev., (San Diego County Tobacco Asset Securitization Corp.), 5.00%, 6/1/48 | 11,735,000 | | 13,328,809 | |
Tobacco Securitization Authority of Southern California Rev., (San Diego County Tobacco Asset Securitization Corp.), Capital Appreciation, 0.00%, 6/1/46(3) | 25,000,000 | | 4,213,430 | |
| Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/34 | 1,570,000 | | 1,753,965 | |
| Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/39 | 2,280,000 | | 2,539,891 | |
| Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/43 | 2,500,000 | | 2,765,932 | |
| Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/48 | 2,750,000 | | 3,031,724 | |
| Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/49 | 3,555,000 | | 3,917,893 | |
| Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-02 ECFD), 5.00%, 9/1/49 | 1,750,000 | | 1,960,166 | |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/45 | 2,000,000 | | 2,408,574 | |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/49 | 4,190,000 | | 5,022,496 | |
| Tulare Local Health Care District GO, 4.00%, 8/1/39 (BAM) | 2,000,000 | | 2,285,159 | |
| University of California Rev., 5.00%, 5/15/33 | 1,250,000 | | 1,563,193 | |
| University of California Rev., 5.00%, 5/15/34 | 6,000,000 | | 7,485,893 | |
| University of California Rev., 4.00%, 5/15/50 | 7,090,000 | | 7,928,913 | |
| Upland COP, (San Antonio Regional Hospital Obligated Group), 4.00%, 1/1/42 | 3,000,000 | | 3,246,090 | |
| | | | | | | | |
| Principal Amount | Value |
| Upland COP, (San Antonio Regional Hospital Obligated Group), 5.00%, 1/1/47 | $ | 2,500,000 | | $ | 2,865,085 | |
| Val Verde Unified School District Special Tax, 5.00%, 9/1/37 | 1,750,000 | | 1,888,337 | |
| Washington Township Health Care District Rev., 5.00%, 7/1/24 | 500,000 | | 540,099 | |
| Washington Township Health Care District Rev., 5.00%, 7/1/25 | 500,000 | | 555,355 | |
| Washington Township Health Care District Rev., 5.00%, 7/1/26 | 550,000 | | 626,727 | |
| Washington Township Health Care District Rev., 5.00%, 7/1/26 | 400,000 | | 443,951 | |
| Washington Township Health Care District Rev., 3.25%, 7/1/27 | 1,000,000 | | 1,047,531 | |
| Washington Township Health Care District Rev., 5.00%, 7/1/27 | 600,000 | | 700,032 | |
| Washington Township Health Care District Rev., 3.50%, 7/1/28 | 750,000 | | 784,293 | |
| Washington Township Health Care District Rev., 5.00%, 7/1/28 | 1,300,000 | | 1,548,546 | |
| Washington Township Health Care District Rev., 3.75%, 7/1/29 | 1,000,000 | | 1,053,459 | |
| Washington Township Health Care District Rev., 5.00%, 7/1/29 | 1,400,000 | | 1,699,948 | |
| Washington Township Health Care District Rev., 5.00%, 7/1/29 | 680,000 | | 825,689 | |
| Washington Township Health Care District Rev., 5.00%, 7/1/31 | 650,000 | | 770,181 | |
| Washington Township Health Care District Rev., 4.00%, 7/1/35 | 300,000 | | 332,863 | |
| West County Facilities Financing Authority Rev., (West County Wastewater District), 4.00%, 6/1/51 | 7,000,000 | | 7,928,865 | |
| Whittier Rev., (Presbyterian Intercommunity Hospital Obligated Group), 5.00%, 6/1/44 | 3,500,000 | | 3,740,126 | |
| William S Hart Union High School District Special Tax, 5.00%, 9/1/42 | 1,350,000 | | 1,485,488 | |
| William S Hart Union High School District Special Tax, 5.00%, 9/1/47 | 2,350,000 | | 2,572,442 | |
| Woodland Special Tax, 4.00%, 9/1/41 | 2,555,000 | | 2,685,682 | |
| Woodland Special Tax, 4.00%, 9/1/45 | 2,560,000 | | 2,676,424 | |
| | 1,673,718,495 | |
| Guam — 1.0% | | |
| Guam Government Power Authority Rev., 5.00%, 10/1/34 | 850,000 | | 866,413 | |
| Guam Government Power Authority Rev., 5.00%, 10/1/36 | 1,940,000 | | 2,168,529 | |
| Guam Government Power Authority Rev., 5.00%, 10/1/37 | 1,575,000 | | 1,759,953 | |
| Guam Government Waterworks Authority Rev., 5.00%, 7/1/40 | 3,115,000 | | 3,519,226 | |
| Guam Government Waterworks Authority Rev., 5.00%, 1/1/46 | 3,000,000 | | 3,318,770 | |
| Guam Government Waterworks Authority Rev., 5.00%, 1/1/50 | 1,750,000 | | 2,045,318 | |
| Port Authority of Guam Government Rev., 5.00%, 7/1/48 | 1,500,000 | | 1,696,498 | |
| Territory of Guam Rev., (Hotel Occupancy Tax), 5.00%, 11/1/35 | 1,000,000 | | 1,201,138 | |
| Territory of Guam Rev., (Hotel Occupancy Tax), 5.00%, 11/1/40 | 1,000,000 | | 1,186,301 | |
| | 17,762,146 | |
| Puerto Rico — 0.3% | | |
Puerto Rico GO, 8.00%, 7/1/35(5)(6) | 5,000,000 | | 4,506,253 | |
TOTAL INVESTMENT SECURITIES — 99.8% (Cost $1,648,051,846) |
| 1,695,986,894 | |
| OTHER ASSETS AND LIABILITIES — 0.2% |
| 3,153,596 | |
| TOTAL NET ASSETS — 100.0% |
| $ | 1,699,140,490 | |
| | | | | | | | |
| NOTES TO SCHEDULE OF INVESTMENTS |
| AGM | - | Assured Guaranty Municipal Corporation |
| BAM | - | Build America Mutual Assurance Company |
| BAM-TCRS | - | Build America Mutual Assurance Company - Transferrable Custodial Receipts |
| COP | - | Certificates of Participation |
| GA | - | Guaranty Agreement |
| GO | - | General Obligation |
| LOC | - | Letter of Credit |
| MUNIPSA | - | SIFMA Municipal Swap Index |
| NATL | - | National Public Finance Guarantee Corporation |
| VRDN | - | Variable Rate Demand Note. The instrument may be payable upon demand and adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The date of the demand feature is disclosed. |
| VRN | - | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |
(1)Escrowed to maturity in U.S. government securities or state and local government securities.
(2)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $325,731,958, which represented 19.2% of total net assets.
(3)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.
(4)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.
(5)Security is in default.
(6)Non-income producing.
See Notes to Financial Statements.
| | |
| Statement of Assets and Liabilities |
| | | | | |
| FEBRUARY 28, 2022 (UNAUDITED) | |
| Assets | |
| Investment securities, at value (cost of $1,648,051,846) | $ | 1,695,986,894 | |
| Cash | 24,840 | |
| Receivable for investments sold | 585,000 | |
| Receivable for capital shares sold | 1,282,512 | |
| Interest receivable | 22,608,859 | |
| 1,720,488,105 | |
| |
| Liabilities | |
| Payable for investments purchased | 12,199,900 | |
| Payable for capital shares redeemed | 8,135,040 | |
| Accrued management fees | 531,848 | |
| Distribution and service fees payable | 29,140 | |
| Dividends payable | 451,687 | |
| 21,347,615 | |
| |
| Net Assets | $ | 1,699,140,490 | |
| |
| Net Assets Consist of: | |
| Capital paid in | $ | 1,655,159,902 | |
| Distributable earnings | 43,980,588 | |
| $ | 1,699,140,490 | |
| | | | | | | | | | | |
| | Net Assets | Shares Outstanding | Net Asset Value Per Share |
| Investor Class | $901,037,409 | 83,470,595 | $10.79 |
| I Class | $703,431,329 | 65,193,973 | $10.79 |
| Y Class | $4,529,240 | 419,671 | $10.79 |
| A Class | $69,935,784 | 6,478,640 | $10.79* |
| C Class | $20,206,728 | 1,871,711 | $10.80 |
*Maximum offering price $11.30 (net asset value divided by 0.955).
See Notes to Financial Statements.
| | | | | |
| FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) |
| Investment Income (Loss) |
| Income: | |
| Interest | $ | 28,463,736 | |
| |
| Expenses: | |
| Management fees | 3,520,532 | |
| Distribution and service fees: | |
| A Class | 87,625 | |
| C Class | 107,684 | |
| Trustees' fees and expenses | 52,586 | |
| Other expenses | 580 | |
| 3,769,007 | |
| |
| Net investment income (loss) | 24,694,729 | |
| |
| Realized and Unrealized Gain (Loss) |
| Net realized gain (loss) on investment transactions | 813,371 | |
| Change in net unrealized appreciation (depreciation) on investments | (81,109,569) | |
| |
| Net realized and unrealized gain (loss) | (80,296,198) | |
| |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (55,601,469) | |
See Notes to Financial Statements.
| | |
| Statement of Changes in Net Assets |
| | | | | | | | |
| SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2021 |
| Increase (Decrease) in Net Assets | February 28, 2022 | August 31, 2021 |
| Operations | | |
| Net investment income (loss) | $ | 24,694,729 | | $ | 46,999,469 | |
| Net realized gain (loss) | 813,371 | | 6,261,468 | |
| Change in net unrealized appreciation (depreciation) | (81,109,569) | | 54,927,077 | |
| Net increase (decrease) in net assets resulting from operations | (55,601,469) | | 108,188,014 | |
| | |
| Distributions to Shareholders | | |
| From earnings: | | |
| Investor Class | (12,723,975) | | (25,849,070) | |
| I Class | (10,886,550) | | (19,004,151) | |
| Y Class | (21,768) | | (1,454) | |
| A Class | (874,270) | | (1,701,624) | |
| C Class | (187,621) | | (443,284) | |
| Decrease in net assets from distributions | (24,694,184) | | (46,999,583) | |
| | |
| Capital Share Transactions | | |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 25,019,682 | | 231,515,191 | |
| | |
| Net increase (decrease) in net assets | (55,275,971) | | 292,703,622 | |
| | |
| Net Assets | | |
| Beginning of period | 1,754,416,461 | | 1,461,712,839 | |
| End of period | $ | 1,699,140,490 | | $ | 1,754,416,461 | |
See Notes to Financial Statements.
| | |
| Notes to Financial Statements |
FEBRUARY 28, 2022 (UNAUDITED)
1. Organization
American Century California Tax-Free and Municipal Funds (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Massachusetts business trust. California High-Yield Municipal Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek high current income that is exempt from federal and California income taxes.
The fund offers the Investor Class, I Class, Y Class, A Class and C Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Municipal securities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums.
Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.
Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.
Distributions to Shareholders — Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
3. Fees and Transactions with Related Parties
Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the trust's distributor, American Century Investment Services, Inc. (ACIS), and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund’s assets, which do not vary by class. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all funds in the American Century Investments family of funds that have the same investment advisor and distributor as the fund. For purposes of determining the Investment Category Fee and Complex Fee, the assets of funds managed by the investment advisor that invest exclusively in the shares of other funds (funds of funds) are not included.
The Investment Category Fee range, the Complex Fee range and the effective annual management fee for each class for the period ended February 28, 2022 are as follows:
| | | | | | | | | | | |
| Investment Category Fee Range | Complex Fee Range | Effective Annual Management Fee |
| Investor Class | 0.1925% to 0.3100% | 0.2500% to 0.3100% | 0.48% |
| I Class | 0.0500% to 0.1100% | 0.28% |
| Y Class | 0.0200% to 0.0800% | 0.25% |
| A Class | 0.2500% to 0.3100% | 0.48% |
| C Class | 0.2500% to 0.3100% | 0.48% |
Distribution and Service Fees — The Board of Trustees has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class and C Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended February 28, 2022 are detailed in the Statement of Operations.
Trustees’ Fees and Expenses — The Board of Trustees is responsible for overseeing the investment advisor’s management and operations of the fund. The trustees receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund’s officers do not receive compensation from the fund.
Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $56,390,006 and $50,395,000, respectively. The interfund transactions had no effect on the Statement of Operations in net realized gain (loss) on investment transactions.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments, for the period ended February 28, 2022 were $465,356,491 and $426,722,706, respectively.
5. Capital Share Transactions
Transactions in shares of the fund were as follows (unlimited number of shares authorized):
| | | | | | | | | | | | | | |
| Six months ended
February 28, 2022 | Year ended
August 31, 2021 |
| Shares | Amount | Shares | Amount |
| Investor Class | | | | |
| Sold | 7,292,887 | | $ | 81,343,902 | | 15,317,905 | | $ | 170,549,486 | |
| Issued in reinvestment of distributions | 1,033,761 | | 11,447,053 | | 2,068,080 | | 22,976,347 | |
| Redeemed | (8,228,297) | | (91,235,676) | | (13,270,890) | | (147,102,867) | |
| 98,351 | | 1,555,279 | | 4,115,095 | | 46,422,966 | |
| I Class | | | | |
| Sold | 16,431,753 | | 182,506,912 | | 25,946,714 | | 288,638,110 | |
| Issued in reinvestment of distributions | 884,402 | | 9,792,071 | | 1,516,627 | | 16,857,333 | |
| Redeemed | (16,273,928) | | (179,698,165) | | (11,044,260) | | (122,554,131) | |
| 1,042,227 | | 12,600,818 | | 16,419,081 | | 182,941,312 | |
| Y Class | | | | |
| Sold | 418,338 | | 4,669,959 | | — | | — | |
| Issued in reinvestment of distributions | 2,005 | | 21,768 | | 123 | | 1,357 | |
| Redeemed | (1,233) | | (13,409) | | (4,758) | | (53,415) | |
| 419,110 | | 4,678,318 | | (4,635) | | (52,058) | |
| A Class | | | | |
| Sold | 905,929 | | 10,176,297 | | 1,157,285 | | 12,783,995 | |
| Issued in reinvestment of distributions | 57,065 | | 631,793 | | 116,070 | | 1,289,442 | |
| Redeemed | (323,969) | | (3,590,804) | | (787,178) | | (8,771,341) | |
| 639,025 | | 7,217,286 | | 486,177 | | 5,302,096 | |
| C Class | | | | |
| Sold | 151,843 | | 1,684,223 | | 249,700 | | 2,793,999 | |
| Issued in reinvestment of distributions | 16,245 | | 179,920 | | 38,028 | | 421,981 | |
| Redeemed | (260,958) | | (2,896,162) | | (568,551) | | (6,315,105) | |
| (92,870) | | (1,032,019) | | (280,823) | | (3,099,125) | |
| Net increase (decrease) | 2,105,843 | | $ | 25,019,682 | | 20,734,895 | | $ | 231,515,191 | |
6. Fair Value Measurements
The fund’s investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.
•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.
•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
As of period end, the fund’s investment securities were classified as Level 2. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
7. Risk Factors
The novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and could adversely impact the value of its bonds, which could negatively impact the performance of the fund.
The fund focuses its investments in a single state and therefore may have more exposure to credit risk related to the state of California than a fund with a broader geographical diversification. The fund invests in lower-rated debt securities, which are subject to substantial risks including liquidity risk and credit risk.
8. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
| | | | | |
| Federal tax cost of investments | $ | 1,648,051,846 | |
| Gross tax appreciation of investments | $ | 69,878,149 | |
| Gross tax depreciation of investments | (21,943,101) | |
| Net tax appreciation (depreciation) of investments | $ | 47,935,048 | |
The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.
As of August 31, 2021, the fund had accumulated short-term capital losses of $(4,769,269), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| For a Share Outstanding Throughout the Years Ended August 31 (except as noted) |
| Per-Share Data | Ratios and Supplemental Data |
| | | Income From Investment Operations: | | | Ratio to Average Net Assets of: | | |
| | Net Asset
Value,
Beginning
of Period | Net Investment Income (Loss)(1) | Net
Realized and Unrealized
Gain (Loss) | Total
From Investment Operations | Distributions From Net Investment Income | Net Asset
Value, End
of Period | Total Return(2) | Operating Expenses | Net
Investment Income
(Loss) | Portfolio Turnover
Rate | Net Assets,
End of Period
(in thousands) |
| Investor Class | | | | | | | | | | | |
2022(3) | $11.30 | 0.15 | (0.51) | (0.36) | (0.15) | $10.79 | (3.20)% | 0.49%(4) | 2.74%(4) | 24% | $901,037 | |
| 2021 | $10.86 | 0.32 | 0.44 | 0.76 | (0.32) | $11.30 | 7.12% | 0.49% | 2.91% | 25% | $941,838 | |
| 2020 | $11.10 | 0.34 | (0.24) | 0.10 | (0.34) | $10.86 | 0.96% | 0.50% | 3.15% | 57% | $860,867 | |
| 2019 | $10.52 | 0.36 | 0.58 | 0.94 | (0.36) | $11.10 | 9.06% | 0.50% | 3.40% | 39% | $938,094 | |
| 2018 | $10.65 | 0.37 | (0.13) | 0.24 | (0.37) | $10.52 | 2.38% | 0.50% | 3.49% | 52% | $896,098 | |
| 2017 | $10.97 | 0.37 | (0.32) | 0.05 | (0.37) | $10.65 | 0.58% | 0.50% | 3.53% | 50% | $844,105 | |
| I Class | | | | | | | | | |
2022(3) | $11.29 | 0.16 | (0.50) | (0.34) | (0.16) | $10.79 | (3.02)% | 0.29%(4) | 2.94%(4) | 24% | $703,431 | |
| 2021 | $10.86 | 0.34 | 0.44 | 0.78 | (0.35) | $11.29 | 7.24% | 0.29% | 3.11% | 25% | $724,407 | |
| 2020 | $11.10 | 0.36 | (0.24) | 0.12 | (0.36) | $10.86 | 1.17% | 0.30% | 3.35% | 57% | $518,250 | |
| 2019 | $10.52 | 0.38 | 0.58 | 0.96 | (0.38) | $11.10 | 9.38% | 0.30% | 3.60% | 39% | $445,520 | |
| 2018 | $10.64 | 0.39 | (0.12) | 0.27 | (0.39) | $10.52 | 2.58% | 0.30% | 3.69% | 52% | $243,002 | |
| 2017 | $10.97 | 0.39 | (0.33) | 0.06 | (0.39) | $10.64 | 0.69% | 0.30% | 3.73% | 50% | $143,717 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| For a Share Outstanding Throughout the Years Ended August 31 (except as noted) |
| Per-Share Data | Ratios and Supplemental Data |
| | | Income From Investment Operations: | | | Ratio to Average Net Assets of: | | |
| | Net Asset
Value,
Beginning
of Period | Net Investment Income (Loss)(1) | Net
Realized and Unrealized
Gain (Loss) | Total
From Investment Operations | Distributions From Net Investment Income | Net Asset
Value, End
of Period | Total Return(2) | Operating Expenses | Net
Investment Income
(Loss) | Portfolio Turnover
Rate | Net Assets,
End of Period
(in thousands) |
| Y Class | | | | | | | | | |
2022(3) | $11.29 | 0.17 | (0.50) | (0.33) | (0.17) | $10.79 | (3.00)% | 0.26%(4) | 2.97%(4) | 24% | $4,529 | |
| 2021 | $10.86 | 0.35 | 0.43 | 0.78 | (0.35) | $11.29 | 7.28% | 0.26% | 3.14% | 25% | $6 | |
| 2020 | $11.10 | 0.37 | (0.24) | 0.13 | (0.37) | $10.86 | 1.21% | 0.27% | 3.38% | 57% | $56 | |
| 2019 | $10.52 | 0.38 | 0.58 | 0.96 | (0.38) | $11.10 | 9.31% | 0.27% | 3.63% | 39% | $16 | |
| 2018 | $10.65 | 0.39 | (0.13) | 0.26 | (0.39) | $10.52 | 2.59% | 0.27% | 3.72% | 52% | $5 | |
2017(5) | $10.39 | 0.15 | 0.26 | 0.41 | (0.15) | $10.65 | 4.01% | 0.27%(4) | 3.73%(4) | 50%(6) | $5 | |
| A Class | | | | | | | | | | | |
2022(4) | $11.30 | 0.14 | (0.51) | (0.37) | (0.14) | $10.79 | (3.32)% | 0.74%(4) | 2.49%(4) | 24% | $69,936 | |
| 2021 | $10.86 | 0.30 | 0.44 | 0.74 | (0.30) | $11.30 | 6.86% | 0.74% | 2.66% | 25% | $65,969 | |
| 2020 | $11.10 | 0.31 | (0.24) | 0.07 | (0.31) | $10.86 | 0.71% | 0.75% | 2.90% | 57% | $58,148 | |
| 2019 | $10.52 | 0.33 | 0.58 | 0.91 | (0.33) | $11.10 | 8.79% | 0.75% | 3.15% | 39% | $70,003 | |
| 2018 | $10.65 | 0.34 | (0.13) | 0.21 | (0.34) | $10.52 | 2.12% | 0.75% | 3.24% | 52% | $56,688 | |
| 2017 | $10.97 | 0.34 | (0.32) | 0.02 | (0.34) | $10.65 | 0.33% | 0.75% | 3.28% | 50% | $55,457 | |
| C Class | | | | | | | | | | | |
2022(3) | $11.30 | 0.10 | (0.50) | (0.40) | (0.10) | $10.80 | (3.59)% | 1.49%(4) | 1.74%(4) | 24% | $20,207 | |
| 2021 | $10.86 | 0.21 | 0.44 | 0.65 | (0.21) | $11.30 | 6.06% | 1.49% | 1.91% | 25% | $22,196 | |
| 2020 | $11.10 | 0.23 | (0.24) | (0.01) | (0.23) | $10.86 | (0.04)% | 1.50% | 2.15% | 57% | $24,391 | |
| 2019 | $10.53 | 0.26 | 0.57 | 0.83 | (0.26) | $11.10 | 7.98% | 1.50% | 2.40% | 39% | $25,747 | |
| 2018 | $10.65 | 0.26 | (0.12) | 0.14 | (0.26) | $10.53 | 1.36% | 1.50% | 2.49% | 52% | $23,572 | |
| 2017 | $10.97 | 0.27 | (0.32) | (0.05) | (0.27) | $10.65 | (0.42)% | 1.50% | 2.53% | 50% | $28,726 | |
| | |
| Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.
(3)Six months ended February 28, 2022 (unaudited).
(4)Annualized.
(5)April 10, 2017 (commencement of sale) through August 31, 2017.
(6)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended August 31, 2017.
See Notes to Financial Statements.
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting American Century Investments’ website at americancentury.com/proxy. A description of the policies is also available on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund’s Form N-PORT reports are available on the SEC’s website at sec.gov.
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| Contact Us | americancentury.com | |
| Automated Information Line | 1-800-345-8765 | |
| Investor Services Representative | 1-800-345-2021
or 816-531-5575 | |
| Investors Using Advisors | 1-800-378-9878 | |
| Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 | |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 | |
| Telecommunications Relay Service for the Deaf | 711 | |
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| American Century California Tax-Free and Municipal Funds | |
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Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | |
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| This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | |
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©2022 American Century Proprietary Holdings, Inc. All rights reserved.
CL-SAN-91770 2204 | |
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| Semiannual Report |
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| February 28, 2022 |
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| California Intermediate-Term Tax-Free Bond Fund |
| Investor Class (BCITX) |
| I Class (BCTIX) |
| Y Class (ACYTX) |
| A Class (BCIAX) |
| C Class (BCIYX) |
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| President’s Letter | |
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| Fund Characteristics | |
| Shareholder Fee Example | |
| Schedule of Investments | |
| Statement of Assets and Liabilities | |
| Statement of Operations | |
| Statement of Changes in Net Assets | |
| Notes to Financial Statements | |
| Financial Highlights | |
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| Additional Information | |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended February 28, 2022. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.
Rising Rates, Volatility Pressured Returns
Investors faced increasingly challenging market conditions as the reporting period progressed. From rising interest rates and soaring inflation to a Federal Reserve (Fed) policy pivot and mounting geopolitical unrest, most asset classes struggled as volatility intensified.
Early on, relatively high valuations after an extended performance run for the broad municipal bond (muni) market gave investors pause. Additionally, uncertainties surrounding proposed Biden administration tax and spending programs weighed on market sentiment. Investor reaction to the November passage of the Infrastructure Investment and Jobs Act was mixed. The bill omitted key financing tools many muni market advocates hoped it would restore. However, others were hopeful the bill’s infrastructure projects will boost municipal credit ratings and local bond issuance.
Meanwhile, surging inflation prompted the Fed to end its bond-buying program and prepare investors for the first Fed rate hike in more than three years. By period-end, Russia’s invasion of Ukraine aggravated the already-volatile climate in U.S. and global financial markets.
Rising inflation and expectations for Fed tightening fueled a steady rise in U.S. Treasury yields, and muni yields followed suit. Municipal bond returns declined for the six-month period but not as steeply as Treasury returns. California munis slightly underperformed their national municipal bond peers, while high-yield munis outperformed their investment-grade counterparts.
Staying Focused in Uncertain Times
We expect market volatility to linger amid elevated inflation and tighter Fed policy. In addition, Russia’s invasion of Ukraine has led to a devastating humanitarian crisis and further complicated a tense geopolitical backdrop. While the California muni market remains somewhat insulated from the financial market implications, we continue to evaluate the situation and what it broadly means for investors.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
| | | | | |
| FEBRUARY 28, 2022 |
| Types of Investments in Portfolio | % of net assets |
| Municipal Securities | 99.5% |
| Other Assets and Liabilities | 0.5% |
| |
| Top Five Sectors | % of fund investments |
| Special Tax | 18% |
| Hospital | 12% |
| General Obligation (GO) - Local | 10% |
| Water & Sewer | 10% |
| Pre-Refunded | 8% |
Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2021 to February 28, 2022.
Actual Expenses
The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25.00 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | | | | | | | | | | | |
| Beginning
Account Value
9/1/21 | Ending
Account Value
2/28/22 | Expenses Paid During Period(1) 9/1/21 - 2/28/22 | Annualized Expense Ratio(1) |
| Actual | | | | |
| Investor Class | $1,000 | $970.00 | $2.25 | 0.46% |
| I Class | $1,000 | $971.00 | $1.27 | 0.26% |
| Y Class | $1,000 | $971.10 | $1.12 | 0.23% |
| A Class | $1,000 | $968.80 | $3.47 | 0.71% |
| C Class | $1,000 | $965.20 | $7.11 | 1.46% |
| Hypothetical | | | | |
| Investor Class | $1,000 | $1,022.51 | $2.31 | 0.46% |
| I Class | $1,000 | $1,023.51 | $1.30 | 0.26% |
| Y Class | $1,000 | $1,023.65 | $1.15 | 0.23% |
| A Class | $1,000 | $1,021.27 | $3.56 | 0.71% |
| C Class | $1,000 | $1,017.56 | $7.30 | 1.46% |
(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
FEBRUARY 28, 2022 (UNAUDITED)
| | | | | | | | |
| Principal Amount | Value |
| MUNICIPAL SECURITIES — 99.5% |
|
|
| California — 99.3% | | |
| 91 Express Lanes Toll Road Rev., 5.00%, 8/15/24 | $ | 1,000,000 | | $ | 1,053,701 | |
| 91 Express Lanes Toll Road Rev., 5.00%, 8/15/25 | 1,000,000 | | 1,056,246 | |
| ABAG Finance Authority for Nonprofit Corps. Rev., (Odd Fellows Home of California), 5.00%, 4/1/24 (California Mortgage Insurance) | 1,000,000 | | 1,040,220 | |
| ABAG Finance Authority for Nonprofit Corps. Rev., (Sharp Healthcare Obligated Group), 5.00%, 8/1/33 | 1,450,000 | | 1,526,684 | |
| ABAG Finance Authority for Nonprofit Corps. Special Tax, 5.00%, 9/2/28 (AGM) | 2,620,000 | | 3,089,108 | |
| ABAG Finance Authority for Nonprofit Corps. Special Tax, 5.00%, 9/2/31 (AGM) | 1,400,000 | | 1,635,396 | |
| ABAG Finance Authority for Nonprofit Corps. Special Tax, 5.00%, 9/2/32 (AGM) | 490,000 | | 571,829 | |
| Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/22 | 1,000,000 | | 1,022,899 | |
| Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/24 | 4,000,000 | | 4,234,425 | |
| Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/34 | 3,500,000 | | 3,939,039 | |
| Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/35 | 3,000,000 | | 3,374,380 | |
| Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/36 | 1,000,000 | | 1,123,639 | |
| Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/37 | 3,790,000 | | 4,255,652 | |
Alameda Corridor Transportation Authority Rev., Capital Appreciation, 0.00%, 10/1/32 (NATL)(1) | 1,000,000 | | 764,523 | |
Alameda Corridor Transportation Authority Rev., Capital Appreciation, 0.00%, 10/1/35 (NATL)(1) | 12,750,000 | | 8,839,018 | |
| Alum Rock Union Elementary School District GO, 6.00%, 8/1/39 | 2,500,000 | | 2,654,761 | |
Anaheim Public Financing Authority Rev., 5.00%, 10/1/22, Prerefunded at 100% of Par(2) | 1,200,000 | | 1,229,892 | |
Anaheim Public Financing Authority Rev., 5.00%, 10/1/22, Prerefunded at 100% of Par(2) | 2,275,000 | | 2,331,671 | |
Anaheim Public Financing Authority Rev., (Anaheim), 5.00%, 5/1/24, Prerefunded at 100% of Par(2) | 1,000,000 | | 1,080,720 | |
Anaheim Public Financing Authority Rev., (Anaheim), 5.00%, 5/1/24, Prerefunded at 100% of Par(2) | 1,100,000 | | 1,188,792 | |
Anaheim Public Financing Authority Rev., (Anaheim), 5.00%, 5/1/24, Prerefunded at 100% of Par(2) | 1,250,000 | | 1,350,900 | |
Anaheim Public Financing Authority Rev., (Anaheim), 5.00%, 5/1/24, Prerefunded at 100% of Par(2) | 1,360,000 | | 1,469,779 | |
Anaheim Public Financing Authority Rev., (Anaheim), 5.00%, 5/1/24, Prerefunded at 100% of Par(2) | 1,550,000 | | 1,675,116 | |
| Anaheim Public Financing Authority Rev., (Anaheim), 5.00%, 9/1/30 (BAM) | 2,625,000 | | 3,147,040 | |
| Anaheim Public Financing Authority Rev., (Anaheim), 5.00%, 9/1/31 (BAM) | 1,745,000 | | 2,089,019 | |
| Anaheim Public Financing Authority Rev., (Anaheim), 5.00%, 9/1/32 (BAM) | 1,745,000 | | 2,085,971 | |
| Anaheim Public Financing Authority Rev., (Anaheim), 5.00%, 9/1/33 (BAM) | 1,665,000 | | 1,988,603 | |
| Anaheim Public Financing Authority Rev., (Anaheim), 5.00%, 9/1/34 (BAM) | 1,800,000 | | 2,068,968 | |
| Anaheim Public Financing Authority Rev., (Anaheim), 5.00%, 9/1/35 (BAM) | 2,105,000 | | 2,417,186 | |
| Anaheim Public Financing Authority Rev., (Anaheim), 5.00%, 9/1/36 (BAM) | 4,190,000 | | 4,818,444 | |
| | | | | | | | |
| Principal Amount | Value |
| Atwater Wastewater Rev., 5.00%, 5/1/23 (AGM) | $ | 510,000 | | $ | 532,731 | |
| Atwater Wastewater Rev., 5.00%, 5/1/25 (AGM) | 745,000 | | 823,241 | |
| Atwater Wastewater Rev., 5.00%, 5/1/27 (AGM) | 415,000 | | 481,085 | |
| Atwater Wastewater Rev., 5.00%, 5/1/29 (AGM) | 700,000 | | 814,099 | |
| Atwater Wastewater Rev., 5.00%, 5/1/32 (AGM) | 895,000 | | 1,028,931 | |
Bay Area Toll Authority Rev., 5.00%, 4/1/22, Prerefunded at 100% of Par(2) | 1,500,000 | | 1,505,485 | |
Bay Area Toll Authority Rev., 5.00%, 4/1/22, Prerefunded at 100% of Par(2) | 3,500,000 | | 3,512,798 | |
Bay Area Toll Authority Rev., 5.00%, 4/1/22, Prerefunded at 100% of Par(2) | 7,185,000 | | 7,211,273 | |
| Bay Area Toll Authority Rev., 4.00%, 4/1/29 | 3,000,000 | | 3,351,008 | |
| Bay Area Toll Authority Rev., VRN, 1.45%, (MUNIPSA plus 1.25%), 4/1/36 | 4,000,000 | | 4,170,902 | |
| Bay Area Toll Authority Rev., VRN, 1.30%, (MUNIPSA plus 1.10%), 4/1/45 | 3,750,000 | | 3,801,407 | |
| Bay Area Toll Authority Rev., VRN, 2.625%, 4/1/45 | 15,000,000 | | 15,510,949 | |
| Bay Area Toll Authority Rev., VRN, 0.61%, (MUNIPSA plus 0.41%), 4/1/56 | 6,000,000 | | 6,012,895 | |
| Bay Area Toll Authority Rev., VRN, 0.65%, (MUNIPSA plus 0.45%), 4/1/56 | 3,000,000 | | 3,021,845 | |
| Brea Redevelopment Agency Tax Allocation, Capital Appreciation, VRN, 0.00%, 8/1/33 | 1,500,000 | | 1,619,593 | |
| Brea Redevelopment Agency Tax Allocation, Capital Appreciation, VRN, 0.00%, 8/1/34 | 1,785,000 | | 1,925,938 | |
| California Community Choice Financing Authority Rev., VRN, 0.65%, (MUNIPSA plus 0.45%), 2/1/52 (GA: Morgan Stanley) | 21,930,000 | | 21,935,493 | |
| California Community Choice Financing Authority Rev., VRN, 4.00%, 10/1/52 (GA: Goldman Sachs Group, Inc.) | 7,500,000 | | 8,249,742 | |
| California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.00%, 5/1/28 | 275,000 | | 314,545 | |
| California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.00%, 5/1/29 | 800,000 | | 910,137 | |
| California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.00%, 5/1/34 | 1,295,000 | | 1,455,215 | |
| California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.00%, 5/1/36 | 1,595,000 | | 1,787,535 | |
| California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.25%, 5/1/43 | 850,000 | | 954,319 | |
| California County Tobacco Securitization Agency Rev., 5.00%, 6/1/30 | 450,000 | | 538,578 | |
| California County Tobacco Securitization Agency Rev., 5.00%, 6/1/32 | 400,000 | | 475,172 | |
| California County Tobacco Securitization Agency Rev., 4.00%, 6/1/34 | 200,000 | | 220,572 | |
| California County Tobacco Securitization Agency Rev., 4.00%, 6/1/36 | 275,000 | | 302,471 | |
| California County Tobacco Securitization Agency Rev., 4.00%, 6/1/39 | 250,000 | | 273,103 | |
| California County Tobacco Securitization Agency Rev., (Gold Country Settlement Funding Corp.), 5.00%, 6/1/29 | 330,000 | | 390,316 | |
| California County Tobacco Securitization Agency Rev., (Gold Country Settlement Funding Corp.), 5.00%, 6/1/33 | 900,000 | | 1,078,358 | |
| California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/24 | 930,000 | | 1,002,586 | |
| California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/25 | 400,000 | | 444,708 | |
| California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/26 | 475,000 | | 543,515 | |
| | | | | | | | |
| Principal Amount | Value |
| California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/27 | $ | 475,000 | | $ | 558,235 | |
| California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/28 | 375,000 | | 451,156 | |
California Educational Facilities Authority Rev., (Claremont McKenna College), 5.00%, 1/1/26, Prerefunded at 100% of Par(2) | 750,000 | | 851,897 | |
| California Educational Facilities Authority Rev., (Loma Linda University), 5.00%, 4/1/25 | 800,000 | | 885,831 | |
| California Educational Facilities Authority Rev., (Loma Linda University), 5.00%, 4/1/27 | 300,000 | | 349,367 | |
| California Educational Facilities Authority Rev., (Loma Linda University), 5.00%, 4/1/28 | 800,000 | | 927,394 | |
| California Educational Facilities Authority Rev., (Loyola Marymount University), 5.00%, 10/1/34 | 490,000 | | 584,138 | |
| California Educational Facilities Authority Rev., (Loyola Marymount University), 5.00%, 10/1/35 | 625,000 | | 744,482 | |
| California Educational Facilities Authority Rev., (Loyola Marymount University), 5.00%, 10/1/37 | 745,000 | | 886,330 | |
California Educational Facilities Authority Rev., (University of Southern California), 5.00%, 10/1/25(2) | 1,875,000 | | 2,118,234 | |
| California Educational Facilities Authority Rev., (University of the Pacific), 5.00%, 11/1/33 | 1,500,000 | | 1,693,987 | |
| California Enterprise Development Authority Rev., (Provident Group-SDSU Properties LLC), 5.00%, 8/1/40 | 1,625,000 | | 1,907,262 | |
| California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center Obligated Group), 5.00%, 11/15/22 | 3,000,000 | | 3,090,531 | |
| California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center Obligated Group), 5.00%, 11/15/23 | 2,150,000 | | 2,294,453 | |
| California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center Obligated Group), 5.00%, 11/15/24 | 1,450,000 | | 1,593,113 | |
| California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center Obligated Group), 5.00%, 11/15/26 | 3,000,000 | | 3,388,345 | |
| California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center Obligated Group), 5.00%, 11/15/27 | 6,000,000 | | 6,772,053 | |
| California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center Obligated Group), 5.00%, 11/15/31 | 2,700,000 | | 3,038,055 | |
| California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center Obligated Group), 5.00%, 11/15/32 | 400,000 | | 449,774 | |
| California Health Facilities Financing Authority Rev., (Children's Hospital of Orange County Obligated Group), 5.00%, 11/1/30 (GA: Children's Healthcare of California) | 700,000 | | 871,216 | |
| California Health Facilities Financing Authority Rev., (Children's Hospital of Orange County Obligated Group), 5.00%, 11/1/31 (GA: Children's Healthcare of California) | 1,000,000 | | 1,242,246 | |
| California Health Facilities Financing Authority Rev., (Children's Hospital of Orange County Obligated Group), 5.00%, 11/1/32 (GA: Children's Healthcare of California) | 1,200,000 | | 1,488,743 | |
| California Health Facilities Financing Authority Rev., (Children's Hospital of Orange County Obligated Group), 5.00%, 11/1/33 (GA: Children's Healthcare of California) | 1,300,000 | | 1,611,391 | |
| California Health Facilities Financing Authority Rev., (Children's Hospital of Orange County Obligated Group), 4.00%, 11/1/34 (GA: Children's Healthcare of California) | 750,000 | | 892,565 | |
| California Health Facilities Financing Authority Rev., (Children's Hospital of Orange County Obligated Group), 4.00%, 11/1/35 (GA: Children's Healthcare of California) | 1,150,000 | | 1,362,607 | |
| California Health Facilities Financing Authority Rev., (CommonSpirit Health Obligated Group), 4.00%, 4/1/35 | 3,100,000 | | 3,464,807 | |
| California Health Facilities Financing Authority Rev., (CommonSpirit Health Obligated Group), 4.00%, 4/1/40 | 785,000 | | 865,105 | |
| California Health Facilities Financing Authority Rev., (El Camino Hospital), 5.00%, 2/1/24 | 1,200,000 | | 1,286,023 | |
| | | | | | | | |
| Principal Amount | Value |
| California Health Facilities Financing Authority Rev., (El Camino Hospital), 5.00%, 2/1/25 | $ | 500,000 | | $ | 552,066 | |
| California Health Facilities Financing Authority Rev., (Kaiser Foundation Hospitals), 4.00%, 11/1/38 | 1,070,000 | | 1,191,889 | |
| California Health Facilities Financing Authority Rev., (Lucile Salter Packard Children's Hospital at Stanford Obligated Group), 5.00%, 8/15/25 | 5,855,000 | | 5,969,623 | |
California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), 5.00%, 7/1/23, Prerefunded at 100% of Par(2) | 1,070,000 | | 1,126,399 | |
| California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), VRN, 2.00%, 10/1/36 | 3,500,000 | | 3,563,062 | |
| California Health Facilities Financing Authority Rev., (Stanford Health Care Obligated Group), 5.00%, 11/15/22 | 1,000,000 | | 1,030,033 | |
| California Health Facilities Financing Authority Rev., (Stanford Health Care Obligated Group), 5.00%, 11/15/25 | 2,500,000 | | 2,828,458 | |
| California Health Facilities Financing Authority Rev., (Stanford Health Care Obligated Group), VRN, 3.00%, 8/15/54 | 9,000,000 | | 9,451,719 | |
| California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/22 | 2,250,000 | | 2,316,280 | |
California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/25, Prerefunded at 100% of Par(2) | 2,000,000 | | 2,259,889 | |
California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/25, Prerefunded at 100% of Par(2) | 1,750,000 | | 1,977,403 | |
California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/25, Prerefunded at 100% of Par(2) | 1,500,000 | | 1,694,917 | |
| California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/26 | 1,500,000 | | 1,736,039 | |
| California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/32 | 2,000,000 | | 2,355,559 | |
| California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/38 | 5,890,000 | | 6,891,729 | |
| California Housing Finance Rev., 4.00%, 3/20/33 | 19,809,136 | | 21,841,686 | |
| California Housing Finance Rev., 4.25%, 1/15/35 | 5,397,656 | | 6,100,777 | |
| California Housing Finance Rev., 3.50%, 11/20/35 | 3,291,095 | | 3,518,502 | |
| California Infrastructure & Economic Development Bank Rev., (Academy of Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/27 | 1,010,000 | | 1,075,838 | |
| California Infrastructure & Economic Development Bank Rev., (Academy of Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/28 | 1,205,000 | | 1,283,550 | |
| California Infrastructure & Economic Development Bank Rev., (Academy of Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/29 | 1,000,000 | | 1,065,186 | |
| California Infrastructure & Economic Development Bank Rev., (Academy of Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/29 | 5,000,000 | | 6,168,215 | |
| California Infrastructure & Economic Development Bank Rev., (Academy of Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/30 | 1,370,000 | | 1,459,305 | |
| California Infrastructure & Economic Development Bank Rev., (Broad), 5.00%, 6/1/26 | 4,000,000 | | 4,599,930 | |
| California Infrastructure & Economic Development Bank Rev., (California Academy of Sciences), VRN, 0.55%, (MUNIPSA plus 0.35%), 8/1/47 | 4,750,000 | | 4,755,351 | |
| California Infrastructure & Economic Development Bank Rev., (California Science Center Foundation), 5.00%, 5/1/28 | 800,000 | | 921,468 | |
| California Infrastructure & Economic Development Bank Rev., (California Science Center Foundation), 5.00%, 5/1/29 | 1,250,000 | | 1,433,731 | |
| | | | | | | | |
| Principal Amount | Value |
| California Infrastructure & Economic Development Bank Rev., (California Science Center Foundation), 5.00%, 5/1/30 | $ | 1,000,000 | | $ | 1,145,051 | |
| California Infrastructure & Economic Development Bank Rev., (California Science Center Foundation), 5.00%, 5/1/31 | 800,000 | | 914,498 | |
| California Infrastructure & Economic Development Bank Rev., (California State Teachers' Retirement System), 5.00%, 8/1/34 | 650,000 | | 783,266 | |
| California Infrastructure & Economic Development Bank Rev., (California State Teachers' Retirement System), 5.00%, 8/1/35 | 1,000,000 | | 1,203,921 | |
| California Infrastructure & Economic Development Bank Rev., (California State Teachers' Retirement System), 5.00%, 8/1/36 | 2,250,000 | | 2,704,673 | |
| California Infrastructure & Economic Development Bank Rev., (California State Teachers' Retirement System), 5.00%, 8/1/37 | 1,100,000 | | 1,320,657 | |
| California Infrastructure & Economic Development Bank Rev., (California State Teachers' Retirement System), 5.00%, 8/1/38 | 1,175,000 | | 1,409,260 | |
| California Infrastructure & Economic Development Bank Rev., (California State Teachers' Retirement System), 5.00%, 8/1/39 | 1,200,000 | | 1,438,738 | |
| California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 4.00%, 11/1/34 | 500,000 | | 567,543 | |
| California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 4.00%, 11/1/35 | 350,000 | | 396,197 | |
| California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 4.00%, 11/1/36 | 365,000 | | 411,665 | |
| California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 4.00%, 11/1/37 | 575,000 | | 647,181 | |
| California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 4.00%, 11/1/38 | 585,000 | | 658,109 | |
| California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 4.00%, 11/1/39 | 630,000 | | 706,118 | |
| California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 4.00%, 11/1/40 | 650,000 | | 727,190 | |
| California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 4.00%, 11/1/41 | 425,000 | | 474,691 | |
| California Infrastructure & Economic Development Bank Rev., (J Paul Getty Trust), VRN, 3.00%, 10/1/47 | 5,000,000 | | 5,341,621 | |
| California Infrastructure & Economic Development Bank Rev., (Museum Associates), VRN, 0.90%, (MUNIPSA plus 0.70%), 12/1/50 | 2,500,000 | | 2,525,689 | |
| California Infrastructure & Economic Development Bank Rev., (Segerstrom Center for the Arts), 5.00%, 1/1/25 | 3,500,000 | | 3,817,256 | |
| California Infrastructure & Economic Development Bank Rev., (Segerstrom Center for the Arts), 5.00%, 1/1/28 | 1,105,000 | | 1,279,034 | |
| California Municipal Finance Authority Rev., (Azusa Pacific University), 5.00%, 4/1/27 | 1,165,000 | | 1,287,883 | |
| California Municipal Finance Authority Rev., (Azusa Pacific University), 5.00%, 4/1/41 | 500,000 | | 537,446 | |
California Municipal Finance Authority Rev., (California Baptist University), 5.00%, 11/1/36(3) | 1,000,000 | | 1,122,024 | |
| California Municipal Finance Authority Rev., (California Lutheran University), 5.00%, 10/1/27 | 300,000 | | 349,297 | |
| California Municipal Finance Authority Rev., (California Lutheran University), 5.00%, 10/1/28 | 150,000 | | 177,926 | |
| California Municipal Finance Authority Rev., (California Lutheran University), 5.00%, 10/1/29 | 225,000 | | 266,195 | |
| California Municipal Finance Authority Rev., (California Lutheran University), 5.00%, 10/1/30 | 225,000 | | 264,877 | |
| | | | | | | | |
| Principal Amount | Value |
| California Municipal Finance Authority Rev., (California Lutheran University), 5.00%, 10/1/31 | $ | 200,000 | | $ | 234,632 | |
| California Municipal Finance Authority Rev., (California Lutheran University), 5.00%, 10/1/32 | 225,000 | | 263,789 | |
| California Municipal Finance Authority Rev., (California Lutheran University), 5.00%, 10/1/33 | 225,000 | | 263,586 | |
| California Municipal Finance Authority Rev., (California Lutheran University), 5.00%, 10/1/34 | 250,000 | | 292,295 | |
| California Municipal Finance Authority Rev., (California Lutheran University), 5.00%, 10/1/35 | 225,000 | | 262,857 | |
| California Municipal Finance Authority Rev., (California Lutheran University), 5.00%, 10/1/36 | 250,000 | | 291,650 | |
| California Municipal Finance Authority Rev., (California Lutheran University), 5.00%, 10/1/37 | 275,000 | | 320,509 | |
| California Municipal Finance Authority Rev., (California Lutheran University), 5.00%, 10/1/38 | 300,000 | | 349,525 | |
| California Municipal Finance Authority Rev., (Capital Facilities Development Corp.), 5.00%, 6/1/36 | 5,650,000 | | 6,700,683 | |
| California Municipal Finance Authority Rev., (Capital Facilities Development Corp.), 5.00%, 6/1/38 | 4,015,000 | | 4,751,669 | |
| California Municipal Finance Authority Rev., (Channing House), 5.00%, 5/15/35 (California Mortgage Insurance) | 1,000,000 | | 1,177,198 | |
| California Municipal Finance Authority Rev., (CHF-Davis I LLC), 5.00%, 5/15/32 (BAM-TCRS) | 3,000,000 | | 3,545,659 | |
| California Municipal Finance Authority Rev., (CHF-Davis I LLC), 5.00%, 5/15/37 | 8,000,000 | | 9,194,979 | |
| California Municipal Finance Authority Rev., (CHF-Davis II LLC), 4.00%, 5/15/36 (BAM) | 1,200,000 | | 1,335,165 | |
| California Municipal Finance Authority Rev., (CHF-Davis II LLC), 4.00%, 5/15/38 (BAM) | 750,000 | | 831,951 | |
California Municipal Finance Authority Rev., (Claremont Graduate University), 5.00%, 10/1/34(3) | 435,000 | | 489,512 | |
California Municipal Finance Authority Rev., (Claremont Graduate University), 5.00%, 10/1/39(3) | 1,130,000 | | 1,253,782 | |
| California Municipal Finance Authority Rev., (Clinicas del Camino Real Incorporated), 4.00%, 3/1/30 | 785,000 | | 889,928 | |
| California Municipal Finance Authority Rev., (Clinicas del Camino Real Incorporated), 4.00%, 3/1/31 | 1,635,000 | | 1,833,925 | |
| California Municipal Finance Authority Rev., (Clinicas del Camino Real Incorporated), 4.00%, 3/1/32 | 1,700,000 | | 1,902,702 | |
| California Municipal Finance Authority Rev., (Clinicas del Camino Real Incorporated), 4.00%, 3/1/34 | 1,240,000 | | 1,385,233 | |
| California Municipal Finance Authority Rev., (Clinicas del Camino Real Incorporated), 4.00%, 3/1/35 | 500,000 | | 557,951 | |
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 3.00%, 12/1/24(3) | 110,000 | | 111,107 | |
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 4.00%, 12/1/25(3) | 200,000 | | 209,181 | |
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/28(3) | 100,000 | | 112,706 | |
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/46(3) | 1,590,000 | | 1,796,283 | |
California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/23(2) | 520,000 | | 539,477 | |
California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/25(2) | 1,925,000 | | 2,128,950 | |
California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/25, Prerefunded at 100% of Par(2) | 545,000 | | 602,742 | |
| | | | | | | | |
| Principal Amount | Value |
California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/25, Prerefunded at 100% of Par(2) | $ | 735,000 | | $ | 812,872 | |
California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/25, Prerefunded at 100% of Par(2) | 1,000,000 | | 1,105,948 | |
California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/25, Prerefunded at 100% of Par(2) | 1,420,000 | | 1,570,446 | |
| California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/26 | 1,000,000 | | 1,136,468 | |
| California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/28 | 1,075,000 | | 1,246,412 | |
| California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/29 | 4,130,000 | | 4,782,191 | |
| California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/30 | 2,680,000 | | 3,097,728 | |
| California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/32 | 1,100,000 | | 1,268,648 | |
| California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/33 | 3,940,000 | | 4,540,050 | |
| California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 4.00%, 2/1/40 | 1,545,000 | | 1,748,528 | |
| California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 4.00%, 2/1/41 | 1,500,000 | | 1,696,159 | |
| California Municipal Finance Authority Rev., (Congregational Home Obligated Group), 4.00%, 11/15/22 | 280,000 | | 284,534 | |
| California Municipal Finance Authority Rev., (Congregational Home Obligated Group), 4.00%, 11/15/24 | 605,000 | | 635,524 | |
| California Municipal Finance Authority Rev., (Congregational Home Obligated Group), 4.00%, 11/15/27 | 300,000 | | 322,613 | |
| California Municipal Finance Authority Rev., (Congregational Home Obligated Group), 4.00%, 11/15/29 | 740,000 | | 802,800 | |
| California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/24 | 2,045,000 | | 2,210,965 | |
| California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/26 | 2,260,000 | | 2,579,345 | |
| California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/29 | 2,100,000 | | 2,447,068 | |
| California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/30 | 1,000,000 | | 1,163,684 | |
| California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/31 | 1,000,000 | | 1,162,231 | |
| California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/31 | 1,335,000 | | 1,551,578 | |
| California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/34 | 1,500,000 | | 1,737,268 | |
| California Municipal Finance Authority Rev., (Emerson College), 5.00%, 1/1/29 | 1,350,000 | | 1,555,153 | |
| California Municipal Finance Authority Rev., (Emerson College), 5.00%, 1/1/31 | 1,480,000 | | 1,694,635 | |
| California Municipal Finance Authority Rev., (Emerson College), 5.00%, 1/1/33 | 1,040,000 | | 1,187,642 | |
| California Municipal Finance Authority Rev., (Emerson College), 5.00%, 1/1/34 | 1,000,000 | | 1,140,612 | |
| California Municipal Finance Authority Rev., (Emerson College), 5.00%, 1/1/35 | 1,065,000 | | 1,213,794 | |
| California Municipal Finance Authority Rev., (Emerson College), 5.00%, 1/1/36 | 720,000 | | 820,045 | |
| California Municipal Finance Authority Rev., (Emerson College), 5.00%, 1/1/37 | 1,000,000 | | 1,137,879 | |
| | | | | | | | |
| Principal Amount | Value |
| California Municipal Finance Authority Rev., (HumanGood California Obligated Group), 4.00%, 10/1/36 | $ | 1,750,000 | | $ | 1,877,764 | |
| California Municipal Finance Authority Rev., (HumanGood California Obligated Group), 4.00%, 10/1/37 | 2,840,000 | | 3,043,930 | |
| California Municipal Finance Authority Rev., (HumanGood California Obligated Group), 4.00%, 10/1/38 | 2,750,000 | | 2,943,002 | |
| California Municipal Finance Authority Rev., (HumanGood California Obligated Group), 4.00%, 10/1/39 | 1,750,000 | | 1,870,028 | |
| California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 4.00%, 11/1/22 | 1,000,000 | | 1,018,113 | |
| California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.25%, 11/1/36 | 1,500,000 | | 1,704,393 | |
| California Municipal Finance Authority Rev., (Northern California Retired Officers Community), 2.00%, 7/1/24 (California Mortgage Insurance) | 745,000 | | 745,249 | |
| California Municipal Finance Authority Rev., (Orange County), 5.00%, 6/1/37 | 2,990,000 | | 3,500,046 | |
| California Municipal Finance Authority Rev., (Touro College and University System Obligated Group), 5.25%, 1/1/34 | 300,000 | | 320,950 | |
| California Municipal Finance Authority Rev., (Touro College and University System Obligated Group), 5.25%, 1/1/40 | 1,000,000 | | 1,064,657 | |
| California Municipal Finance Authority Rev., (University of La Verne), 5.00%, 6/1/25 | 700,000 | | 780,215 | |
| California Municipal Finance Authority Rev., (University of La Verne), 5.00%, 6/1/26 | 1,000,000 | | 1,145,527 | |
| California Municipal Finance Authority Rev., (University of La Verne), 5.00%, 6/1/28 | 1,000,000 | | 1,171,241 | |
| California Municipal Finance Authority Rev., (University of San Diego), 5.00%, 10/1/36 | 1,000,000 | | 1,209,188 | |
| California Municipal Finance Authority Rev., (University of San Diego), 5.00%, 10/1/38 | 1,375,000 | | 1,659,110 | |
| California Municipal Finance Authority Rev., (University of the Pacific), 4.00%, 11/1/23 | 875,000 | | 915,714 | |
| California Municipal Finance Authority Rev., (University of the Pacific), 4.00%, 11/1/25 | 500,000 | | 545,758 | |
| California Municipal Finance Authority Rev., (University of the Pacific), 4.00%, 11/1/26 | 500,000 | | 555,919 | |
| California Municipal Finance Authority Rev., (University of the Pacific), 5.00%, 11/1/29 | 500,000 | | 614,050 | |
| California Municipal Finance Authority Rev., (William Jessup University), 5.00%, 8/1/23 | 765,000 | | 788,799 | |
| California Municipal Finance Authority Rev., (William Jessup University), 5.00%, 8/1/25 | 1,455,000 | | 1,546,290 | |
| California Municipal Finance Authority Rev., (William Jessup University), 5.00%, 8/1/26 | 1,530,000 | | 1,643,789 | |
| California Municipal Finance Authority Rev., (William Jessup University), 5.00%, 8/1/29 | 1,000,000 | | 1,095,126 | |
| California Municipal Finance Authority Rev., (William Jessup University), 5.00%, 8/1/39 | 2,750,000 | | 2,950,367 | |
| California Municipal Finance Authority Special Tax, 4.00%, 9/1/35 | 1,320,000 | | 1,433,827 | |
| California Municipal Finance Authority Special Tax, (Facilities District No. 2020-4), 4.00%, 9/1/36 | 585,000 | | 632,562 | |
| California Municipal Finance Authority Special Tax, (Facilities District No. 2020-4), 4.00%, 9/1/41 | 1,610,000 | | 1,726,752 | |
California Pollution Control Financing Authority Rev., (Dublin), 5.00%, 7/1/39(3) | 5,000,000 | | 5,746,400 | |
| California Public Finance Authority Rev., (Henry Mayo Newhall Memorial Hospital), 4.00%, 10/15/22 | 245,000 | | 249,402 | |
| California Public Finance Authority Rev., (Henry Mayo Newhall Memorial Hospital), 4.00%, 10/15/23 | 290,000 | | 301,909 | |
| | | | | | | | |
| Principal Amount | Value |
| California Public Finance Authority Rev., (Henry Mayo Newhall Memorial Hospital), 4.00%, 10/15/24 | $ | 385,000 | | $ | 408,460 | |
| California Public Finance Authority Rev., (Henry Mayo Newhall Memorial Hospital), 4.00%, 10/15/25 | 400,000 | | 432,097 | |
| California Public Finance Authority Rev., (Henry Mayo Newhall Memorial Hospital), 4.00%, 10/15/26 | 215,000 | | 236,224 | |
| California Public Finance Authority Rev., (Henry Mayo Newhall Memorial Hospital), 5.00%, 10/15/33 | 500,000 | | 570,657 | |
| California Public Finance Authority Rev., (Henry Mayo Newhall Memorial Hospital), 5.00%, 10/15/37 | 1,000,000 | | 1,137,053 | |
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 2.375%, 11/15/28(3) | 2,800,000 | | 2,803,093 | |
| California Public Finance Authority Rev., (Sharp Healthcare Obligated Group), VRDN, 0.06%, 3/1/22 (LOC: Barclays Bank plc) | 750,000 | | 750,000 | |
| California Public Finance Authority Rev., (Sharp Healthcare Obligated Group), VRDN, 0.06%, 3/1/22 (LOC: Barclays Bank plc) | 4,150,000 | | 4,150,000 | |
California School Finance Authority Rev., 5.00%, 8/1/25, Prerefunded at 100% of Par(2)(3) | 100,000 | | 112,066 | |
California School Finance Authority Rev., 5.00%, 8/1/46(3) | 1,100,000 | | 1,198,428 | |
| California School Finance Authority Rev., (Alliance for College Ready Public Schools Obligated Group), 5.00%, 7/1/46 | 7,000,000 | | 7,650,481 | |
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/36(3) | 325,000 | | 350,359 | |
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/40(3) | 1,000,000 | | 1,145,885 | |
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/41(3) | 525,000 | | 561,674 | |
California School Finance Authority Rev., (Fenton Charter Public Schools), 4.00%, 7/1/30(3) | 600,000 | | 639,080 | |
California School Finance Authority Rev., (Fenton Charter Public Schools), 5.00%, 7/1/40(3) | 960,000 | | 1,055,876 | |
California School Finance Authority Rev., (Granada Hills Charter High School Obligated Group), 4.00%, 7/1/38(3) | 465,000 | | 501,532 | |
California School Finance Authority Rev., (Granada Hills Charter High School Obligated Group), 4.00%, 7/1/48(3) | 680,000 | | 723,284 | |
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/22(3) | 165,000 | | 167,695 | |
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/23(3) | 175,000 | | 183,724 | |
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/24(3) | 160,000 | | 171,789 | |
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/25(3) | 150,000 | | 164,932 | |
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/26(3) | 150,000 | | 168,222 | |
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/27(3) | 160,000 | | 182,918 | |
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/28(3) | 190,000 | | 220,702 | |
California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/26(3) | 500,000 | | 530,779 | |
California School Finance Authority Rev., (Rocketship Education Obligated Group), 4.50%, 6/1/27(3) | 380,000 | | 408,525 | |
California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/34(3) | 670,000 | | 726,373 | |
California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.125%, 6/1/47(3) | 635,000 | | 680,023 | |
California School Finance Authority Rev., (Summit Public Schools Obligated Group), 5.00%, 6/1/37(3) | 500,000 | | 555,182 | |
| | | | | | | | |
| Principal Amount | Value |
California School Finance Authority Rev., (TEACH, Inc. Obligated Group), 5.00%, 6/1/29(3) | $ | 290,000 | | $ | 313,917 | |
California School Finance Authority Rev., (TEACH, Inc. Obligated Group), 5.00%, 6/1/39(3) | 740,000 | | 785,818 | |
| California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/24 | 705,000 | | 751,833 | |
| California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/25 | 745,000 | | 809,899 | |
| California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/26 | 780,000 | | 862,028 | |
| California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/27 | 820,000 | | 919,651 | |
| California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/28 | 865,000 | | 980,338 | |
| California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/29 | 905,000 | | 1,034,837 | |
California State Public Works Board Rev., 5.00%, 9/1/22, Prerefunded at 100% of Par(2) | 1,000,000 | | 1,021,544 | |
| California State Public Works Board Rev., 5.00%, 4/1/23 | 2,000,000 | | 2,007,313 | |
| California State Public Works Board Rev., 4.00%, 4/1/31 | 10,305,000 | | 11,343,843 | |
California State Public Works Board Rev., (California State University), 5.00%, 9/1/23, Prerefunded at 100% of Par(2) | 1,865,000 | | 1,975,607 | |
| California State Public Works Board Rev., (State of California Department of Corrections & Rehabilitation), 5.00%, 9/1/25 | 5,000,000 | | 5,448,994 | |
| California State Public Works Board Rev., (State of California Department of Corrections & Rehabilitation), 5.00%, 11/1/29 | 5,000,000 | | 6,168,687 | |
| California State Public Works Board Rev., (State of California Department of Corrections & Rehabilitation), 5.00%, 11/1/30 | 2,500,000 | | 3,075,018 | |
| California State Public Works Board Rev., (State of California Department of General Services), 5.00%, 5/1/27 | 5,000,000 | | 5,551,305 | |
California State University Rev., 5.00%, 11/1/24, Prerefunded at 100% of Par(2) | 35,000 | | 38,371 | |
California State University Rev., 5.00%, 11/1/24, Prerefunded at 100% of Par(2) | 1,715,000 | | 1,884,921 | |
| California State University Rev., 5.00%, 11/1/28 | 2,000,000 | | 2,340,030 | |
| California State University Rev., 5.00%, 11/1/28 | 500,000 | | 608,966 | |
| California State University Rev., 5.00%, 11/1/29 | 1,000,000 | | 1,168,933 | |
| California State University Rev., 5.00%, 11/1/29 | 500,000 | | 622,145 | |
| California State University Rev., 5.00%, 11/1/30 | 3,000,000 | | 3,503,553 | |
| California State University Rev., 5.00%, 11/1/30 | 600,000 | | 746,267 | |
| California State University Rev., 5.00%, 11/1/31 | 2,900,000 | | 3,383,635 | |
| California State University Rev., 5.00%, 11/1/31 | 390,000 | | 484,159 | |
| California State University Rev., 4.00%, 11/1/34 | 10,000,000 | | 10,912,607 | |
| California State University Rev., 5.00%, 11/1/36 | 5,105,000 | | 5,799,380 | |
| California State University Rev., 4.00%, 11/1/38 | 2,865,000 | | 3,118,029 | |
| California State University Rev., VRN, 4.00%, 11/1/51 | 4,000,000 | | 4,136,904 | |
| California Statewide Communities Development Authority COP, (Salinas), 5.00%, 12/1/31 (AGM) | 1,155,000 | | 1,405,376 | |
| California Statewide Communities Development Authority COP, (Salinas), 5.00%, 12/1/34 (AGM) | 1,340,000 | | 1,626,947 | |
| California Statewide Communities Development Authority COP, (Salinas), 5.00%, 12/1/38 (AGM) | 1,000,000 | | 1,209,953 | |
| California Statewide Communities Development Authority Rev., (Adventist Health System / West Obligated Group), 5.00%, 3/1/23 | 1,190,000 | | 1,238,511 | |
| California Statewide Communities Development Authority Rev., (Adventist Health System / West Obligated Group), 5.00%, 3/1/24 | 800,000 | | 860,278 | |
| | | | | | | | |
| Principal Amount | Value |
| California Statewide Communities Development Authority Rev., (Adventist Health System / West Obligated Group), 5.00%, 3/1/25 | $ | 750,000 | | $ | 831,276 | |
| California Statewide Communities Development Authority Rev., (Adventist Health System / West Obligated Group), 5.00%, 3/1/26 | 1,000,000 | | 1,139,490 | |
| California Statewide Communities Development Authority Rev., (Adventist Health System / West Obligated Group), 5.00%, 3/1/27 | 1,590,000 | | 1,799,864 | |
| California Statewide Communities Development Authority Rev., (Adventist Health System / West Obligated Group), 5.00%, 3/1/31 | 740,000 | | 871,096 | |
| California Statewide Communities Development Authority Rev., (Adventist Health System / West Obligated Group), 5.00%, 3/1/32 | 900,000 | | 1,058,806 | |
| California Statewide Communities Development Authority Rev., (Adventist Health System / West Obligated Group), 5.00%, 3/1/33 | 1,250,000 | | 1,470,996 | |
| California Statewide Communities Development Authority Rev., (Adventist Health System / West Obligated Group), 5.00%, 3/1/34 | 1,000,000 | | 1,177,237 | |
| California Statewide Communities Development Authority Rev., (Adventist Health System / West Obligated Group), 5.00%, 3/1/35 | 715,000 | | 802,875 | |
| California Statewide Communities Development Authority Rev., (Adventist Health System / West Obligated Group), 5.00%, 3/1/35 | 1,475,000 | | 1,734,976 | |
| California Statewide Communities Development Authority Rev., (Adventist Health System / West Obligated Group), VRN, 5.00%, 3/1/37 | 5,145,000 | | 5,827,502 | |
| California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/22 | 2,000,000 | | 2,015,343 | |
| California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/23 | 1,000,000 | | 1,043,627 | |
| California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/24 | 1,000,000 | | 1,075,989 | |
| California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/25 | 1,925,000 | | 2,129,775 | |
| California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/28 | 2,050,000 | | 2,320,555 | |
| California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/29 | 1,250,000 | | 1,412,803 | |
| California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/29 | 1,000,000 | | 1,154,461 | |
| California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/30 | 1,940,000 | | 2,185,955 | |
| California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/34 | 2,220,000 | | 2,530,967 | |
California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/22(2) | 475,000 | | 481,852 | |
| California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/22 | 300,000 | | 304,267 | |
California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/23(2) | 600,000 | | 631,626 | |
| California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/23 | 300,000 | | 315,444 | |
California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/24(2) | 750,000 | | 813,933 | |
| | | | | | | | |
| Principal Amount | Value |
California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/24, Prerefunded at 100% of Par(2) | $ | 800,000 | | $ | 868,195 | |
California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/24, Prerefunded at 100% of Par(2) | 1,880,000 | | 2,040,258 | |
| California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/25 | 300,000 | | 334,455 | |
| California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/26 | 325,000 | | 371,803 | |
| California Statewide Communities Development Authority Rev., (Emanate Health Obligated Group), 4.00%, 4/1/36 | 675,000 | | 766,492 | |
| California Statewide Communities Development Authority Rev., (Emanate Health Obligated Group), 4.00%, 4/1/37 | 700,000 | | 794,053 | |
| California Statewide Communities Development Authority Rev., (Emanate Health Obligated Group), 4.00%, 4/1/38 | 1,350,000 | | 1,528,594 | |
| California Statewide Communities Development Authority Rev., (Emanate Health Obligated Group), 4.00%, 4/1/40 | 650,000 | | 732,996 | |
| California Statewide Communities Development Authority Rev., (Enloe Medical Center), 5.00%, 8/15/27 (California Mortgage Insurance) | 2,485,000 | | 2,823,355 | |
| California Statewide Communities Development Authority Rev., (Enloe Medical Center), 5.00%, 8/15/28 (California Mortgage Insurance) | 640,000 | | 726,697 | |
| California Statewide Communities Development Authority Rev., (Front Porch Communities & Services), 5.00%, 4/1/24 | 210,000 | | 225,400 | |
| California Statewide Communities Development Authority Rev., (Front Porch Communities & Services), 5.00%, 4/1/25 | 275,000 | | 303,365 | |
| California Statewide Communities Development Authority Rev., (Front Porch Communities & Services), 5.00%, 4/1/30 | 145,000 | | 167,317 | |
| California Statewide Communities Development Authority Rev., (Front Porch Communities & Services), 5.00%, 4/1/31 | 125,000 | | 143,833 | |
| California Statewide Communities Development Authority Rev., (Front Porch Communities & Services), 4.00%, 4/1/32 | 185,000 | | 203,383 | |
| California Statewide Communities Development Authority Rev., (HumanGood California Obligated Group), 5.00%, 10/1/22 | 1,065,000 | | 1,088,947 | |
| California Statewide Communities Development Authority Rev., (Kaiser Foundation Hospitals), 5.00%, 4/1/42 | 8,400,000 | | 8,428,637 | |
| California Statewide Communities Development Authority Rev., (Kaiser Foundation Hospitals), VRN, 5.00%, 4/1/45 | 10,975,000 | | 13,549,137 | |
California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 4.00%, 6/1/26(3) | 3,000,000 | | 3,138,530 | |
California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 5.00%, 6/1/34(3) | 375,000 | | 430,880 | |
California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 5.00%, 6/1/39(3) | 475,000 | | 541,757 | |
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/26(3) | 5,000,000 | | 5,683,747 | |
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/33(3) | 1,000,000 | | 1,171,512 | |
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/36(3) | 6,500,000 | | 7,300,327 | |
| California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/44 | 1,085,000 | | 1,183,470 | |
| California Statewide Communities Development Authority Rev., (Methodist Hospital of Southern California Obligated Group), 5.00%, 1/1/33 | 2,000,000 | | 2,334,899 | |
| | | | | | | | |
| Principal Amount | Value |
| California Statewide Communities Development Authority Rev., (Methodist Hospital of Southern California Obligated Group), 5.00%, 1/1/35 | $ | 5,175,000 | | $ | 6,032,700 | |
| California Statewide Communities Development Authority Rev., (Methodist Hospital of Southern California Obligated Group), 5.00%, 1/1/36 | 4,560,000 | | 5,312,205 | |
| California Statewide Communities Development Authority Rev., (Methodist Hospital of Southern California Obligated Group), 5.00%, 1/1/38 | 3,825,000 | | 4,445,776 | |
| California Statewide Communities Development Authority Rev., (Montage Health Obligated Group), 4.00%, 6/1/23 | 1,250,000 | | 1,296,396 | |
| California Statewide Communities Development Authority Rev., (Montage Health Obligated Group), 4.00%, 6/1/24 | 2,000,000 | | 2,119,778 | |
| California Statewide Communities Development Authority Rev., (Montage Health Obligated Group), 4.00%, 6/1/25 | 1,175,000 | | 1,271,294 | |
| California Statewide Communities Development Authority Rev., (Montage Health Obligated Group), 4.00%, 6/1/26 | 900,000 | | 991,303 | |
| California Statewide Communities Development Authority Rev., (Montage Health Obligated Group), 4.00%, 6/1/27 | 1,000,000 | | 1,123,167 | |
| California Statewide Communities Development Authority Rev., (Redlands Community Hospital), 5.00%, 10/1/28 | 1,000,000 | | 1,145,167 | |
| California Statewide Communities Development Authority Rev., (Redlands Community Hospital), 5.00%, 10/1/29 | 600,000 | | 683,972 | |
| California Statewide Communities Development Authority Rev., (Redlands Community Hospital), 5.00%, 10/1/31 | 870,000 | | 988,477 | |
| California Statewide Communities Development Authority Rev., (Southern California Edison Co.), VRN, 2.625%, 11/1/33 | 4,750,000 | | 4,843,294 | |
| California Statewide Communities Development Authority Rev., (Viamonte Senior Living 1, Inc.), 3.00%, 7/1/26 (California Mortgage Insurance) | 2,750,000 | | 2,753,527 | |
| California Statewide Communities Development Authority Rev., (Viamonte Senior Living 1, Inc.), 3.00%, 7/1/27 (California Mortgage Insurance) | 1,500,000 | | 1,501,918 | |
| California Statewide Communities Development Authority Special Tax, 5.00%, 9/1/27 | 685,000 | | 745,522 | |
| California Statewide Communities Development Authority Special Tax, 5.00%, 9/1/37 | 2,225,000 | | 2,524,033 | |
| California Statewide Communities Development Authority Special Tax, 4.00%, 9/1/40 | 1,080,000 | | 1,170,434 | |
| Carson Public Financing Authority Rev., (Carson Reassessment District No. 2001-1), 5.00%, 9/2/24 | 1,400,000 | | 1,507,879 | |
| Carson Public Financing Authority Rev., (Carson Reassessment District No. 2001-1), 5.00%, 9/2/31 | 1,000,000 | | 1,219,693 | |
| Cathedral City Redevelopment Agency Successor Agency Tax Allocation, 4.00%, 8/1/25 (BAM) | 235,000 | | 252,446 | |
| Cathedral City Redevelopment Agency Successor Agency Tax Allocation, 4.00%, 8/1/28 (BAM) | 200,000 | | 223,230 | |
| Cathedral City Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/28 (AGM) | 1,190,000 | | 1,281,666 | |
| Cathedral City Redevelopment Agency Successor Agency Tax Allocation, 4.00%, 8/1/31 (BAM) | 760,000 | | 862,842 | |
Chaffey Joint Union High School District GO, 5.00%, 8/1/23, Prerefunded at 100% of Par(2) | 3,125,000 | | 3,301,158 | |
Chaffey Joint Union High School District GO, 5.00%, 8/1/23, Prerefunded at 100% of Par(2) | 1,220,000 | | 1,288,772 | |
| Chino Community Facilities District Special Tax, (Chino Community Facilities District No. 2003-3), 4.00%, 9/1/36 | 1,525,000 | | 1,671,433 | |
| Chino Community Facilities District Special Tax, (Chino Community Facilities District No. 2003-3), 4.00%, 9/1/40 | 700,000 | | 762,471 | |
| Chino Community Facilities District Special Tax, (Chino Community Facilities District No. 2019-1), 4.00%, 9/1/35 | 500,000 | | 545,812 | |
| Chino Hills Financing Authority Special Tax, 4.00%, 9/1/22 | 500,000 | | 507,313 | |
| | | | | | | | |
| Principal Amount | Value |
| Chino Hills Financing Authority Special Tax, 4.00%, 9/1/23 | $ | 500,000 | | $ | 521,403 | |
| City & County of San Francisco GO, 5.00%, 6/15/25 | 1,880,000 | | 1,975,106 | |
| City & County of San Francisco GO, 4.00%, 6/15/37 | 2,295,000 | | 2,599,979 | |
City & County of San Francisco, Special Tax District No. 2020-1 Special Tax, 4.00%, 9/1/26(3) | 100,000 | | 105,799 | |
City & County of San Francisco, Special Tax District No. 2020-1 Special Tax, 4.00%, 9/1/31(3) | 150,000 | | 162,845 | |
City & County of San Francisco, Special Tax District No. 2020-1 Special Tax, 4.00%, 9/1/41(3) | 850,000 | | 922,563 | |
Clovis Unified School District GO, Capital Appreciation, 0.00%, 8/1/24 (NATL)(1) | 5,935,000 | | 5,724,225 | |
| Commerce Community Development Commission Successor Agency Tax Allocation, 5.00%, 8/1/22 | 350,000 | | 356,012 | |
| Commerce Community Development Commission Successor Agency Tax Allocation, 5.00%, 8/1/23 (AGM) | 600,000 | | 631,818 | |
| Compton Unified School District COP, 4.00%, 6/1/34 (BAM) | 575,000 | | 629,995 | |
| Compton Unified School District COP, 4.00%, 6/1/36 (BAM) | 730,000 | | 798,677 | |
| Compton Unified School District COP, 4.00%, 6/1/38 (BAM) | 1,025,000 | | 1,120,364 | |
| Contra Costa Transportation Authority Rev., 5.00%, 3/1/29 | 1,000,000 | | 1,172,299 | |
| Contra Costa Transportation Authority Rev., 5.00%, 3/1/30 | 1,250,000 | | 1,464,056 | |
| Contra Costa Transportation Authority Rev., 5.00%, 3/1/31 | 1,000,000 | | 1,169,140 | |
CSCDA Community Improvement Authority Rev., (Dublin), 2.45%, 2/1/47(3) | 2,000,000 | | 1,779,982 | |
CSCDA Community Improvement Authority Rev., (Escondido Portfolio), 4.00%, 4/1/57(3) | 1,650,000 | | 1,452,366 | |
CSCDA Community Improvement Authority Rev., (Oceanaire Apartments), 3.20%, 9/1/46(3) | 5,000,000 | | 4,569,322 | |
CSCDA Community Improvement Authority Rev., (Pasadena Portfolio), 2.65%, 12/1/46(3) | 500,000 | | 456,596 | |
CSCDA Community Improvement Authority Rev., (Westgate Apartments), 2.80%, 3/1/47(3) | 7,500,000 | | 6,817,215 | |
CSCDA Community Improvement Authority Rev., (Westgate Apartments), 4.00%, 6/1/57(3) | 705,000 | | 616,007 | |
| Davis Redevelopment Successor Agency Tax Allocation, 5.00%, 9/1/32 | 1,000,000 | | 1,214,680 | |
| Del Mar Race Track Authority Rev., 5.00%, 10/1/35 | 660,000 | | 670,698 | |
| Del Mar Union School District Special Tax, (Del Mar Union School District Community Facilities District No. 99-1), 4.00%, 9/1/30 | 225,000 | | 247,341 | |
| Del Mar Union School District Special Tax, (Del Mar Union School District Community Facilities District No. 99-1), 4.00%, 9/1/31 | 250,000 | | 274,062 | |
| Del Mar Union School District Special Tax, (Del Mar Union School District Community Facilities District No. 99-1), 4.00%, 9/1/32 | 275,000 | | 301,020 | |
| Del Mar Union School District Special Tax, (Del Mar Union School District Community Facilities District No. 99-1), 4.00%, 9/1/33 | 265,000 | | 289,815 | |
| Del Mar Union School District Special Tax, (Del Mar Union School District Community Facilities District No. 99-1), 4.00%, 9/1/34 | 300,000 | | 327,572 | |
| Del Mar Union School District Special Tax, (Del Mar Union School District Community Facilities District No. 99-1), 4.00%, 9/1/35 | 500,000 | | 545,450 | |
| Del Mar Union School District Special Tax, (Del Mar Union School District Community Facilities District No. 99-1), 4.00%, 9/1/37 | 1,350,000 | | 1,470,551 | |
| Del Mar Union School District Special Tax, (Del Mar Union School District Community Facilities District No. 99-1), 4.00%, 9/1/39 | 1,290,000 | | 1,400,473 | |
| Desert Sands Unified School District GO, 5.00%, 8/1/39 | 1,750,000 | | 2,048,426 | |
| | | | | | | | |
| Principal Amount | Value |
| Dixon Special Tax, (Dixon Community Facilities District No. 2019-1 Homestead), 4.00%, 9/1/36 | $ | 200,000 | | $ | 219,315 | |
| Dixon Special Tax, (Dixon Community Facilities District No. 2019-1 Homestead), 4.00%, 9/1/40 | 375,000 | | 408,467 | |
| East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/24 | 4,140,000 | | 4,496,675 | |
| East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/31 | 7,360,000 | | 8,213,359 | |
| East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/32 | 1,000,000 | | 1,232,600 | |
| East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/34 | 1,000,000 | | 1,228,167 | |
| East Side Union High School District GO, 5.00%, 8/1/25 | 1,405,000 | | 1,430,024 | |
| Eastern Municipal Water District Rev., 4.00%, 7/1/28 | 2,480,000 | | 2,859,298 | |
| Eastern Municipal Water District Rev., 4.00%, 7/1/29 | 1,000,000 | | 1,170,673 | |
| Eastern Municipal Water District Rev., VRN, 0.30%, (MUNIPSA plus 0.10%), 7/1/46 | 5,750,000 | | 5,751,326 | |
| Elk Grove Finance Authority Special Tax, 5.00%, 9/1/30 | 1,715,000 | | 1,921,321 | |
| Fairfield Community Facilities District Special Tax, 4.00%, 9/1/36 | 545,000 | | 596,857 | |
| Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 19), 5.00%, 9/1/39 | 875,000 | | 993,837 | |
| Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 23), 4.00%, 9/1/35 | 1,690,000 | | 1,834,825 | |
| Fontana Special Tax, 4.00%, 9/1/36 | 2,230,000 | | 2,439,678 | |
| Fontana Special Tax, (Fontana Community Facilities District No. 22), 5.00%, 9/1/22 | 520,000 | | 530,047 | |
| Fontana Special Tax, (Fontana Community Facilities District No. 22), 5.00%, 9/1/24 | 575,000 | | 618,683 | |
| Fontana Special Tax, (Fontana Community Facilities District No. 31), 4.00%, 9/1/28 | 750,000 | | 815,152 | |
| Fontana Special Tax, (Fontana Community Facilities District No. 31), 4.00%, 9/1/29 | 555,000 | | 601,510 | |
| Fontana Special Tax, (Fontana Community Facilities District No. 31), 4.00%, 9/1/30 | 1,110,000 | | 1,195,668 | |
| Fontana Special Tax, (Fontana Community Facilities District No. 31), 4.00%, 9/1/31 | 925,000 | | 994,681 | |
| Fontana Special Tax, (Fontana Community Facilities District No. 31), 4.00%, 9/1/32 | 1,000,000 | | 1,074,529 | |
| Fontana Special Tax, (Fontana Community Facilities District No. 85), 4.00%, 9/1/32 | 245,000 | | 268,273 | |
| Fontana Special Tax, (Fontana Community Facilities District No. 85), 4.00%, 9/1/36 | 550,000 | | 600,259 | |
| Fontana Special Tax, (Fontana Community Facilities District No. 85), 4.00%, 9/1/40 | 680,000 | | 737,286 | |
| Fontana Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 10/1/29 | 2,100,000 | | 2,472,958 | |
| Fontana Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 10/1/32 | 1,495,000 | | 1,751,030 | |
| Foothill-Eastern Transportation Corridor Agency Rev., 5.00%, 1/15/26 | 100,000 | | 111,704 | |
| Foothill-Eastern Transportation Corridor Agency Rev., 5.00%, 1/15/27 | 100,000 | | 114,255 | |
| Foothill-Eastern Transportation Corridor Agency Rev., 5.00%, 1/15/28 | 150,000 | | 174,734 | |
| Foothill-Eastern Transportation Corridor Agency Rev., 5.00%, 1/15/30 | 300,000 | | 361,043 | |
| Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/32 | 350,000 | | 391,476 | |
| Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/33 | 3,741,000 | | 4,175,974 | |
| | | | | | | | |
| Principal Amount | Value |
| Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/33 | $ | 250,000 | | $ | 278,858 | |
| Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/43 | 525,000 | | 574,958 | |
Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/33(1) | 750,000 | | 564,690 | |
Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/42(1) | 6,070,000 | | 3,225,982 | |
| Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, VRN, 0.00%, 1/15/42 | 2,300,000 | | 2,803,386 | |
| Foothill-Eastern Transportation Corridor Agency Rev., VRN, 5.50%, 1/15/53 | 10,000,000 | | 10,171,740 | |
| Fremont Union High School District GO, 5.00%, 8/1/32 | 3,260,000 | | 3,845,512 | |
| Fremont Union High School District GO, 5.00%, 8/1/33 | 750,000 | | 883,849 | |
| Fremont Union High School District GO, 5.00%, 8/1/34 | 660,000 | | 777,037 | |
| Fremont Union High School District GO, 4.00%, 8/1/35 | 1,250,000 | | 1,400,818 | |
| Fresno Joint Powers Financing Authority Rev., 5.00%, 4/1/24 (AGM) | 1,350,000 | | 1,446,982 | |
| Fresno Joint Powers Financing Authority Rev., 5.00%, 4/1/26 (AGM) | 1,650,000 | | 1,867,636 | |
| Fresno Joint Powers Financing Authority Rev., 5.00%, 4/1/28 (AGM) | 1,400,000 | | 1,617,061 | |
| Fresno Joint Powers Financing Authority Rev., 5.00%, 4/1/29 (AGM) | 1,000,000 | | 1,152,417 | |
| Fresno Joint Powers Financing Authority Rev., 5.00%, 4/1/30 (AGM) | 1,350,000 | | 1,551,522 | |
| Fresno Unified School District GO, 4.00%, 8/1/37 | 1,000,000 | | 1,143,274 | |
| Fresno Unified School District GO, 4.00%, 8/1/40 | 1,780,000 | | 2,025,206 | |
| Fullerton Public Financing Authority Rev., (Marshall B Ketchum University), 4.00%, 2/1/36 | 615,000 | | 695,465 | |
| Fullerton Public Financing Authority Rev., (Marshall B Ketchum University), 4.00%, 2/1/41 | 2,535,000 | | 2,844,726 | |
| Fullerton Public Financing Authority Rev., (Marshall B Ketchum University), 4.00%, 2/1/46 | 2,055,000 | | 2,284,242 | |
| Fullerton Redevelopment Agency Successor Agency Tax Allocation, 4.00%, 9/1/27 (BAM) | 1,885,000 | | 2,118,251 | |
| Garden Grove Agency Community Development Successor Agency Tax Allocation, 5.00%, 10/1/22 (BAM) | 500,000 | | 511,834 | |
| Garden Grove Agency Community Development Successor Agency Tax Allocation, 5.00%, 10/1/23 (BAM) | 500,000 | | 529,790 | |
Golden State Tobacco Securitization Corp. Rev., 3.50%, 6/1/22, Prerefunded at 100% of Par(2) | 8,510,000 | | 8,572,126 | |
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/22(2) | 2,070,000 | | 2,092,297 | |
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/23(2) | 3,000,000 | | 3,149,202 | |
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/23, Prerefunded at 100% of Par(2) | 6,650,000 | | 6,980,732 | |
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/23, Prerefunded at 100% of Par(2) | 1,000,000 | | 1,049,734 | |
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/24(2) | 7,435,000 | | 8,042,686 | |
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/25, Prerefunded at 100% of Par(2) | 1,000,000 | | 1,115,269 | |
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/26(2) | 6,000,000 | | 6,867,827 | |
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/27, Prerefunded at 100% of Par(2) | 2,000,000 | | 2,347,853 | |
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/27(2) | 7,960,000 | | 9,344,454 | |
| | | | | | | | |
| Principal Amount | Value |
Golden State Tobacco Securitization Corp. Rev., Capital Appreciation, 0.00%, 6/1/25 (AGM)(1)(2) | $ | 3,000,000 | | $ | 2,866,326 | |
Grossmont-Cuyamaca Community College District GO, 5.25%, 8/1/23, Prerefunded at 100% of Par(2) | 750,000 | | 794,357 | |
| Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/45 | 7,680,000 | | 8,588,244 | |
Hayward Area Recreation & Park District COP, 5.125%, 1/1/24, Prerefunded at 100% of Par(2) | 2,750,000 | | 2,946,237 | |
| Hayward Unified School District GO, 4.00%, 8/1/36 (BAM) | 1,000,000 | | 1,121,864 | |
| Hayward Unified School District GO, 4.00%, 8/1/37 (BAM) | 1,000,000 | | 1,118,701 | |
| Hayward Unified School District GO, 4.00%, 8/1/38 (BAM) | 1,000,000 | | 1,113,216 | |
| Hayward Unified School District GO, 4.00%, 8/1/39 (BAM) | 2,360,000 | | 2,620,371 | |
| Hesperia Community Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/33 (AGM) | 4,195,000 | | 4,973,280 | |
Huntington Beach Union High School District GO, 5.00%, 8/1/23, Prerefunded at 100% of Par(2) | 3,030,000 | | 3,200,803 | |
| Imperial Irrigation District Electric System Rev., 5.00%, 11/1/30 | 440,000 | | 540,992 | |
| Imperial Irrigation District Electric System Rev., 5.00%, 11/1/31 | 400,000 | | 491,543 | |
| Imperial Irrigation District Electric System Rev., 5.00%, 11/1/32 | 525,000 | | 645,550 | |
| Imperial Irrigation District Electric System Rev., 5.00%, 11/1/33 | 1,000,000 | | 1,230,122 | |
| Imperial Irrigation District Electric System Rev., 5.00%, 11/1/34 | 1,100,000 | | 1,351,889 | |
| Imperial Irrigation District Electric System Rev., 5.00%, 11/1/35 | 1,520,000 | | 1,866,493 | |
| Imperial Irrigation District Electric System Rev., 5.00%, 11/1/36 | 1,015,000 | | 1,147,806 | |
Independent Cities Finance Authority Rev., (Compton Sales Tax Rev.), 4.00%, 6/1/36 (AGM)(3) | 700,000 | | 790,181 | |
Independent Cities Finance Authority Rev., (Compton Sales Tax Rev.), 4.00%, 6/1/41 (AGM)(3) | 900,000 | | 1,007,490 | |
| Inglewood Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 5/1/22 (BAM) | 350,000 | | 352,509 | |
| Inglewood Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 5/1/23 (BAM) | 1,000,000 | | 1,045,763 | |
| Inglewood Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 5/1/25 (BAM) | 1,500,000 | | 1,666,870 | |
| Inglewood Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 5/1/38 (BAM) | 500,000 | | 579,524 | |
| Inglewood Unified School District GO, 5.00%, 8/1/29 (BAM) | 235,000 | | 269,098 | |
| Inglewood Unified School District GO, 5.00%, 8/1/31 (BAM) | 500,000 | | 571,630 | |
| Inglewood Unified School District GO, 5.00%, 8/1/32 (BAM) | 500,000 | | 570,942 | |
| Inglewood Unified School District GO, 5.00%, 8/1/34 (BAM) | 300,000 | | 342,016 | |
| Inglewood Unified School District GO, 5.00%, 8/1/35 (BAM) | 855,000 | | 973,963 | |
| Inglewood Unified School District GO, 4.00%, 8/1/36 (AGM) | 710,000 | | 804,864 | |
| Inglewood Unified School District GO, 4.00%, 8/1/37 (AGM) | 1,000,000 | | 1,131,201 | |
| Inglewood Unified School District GO, 5.00%, 8/1/37 (BAM) | 500,000 | | 568,656 | |
| Inglewood Unified School District GO, 4.00%, 8/1/39 (AGM) | 1,000,000 | | 1,125,355 | |
| Inglewood Unified School District GO, 4.00%, 8/1/41 (AGM) | 2,310,000 | | 2,587,765 | |
| Inland Valley Development Agency Tax Allocation, 5.25%, 9/1/37 | 1,665,000 | | 1,784,075 | |
| Inland Valley Development Agency Tax Allocation, 5.00%, 9/1/44 | 1,765,000 | | 1,883,013 | |
| Irvine Special Assessment, VRDN, 0.05%, 3/1/22 (LOC: Sumitomo Mitsui Banking) | 2,662,000 | | 2,662,000 | |
| Irvine Rev., VRDN, 0.04%, 3/1/22 (LOC: State Street Bank & Trust Co.) | 1,325,000 | | 1,325,000 | |
| Irvine Special Assessment, 5.00%, 9/2/26 | 1,500,000 | | 1,722,114 | |
| Irvine Special Assessment, (Irvine Assessment District No. 07-22), VRDN, 0.05%, 3/1/22 (LOC: Sumitomo Mitsui Banking) | 3,036,000 | | 3,036,000 | |
| | | | | | | | |
| Principal Amount | Value |
| Irvine Special Assessment, VRDN, 0.04%, 3/1/22 (LOC: State Street Bank & Trust Co.) | $ | 1,343,000 | | $ | 1,343,000 | |
| Irvine Special Tax, 5.00%, 9/1/39 | 1,000,000 | | 1,074,518 | |
| Irvine Unified School District Special Tax, 5.00%, 9/1/23 | 1,135,000 | | 1,196,385 | |
| Irvine Unified School District Special Tax, 5.00%, 9/1/25 | 1,330,000 | | 1,482,453 | |
| Irvine Unified School District Special Tax, 5.00%, 9/1/26 | 640,000 | | 731,131 | |
| Irvine Unified School District Special Tax, 5.00%, 9/1/29 | 360,000 | | 437,645 | |
| Irvine Unified School District Special Tax, 5.00%, 9/1/31 | 350,000 | | 421,420 | |
| Irvine Unified School District Special Tax, 5.00%, 9/1/31 | 1,840,000 | | 2,248,502 | |
| Irvine Unified School District Special Tax, 4.00%, 9/1/33 | 2,110,000 | | 2,344,740 | |
| Irvine Unified School District Special Tax, 5.00%, 9/1/33 | 400,000 | | 480,192 | |
| Irvine Unified School District Special Tax, 4.00%, 9/1/35 | 1,000,000 | | 1,110,560 | |
| Irvine Unified School District Special Tax, 4.00%, 9/1/36 (AGM) | 1,500,000 | | 1,596,597 | |
| Irvine Unified School District Special Tax, 4.00%, 9/1/36 | 1,320,000 | | 1,465,460 | |
| Irvine Unified School District Special Tax, 4.00%, 9/1/37 | 570,000 | | 629,458 | |
| Irvine Unified School District Special Tax, 4.00%, 9/1/37 | 1,355,000 | | 1,502,343 | |
| Irvine Unified School District Special Tax, 4.00%, 9/1/40 | 690,000 | | 756,801 | |
| Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/23 | 625,000 | | 659,569 | |
| Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/23 (BAM) | 800,000 | | 844,493 | |
| Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/24 | 680,000 | | 737,912 | |
| Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/24 (BAM) | 785,000 | | 853,469 | |
| Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/25 | 1,000,000 | | 1,085,678 | |
| Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/25 (BAM) | 370,000 | | 413,349 | |
| Jurupa Unified School District GO, 5.00%, 8/1/37 | 1,075,000 | | 1,257,105 | |
La Quinta Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/24, Prerefunded at 100% of Par(2) | 4,265,000 | | 4,657,913 | |
La Verne COP, (Brethren Hillcrest Homes Obligated Group), 5.00%, 5/15/22(2) | 225,000 | | 227,005 | |
La Verne COP, (Brethren Hillcrest Homes Obligated Group), 5.00%, 5/15/22, Prerefunded at 101% of Par(2) | 635,000 | | 647,001 | |
| Lancaster Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/24 (AGM) | 435,000 | | 472,648 | |
| Lancaster Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/25 (AGM) | 600,000 | | 671,540 | |
| Long Beach Bond Finance Authority Rev., 5.00%, 11/15/35 (GA: Merrill Lynch & Co.) | 1,920,000 | | 2,441,265 | |
| Long Beach Bond Finance Authority Rev., 5.50%, 11/15/37 (GA: Merrill Lynch & Co.) | 1,625,000 | | 2,217,316 | |
| Long Beach Marina System Rev., 5.00%, 5/15/23 | 650,000 | | 676,091 | |
| Long Beach Marina System Rev., 5.00%, 5/15/24 | 1,380,000 | | 1,473,286 | |
| Long Beach Marina System Rev., 5.00%, 5/15/25 | 1,500,000 | | 1,639,588 | |
| Long Beach Marina System Rev., 5.00%, 5/15/27 | 800,000 | | 871,129 | |
| Long Beach Marina System Rev., 5.00%, 5/15/28 | 600,000 | | 651,614 | |
| Long Beach Marina System Rev., 5.00%, 5/15/40 | 2,250,000 | | 2,412,543 | |
| Long Beach Marina System Rev., 5.00%, 5/15/45 | 1,620,000 | | 1,729,223 | |
| Long Beach Unified School District GO, 5.00%, 8/1/28 | 5,000,000 | | 5,783,302 | |
| Los Alamitos Unified School District COP, Capital Appreciation, VRN, 0.00%, 8/1/42 | 3,200,000 | | 3,542,394 | |
| Los Altos Elementary School District Rev., 4.00%, 7/15/22 | 8,800,000 | | 8,905,024 | |
| Los Angeles Community College District GO, 5.00%, 8/1/25 | 5,890,000 | | 6,617,456 | |
| Los Angeles Community College District GO, 5.00%, 6/1/26 | 2,115,000 | | 2,436,941 | |
| Los Angeles Community College District GO, 4.00%, 8/1/38 | 10,000,000 | | 10,990,408 | |
| | | | | | | | |
| Principal Amount | Value |
| Los Angeles Community Facilities District Special Tax, 4.00%, 9/1/38 | $ | 1,000,000 | | $ | 1,093,042 | |
| Los Angeles County COP, 5.00%, 3/1/22 | 1,000,000 | | 1,000,000 | |
| Los Angeles County Metropolitan Transportation Authority Rev., 5.00%, 6/1/25 | 10,000,000 | | 11,176,387 | |
| Los Angeles County Metropolitan Transportation Authority Rev., 5.00%, 7/1/32 | 8,000,000 | | 9,647,110 | |
| Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy Tax Allocation, 5.00%, 8/1/35 | 1,220,000 | | 1,356,664 | |
| Los Angeles County Sanitation Districts Financing Authority Rev., 5.00%, 10/1/23 | 2,855,000 | | 3,033,460 | |
| Los Angeles County Sanitation Districts Financing Authority Rev., 5.00%, 10/1/26 | 2,700,000 | | 3,051,269 | |
| Los Angeles County Sanitation Districts Financing Authority Rev., (Los Angeles County Sanitation District No. 14), 5.00%, 10/1/26 | 750,000 | | 868,923 | |
| Los Angeles County Sanitation Districts Financing Authority Rev., (Los Angeles County Sanitation District No. 14), 5.00%, 10/1/27 | 850,000 | | 1,009,995 | |
| Los Angeles County Sanitation Districts Financing Authority Rev., (Los Angeles County Sanitation District No. 14), 5.00%, 10/1/28 | 650,000 | | 790,249 | |
| Los Angeles Department of Airports Rev., 5.00%, 5/15/26 | 1,500,000 | | 1,664,250 | |
| Los Angeles Department of Airports Rev., 5.00%, 5/15/27 | 1,280,000 | | 1,420,160 | |
| Los Angeles Department of Airports Rev., 5.00%, 5/15/33 | 1,350,000 | | 1,572,907 | |
| Los Angeles Department of Airports Rev., 5.00%, 5/15/34 | 1,250,000 | | 1,456,157 | |
| Los Angeles Department of Airports Rev., 5.00%, 5/15/35 | 1,500,000 | | 1,746,156 | |
| Los Angeles Department of Airports Rev., 5.00%, 5/15/36 | 5,000,000 | | 6,107,836 | |
| Los Angeles Department of Airports Rev., 5.00%, 5/15/38 | 2,500,000 | | 3,013,062 | |
| Los Angeles Department of Airports Rev., 5.00%, 5/15/39 | 6,170,000 | | 7,424,482 | |
| Los Angeles Department of Airports Rev., 5.00%, 5/15/39 | 5,000,000 | | 6,078,031 | |
| Los Angeles Department of Water Rev., 5.00%, 7/1/23 | 1,215,000 | | 1,279,707 | |
| Los Angeles Department of Water Rev., 5.00%, 7/1/23 | 1,180,000 | | 1,242,843 | |
| Los Angeles Department of Water Rev., 5.00%, 7/1/23 | 1,445,000 | | 1,521,956 | |
| Los Angeles Department of Water Rev., 5.00%, 7/1/24 | 1,500,000 | | 1,521,688 | |
| Los Angeles Department of Water Rev., 5.00%, 7/1/25 | 3,940,000 | | 4,417,114 | |
| Los Angeles Department of Water Rev., 5.00%, 7/1/26 | 4,040,000 | | 4,651,097 | |
| Los Angeles Department of Water Rev., 5.00%, 7/1/27 | 2,125,000 | | 2,510,171 | |
| Los Angeles Department of Water Rev., 5.00%, 7/1/28 | 2,840,000 | | 3,397,894 | |
| Los Angeles Department of Water Rev., 5.00%, 7/1/29 | 6,030,000 | | 7,185,490 | |
| Los Angeles Department of Water Rev., VRDN, 0.03%, 3/1/22 (SBBPA: Barclays Bank plc) | 1,400,000 | | 1,400,000 | |
| Los Angeles Department of Water Rev., VRDN, 0.04%, 3/1/22 (SBBPA: Barclays Bank plc) | 15,100,000 | | 15,100,000 | |
| Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/25 | 1,525,000 | | 1,703,882 | |
| Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/25 | 1,825,000 | | 1,850,895 | |
| Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/26 | 1,300,000 | | 1,390,004 | |
| Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/26 | 1,000,000 | | 1,149,090 | |
| Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/26 | 1,000,000 | | 1,013,987 | |
| Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/27 | 6,470,000 | | 6,807,489 | |
| Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/38 | 3,000,000 | | 3,374,081 | |
| | | | | | | | |
| Principal Amount | Value |
| Los Angeles Department of Water & Power System Rev., VRDN, 0.03%, 3/1/22 (SBBPA: Barclays Bank) | $ | 800,000 | | $ | 800,000 | |
| Los Angeles Department of Water & Power System Rev., VRDN, 0.05%, 3/1/22 (SBBPA: TD Bank N.A.) | 5,605,000 | | 5,605,000 | |
| Los Angeles Department of Water & Power System Rev., VRDN, 0.07%, 3/1/22 (SBBPA: Bank of America N.A.) | 7,200,000 | | 7,200,000 | |
| Los Angeles Unified School District COP, 5.00%, 10/1/29 | 1,700,000 | | 1,739,029 | |
| Los Angeles Unified School District GO, 5.00%, 7/1/24 | 5,975,000 | | 6,498,751 | |
| Los Angeles Unified School District GO, 5.00%, 7/1/26 | 3,555,000 | | 3,858,042 | |
| Los Angeles Unified School District GO, 5.00%, 7/1/26 | 2,500,000 | | 2,873,608 | |
| Los Angeles Unified School District GO, 5.00%, 7/1/26 | 3,000,000 | | 3,448,330 | |
| Los Angeles Unified School District GO, 5.00%, 7/1/27 | 1,050,000 | | 1,137,736 | |
| Los Angeles Unified School District GO, 4.00%, 7/1/37 | 4,200,000 | | 4,898,289 | |
| Los Angeles Wastewater System Rev., 5.00%, 6/1/35 | 1,500,000 | | 1,809,770 | |
| M-S-R Energy Authority Rev., 7.00%, 11/1/34 (GA: Citigroup Global Markets) | 5,880,000 | | 8,393,833 | |
| M-S-R Energy Authority Rev., 7.00%, 11/1/34 (GA: Citigroup Global Markets) | 1,000,000 | | 1,427,523 | |
| M-S-R Energy Authority Rev., 6.50%, 11/1/39 (GA: Citigroup Global Markets) | 1,425,000 | | 2,105,144 | |
| M-S-R Energy Authority Rev., 6.50%, 11/1/39 (GA: Citigroup Global Markets) | 1,180,000 | | 1,743,207 | |
Manhattan Beach Unified School District GO, Capital Appreciation, 0.00%, 9/1/29(1) | 5,905,000 | | 5,086,613 | |
| Menifee Union School District Special Tax, (Community Facilities District No. 2011-1), 4.00%, 9/1/36 | 500,000 | | 545,512 | |
| Menifee Union School District Special Tax, (Community Facilities District No. 2011-1), 4.00%, 9/1/41 | 800,000 | | 865,093 | |
| Metropolitan Water District of Southern California Rev., VRDN, 0.05%, 3/1/22 (SBBPA: TD Bank N.A.) | 1,125,000 | | 1,125,000 | |
| Metropolitan Water District of Southern California Rev., VRDN, 0.05%, 3/1/22 (SBBPA: TD Bank N.A.) | 475,000 | | 475,000 | |
| Metropolitan Water District of Southern California Rev., VRDN, 0.07%, 3/1/22 (SBBPA: PNC Bank N.A.) | 1,300,000 | | 1,300,000 | |
| Metropolitan Water District of Southern California Rev., VRN, 0.34%, (MUNIPSA plus 0.14%), 7/1/37 | 2,800,000 | | 2,798,425 | |
| Middle Fork Project Finance Authority Rev., 5.00%, 4/1/30 | 2,505,000 | | 3,043,359 | |
| Middle Fork Project Finance Authority Rev., 5.00%, 4/1/31 | 3,895,000 | | 4,708,947 | |
| Milpitas Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/25 | 2,325,000 | | 2,613,454 | |
| Milpitas Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/26 | 6,285,000 | | 7,050,494 | |
| Modesto Irrigation District Rev., 5.00%, 10/1/30 | 2,000,000 | | 2,438,241 | |
| Modesto Irrigation District Rev., 5.00%, 10/1/31 | 1,200,000 | | 1,462,884 | |
| Modesto Irrigation District Rev., 5.00%, 10/1/35 | 2,215,000 | | 2,702,972 | |
| Modesto Irrigation District Rev., 5.00%, 10/1/36 | 1,250,000 | | 1,525,862 | |
| Moreno Valley Unified School District Community Facilities District Special Tax, 4.00%, 9/1/36 | 750,000 | | 820,048 | |
| Moreno Valley Unified School District Community Facilities District Special Tax, 4.00%, 9/1/41 | 1,625,000 | | 1,770,374 | |
| Moreno Valley Unified School District Community Facilities District Special Tax, 4.00%, 9/1/46 | 2,230,000 | | 2,403,334 | |
Municipal Improvement Corp. of Los Angeles Rev., 5.00%, 3/1/22, Prerefunded at 100% of Par(2) | 3,000,000 | | 3,000,000 | |
| Municipal Improvement Corp. of Los Angeles Rev., 5.00%, 11/1/22 | 1,000,000 | | 1,028,559 | |
| Municipal Improvement Corp. of Los Angeles Rev., 5.00%, 11/1/25 | 750,000 | | 847,036 | |
| | | | | | | | |
| Principal Amount | Value |
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 5/1/24, Prerefunded at 100% of Par(2) | $ | 750,000 | | $ | 809,702 | |
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 5/1/24, Prerefunded at 100% of Par(2) | 750,000 | | 809,702 | |
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 5/1/24, Prerefunded at 100% of Par(2) | 750,000 | | 809,702 | |
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 5/1/24, Prerefunded at 100% of Par(2) | 1,000,000 | | 1,079,602 | |
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 5/1/24, Prerefunded at 100% of Par(2) | 1,750,000 | | 1,889,304 | |
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 5/1/24, Prerefunded at 100% of Par(2) | 1,500,000 | | 1,619,403 | |
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 5/1/24, Prerefunded at 100% of Par(2) | 2,085,000 | | 2,250,971 | |
| Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 11/1/24 | 1,000,000 | | 1,098,803 | |
| Napa Valley Community College District GO, Capital Appreciation, VRN, 4.00%, 8/1/22 | 5,745,000 | | 5,818,804 | |
| Napa Valley Community College District GO, Capital Appreciation, VRN, 4.00%, 8/1/33 | 2,850,000 | | 3,086,569 | |
| Napa Valley Community College District GO, Capital Appreciation, VRN, 4.00%, 8/1/34 | 1,500,000 | | 1,623,327 | |
| Natomas Unified School District GO, 5.00%, 9/1/26 (BAM) | 1,785,000 | | 1,887,017 | |
| New Haven Unified School District GO, 4.00%, 8/1/38 | 250,000 | | 282,145 | |
| Norman Y Mineta San Jose International Airport SJC Rev., 5.00%, 3/1/27 | 1,295,000 | | 1,381,948 | |
| Norman Y Mineta San Jose International Airport SJC Rev., 5.00%, 3/1/28 | 1,500,000 | | 1,599,182 | |
| Norman Y Mineta San Jose International Airport SJC Rev., 5.00%, 3/1/30 | 1,750,000 | | 1,864,286 | |
| Norman Y Mineta San Jose International Airport SJC Rev., 5.00%, 3/1/31 | 1,000,000 | | 1,064,288 | |
| Northern California Energy Authority Rev., VRN, 4.00%, 7/1/49 (GA: Goldman Sachs Group, Inc.) | 13,300,000 | | 13,978,470 | |
| Northern California Power Agency Rev., 5.00%, 7/1/26 | 1,750,000 | | 1,775,539 | |
| Northern California Power Agency Rev., 5.00%, 7/1/27 | 2,000,000 | | 2,028,918 | |
| Northern California Transmission Agency Rev., 5.00%, 5/1/28 | 1,000,000 | | 1,140,354 | |
| Northern California Transmission Agency Rev., 5.00%, 5/1/29 | 1,000,000 | | 1,137,751 | |
| Northern California Transmission Agency Rev., 5.00%, 5/1/30 | 1,855,000 | | 2,110,528 | |
| Novato Redevelopment Agency Successor Agency Tax Allocation, 4.00%, 9/1/36 | 1,825,000 | | 2,064,459 | |
| Novato Redevelopment Agency Successor Agency Tax Allocation, 4.00%, 9/1/37 | 1,900,000 | | 2,148,164 | |
| Novato Redevelopment Agency Successor Agency Tax Allocation, 4.00%, 9/1/38 | 1,420,000 | | 1,602,725 | |
| Oakland Sewer Rev., 5.00%, 6/15/26 | 1,200,000 | | 1,301,337 | |
| Oakland Unified School District / Alameda County GO, 5.00%, 8/1/22 | 230,000 | | 234,203 | |
Oakland Unified School District / Alameda County GO, 5.50%, 8/1/22, Prerefunded at 100% of Par(2) | 3,150,000 | | 3,211,534 | |
| Oakland Unified School District / Alameda County GO, 5.00%, 8/1/23 | 1,400,000 | | 1,479,530 | |
| Oakland Unified School District / Alameda County GO, 5.00%, 8/1/25 | 650,000 | | 727,040 | |
| Oakland Unified School District / Alameda County GO, 5.00%, 8/1/25 | 3,700,000 | | 4,138,538 | |
| Oakland Unified School District / Alameda County GO, 5.00%, 8/1/26 | 2,675,000 | | 3,069,292 | |
| Ontario Community Facilities District No. 24 Special Tax, 4.00%, 9/1/22 | 300,000 | | 303,862 | |
| | | | | | | | |
| Principal Amount | Value |
| Ontario Community Facilities District No. 24 Special Tax, 4.00%, 9/1/23 | $ | 60,000 | | $ | 61,996 | |
| Ontario Community Facilities District No. 30 Special Tax, 4.00%, 9/1/24 | 315,000 | | 330,886 | |
| Ontario Community Facilities District No. 30 Special Tax, 4.00%, 9/1/25 | 325,000 | | 346,786 | |
| Ontario Community Facilities District No. 30 Special Tax, 4.00%, 9/1/26 | 340,000 | | 365,336 | |
| Ontario Community Facilities District No. 30 Special Tax, 4.00%, 9/1/29 | 230,000 | | 245,720 | |
| Orange County Special Assessment, 3.00%, 9/2/25 | 285,000 | | 300,462 | |
| Orange County Special Assessment, 5.00%, 9/2/26 | 600,000 | | 692,233 | |
| Orange County Special Assessment, 5.00%, 9/2/28 | 600,000 | | 726,127 | |
| Orange County Special Assessment, 5.00%, 9/2/30 | 875,000 | | 1,046,768 | |
| Orange County Airport Rev., 5.00%, 7/1/24 | 1,470,000 | | 1,593,538 | |
| Orange County Airport Rev., 5.00%, 7/1/25 | 1,000,000 | | 1,116,234 | |
| Orange County Airport Rev., 5.00%, 7/1/26 | 1,000,000 | | 1,143,557 | |
| Orange County Community Facilities District Special Tax, 5.00%, 8/15/28 | 1,960,000 | | 2,004,935 | |
| Orange County Community Facilities District Special Tax, 5.00%, 8/15/29 | 2,000,000 | | 2,230,227 | |
| Orange County Community Facilities District Special Tax, 5.00%, 8/15/30 | 2,220,000 | | 2,474,779 | |
| Orange County Community Facilities District Special Tax, 5.00%, 8/15/32 | 2,575,000 | | 2,863,930 | |
| Orange County Community Facilities District Special Tax, 5.00%, 8/15/35 | 975,000 | | 1,064,454 | |
| Orange County Transportation Authority Rev., 5.00%, 10/15/24 | 22,145,000 | | 24,269,589 | |
| Oroville Rev., (Oroville Hospital), 5.25%, 4/1/34 | 1,685,000 | | 1,889,321 | |
| Oroville Rev., (Oroville Hospital), 5.25%, 4/1/39 | 3,500,000 | | 3,897,531 | |
| Oxnard Financing Authority Rev., 5.00%, 6/1/25 (AGM) | 2,000,000 | | 2,161,611 | |
| Oxnard Financing Authority Rev., 5.00%, 6/1/26 (AGM) | 3,690,000 | | 3,985,608 | |
| Oxnard Financing Authority Rev., 5.00%, 6/1/28 (AGM) | 1,515,000 | | 1,633,563 | |
| Oxnard Financing Authority Rev., 5.00%, 6/1/32 (AGM) | 2,500,000 | | 2,685,849 | |
| Oxnard Financing Authority Rev., 5.00%, 6/1/33 (AGM) | 1,000,000 | | 1,073,880 | |
Oxnard School District GO, VRN, 5.00%, 8/1/25, Prerefunded at 100% of Par (AGM)(2) | 3,750,000 | | 4,209,138 | |
| Palm Desert Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 10/1/30 (BAM) | 350,000 | | 406,508 | |
| Palmdale Community Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/28 (NATL) | 2,150,000 | | 2,474,711 | |
| Palmdale Community Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/29 (NATL) | 2,075,000 | | 2,381,918 | |
| Palmdale Community Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/30 (NATL) | 1,215,000 | | 1,391,446 | |
| Palomar Health COP, (Palomar Health Obligated Group), 5.00%, 11/1/22 | 770,000 | | 790,059 | |
| Palomar Health COP, (Palomar Health Obligated Group), 5.00%, 11/1/25 | 650,000 | | 728,154 | |
| Palomar Health COP, (Palomar Health Obligated Group), 5.00%, 11/1/26 | 475,000 | | 545,738 | |
| Palomar Health COP, (Palomar Health Obligated Group), 5.00%, 11/1/27 | 720,000 | | 846,040 | |
| Palomar Health COP, (Palomar Health Obligated Group), 5.00%, 11/1/32 | 4,000,000 | | 4,640,603 | |
| Palomar Health GO, 5.00%, 8/1/23 | 1,900,000 | | 1,993,892 | |
| Palomar Health GO, 5.00%, 8/1/28 | 1,340,000 | | 1,513,390 | |
| | | | | | | | |
| Principal Amount | Value |
| Palomar Health GO, Capital Appreciation, VRN, 7.00%, 8/1/38 (AGC) | $ | 3,330,000 | | $ | 4,487,271 | |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/22 | 1,000,000 | | 1,026,051 | |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/24 | 2,375,000 | | 2,590,016 | |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/27 | 4,100,000 | | 4,705,971 | |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/29 | 4,585,000 | | 5,231,800 | |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/39 | 4,080,000 | | 4,620,572 | |
Palos Verdes Peninsula Unified School District GO, 0.00%, 8/1/33(1) | 2,600,000 | | 2,024,220 | |
Peninsula Corridor Joint Powers Board Rev., 5.00%, 6/1/25(4) | 1,200,000 | | 1,345,650 | |
Peninsula Corridor Joint Powers Board Rev., 5.00%, 6/1/27(4) | 1,000,000 | | 1,184,459 | |
Peninsula Corridor Joint Powers Board Rev., 5.00%, 6/1/29(4) | 850,000 | | 1,053,916 | |
| Peninsula Corridor Joint Powers Board Rev., 5.00%, 10/1/31 | 1,045,000 | | 1,270,015 | |
| Peninsula Corridor Joint Powers Board Rev., 5.00%, 10/1/32 | 785,000 | | 952,710 | |
| Peninsula Corridor Joint Powers Board Rev., 5.00%, 10/1/36 | 300,000 | | 362,756 | |
| Peninsula Corridor Joint Powers Board Rev., 5.00%, 10/1/37 | 435,000 | | 525,769 | |
| Peninsula Corridor Joint Powers Board Rev., 5.00%, 10/1/38 | 550,000 | | 663,644 | |
| Peninsula Corridor Joint Powers Board Rev., 5.00%, 10/1/39 | 1,210,000 | | 1,457,607 | |
| Peralta Community College District GO, 5.00%, 8/1/22 | 2,145,000 | | 2,182,299 | |
| Peralta Community College District GO, 5.00%, 8/1/25 | 620,000 | | 696,132 | |
| Peralta Community College District GO, 5.00%, 8/1/26 | 550,000 | | 635,652 | |
| Peralta Community College District GO, 5.00%, 8/1/27 | 500,000 | | 592,946 | |
| Pittsburg Successor Agency Redevelopment Agency Tax Allocation, 5.00%, 9/1/29 (AGM) | 3,000,000 | | 3,431,107 | |
| Pomona Unified School District GO, 6.55%, 8/1/29 (NATL) | 1,000,000 | | 1,190,300 | |
Poway Unified School District GO, Capital Appreciation, 0.00%, 8/1/41(1) | 4,890,000 | | 2,854,439 | |
| Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/31 | 1,635,000 | | 1,876,983 | |
| Regents of the University of California Medical Center Pooled Rev., 5.00%, 5/15/33 | 3,015,000 | | 3,424,549 | |
| Regents of the University of California Medical Center Pooled Rev., 5.00%, 5/15/34 | 2,000,000 | | 2,269,931 | |
| Regents of the University of California Medical Center Pooled Rev. Rev., VRDN, 0.06%, 3/1/22 | 2,500,000 | | 2,500,000 | |
| Rio Elementary School District Community Facilities District Special Tax, 5.00%, 9/1/24 | 700,000 | | 754,782 | |
| Riverside County Transportation Commission Rev., 4.00%, 6/1/41 | 2,500,000 | | 2,800,771 | |
Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/28(1) | 1,000,000 | | 854,360 | |
Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/30(1) | 1,000,000 | | 800,669 | |
Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/31(1) | 1,555,000 | | 1,204,416 | |
| Riverside Sewer Rev., 5.00%, 8/1/25 | 1,630,000 | | 1,824,931 | |
| Riverside Sewer Rev., 5.00%, 8/1/26 | 3,400,000 | | 3,809,021 | |
| Riverside Sewer Rev., 5.00%, 8/1/35 | 3,750,000 | | 4,508,045 | |
| Riverside Sewer Rev., 5.00%, 8/1/37 | 3,265,000 | | 3,922,009 | |
| Riverside Water Rev., 5.00%, 10/1/36 | 7,185,000 | | 8,781,386 | |
| Riverside Water Rev., 5.00%, 10/1/37 | 7,295,000 | | 8,912,173 | |
| Romoland School District Special Tax, 5.00%, 9/1/22 | 1,140,000 | | 1,161,911 | |
| | | | | | | | |
| Principal Amount | Value |
| Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2004-1), 5.00%, 9/1/36 | $ | 1,000,000 | | $ | 1,117,584 | |
| Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2004-1), 5.00%, 9/1/37 | 1,100,000 | | 1,228,625 | |
| Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2004-1), 5.00%, 9/1/38 | 1,000,000 | | 1,115,989 | |
| Roseville Special Tax, (Fiddyment Ranch Community Facilities District No. 1), 5.00%, 9/1/25 | 750,000 | | 831,110 | |
| Roseville Special Tax, (Fiddyment Ranch Community Facilities District No. 1), 5.00%, 9/1/26 | 1,075,000 | | 1,219,588 | |
| Roseville Special Tax, (Fiddyment Ranch Community Facilities District No. 1), 5.00%, 9/1/28 | 1,025,000 | | 1,180,091 | |
| Roseville Special Tax, (Fiddyment Ranch Community Facilities District No. 1), 5.00%, 9/1/30 | 1,390,000 | | 1,590,694 | |
| Roseville Special Tax, (Fiddyment Ranch Community Facilities District No. 1), 5.00%, 9/1/31 | 1,000,000 | | 1,142,017 | |
| Roseville Special Tax, (Fiddyment Ranch Community Facilities District No. 1), 5.00%, 9/1/32 | 1,250,000 | | 1,425,241 | |
| Roseville Special Tax, (Fiddyment Ranch Community Facilities District No. 1), 5.00%, 9/1/34 | 1,050,000 | | 1,194,407 | |
| Roseville Special Tax, (Roseville Creekview Community Facilities District No. 1), 5.00%, 9/1/40 | 1,260,000 | | 1,443,119 | |
| Roseville Special Tax, (Roseville SVSP Westpark-Federico Community Facilities District No. 1), 4.00%, 9/1/37 | 350,000 | | 382,952 | |
| Roseville Special Tax, (Roseville SVSP Westpark-Federico Community Facilities District No. 1), 4.00%, 9/1/41 | 390,000 | | 424,158 | |
| Roseville Water Utility COP, 5.00%, 12/1/26 | 1,690,000 | | 1,917,765 | |
| Roseville Water Utility COP, 5.00%, 12/1/27 | 2,250,000 | | 2,549,703 | |
| Sacramento Special Tax, (Sacramento Greenbriar Community Facilities District No. 2018-03), 3.00%, 9/1/22 | 170,000 | | 171,315 | |
| Sacramento Special Tax, (Sacramento Greenbriar Community Facilities District No. 2018-03), 3.00%, 9/1/25 | 450,000 | | 461,509 | |
| Sacramento Special Tax, (Sacramento Greenbriar Community Facilities District No. 2018-03), 4.00%, 9/1/27 | 570,000 | | 620,168 | |
| Sacramento Special Tax, (Sacramento Greenbriar Community Facilities District No. 2018-03), 4.00%, 9/1/29 | 710,000 | | 787,257 | |
| Sacramento Special Tax, (Sacramento Greenbriar Community Facilities District No. 2018-03), 4.00%, 9/1/30 | 265,000 | | 290,683 | |
| Sacramento Special Tax, (Sacramento Greenbriar Community Facilities District No. 2018-03), 4.00%, 9/1/31 | 220,000 | | 240,813 | |
| Sacramento Special Tax, (Sacramento Greenbriar Community Facilities District No. 2018-03), 4.00%, 9/1/32 | 315,000 | | 344,411 | |
| Sacramento Special Tax, (Sacramento Greenbriar Community Facilities District No. 2018-03), 4.00%, 9/1/34 | 560,000 | | 611,436 | |
| Sacramento Special Tax, (Sacramento Greenbriar Community Facilities District No. 2018-03), 4.00%, 9/1/36 | 660,000 | | 719,598 | |
| Sacramento Special Tax, (Sacramento Greenbriar Community Facilities District No. 2018-03), 4.00%, 9/1/41 | 1,000,000 | | 1,085,842 | |
| Sacramento County Airport System Rev., 5.00%, 7/1/33 | 1,450,000 | | 1,710,798 | |
| Sacramento County Airport System Rev., 5.00%, 7/1/34 | 1,000,000 | | 1,178,955 | |
| Sacramento County Airport System Rev., 5.00%, 7/1/35 | 1,000,000 | | 1,177,996 | |
| Sacramento County Sanitation Districts Financing Authority Rev., (Sacramento Regional County Sanitation District), 5.00%, 12/1/27 | 2,960,000 | | 3,536,047 | |
| Sacramento County Water Financing Authority Rev., (Sacramento County Water Agency), 5.00%, 6/1/27 | 2,000,000 | | 2,352,269 | |
| Sacramento County Water Financing Authority Rev., (Sacramento County Water Agency), 5.00%, 6/1/28 | 700,000 | | 842,534 | |
| Sacramento Municipal Utility District Rev., 5.25%, 7/1/24 (Ambac) | 2,310,000 | | 2,432,994 | |
| | | | | | | | |
| Principal Amount | Value |
| Sacramento Municipal Utility District Rev., 5.00%, 8/15/24 | $ | 1,000,000 | | $ | 1,088,582 | |
| Sacramento Municipal Utility District Rev., 5.00%, 8/15/24 | 1,500,000 | | 1,529,504 | |
| Sacramento Municipal Utility District Rev., 5.00%, 8/15/25 | 3,500,000 | | 3,920,374 | |
| Sacramento Municipal Utility District Rev., 5.00%, 8/15/25 | 5,000,000 | | 5,097,885 | |
| Sacramento Municipal Utility District Rev., 5.00%, 8/15/26 | 6,500,000 | | 7,492,858 | |
| Sacramento Municipal Utility District Rev., 5.00%, 8/15/28 | 1,200,000 | | 1,454,889 | |
| Sacramento Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/33 (BAM) | 2,500,000 | | 2,806,002 | |
| Sacramento Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/34 (BAM) | 1,355,000 | | 1,520,583 | |
| Sacramento Transient Occupancy Tax Rev., 5.00%, 6/1/36 | 1,000,000 | | 1,165,406 | |
| Sacramento Transient Occupancy Tax Rev., 5.00%, 6/1/37 | 2,250,000 | | 2,620,424 | |
| Sacramento Transient Occupancy Tax Rev., 5.00%, 6/1/38 | 1,000,000 | | 1,162,974 | |
| San Bernardino Community College District GO, Capital Appreciation, VRN, 6.375%, 8/1/34 | 17,240,000 | | 19,337,056 | |
San Bernardino County Transportation Authority Rev., (Sales Tax Rev.), 4.00%, 3/1/38(4) | 3,240,000 | | 3,794,562 | |
San Bernardino County Transportation Authority Rev., (Sales Tax Rev.), 4.00%, 3/1/39(4) | 3,250,000 | | 3,794,924 | |
San Bernardino County Transportation Authority Rev., (Sales Tax Rev.), 4.00%, 3/1/40(4) | 1,175,000 | | 1,368,241 | |
| San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/22 (AGM) | 2,310,000 | | 2,382,392 | |
| San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/24 (AGM) | 2,310,000 | | 2,534,822 | |
| San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/25 (AGM) | 1,275,000 | | 1,439,342 | |
| San Diego Association of Governments Rev., 5.00%, 11/15/26 | 9,250,000 | | 10,440,248 | |
| San Diego Association of Governments Rev., 1.80%, 11/15/27 | 2,000,000 | | 2,019,492 | |
San Diego Community College District GO, 5.00%, 8/1/23, Prerefunded at 100% of Par(2) | 3,000,000 | | 3,169,111 | |
| San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/22 | 1,525,000 | | 1,567,413 | |
| San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/30 | 675,000 | | 758,467 | |
| San Diego County Regional Airport Authority Rev., 5.00%, 7/1/31 | 1,000,000 | | 1,161,679 | |
| San Diego County Regional Airport Authority Rev., 5.00%, 7/1/32 | 850,000 | | 987,629 | |
| San Diego County Regional Airport Authority Rev., 5.00%, 7/1/33 | 1,000,000 | | 1,162,253 | |
| San Diego County Regional Airport Authority Rev., 5.00%, 7/1/34 | 700,000 | | 813,427 | |
| San Diego County Regional Airport Authority Rev., 5.00%, 7/1/35 | 1,000,000 | | 1,159,020 | |
| San Diego County Regional Airport Authority Rev., 4.00%, 7/1/37 | 1,200,000 | | 1,335,370 | |
| San Diego County Regional Airport Authority Rev., 4.00%, 7/1/38 | 1,350,000 | | 1,499,778 | |
| San Diego County Regional Airport Authority Rev., 5.00%, 7/1/39 | 1,000,000 | | 1,194,617 | |
| San Diego County Regional Airport Authority Rev., 5.00%, 7/1/44 | 3,000,000 | | 3,211,289 | |
| San Diego County Regional Transportation Commission Rev., 3.00%, 10/1/22 | 7,500,000 | | 7,597,010 | |
| San Diego County Regional Transportation Commission Rev., 5.00%, 10/1/22 | 15,000,000 | | 15,367,434 | |
| San Diego County Water Authority Rev., 5.00%, 5/1/25 | 5,250,000 | | 5,861,737 | |
| San Diego County Water Authority Rev., 5.00%, 5/1/26 | 2,390,000 | | 2,667,696 | |
| | | | | | | | |
| Principal Amount | Value |
| San Diego County Water Authority Rev., 5.00%, 5/1/27 | $ | 3,485,000 | | $ | 3,888,773 | |
| San Diego County Water Authority Rev., 5.00%, 5/1/28 | 7,000,000 | | 8,417,965 | |
| San Diego County Water Authority Rev., 5.00%, 5/1/29 | 1,225,000 | | 1,514,281 | |
| San Diego Public Facilities Financing Authority Rev., (San Diego Sewer Utility), 5.00%, 5/15/28 | 10,000,000 | | 11,467,997 | |
San Diego Public Facilities Financing Authority Rev., (San Diego Water Utility), 5.00%, 8/1/22, Prerefunded at 100% of Par(2) | 2,000,000 | | 2,035,790 | |
| San Diego Public Facilities Financing Authority Rev., (San Diego Water Utility), 5.00%, 8/1/38 | 5,000,000 | | 6,007,443 | |
| San Diego Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/22 | 1,000,000 | | 1,020,431 | |
| San Diego Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/23 | 1,000,000 | | 1,058,537 | |
| San Diego Unified Port District Rev., 5.00%, 9/1/23 | 250,000 | | 263,789 | |
| San Diego Unified Port District Rev., 5.00%, 9/1/24 | 500,000 | | 526,945 | |
| San Diego Unified Port District Rev., 5.00%, 9/1/26 | 750,000 | | 790,578 | |
| San Diego Unified School District GO, 5.00%, 7/1/33 | 1,320,000 | | 1,548,893 | |
| San Francisco Bay Area Rapid Transit District Rev., 5.00%, 7/1/28 | 1,500,000 | | 1,673,831 | |
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/22(2) | 1,000,000 | | 1,007,370 | |
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 4.00%, 5/1/23, Prerefunded at 100% of Par(2) | 1,625,000 | | 1,683,120 | |
| San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/26 | 1,250,000 | | 1,259,262 | |
| San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/31 | 1,500,000 | | 1,873,717 | |
| San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/36 | 6,000,000 | | 7,202,797 | |
| San Francisco City & County Public Utilities Commission Wastewater Rev., VRN, 2.125%, 10/1/48 | 2,300,000 | | 2,329,001 | |
| San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, (Mission Bay South Redevelopment Project), 5.00%, 8/1/26 | 425,000 | | 462,317 | |
| San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, (Mission Bay South Redevelopment Project), 5.00%, 8/1/27 | 550,000 | | 598,608 | |
| San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, (Mission Bay South Redevelopment Project), 5.00%, 8/1/28 | 370,000 | | 402,818 | |
| San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, (Mission Bay South Redevelopment Project), 5.00%, 8/1/31 | 400,000 | | 435,782 | |
| San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/28 | 1,055,000 | | 1,173,059 | |
| San Gorgonio Memorial Health Care District GO, 5.00%, 8/1/25 | 850,000 | | 924,922 | |
| San Joaquin Hills Transportation Corridor Agency Rev., 4.00%, 1/15/34 | 11,439,000 | | 13,058,969 | |
| San Joaquin Hills Transportation Corridor Agency Rev., 4.00%, 1/15/44 | 986,000 | | 1,091,366 | |
| San Joaquin Hills Transportation Corridor Agency Rev., 5.25%, 1/15/44 | 1,000,000 | | 1,087,375 | |
| San Luis Obispo Community Facilities District No. 2019-1 Special Tax, 4.00%, 9/1/36 | 150,000 | | 164,766 | |
| San Luis Obispo Community Facilities District No. 2019-1 Special Tax, 4.00%, 9/1/39 | 225,000 | | 245,594 | |
| San Luis Obispo Community Facilities District No. 2019-1 Special Tax, 4.00%, 9/1/41 | 525,000 | | 569,819 | |
| San Mateo Special Tax, 5.875%, 9/1/32 | 1,375,000 | | 1,399,351 | |
| | | | | | | | |
| Principal Amount | Value |
| San Mateo Special Tax, 5.50%, 9/1/44 | $ | 750,000 | | $ | 761,477 | |
| San Mateo Foster City Public Financing Authority Rev., (San Mateo), 5.00%, 8/1/25 | 16,250,000 | | 18,233,808 | |
| San Mateo Foster City Public Financing Authority Rev., (San Mateo Sewer Rev.), 5.00%, 8/1/34 | 1,050,000 | | 1,293,728 | |
| San Mateo Foster City Public Financing Authority Rev., (San Mateo Sewer Rev.), 4.00%, 8/1/35 | 1,100,000 | | 1,267,752 | |
| San Mateo Foster City Public Financing Authority Rev., (San Mateo Sewer Rev.), 5.00%, 8/1/36 | 1,885,000 | | 2,318,322 | |
| Santa Ana Gas Tax Rev., 5.00%, 1/1/34 | 720,000 | | 863,317 | |
| Santa Ana Gas Tax Rev., 5.00%, 1/1/35 | 1,260,000 | | 1,509,431 | |
| Santa Ana Gas Tax Rev., 5.00%, 1/1/37 | 1,260,000 | | 1,505,736 | |
| Santa Barbara Financing Authority Rev., (Santa Barbara), 5.00%, 4/1/29 | 1,515,000 | | 1,846,674 | |
| Santa Barbara Financing Authority Rev., (Santa Barbara), 5.00%, 4/1/31 | 845,000 | | 1,026,078 | |
| Santa Barbara Financing Authority Rev., (Santa Barbara), 5.00%, 4/1/33 | 840,000 | | 1,017,253 | |
| Santa Barbara Financing Authority Rev., (Santa Barbara), 5.00%, 4/1/35 | 2,035,000 | | 2,458,599 | |
| Santa Barbara Financing Authority Rev., (Santa Barbara), 5.00%, 4/1/38 | 1,000,000 | | 1,202,720 | |
| Santa Clara Valley Transportation Authority Rev., VRDN, (2000 Measure A Sales Tax), 0.05%, 3/1/22 (LOC: TD Bank N.A.) | 1,500,000 | | 1,500,000 | |
| Santa Cruz County Redevelopment Agency Tax Allocation, 5.00%, 9/1/35 (AGM) | 1,500,000 | | 1,665,494 | |
| Santa Monica Redevelopment Agency Tax Allocation, 5.875%, 7/1/42 | 1,000,000 | | 1,009,515 | |
| Santa Paula Special Tax, (Santa Paula Harvest Community Facilities District No. 1), 5.00%, 9/1/40 | 1,000,000 | | 1,149,015 | |
| Santa Paula Utility Authority Rev., (Santa Paula), 5.00%, 2/1/29 (AGM) | 1,920,000 | | 2,311,703 | |
| Santa Paula Utility Authority Rev., (Santa Paula), 5.00%, 2/1/30 (AGM) | 2,225,000 | | 2,669,037 | |
| Santa Paula Utility Authority Rev., (Santa Paula), 5.00%, 2/1/31 (AGM) | 2,090,000 | | 2,491,499 | |
| Santa Paula Utility Authority Rev., (Santa Paula), 5.00%, 2/1/32 (AGM) | 1,900,000 | | 2,260,515 | |
| Santa Paula Utility Authority Rev., (Santa Paula), 4.00%, 2/1/33 (AGM) | 2,000,000 | | 2,242,141 | |
| Santa Paula Utility Authority Rev., (Santa Paula), 4.00%, 2/1/34 (AGM) | 600,000 | | 670,064 | |
| Sonoma Community Development Agency Successor Agency Tax Allocation, 5.00%, 6/1/23 (NATL) | 685,000 | | 704,772 | |
| Sonoma Community Development Agency Successor Agency Tax Allocation, 5.00%, 6/1/25 (NATL) | 1,390,000 | | 1,524,429 | |
| Sonoma Community Development Agency Successor Agency Tax Allocation, 5.00%, 6/1/29 (NATL) | 1,100,000 | | 1,254,674 | |
| Sonoma Community Development Agency Successor Agency Tax Allocation, 5.00%, 6/1/33 (NATL) | 1,325,000 | | 1,502,636 | |
| South Bayside Waste Management Authority Rev., 5.00%, 9/1/33 (AGM) | 15,000 | | 18,530 | |
| South Bayside Waste Management Authority Rev., 5.00%, 9/1/33 (AGM) | 435,000 | | 524,889 | |
| South Bayside Waste Management Authority Rev., 5.00%, 9/1/36 (AGM) | 70,000 | | 86,474 | |
| South Bayside Waste Management Authority Rev., 5.00%, 9/1/36 (AGM) | 2,040,000 | | 2,451,636 | |
| South Bayside Waste Management Authority Rev., 5.00%, 9/1/40 (AGM) | 80,000 | | 98,828 | |
| | | | | | | | |
| Principal Amount | Value |
| South Bayside Waste Management Authority Rev., 5.00%, 9/1/40 (AGM) | $ | 2,435,000 | | $ | 2,923,994 | |
| South Orange County Public Financing Authority Special Tax, 5.00%, 8/15/23 | 1,200,000 | | 1,258,760 | |
| South Orange County Public Financing Authority Special Tax, 5.00%, 8/15/25 | 1,125,000 | | 1,238,521 | |
| South Orange County Public Financing Authority Special Tax, 5.00%, 8/15/26 | 1,000,000 | | 1,123,763 | |
| South Orange County Public Financing Authority Special Tax, 5.00%, 8/15/27 | 1,155,000 | | 1,323,918 | |
| South Orange County Public Financing Authority Special Tax, 5.00%, 8/15/28 | 1,340,000 | | 1,562,759 | |
| South San Luis Obispo County Sanitation District COP, 2.00%, 9/1/25 (AGM) | 2,240,000 | | 2,261,118 | |
| Southern California Public Power Authority Rev., 5.00%, 11/1/28 (GA: Goldman Sachs Group, Inc.) | 835,000 | | 986,796 | |
| Southern California Water Replenishment District Rev., 5.00%, 8/1/35 | 2,190,000 | | 2,635,654 | |
| Southern California Water Replenishment District Rev., 5.00%, 8/1/37 | 2,170,000 | | 2,608,127 | |
| State of California GO, 5.00%, 3/1/23 | 10,000,000 | | 10,402,553 | |
| State of California GO, 5.00%, 11/1/24 | 1,000,000 | | 1,065,358 | |
| State of California GO, 5.00%, 9/1/26 | 16,500,000 | | 19,042,906 | |
| State of California GO, 1.05%, 12/1/26 | 2,025,000 | | 1,971,356 | |
| State of California GO, 5.00%, 12/1/26 | 1,045,000 | | 1,115,857 | |
| State of California GO, 5.00%, 2/1/27 | 10,000,000 | | 10,377,356 | |
| State of California GO, 5.00%, 3/1/27 | 5,000,000 | | 5,523,175 | |
| State of California GO, 5.00%, 10/1/27 | 10,000,000 | | 11,852,840 | |
| State of California GO, 4.00%, 11/1/27 | 2,000,000 | | 2,266,940 | |
| State of California GO, 5.00%, 2/1/28 | 6,795,000 | | 7,050,777 | |
| State of California GO, 5.00%, 11/1/29 | 2,625,000 | | 2,791,613 | |
| State of California GO, 5.00%, 4/1/30 | 2,500,000 | | 3,060,311 | |
| State of California GO, 5.00%, 4/1/31 | 1,350,000 | | 1,647,331 | |
| State of California GO, 5.00%, 11/1/31 | 7,435,000 | | 8,780,531 | |
| State of California GO, 5.00%, 4/1/32 | 3,000,000 | | 3,654,038 | |
| State of California GO, 5.25%, 8/1/32 (AGM) | 5,000,000 | | 6,563,131 | |
| State of California GO, 5.00%, 4/1/37 | 5,000,000 | | 5,354,928 | |
| State of California GO, 5.00%, 4/1/38 | 3,500,000 | | 4,248,241 | |
| State of California GO, VRDN, 0.06%, 3/1/22 (LOC: Barclays Bank plc) | 500,000 | | 500,000 | |
| State of California Department of Water Resources Rev., 5.00%, 12/1/25 | 2,000,000 | | 2,270,330 | |
State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/22(2) | 4,180,000 | | 4,210,805 | |
| Stockton Public Financing Authority Rev., 5.00%, 9/1/22 (BAM) | 1,410,000 | | 1,439,378 | |
| Stockton Public Financing Authority Rev., 5.00%, 9/1/23 (BAM) | 1,435,000 | | 1,516,793 | |
Stockton Public Financing Authority Rev., 6.25%, 10/1/23, Prerefunded at 100% of Par(2) | 750,000 | | 811,049 | |
Stockton Public Financing Authority Rev., 6.25%, 10/1/23, Prerefunded at 100% of Par(2) | 1,500,000 | | 1,622,098 | |
| Stockton Public Financing Authority Rev., 5.00%, 9/1/24 (BAM) | 1,090,000 | | 1,185,913 | |
| Stockton Public Financing Authority Rev., 5.00%, 9/1/25 (BAM) | 2,255,000 | | 2,455,751 | |
| Stockton Public Financing Authority Rev., 5.00%, 9/1/26 (BAM) | 1,495,000 | | 1,626,936 | |
| Stockton Public Financing Authority Rev., 5.00%, 9/1/27 (BAM) | 1,000,000 | | 1,086,192 | |
| Stockton Public Financing Authority Rev., (Stockton Water Rev.), 5.00%, 10/1/30 (BAM) | 1,000,000 | | 1,202,424 | |
| | | | | | | | |
| Principal Amount | Value |
| Stockton Public Financing Authority Rev., (Stockton Water Rev.), 5.00%, 10/1/31 (BAM) | $ | 1,000,000 | | $ | 1,201,000 | |
| Stockton Public Financing Authority Special Tax, 4.00%, 9/2/22 (BAM) | 940,000 | | 955,001 | |
| Stockton Public Financing Authority Special Tax, 4.00%, 9/2/23 (BAM) | 655,000 | | 682,674 | |
| Stockton Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/29 (AGM) | 1,500,000 | | 1,721,165 | |
| Stockton Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/30 (AGM) | 1,800,000 | | 2,061,401 | |
| Stockton Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/31 (AGM) | 1,825,000 | | 2,086,405 | |
| Stockton Unified School District GO, 4.00%, 8/1/36 (AGM) | 3,000,000 | | 3,465,685 | |
| Temecula Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/15/28 (AGM) | 500,000 | | 588,907 | |
| Temecula Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/15/29 (AGM) | 1,155,000 | | 1,355,983 | |
| Temecula Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/15/31 (AGM) | 765,000 | | 893,931 | |
| Temecula Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/15/32 (AGM) | 750,000 | | 875,155 | |
| Temecula Valley Unified School District Financing Authority Special Tax, 5.00%, 9/1/22 (BAM) | 275,000 | | 280,758 | |
| Temescal Valley Water District Special Tax, (Community Facilities District No. 4 Terramor), 4.00%, 9/1/36 | 930,000 | | 1,022,136 | |
| Temescal Valley Water District Special Tax, (Community Facilities District No. 4 Terramor), 4.00%, 9/1/41 | 785,000 | | 857,687 | |
| Tobacco Securitization Authority of Northern California Rev., (Sacramento County Tobacco Securitization Corp.), 5.00%, 6/1/25 | 1,250,000 | | 1,370,050 | |
| Tobacco Securitization Authority of Southern California Rev., 5.00%, 6/1/30 | 1,000,000 | | 1,187,601 | |
| Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/28 | 425,000 | | 476,757 | |
| Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/33 | 1,610,000 | | 1,799,489 | |
| Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/36 | 1,595,000 | | 1,872,094 | |
| Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/38 | 3,270,000 | | 3,645,748 | |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/24 | 435,000 | | 471,889 | |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/26 | 1,185,000 | | 1,352,527 | |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/28 | 1,310,000 | | 1,558,335 | |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/30 | 800,000 | | 987,526 | |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/30 | 1,440,000 | | 1,755,817 | |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/31 | 750,000 | | 911,953 | |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/33 | 1,000,000 | | 1,228,041 | |
| | | | | | | | |
| Principal Amount | Value |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/33 | $ | 815,000 | | $ | 988,630 | |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/34 | 300,000 | | 363,550 | |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/35 | 300,000 | | 363,206 | |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/37 | 700,000 | | 855,525 | |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/38 | 320,000 | | 386,163 | |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/39 | 1,000,000 | | 1,217,043 | |
| Truckee Redevelopment Successor Agency Tax Allocation, 4.00%, 9/1/32 (AGM) | 330,000 | | 375,460 | |
| Tulare Local Health Care District GO, 4.00%, 8/1/26 (BAM) | 515,000 | | 565,775 | |
| Tulare Local Health Care District GO, 4.00%, 8/1/27 (BAM) | 585,000 | | 653,012 | |
| Tulare Local Health Care District GO, 4.00%, 8/1/28 (BAM) | 435,000 | | 492,228 | |
| Tulare Local Health Care District GO, 4.00%, 8/1/29 (BAM) | 740,000 | | 847,823 | |
| Tulare Local Health Care District GO, 4.00%, 8/1/31 (BAM) | 1,245,000 | | 1,439,307 | |
| Tulare Local Health Care District GO, 4.00%, 8/1/32 (BAM) | 690,000 | | 796,286 | |
| Tulare Local Health Care District GO, 4.00%, 8/1/34 (BAM) | 1,550,000 | | 1,782,552 | |
| Tulare Local Health Care District GO, 4.00%, 8/1/35 (BAM) | 650,000 | | 746,740 | |
| Tustin Community Facilities District Special Tax, (Tustin Community Facilities District No. 2006-1), 5.00%, 9/1/28 | 1,000,000 | | 1,119,051 | |
| Tustin Community Facilities District Special Tax, (Tustin Community Facilities District No. 2006-1), 5.00%, 9/1/30 | 1,000,000 | | 1,118,187 | |
University of California Rev., 5.00%, 5/15/22, Prerefunded at 100% of Par(2) | 2,840,000 | | 2,865,602 | |
University of California Rev., 5.00%, 5/15/22, Prerefunded at 100% of Par(2) | 130,000 | | 131,172 | |
University of California Rev., 5.00%, 5/15/23, Prerefunded at 100% of Par(2) | 1,395,000 | | 1,461,474 | |
| University of California Rev., 4.00%, 5/15/26 | 2,415,000 | | 2,670,234 | |
| University of California Rev., 5.00%, 5/15/26 | 3,180,000 | | 3,208,733 | |
| University of California Hastings College of the Law Rev., 5.00%, 4/1/31 (AGM) | 1,045,000 | | 1,209,029 | |
| Upland COP, (San Antonio Regional Hospital Obligated Group), 5.00%, 1/1/29 | 1,510,000 | | 1,769,215 | |
| Upland COP, (San Antonio Regional Hospital Obligated Group), 5.00%, 1/1/32 | 1,475,000 | | 1,714,670 | |
| Upland COP, (San Antonio Regional Hospital Obligated Group), 4.00%, 1/1/36 | 1,000,000 | | 1,090,012 | |
| Walnut Energy Center Authority Rev., 5.00%, 1/1/35 | 2,000,000 | | 2,475,982 | |
| Walnut Energy Center Authority Rev., 5.00%, 1/1/36 | 2,000,000 | | 2,473,828 | |
| Washington Township Health Care District Rev., 5.00%, 7/1/23 | 350,000 | | 367,349 | |
| Washington Township Health Care District Rev., 5.00%, 7/1/25 | 425,000 | | 472,051 | |
| Washington Township Health Care District Rev., 5.00%, 7/1/27 | 755,000 | | 880,874 | |
| West Contra Costa Unified School District GO, 5.00%, 8/1/22 | 10,500,000 | | 10,692,327 | |
| West Contra Costa Unified School District GO, 5.00%, 8/1/23 | 4,500,000 | | 4,754,322 | |
| West Contra Costa Unified School District GO, 5.00%, 8/1/30 | 2,000,000 | | 2,164,639 | |
| West Contra Costa Unified School District GO, 5.00%, 8/1/33 | 3,000,000 | | 3,246,215 | |
| West Contra Costa Unified School District GO, 5.00%, 8/1/35 | 1,500,000 | | 1,624,224 | |
| | | | | | | | |
| Principal Amount | Value |
| West County Facilities Financing Authority Rev., (West County Wastewater District), 4.00%, 6/1/36 | $ | 540,000 | | $ | 632,479 | |
| West County Facilities Financing Authority Rev., (West County Wastewater District), 4.00%, 6/1/37 | 665,000 | | 778,140 | |
| West County Facilities Financing Authority Rev., (West County Wastewater District), 4.00%, 6/1/38 | 1,090,000 | | 1,270,826 | |
| West County Facilities Financing Authority Rev., (West County Wastewater District), 4.00%, 6/1/39 | 1,435,000 | | 1,669,700 | |
| West County Facilities Financing Authority Rev., (West County Wastewater District), 4.00%, 6/1/40 | 1,250,000 | | 1,447,281 | |
| West Valley-Mission Community College District GO, 4.00%, 8/1/34 | 625,000 | | 723,341 | |
| West Valley-Mission Community College District GO, 4.00%, 8/1/35 | 600,000 | | 693,755 | |
| West Valley-Mission Community College District GO, 4.00%, 8/1/36 | 1,230,000 | | 1,418,114 | |
| Western Placer Unified School District Special Tax, 2.00%, 6/1/25 | 1,200,000 | | 1,200,152 | |
| Western Placer Unified School District Special Tax, 2.00%, 6/1/25 | 7,850,000 | | 7,868,396 | |
| Western Riverside Water & Wastewater Financing Authority Rev., 5.00%, 9/1/24 | 1,685,000 | | 1,831,968 | |
| Western Riverside Water & Wastewater Financing Authority Rev., 5.00%, 9/1/25 | 1,170,000 | | 1,307,499 | |
Yosemite Community College District GO, Capital Appreciation, 0.00%, 8/1/31(1) | 2,210,000 | | 1,817,612 | |
| | 2,115,476,739 | |
| Guam — 0.2% | | |
| Guam Government Waterworks Authority Rev., 5.00%, 7/1/22 | 325,000 | | 329,283 | |
| Guam Government Waterworks Authority Rev., 5.00%, 7/1/23 | 500,000 | | 523,425 | |
| Guam Government Waterworks Authority Rev., 5.00%, 7/1/24 | 350,000 | | 376,397 | |
| Guam Government Waterworks Authority Rev., 5.00%, 7/1/25 | 350,000 | | 385,989 | |
| Guam Government Waterworks Authority Rev., 5.00%, 7/1/26 | 500,000 | | 564,832 | |
| Guam Government Waterworks Authority Rev., 5.00%, 7/1/27 | 900,000 | | 1,037,154 | |
| Territory of Guam Rev., (Hotel Occupancy Tax), 5.00%, 11/1/28 | 455,000 | | 532,464 | |
| Territory of Guam Rev., (Hotel Occupancy Tax), 5.00%, 11/1/29 | 750,000 | | 890,359 | |
| | 4,639,903 | |
TOTAL INVESTMENT SECURITIES — 99.5% (Cost $2,062,137,020) |
| 2,120,116,642 | |
| OTHER ASSETS AND LIABILITIES — 0.5% |
| 9,673,036 | |
| TOTAL NET ASSETS — 100.0% |
| $ | 2,129,789,678 | |
| | | | | | | | |
| NOTES TO SCHEDULE OF INVESTMENTS |
| AGC | - | Assured Guaranty Corporation |
| AGM | - | Assured Guaranty Municipal Corporation |
| BAM | - | Build America Mutual Assurance Company |
| BAM-TCRS | - | Build America Mutual Assurance Company - Transferrable Custodial Receipts |
| COP | - | Certificates of Participation |
| GA | - | Guaranty Agreement |
| GO | - | General Obligation |
| LOC | - | Letter of Credit |
| MUNIPSA | - | SIFMA Municipal Swap Index |
| NATL | - | National Public Finance Guarantee Corporation |
| SBBPA | - | Standby Bond Purchase Agreement |
| VRDN | - | Variable Rate Demand Note. The instrument may be payable upon demand and adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The date of the demand feature is disclosed. |
| VRN | - | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |
(1)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.
(2)Escrowed to maturity in U.S. government securities or state and local government securities.
(3)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $62,139,990, which represented 2.9% of total net assets.
(4)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.
See Notes to Financial Statements.
| | |
| Statement of Assets and Liabilities |
| | | | | |
| FEBRUARY 28, 2022 (UNAUDITED) |
| Assets |
| Investment securities, at value (cost of $2,062,137,020) | $ | 2,120,116,642 | |
| Cash | 46,108 | |
| Receivable for investments sold | 1,960,168 | |
| Receivable for capital shares sold | 1,024,868 | |
| Interest receivable | 23,307,508 | |
| 2,146,455,294 | |
| |
| Liabilities | |
| Payable for investments purchased | 12,535,235 | |
| Payable for capital shares redeemed | 2,911,626 | |
| Accrued management fees | 548,818 | |
| Distribution and service fees payable | 9,178 | |
| Dividends payable | 660,759 | |
| 16,665,616 | |
| |
| Net Assets | $ | 2,129,789,678 | |
| |
| Net Assets Consist of: | |
| Capital paid in | $ | 2,073,645,300 | |
| Distributable earnings | 56,144,378 | |
| $ | 2,129,789,678 | |
| | | | | | | | | | | |
| Net Assets | Shares Outstanding | Net Asset Value Per Share |
| Investor Class | $856,710,633 | 72,648,771 | $11.79 |
| I Class | $981,578,225 | 83,217,328 | $11.80 |
| Y Class | $262,897,001 | 22,287,695 | $11.80 |
| A Class | $22,395,611 | 1,898,260 | $11.80* |
| C Class | $6,208,208 | 526,039 | $11.80 |
*Maximum offering price $12.36 (net asset value divided by 0.955).
See Notes to Financial Statements.
| | | | | |
| FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) |
| Investment Income (Loss) |
| Income: | |
| Interest | $ | 25,069,782 | |
| |
| Expenses: | |
| Management fees | 3,577,296 | |
| Distribution and service fees: | |
| A Class | 28,765 | |
| C Class | 34,227 | |
| Trustees' fees and expenses | 63,110 | |
| Other expenses | 160 | |
| 3,703,558 | |
| |
| Net investment income (loss) | 21,366,224 | |
| |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss) on: | |
| Investment transactions | (1,594,730) | |
| Futures contract transactions | 67,419 | |
| (1,527,311) | |
| |
| Change in net unrealized appreciation (depreciation) on: | |
| Investments | (83,978,646) | |
| Futures contracts | (10,717) | |
| (83,989,363) | |
| |
| Net realized and unrealized gain (loss) | (85,516,674) | |
| |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (64,150,450) | |
See Notes to Financial Statements.
| | |
| Statement of Changes in Net Assets |
| | | | | | | | |
| SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2021 |
| Increase (Decrease) in Net Assets | February 28, 2022 | August 31, 2021 |
| Operations |
| Net investment income (loss) | $ | 21,366,224 | | $ | 45,048,423 | |
| Net realized gain (loss) | (1,527,311) | | 5,057,071 | |
| Change in net unrealized appreciation (depreciation) | (83,989,363) | | 13,144,253 | |
| Net increase (decrease) in net assets resulting from operations | (64,150,450) | | 63,249,747 | |
| | |
| Distributions to Shareholders | | |
| From earnings: | | |
| Investor Class | (9,173,889) | | (18,716,024) | |
| I Class | (10,709,627) | | (20,298,079) | |
| Y Class | (2,912,889) | | (5,528,348) | |
| A Class | (208,378) | | (400,088) | |
| C Class | (36,254) | | (106,016) | |
| Decrease in net assets from distributions | (23,041,037) | | (45,048,555) | |
| | |
| Capital Share Transactions | | |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 73,069,665 | | 115,410,608 | |
| | |
| Net increase (decrease) in net assets | (14,121,822) | | 133,611,800 | |
| | |
| Net Assets | | |
| Beginning of period | 2,143,911,500 | | 2,010,299,700 | |
| End of period | $ | 2,129,789,678 | | $ | 2,143,911,500 | |
See Notes to Financial Statements.
| | |
| Notes to Financial Statements |
FEBRUARY 28, 2022 (UNAUDITED)
1. Organization
American Century California Tax-Free and Municipal Funds (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Massachusetts business trust. California Intermediate-Term Tax-Free Bond Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek safety of principal and high current income that is exempt from federal and California income taxes.
The fund offers the Investor Class, I Class, Y Class, A Class and C Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Municipal securities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange.
If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums.
Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.
Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.
Distributions to Shareholders — Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
3. Fees and Transactions with Related Parties
Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the trust's distributor, American Century Investment Services, Inc. (ACIS), and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund’s assets, which do not vary by class. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all funds in the American Century Investments family of funds that have the same investment advisor and distributor as the fund. For purposes of determining the Investment Category Fee and Complex Fee, the assets of funds managed by the investment advisor that invest exclusively in the shares of other funds (funds of funds) are not included.
The Investment Category Fee range, the Complex Fee range and the effective annual management fee for each class for the period ended February 28, 2022 are as follows:
| | | | | | | | | | | |
| Investment Category Fee Range | Complex Fee Range | Effective Annual Management Fee |
| Investor Class | 0.1625% to 0.2800% | 0.2500% to 0.3100% | 0.45% |
| I Class | 0.0500% to 0.1100% | 0.25% |
| Y Class | 0.0200% to 0.0800% | 0.22% |
| A Class | 0.2500% to 0.3100% | 0.45% |
| C Class | 0.2500% to 0.3100% | 0.45% |
Distribution and Service Fees — The Board of Trustees has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class and C Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended February 28, 2022 are detailed in the Statement of Operations.
Trustees’ Fees and Expenses — The Board of Trustees is responsible for overseeing the investment advisor’s management and operations of the fund. The trustees receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund’s officers do not receive compensation from the fund.
Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $62,080,000 and $46,750,005, respectively. The interfund transactions had no effect on the Statement of Operations in net realized gain (loss) on investment transactions.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments, for the period ended February 28, 2022 were $576,306,302 and $497,977,646, respectively.
5. Capital Share Transactions
Transactions in shares of the fund were as follows (unlimited number of shares authorized):
| | | | | | | | | | | | | | |
| Six months ended
February 28, 2022 | Year ended
August 31, 2021 |
| Shares | Amount | Shares | Amount |
| Investor Class | | | | |
| Sold | 4,258,386 | | $ | 51,607,356 | | 10,644,729 | | $ | 130,413,456 | |
| Issued in reinvestment of distributions | 669,926 | | 8,083,722 | | 1,306,735 | | 15,983,251 | |
| Redeemed | (6,972,392) | | (84,160,610) | | (10,172,955) | | (124,457,236) | |
| (2,044,080) | | (24,469,532) | | 1,778,509 | | 21,939,471 | |
| I Class | | | | |
| Sold | 15,562,588 | | 187,449,960 | | 19,127,597 | | 234,283,080 | |
| Issued in reinvestment of distributions | 860,676 | | 10,384,112 | | 1,616,511 | | 19,778,734 | |
| Redeemed | (9,109,956) | | (109,655,988) | | (13,723,287) | | (167,848,883) | |
| 7,313,308 | | 88,178,084 | | 7,020,821 | | 86,212,931 | |
| Y Class | | | | |
| Sold | 3,544,994 | | 42,559,970 | | 5,399,840 | | 66,239,088 | |
| Issued in reinvestment of distributions | 20,048 | | 241,923 | | 32,849 | | 402,009 | |
| Redeemed | (2,691,059) | | (32,636,197) | | (4,725,053) | | (57,679,111) | |
| 873,983 | | 10,165,696 | | 707,636 | | 8,961,986 | |
| A Class | | | | |
| Sold | 189,901 | | 2,310,040 | | 427,528 | | 5,226,587 | |
| Issued in reinvestment of distributions | 16,294 | | 196,675 | | 30,931 | | 378,465 | |
| Redeemed | (180,627) | | (2,193,227) | | (269,790) | | (3,295,733) | |
| 25,568 | | 313,488 | | 188,669 | | 2,309,319 | |
| C Class | | | | |
| Sold | 10,408 | | 125,634 | | 66,092 | | 806,812 | |
| Issued in reinvestment of distributions | 2,978 | | 35,985 | | 8,456 | | 103,444 | |
| Redeemed | (105,750) | | (1,279,690) | | (402,763) | | (4,923,355) | |
| (92,364) | | (1,118,071) | | (328,215) | | (4,013,099) | |
| Net increase (decrease) | 6,076,415 | | $ | 73,069,665 | | 9,367,420 | | $ | 115,410,608 | |
6. Fair Value Measurements
The fund’s investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.
•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.
•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
As of period end, the fund’s investment securities were classified as Level 2. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
7. Derivative Instruments
Interest Rate Risk — The fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. The fund's average notional exposure to interest rate risk derivative instruments held during the period was $16,311,898 futures contracts sold.
At period end, the fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities. For the six months ended February 28, 2022, the effect of interest rate risk derivative instruments on the Statement of Operations was $67,419 in net realized gain (loss) on futures contract transactions and $(10,717) in change in net unrealized appreciation (depreciation) on futures contracts.
8. Risk Factors
The novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and could adversely impact the value of its bonds, which could negatively impact the performance of the fund.
The fund focuses its investments in a single state and therefore may have more exposure to credit risk related to the state of California than a fund with a broader geographical diversification.
9. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
| | | | | |
| Federal tax cost of investments | $ | 2,062,139,633 | |
| Gross tax appreciation of investments | $ | 70,883,358 | |
| Gross tax depreciation of investments | (12,906,349) | |
| Net tax appreciation (depreciation) of investments | $ | 57,977,009 | |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| For a Share Outstanding Throughout the Years Ended August 31 (except as noted) |
| Per-Share Data | Ratios and Supplemental Data |
| | Income From Investment Operations: | Distributions From: | | | Ratio to Average Net Assets of: | | |
| Net Asset
Value,
Beginning
of Period | Net Investment Income (Loss)(1) | Net
Realized and Unrealized
Gain (Loss) | Total From Investment Operations | Net
Investment Income | Net
Realized Gains | Total Distributions | Net Asset
Value,
End of Period | Total Return(2) | Operating Expenses | Net
Investment Income
(Loss) | Portfolio Turnover
Rate | Net Assets,
End of Period
(in thousands) |
| Investor Class |
2022(3) | $12.28 | 0.11 | (0.47) | (0.36) | (0.12) | (0.01) | (0.13) | $11.79 | (3.00)% | 0.46%(4) | 1.90%(4) | 24% | $856,711 | |
| 2021 | $12.17 | 0.26 | 0.11 | 0.37 | (0.26) | — | (0.26) | $12.28 | 3.04% | 0.46% | 2.10% | 30% | $917,539 | |
| 2020 | $12.23 | 0.27 | (0.04) | 0.23 | (0.27) | (0.02) | (0.29) | $12.17 | 1.93% | 0.47% | 2.26% | 40% | $887,525 | |
| 2019 | $11.69 | 0.30 | 0.55 | 0.85 | (0.30) | (0.01) | (0.31) | $12.23 | 7.29% | 0.47% | 2.56% | 54% | $1,158,927 | |
| 2018 | $12.00 | 0.30 | (0.31) | (0.01) | (0.30) | — | (0.30) | $11.69 | 0.03% | 0.47% | 2.56% | 52% | $1,143,719 | |
| 2017 | $12.24 | 0.29 | (0.24) | 0.05 | (0.29) | — | (0.29) | $12.00 | 0.46% | 0.47% | 2.43% | 52% | $1,196,600 | |
| I Class |
2022(3) | $12.29 | 0.13 | (0.48) | (0.35) | (0.13) | (0.01) | (0.14) | $11.80 | (2.90)% | 0.26%(4) | 2.10%(4) | 24% | $981,578 | |
| 2021 | $12.17 | 0.28 | 0.12 | 0.40 | (0.28) | — | (0.28) | $12.29 | 3.33% | 0.26% | 2.30% | 30% | $932,636 | |
| 2020 | $12.23 | 0.30 | (0.04) | 0.26 | (0.30) | (0.02) | (0.32) | $12.17 | 2.05% | 0.27% | 2.46% | 40% | $838,639 | |
| 2019 | $11.70 | 0.32 | 0.55 | 0.87 | (0.33) | (0.01) | (0.34) | $12.23 | 7.59% | 0.27% | 2.76% | 54% | $734,197 | |
| 2018 | $12.00 | 0.32 | (0.29) | 0.03 | (0.33) | — | (0.33) | $11.70 | 0.23% | 0.27% | 2.76% | 52% | $527,123 | |
| 2017 | $12.24 | 0.31 | (0.24) | 0.07 | (0.31) | — | (0.31) | $12.00 | 0.66% | 0.27% | 2.63% | 52% | $378,363 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| For a Share Outstanding Throughout the Years Ended August 31 (except as noted) |
| Per-Share Data | Ratios and Supplemental Data |
| | Income From Investment Operations: | Distributions From: | | | Ratio to Average Net Assets of: | | |
| Net Asset
Value,
Beginning
of Period | Net Investment Income (Loss)(1) | Net
Realized and Unrealized
Gain (Loss) | Total From Investment Operations | Net
Investment Income | Net
Realized Gains | Total Distributions | Net Asset
Value,
End of Period | Total Return(2) | Operating Expenses | Net
Investment Income
(Loss) | Portfolio Turnover
Rate | Net Assets,
End of Period
(in thousands) |
| Y Class |
2022(3) | $12.29 | 0.13 | (0.48) | (0.35) | (0.13) | (0.01) | (0.14) | $11.80 | (2.89)% | 0.23%(4) | 2.13%(4) | 24% | $262,897 | |
| 2021 | $12.18 | 0.29 | 0.11 | 0.40 | (0.29) | — | (0.29) | $12.29 | 3.37% | 0.23% | 2.33% | 30% | $263,120 | |
| 2020 | $12.23 | 0.30 | (0.03) | 0.27 | (0.30) | (0.02) | (0.32) | $12.18 | 2.17% | 0.24% | 2.49% | 40% | $252,098 | |
| 2019 | $11.70 | 0.33 | 0.54 | 0.87 | (0.33) | (0.01) | (0.34) | $12.23 | 7.53% | 0.24% | 2.79% | 54% | $11,228 | |
| 2018 | $12.00 | 0.33 | (0.30) | 0.03 | (0.33) | — | (0.33) | $11.70 | 0.26% | 0.24% | 2.79% | 52% | $6,889 | |
2017(5) | $11.78 | 0.12 | 0.23 | 0.35 | (0.13) | — | (0.13) | $12.00 | 2.94% | 0.24%(4) | 2.62%(4) | 52%(6) | $6,233 | |
| A Class |
2022(3) | $12.29 | 0.10 | (0.48) | (0.38) | (0.10) | (0.01) | (0.11) | $11.80 | (3.12)% | 0.71%(4) | 1.65%(4) | 24% | $22,396 | |
| 2021 | $12.18 | 0.23 | 0.11 | 0.34 | (0.23) | — | (0.23) | $12.29 | 2.79% | 0.71% | 1.85% | 30% | $23,015 | |
| 2020 | $12.24 | 0.24 | (0.04) | 0.20 | (0.24) | (0.02) | (0.26) | $12.18 | 1.68% | 0.72% | 2.01% | 40% | $20,507 | |
| 2019 | $11.70 | 0.27 | 0.55 | 0.82 | (0.27) | (0.01) | (0.28) | $12.24 | 7.11% | 0.72% | 2.31% | 54% | $21,617 | |
| 2018 | $12.00 | 0.27 | (0.30) | (0.03) | (0.27) | — | (0.27) | $11.70 | (0.22)% | 0.72% | 2.31% | 52% | $21,438 | |
| 2017 | $12.24 | 0.26 | (0.24) | 0.02 | (0.26) | — | (0.26) | $12.00 | 0.21% | 0.72% | 2.18% | 52% | $22,836 | |
| C Class |
2022(3) | $12.29 | 0.05 | (0.47) | (0.42) | (0.06) | (0.01) | (0.07) | $11.80 | (3.48)% | 1.46%(4) | 0.90%(4) | 24% | $6,208 | |
| 2021 | $12.18 | 0.14 | 0.10 | 0.24 | (0.13) | — | (0.13) | $12.29 | 2.02% | 1.46% | 1.10% | 30% | $7,603 | |
| 2020 | $12.24 | 0.15 | (0.04) | 0.11 | (0.15) | (0.02) | (0.17) | $12.18 | 0.92% | 1.47% | 1.26% | 40% | $11,531 | |
| 2019 | $11.70 | 0.18 | 0.55 | 0.73 | (0.18) | (0.01) | (0.19) | $12.24 | 6.22% | 1.47% | 1.56% | 54% | $14,457 | |
| 2018 | $12.01 | 0.18 | (0.31) | (0.13) | (0.18) | — | (0.18) | $11.70 | (0.96)% | 1.47% | 1.56% | 52% | $16,299 | |
| 2017 | $12.24 | 0.17 | (0.23) | (0.06) | (0.17) | — | (0.17) | $12.01 | (0.46)% | 1.47% | 1.43% | 52% | $16,929 | |
| | |
| Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.
(3)Six months ended February 28, 2022 (unaudited).
(4)Annualized.
(5)April 10, 2017 (commencement of sale) through August 31, 2017.
(6)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended August 31, 2017.
See Notes to Financial Statements.
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting American Century Investments’ website at americancentury.com/proxy. A description of the policies is also available on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund’s Form N-PORT reports are available on the SEC’s website at sec.gov.
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| | |
| Contact Us | americancentury.com | |
| Automated Information Line | 1-800-345-8765 | |
| Investor Services Representative | 1-800-345-2021
or 816-531-5575 | |
| Investors Using Advisors | 1-800-378-9878 | |
| Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 | |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 | |
| Telecommunications Relay Service for the Deaf | 711 | |
| | |
| American Century California Tax-Free and Municipal Funds | |
| | |
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | |
| | |
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | |
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©2022 American Century Proprietary Holdings, Inc. All rights reserved.
CL-SAN-91773 2204 | |
| | | | | |
| |
| Semiannual Report |
| |
| February 28, 2022 |
| |
| California Tax-Free Money Market Fund |
| Investor Class (BCTXX) |
| | | | | |
| President’s Letter | |
| |
| Fund Characteristics | |
| Shareholder Fee Example | |
| Schedule of Investments | |
| Statement of Assets and Liabilities | |
| Statement of Operations | |
| Statement of Changes in Net Assets | |
| Notes to Financial Statements | |
| Financial Highlights | |
| |
| |
| |
| |
| |
| Additional Information | |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended February 28, 2022. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.
Rising Rates, Volatility Pressured Returns
Investors faced increasingly challenging market conditions as the reporting period progressed. From rising interest rates and soaring inflation to a Federal Reserve (Fed) policy pivot and mounting geopolitical unrest, most asset classes struggled as volatility intensified.
Early on, relatively high valuations after an extended performance run for the broad municipal bond (muni) market gave investors pause. Additionally, uncertainties surrounding proposed Biden administration tax and spending programs weighed on market sentiment. Investor reaction to the November passage of the Infrastructure Investment and Jobs Act was mixed. The bill omitted key financing tools many muni market advocates hoped it would restore. However, others were hopeful the bill’s infrastructure projects will boost municipal credit ratings and local bond issuance.
Meanwhile, surging inflation prompted the Fed to end its bond-buying program and prepare investors for the first Fed rate hike in more than three years. By period-end, Russia’s invasion of Ukraine aggravated the already-volatile climate in U.S. and global financial markets.
Rising inflation and expectations for Fed tightening fueled a steady rise in U.S. Treasury yields, and muni yields followed suit. Municipal bond returns declined for the six-month period but not as steeply as Treasury returns. California munis slightly underperformed their national municipal bond peers, while high-yield munis outperformed their investment-grade counterparts.
Staying Focused in Uncertain Times
We expect market volatility to linger amid elevated inflation and tighter Fed policy. In addition, Russia’s invasion of Ukraine has led to a devastating humanitarian crisis and further complicated a tense geopolitical backdrop. While the California muni market remains somewhat insulated from the financial market implications, we continue to evaluate the situation and what it broadly means for investors.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
| | | | | |
| FEBRUARY 28, 2022 | |
| 7-Day Current Yield | |
After waiver(1) | 0.01% |
| Before waiver | (0.28)% |
| 7-Day Effective Yield | |
After waiver(1) | 0.01% |
| (1) Yields would have been lower if a portion of the fees had not been waived. |
| |
| Portfolio at a Glance | |
| Weighted Average Maturity | 23 days |
| Weighted Average Life | 39 days |
| | |
| Portfolio Composition by Maturity | % of fund investments |
| 1-30 days | 81% |
| 31-90 days | 3% |
| 91-180 days | 16% |
| More than 180 days | — |
Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2021 to February 28, 2022.
Actual Expenses
The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25.00 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | | | | | | | | | | | |
| Beginning
Account Value
9/1/21 | Ending
Account Value
2/28/22 | Expenses Paid During Period(1) 9/1/21 - 2/28/22 | Annualized Expense Ratio(1) |
| Actual | | | | |
| Investor Class | $1,000 | $1,000.00 | $0.45 | 0.09% |
| Hypothetical | | | |
| Investor Class | $1,000 | $1,024.35 | $0.45 | 0.09% |
(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
FEBRUARY 28, 2022 (UNAUDITED)
| | | | | | | | |
| Principal Amount | Value |
| MUNICIPAL SECURITIES — 97.3% | | |
| California — 97.3% | | |
| ABAG Finance Authority for Nonprofit Corporations Rev., (Sharp Healthcare Obligated Group), VRDN, 0.18%, 3/7/22 (LOC: Citibank N.A.) | $ | 1,300,000 | | $ | 1,300,000 | |
| California Enterprise Development Authority Rev., (Community Hospice, Inc.), VRDN, 0.22%, 3/7/22 (LOC: Bank of Stockton and FHLB) | 2,295,000 | | 2,295,000 | |
| California Enterprise Development Authority Rev., (Humane Society Silicon Valley), VRDN, 0.22%, 3/7/22 (LOC: First Republic Bank and FHLB) | 4,955,000 | | 4,955,000 | |
| California Health Facilities Financing Authority Rev., 0.17%, 6/2/22 | 4,415,000 | | 4,415,000 | |
| California Health Facilities Financing Authority Rev., (Stanford Health Care Obligated Group), VRDN, 0.12%, 3/2/22 | 3,100,000 | | 3,100,000 | |
| California Housing Finance Agency Rev., (Mission Gardens Affordable LP), VRDN, 0.20%, 3/7/22 (LOC: FHLMC)(LIQ FAC: FHLMC) | 1,325,000 | | 1,325,000 | |
| California Housing Finance Agency Rev., (Montecito Village Affordable LP), VRDN, 0.20%, 3/7/22 (LIQ FAC: FHLMC) | 200,000 | | 200,000 | |
| California Infrastructure & Economic Development Bank Rev., (Columbia College), VRDN, 0.22%, 3/7/22 (LOC: Wells Fargo Bank N.A.) | 4,565,000 | | 4,565,000 | |
| California Infrastructure & Economic Development Bank Rev., (Columbia College), VRDN, 0.22%, 3/7/22 (LOC: Wells Fargo Bank N.A.) | 1,600,000 | | 1,600,000 | |
| California Infrastructure & Economic Development Bank Rev., (Kennfoods USA LLC), VRDN, 0.24%, 3/7/22 (LOC: Bank of the West) | 640,000 | | 640,000 | |
| California Infrastructure & Economic Development Bank Rev., VRDN, 0.24%, 3/7/22 (LOC: MUFG Union Bank N.A.) | 1,300,000 | | 1,300,000 | |
| California Statewide Communities Development Authority Rev., 0.14%, 6/2/22 | 3,500,000 | | 3,500,000 | |
| California Statewide Communities Development Authority Rev., 0.16%, 6/9/22 | 3,500,000 | | 3,500,000 | |
| California Statewide Communities Development Authority Rev., (Marvin & Bebe L Zigman), VRDN, 0.17%, 3/7/22 (LOC: Wells Fargo Bank N.A.) | 700,000 | | 700,000 | |
| Irvine Ranch Water District Special Assessment, VRN, 0.26%, (MUNIPSA less 0.06%), 10/1/37 | 5,500,000 | | 5,500,000 | |
| Los Angeles Rev., 4.00%, 6/23/22 | 4,500,000 | | 4,554,447 | |
| Los Angeles County Capital Asset Leasing Corp. Rev., 0.11%, 3/2/22 (LOC: State Street Bank & Trust Co.) | 1,000,000 | | 1,000,000 | |
| Los Angeles County Capital Asset Leasing Corp. Rev., 0.37%, 4/1/22 (LOC: Barclays Bank plc) | 4,000,000 | | 4,000,000 | |
| Los Angeles Department of Airports Rev., 0.37%, 6/3/22 (LOC: Bank of America N.A.) | 4,000,000 | | 4,000,000 | |
| Metropolitan Water District of Southern California Rev., VRDN, 0.07%, 3/1/22 (SBBPA: PNC Bank N.A.) | 1,000,000 | | 1,000,000 | |
Mizuho Floater/Residual Trust Rev., VRDN, 0.27%, 3/7/22 (LIQ FAC: Mizuho Capital Markets LLC)(GA: FHLMC)(1) | 5,000,000 | | 5,000,000 | |
| Monterey Peninsula Water Management District COP, VRDN, 0.20%, 3/7/22 (LOC: Wells Fargo Bank N.A.) | 335,000 | | 335,000 | |
| Municipal Improvement Corp. of Los Angeles, 0.12%, 3/3/22 (LOC: Union Bank N.A.) | 3,250,000 | | 3,250,000 | |
RBC Municipal Products, Inc. Trust GO, VRDN, 0.22%, 3/7/22 (LOC: Royal Bank of Canada)(LIQ FAC: Royal Bank of Canada)(1) | 1,000,000 | | 1,000,000 | |
| | | | | | | | |
| Principal Amount | Value |
| Riverside County COP, VRDN, 0.21%, 3/7/22 (LOC: Bank of America N.A.) | $ | 500,000 | | $ | 500,000 | |
| Riverside County Housing Authority Rev., (Pacific Inland Communities LLC), VRDN, 0.10%, 3/7/22 (LOC: FNMA)(LIQ FAC: FNMA) | 965,000 | | 965,000 | |
| San Bernardino County Rev., (WLP Parkview Place Apartments LLC), VRDN, 0.10%, 3/7/22 (LOC: FNMA)(LIQ FAC: FNMA) | 400,000 | | 400,000 | |
| San Bernardino County Flood Control District Rev., VRDN, 0.23%, 3/7/22 (LOC: Bank of America N.A.) | 6,165,000 | | 6,165,000 | |
| San Diego County Water Authority, 0.33%, 3/24/22 | 2,500,000 | | 2,500,000 | |
| San Francisco City & County Finance Corp. Rev., VRDN, 0.19%, 3/7/22 (LOC: State Street Bank & Trust Co.) | 2,700,000 | | 2,700,000 | |
| San Francisco City & County Public Utilities Commission Rev., 0.17%, 3/8/22 (LOC: Bank of America N.A.) | 2,000,000 | | 2,000,000 | |
| Santa Clara County Financing Authority Rev., (El Camino Hospital), VRDN, 0.16%, 3/7/22 (LOC: Wells Fargo Bank N.A.) | 400,000 | | 400,000 | |
| Santa Clara Valley Transportation Authority Rev., (Santa Clara Valley Transportation Authority 2000 Measure A Sales Tax, VRDN, 0.18%, 3/7/22 (SBBPA: TD Bank N.A.) | 6,000,000 | | 6,000,000 | |
| State of California GO, 0.08%, 3/2/22 (LOC: Royal Bank of Canada) | 1,200,000 | | 1,200,000 | |
| State of California GO, 0.32%, 3/30/22 (LOC: Wells Fargo Bank N.A.) | 3,700,000 | | 3,700,000 | |
Tender Option Bond Trust Receipts/Certificates GO, VRDN, 0.23%, 3/7/22 (LIQ FAC: JPMorgan Chase Bank N.A.)(1) | 3,000,000 | | 3,000,000 | |
Tender Option Bond Trust Receipts/Certificates GO, VRDN, 0.23%, 3/7/22 (LIQ FAC: JPMorgan Chase Bank N.A.)(1) | 1,050,000 | | 1,050,000 | |
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.22%, 3/7/22 (LOC: Royal Bank of Canada)(LIQ FAC: Royal Bank of Canada)(1) | 1,125,000 | | 1,125,000 | |
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.23%, 3/7/22 (LIQ FAC: JPMorgan Chase Bank N.A.)(1) | 2,900,000 | | 2,900,000 | |
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.23%, 3/7/22 (LIQ FAC: JPMorgan Chase Bank N.A.)(1) | 3,750,000 | | 3,750,000 | |
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.23%, 3/7/22 (LIQ FAC: Barclays Bank plc)(1) | 2,220,000 | | 2,220,000 | |
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.23%, 3/7/22 (LIQ FAC: Barclays Bank plc)(1) | 4,800,000 | | 4,800,000 | |
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.37%, 3/7/22 (LIQ FAC: Mizuho Capital Markets LLC)(1) | 1,135,000 | | 1,135,000 | |
| Victorville Joint Powers Finance Authority Rev., VRDN, 0.23%, 3/7/22 (LOC: BNP Paribas) | 11,005,000 | | 11,005,000 | |
| Yolo County Rev., (Beckett Hall, Inc.), VRDN, 0.24%, 3/7/22 (LOC: Bank of the West) | 4,060,000 | | 4,060,000 | |
| TOTAL INVESTMENT SECURITIES — 97.3% | | 124,609,447 | |
| OTHER ASSETS AND LIABILITIES — 2.7% | | 3,425,940 | |
| TOTAL NET ASSETS — 100.0% | | $ | 128,035,387 | |
| | | | | | | | |
| NOTES TO SCHEDULE OF INVESTMENTS |
| COP | - | Certificates of Participation |
| FHLB | - | Federal Home Loan Bank |
| FHLMC | - | Federal Home Loan Mortgage Corporation |
| FNMA | - | Federal National Mortgage Association |
| GA | - | Guaranty Agreement |
| GO | - | General Obligation |
| LIQ FAC | - | Liquidity Facilities |
| LOC | - | Letter of Credit |
| MUNIPSA | - | SIFMA Municipal Swap Index |
| SBBPA | - | Standby Bond Purchase Agreement |
| VRDN | - | Variable Rate Demand Note. The instrument may be payable upon demand and adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The date of the demand feature is disclosed. |
| VRN | - | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $25,980,000, which represented 20.3% of total net assets.
See Notes to Financial Statements.
| | |
| Statement of Assets and Liabilities |
| | | | | |
| FEBRUARY 28, 2022 (UNAUDITED) |
| Assets |
| Investment securities, at value (amortized cost and cost for federal income tax purposes) | $ | 124,609,447 | |
| Receivable for investments sold | 3,595,034 | |
| Receivable for capital shares sold | 64,772 | |
| Interest receivable | 144,777 | |
| 128,414,030 | |
| |
| Liabilities | |
| Disbursements in excess of demand deposit cash | 285,333 | |
| Payable for capital shares redeemed | 76,568 | |
| Accrued management fees | 16,742 | |
| 378,643 | |
| |
| Net Assets | $ | 128,035,387 | |
| |
| Investor Class Capital Shares | |
| Shares outstanding (unlimited number of shares authorized) | 128,035,979 | |
| |
| Net Asset Value Per Share | $ | 1.00 | |
| |
| Net Assets Consist of: | |
| Capital paid in | $ | 128,035,985 | |
| Distributable earnings | (598) | |
| $ | 128,035,387 | |
See Notes to Financial Statements.
| | | | | |
| FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) |
| Investment Income (Loss) | |
| Income: | |
| Interest | $ | 65,847 | |
| |
| Expenses: | |
| Management fees | 312,714 | |
| Trustees' fees and expenses | 3,805 | |
| Other expenses | 30 | |
| 316,549 | |
| Fees waived | (257,084) | |
| 59,465 | |
| |
| Net investment income (loss) | 6,382 | |
| |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 6,382 | |
See Notes to Financial Statements.
| | |
| Statement of Changes in Net Assets |
| | | | | | | | |
| SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2021 |
| Increase (Decrease) in Net Assets | February 28, 2022 | August 31, 2021 |
| Operations | | |
| Net investment income (loss) | $ | 6,382 | | $ | 12,780 | |
| Net realized gain (loss) | — | | (598) | |
| Net increase (decrease) in net assets resulting from operations | 6,382 | | 12,182 | |
| | |
| Distributions to Shareholders | | |
| From earnings | (6,382) | | (12,780) | |
| | |
| Capital Share Transactions | | |
| Proceeds from shares sold | 23,554,802 | | 46,325,389 | |
| Proceeds from reinvestment of distributions | 6,268 | | 12,529 | |
| Payments for shares redeemed | (22,944,019) | | (53,171,122) | |
| Net increase (decrease) in net assets from capital share transactions | 617,051 | | (6,833,204) | |
| | |
| Net increase (decrease) in net assets | 617,051 | | (6,833,802) | |
| | |
| Net Assets | | |
| Beginning of period | 127,418,336 | | 134,252,138 | |
| End of period | $ | 128,035,387 | | $ | 127,418,336 | |
| | |
| Transactions in Shares of the Fund | | |
| Sold | 23,554,802 | | 46,325,389 | |
| Issued in reinvestment of distributions | 6,268 | | 12,529 | |
| Redeemed | (22,944,019) | | (53,171,122) | |
| Net increase (decrease) in shares of the fund | 617,051 | | (6,833,204) | |
See Notes to Financial Statements.
| | |
| Notes to Financial Statements |
FEBRUARY 28, 2022 (UNAUDITED)
1. Organization
American Century California Tax-Free and Municipal Funds (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Massachusetts business trust. California Tax-Free Money Market Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek safety of principal and high current income that is exempt from federal and California income taxes.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. Investments are generally valued at amortized cost, which approximates fair value. If the fund determines that the amortized cost does not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.
Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Distributions to Shareholders — Distributions from net investment income, if any, are declared daily and paid monthly. The fund may make capital gains distributions to comply with the distribution requirements of the Internal Revenue Code.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
3. Fees and Transactions with Related Parties
Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, American Century Investment Management, Inc. (ACIM), the trust's distributor, American Century Investment Services, Inc., and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), and extraordinary expenses. The fee is computed and accrued daily based on the daily net assets of the fund and paid monthly in arrears. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all funds in the American Century Investments family of funds that have the same investment advisor and distributor as the fund. For purposes of determining the Investment Category Fee and Complex Fee, the assets of funds managed by the investment advisor that invest exclusively in the shares of other funds (funds of funds) are not included. In order to maintain a positive yield, ACIM may voluntarily waive a portion of the management fee on a daily basis. The fee waiver may be revised or terminated at any time by the investment advisor without notice. The rates for the Investment Category Fee range from 0.1570% to 0.2700% and the rates for the Complex Fee range from 0.2500% to 0.3100%. The effective annual management fee for the period ended February 28, 2022 was 0.49% before waiver and 0.09% after waiver.
Trustees’ Fees and Expenses — The Board of Trustees is responsible for overseeing the investment advisor’s management and operations of the fund. The trustees receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund’s officers do not receive compensation from the fund.
Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $2,300,000 and $23,275,000, respectively. The interfund transactions had no effect on the Statement of Operations in net realized gain (loss) on investment transactions.
4. Fair Value Measurements
The fund’s investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.
•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.
•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
As of period end, the fund’s investment securities were classified as Level 2. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
5. Risk Factors
The novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and could adversely impact the value of its bonds, which could negatively impact the performance of the fund.
The fund focuses its investments in a single state and therefore may have more exposure to credit risk related to the state of California than a fund with a broader geographical diversification.
6. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of August 31, 2021, the fund had accumulated short-term capital losses of $(598), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| For a Share Outstanding Throughout the Years Ended August 31 (except as noted) |
| Per-Share Data | Ratios and Supplemental Data |
| | Income From Investment Operations: | Distributions From: | | | Ratio to Average Net Assets of: | |
| Net Asset
Value,
Beginning
of Period | Net
Investment
Income
(Loss) | Net
Realized
and
Unrealized
Gain (Loss) | Total From
Investment
Operations | Net
Investment
Income | Net
Realized
Gains | Total
Distributions | Net Asset
Value,
End
of Period | Total Return(1) | Operating
Expenses | Operating
Expenses
(before
expense
waiver) | Net
Investment
Income
(Loss) | Net
Investment
Income
(Loss)
(before
expense
waiver) | Net
Assets,
End of
Period
(in thousands) |
| Investor Class |
2022(2) | $1.00 | —(3) | — | —(3) | —(3) | — | —(3) | $1.00 | 0.00% | 0.09%(4) | 0.49%(4) | 0.01%(4) | (0.39)%(4) | $128,035 | |
| 2021 | $1.00 | —(3) | —(3) | —(3) | —(3) | — | —(3) | $1.00 | 0.01% | 0.11% | 0.50% | 0.01% | (0.38)% | $127,418 | |
| 2020 | $1.00 | 0.01 | — | 0.01 | (0.01) | — | (0.01) | $1.00 | 0.53% | 0.42% | 0.50% | 0.55% | 0.47% | $134,252 | |
| 2019 | $1.00 | 0.01 | — | 0.01 | (0.01) | —(3) | (0.01) | $1.00 | 1.08% | 0.50% | 0.50% | 1.06% | 1.06% | $162,022 | |
| 2018 | $1.00 | 0.01 | —(3) | 0.01 | (0.01) | —(3) | (0.01) | $1.00 | 0.75% | 0.50% | 0.50% | 0.75% | 0.75% | $164,443 | |
| 2017 | $1.00 | —(3) | —(3) | —(3) | —(3) | —(3) | —(3) | $1.00 | 0.35% | 0.50% | 0.50% | 0.33% | 0.33% | $168,782 | |
| | |
| Notes to Financial Highlights |
(1)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(2)Six months ended February 28, 2022 (unaudited).
(3)Per-share amount was less than $0.005.
(4)Annualized.
See Notes to Financial Statements.
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting American Century Investments’ website at americancentury.com/proxy. A description of the policies is also available on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on americancentury.com/proxy. It is also available at sec.gov.
Portfolio Holdings Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) each month on Form N-MFP. The fund’s Form N-MFP reports are available on its website at americancentury.com and on the SEC’s website at sec.gov. The fund also makes its complete schedule of portfolio holdings for the most recent first and third quarters of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.
| | | | | | | | |
| |
| | |
| Contact Us | americancentury.com | |
| Automated Information Line | 1-800-345-8765 | |
| Investor Services Representative | 1-800-345-2021
or 816-531-5575 | |
| Investors Using Advisors | 1-800-378-9878 | |
| Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 | |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 | |
| Telecommunications Relay Service for the Deaf | 711 | |
| | |
| American Century California Tax-Free and Municipal Funds | |
| | |
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | |
| | |
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | |
| | |
©2022 American Century Proprietary Holdings, Inc. All rights reserved.
CL-SAN-91774 2204 | |
(b) None.
ITEM 2. CODE OF ETHICS.
Not applicable for semiannual report filings.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semiannual report filings.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semiannual report filings.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable for semiannual report filings.
ITEM 6. INVESTMENTS.
(a) The schedule of investments is included as part of the report to stockholders filed under Item 1 of this Form.
(b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
During the reporting period, there were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
(a)(1) Not applicable for semiannual report filings.
(a)(3) Not applicable.
(a)(4) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | | | | | | | | | | | |
| Registrant: | American Century California Tax-Free and Municipal Funds |
| | | |
| By: | /s/ Patrick Bannigan | |
| Name: | Patrick Bannigan | |
| Title: | President | |
| | | |
| Date: | April 27, 2022 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | | | | | | | | |
| By: | /s/ Patrick Bannigan |
| Name: | Patrick Bannigan | |
| Title: | President | |
| | (principal executive officer) | |
| | |
| Date: | April 27, 2022 | |
| | | | | | | | | | | |
| By: | /s/ R. Wes Campbell |
| Name: | R. Wes Campbell | |
| Title: | Treasurer and | |
| | Chief Financial Officer | |
| | (principal financial officer) | |
| | |
| Date: | April 27, 2022 | |
