N-CSR 1 acctfmf83122n-csr.htm N-CSR Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number811-03706
AMERICAN CENTURY CALIFORNIA TAX-FREE AND MUNICIPAL FUNDS
(Exact name of registrant as specified in charter)
4500 MAIN STREET, KANSAS CITY, MISSOURI64111
(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
Date of fiscal year end:08-31
Date of reporting period:08-31-2022





ITEM 1. REPORTS TO STOCKHOLDERS.

(a)    Provided under separate cover.







    


acihorizblkd40a.jpg
Annual Report
August 31, 2022
California High-Yield Municipal Fund
Investor Class (BCHYX)
I Class (BCHIX)
Y Class (ACYHX)
A Class (CAYAX)
C Class (CAYCX)


























Table of Contents
President’s Letter
Performance
Portfolio Commentary
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
Report of Independent Registered Public Accounting Firm
Management
Approval of Management Agreement
Liquidity Risk Management Program
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.



President’s Letter

image10.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended August 31, 2022. Annual reports
help convey important information about fund returns, including market factors that affected
performance. For additional investment insights, please visit americancentury.com.

Municipal Bonds Declined on Rising Rates, Heightened Volatility

Conditions in the municipal bond (muni) market, along with investor demand for munis, steadily
weakened as the period progressed. Early in the fiscal year, uncertainties surrounding proposed
Biden administration tax and spending programs slowed the market’s year-to-date advance.
Additionally, the muni market’s reaction to the November passage of the Infrastructure Investment
and Jobs Act was lackluster, given the bill’s exclusion of certain muni-specific provisions.

Meanwhile, inflation had been steadily climbing, prompting the Federal Reserve (Fed) to adopt a
more hawkish tone and start tapering its asset purchases. By early 2022, inflation soared to levels
last seen in the early 1980s. Massive fiscal and monetary support unleashed during the pandemic
was partly to blame. In addition, escalating energy prices, supply chain breakdowns, labor market
shortages and Russia’s invasion of Ukraine further aggravated the inflation rate.

The Fed responded to surging inflation in March, launching an aggressive rate-hike campaign and
ending its asset purchase program. Policymakers indicated taming inflation remains their priority,
even as the U.S. economy contracted in 2022’s first two quarters.

Elevated inflation and a hawkish Fed left yields sharply higher than they were a year earlier,
despite the weak economy. Rising yields and severe volatility contributed to steep 12-month losses
for most U.S. fixed-income sectors. Municipal bonds generally fared better than the broad U.S.
Treasury market, while high-yield munis generally underperformed investment-grade munis.

Staying Disciplined in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of high inflation,
rising interest rates and economic uncertainty. In addition, Russia’s invasion of Ukraine
complicates a tense geopolitical backdrop that threatens global energy markets. We will continue
to monitor these factors and what they broadly mean for investors across asset classes.

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,
image48a16a.jpg
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2


Performance
Total Returns as of August 31, 2022
   Average Annual Returns 
 Ticker
Symbol
1
 year
5
 years
10 yearsSince
Inception
Inception
Date
Investor ClassBCHYX-10.74%1.51%3.19%12/30/86
S&P Municipal Bond California 50% Investment Grade/50% High Yield Index-10.51%1.65%3.86%
I ClassBCHIX-10.57%1.71%3.38%3/1/10
Y ClassACYHX-10.54%1.72%2.34%4/10/17
A ClassCAYAX1/31/03
No sales charge-10.96%1.26%2.93%
With sales charge-14.95%0.33%2.46%
C ClassCAYCX-11.63%0.50%2.16%1/31/03
Average annual returns since inception are presented when ten years of performance history is not available.

C Class shares will automatically convert to A Class shares after being held for approximately eight years. C Class average annual returns do not reflect this conversion.

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 4.50% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.



















Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.
3


Growth of $10,000 Over 10 Years
$10,000 investment made August 31, 2012
Performance for other share classes will vary due to differences in fee structure.
chart-579c377b2af04c2f995.jpg
Value on August 31, 2022
Investor Class — $13,689
S&P Municipal Bond California 50% Investment Grade/50% High Yield Index — $14,604

Total Annual Fund Operating Expenses
Investor ClassI ClassY ClassA ClassC Class
0.49%0.29%0.26%0.74%1.49%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.















Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.
4


Portfolio Commentary

Portfolio Managers: Joseph Gotelli and Alan Kruss

Steven Permut left the portfolio management team April 30, 2022, ahead of his June 30, 2022, retirement from American Century Investments.

Performance Summary

California High-Yield Municipal returned -10.74%* for the 12 months ended August 31, 2022. By comparison, the S&P Municipal Bond California 50% Investment Grade/50% High Yield Index returned -10.51%. Fund returns reflect operating expenses, while index returns do not.

Amid surging inflation, hawkish Federal Reserve (Fed) policy, rising interest rates, mounting recession risk and sharp market volatility, the fund and index declined. Our sector allocation and security selection decisions and duration positioning primarily accounted for the underperformance versus the index.

Deteriorating Macro Backdrop Hampered Muni Market

After ending 2021 with weakening but still positive performance, the broad municipal bond (muni) market faced mounting macroeconomic-driven challenges through the rest of the reporting period. Additionally, accelerating investor outflows from municipal bond funds amid heightened market volatility added to the difficult muni backdrop.

Inflation, which began its steady march higher in early 2021, soared to levels last seen in the early 1980s. The Fed, which had labeled inflation’s rise as transitory, abruptly pivoted in early 2022. The central bank lifted its short-term interest rate target 2.25 percentage points between March and August, sending bond yields sharply higher.

Meanwhile, Russia’s invasion of Ukraine in February contributed to the broad-based market unrest. The conflict triggered a recalibration of global growth, inflation and supply chain outlooks.

This unprecedented mix of influences led to slower economic data and escalating market volatility and uncertainty. The U.S. entered a technical recession after the economy contracted in the first and second quarters. Despite the Fed’s aggressive tightening, annual headline inflation surged higher, reaching a reporting period peak of 9.1% in June before easing to 8.3% by August.

Against this backdrop, bonds declined sharply for the 12-month period. From a broad index perspective, municipal bonds fared better than Treasuries. Higher-quality munis generally outperformed lower-quality munis, and shorter-maturity securities outpaced longer-maturity municipal bonds. California munis modestly outperformed national munis.

Credit Trends Remained Positive

While widespread economic challenges dominated the headlines, muni credit fundamentals generally remained healthy. Municipal bond credit ratings upgrades significantly outpaced downgrades during the 12 months. Issuer fundamentals largely remained solid as higher-than-budgeted revenues left many state governments, including in California, with record-high reserves.







*All fund returns referenced in this commentary are for Investor Class shares. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the index, other share classes may not. See page 3 for returns for all share classes.
5


As a testament to California’s fiscal condition, the California legislature passed a $308 billion fiscal year budget that provides refunds to approximately 23 million taxpayers. The package provides as much as $1,050 to taxpayers meeting certain income requirements for help with high gas prices and inflation. Furthermore, the state projects it will end the fiscal year with approximately $37 billion in reserves, including $23 billion in the state’s “rainy day” fund.

Additionally, the California unemployment rate steadily improved, dropping to 3.9% in July and matching its record-low February 2020 level. State officials reported California recovered 97% of the nearly 2.8 million nonfarm jobs lost in March and April 2020. However, the state’s July unemployment rate remained among the nation’s highest.

Security Selection Weighed on Relative Results

Our security selections largely drove the fund’s modest underperformance versus the index. Broadly, we held more credit-sensitive securities than the index, which weighed on performance when credit spreads were widening. From a sector-specific perspective, our selections in the hospital, multifamily housing and local general obligation (GO) bond sectors detracted. These lagging securities more than offset positive security selection results in the special tax, student housing and tobacco sectors.

Meanwhile, our sector allocation decisions had a relatively flat effect on performance versus the index. Overweight positions versus the index in the special tax and charter school sectors and underweights in local and state GO bonds aided results. However, overweight positions in corporate munis, toll facilities and continuing care retirement communities and underweights in multifamily housing and tobacco bonds offset the positive allocations.

Yield Curve Exposure Enhanced Returns

The fund’s yield curve positioning boosted relative performance. A modest curve-flattening bias, particularly at the longer end of the yield curve, benefited the fund. In addition, our duration strategy, which was neutral to the index for most of the period, supplied a modest lift to performance.

Portfolio Positioning

Looking ahead, we believe investors’ adjustments to the hawkish Fed, inflation uncertainties and geopolitical unrest will continue to roil fixed-income markets. Yet, we also believe the markets have largely accounted for significant rate increases from the Fed. We believe investor flows into muni funds will remain volatile until total returns stabilize. Eventually, attractive tax-exempt yields and moderating volatility should provide a tailwind to investor demand.

California’s relatively healthy financial footing offers a measure of reassurance given ongoing economic and market uncertainty and elevated inflation. However, we’re keeping an eye on the additional state funds required to mitigate wildfire and drought risks. Additionally, longer-term inflationary pressures, particularly in food, housing, energy, labor and construction costs, could erode the state’s revenues and elevate government expenses.

While seeking to manage the anticipated market volatility, we plan to continue shifting the portfolio’s duration closer to neutral. Additionally, we plan to focus new positions on higher-quality issuers and sectors. These may include securities in the hospital, gas-prepaid, development district, higher education and retirement community sectors. Prudent security selection will guide our efforts among lower-rated issuers and sectors. As always, fundamental credit research drives our investment decisions.

6


Fund Characteristics
AUGUST 31, 2022
Types of Investments in Portfolio% of net assets
Municipal Securities100.0%
Other Assets and Liabilities
—*
*Category is less than 0.05% of total net assets.
Top Five Sectors% of fund investments
Special Tax36%
Hospital12%
Charter School8%
Multi-Family Housing6%
Water & Sewer4%

7


Shareholder Fee Example

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 March 1, 2022 to August 31, 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.

8


Beginning
Account Value
3/1/22
Ending
Account Value
8/31/22
Expenses Paid
During Period(1)
3/1/22 - 8/31/22
Annualized
Expense Ratio(1)
Actual
Investor Class$1,000$922.10$2.420.50%
I Class$1,000$922.10$1.450.30%
Y Class$1,000$922.20$1.310.27%
A Class$1,000$920.90$3.630.75%
C Class$1,000$916.60$7.251.50%
Hypothetical
Investor Class$1,000$1,022.69$2.550.50%
I Class$1,000$1,023.69$1.530.30%
Y Class$1,000$1,023.84$1.380.27%
A Class$1,000$1,021.43$3.820.75%
C Class$1,000$1,017.64$7.631.50%
(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 184, 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.
9


Schedule of Investments

AUGUST 31, 2022
Principal AmountValue
MUNICIPAL SECURITIES — 100.0%


California — 99.0%
91 Express Lanes Toll Road Rev., 5.00%, 8/15/30$2,400,000 $2,458,519 
Alameda Community Facilities District Special Tax, (District No. 13-1), 5.00%, 9/1/421,250,000 1,293,311 
Alameda Community Facilities District Special Tax, (District No. 13-1), 4.00%, 9/1/515,000,000 4,247,267 
Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/352,270,000 2,375,569 
Alameda Corridor Transportation Authority Rev., Capital Appreciation, 0.00%, 10/1/52 (AGM)(1)
12,000,000 6,139,883 
Antelope Valley Healthcare District Rev., 5.00%, 3/1/465,000,000 5,030,105 
Bay Area Toll Authority Rev., 4.00%, 4/1/382,080,000 2,098,181 
Bay Area Toll Authority Rev., VRN, 2.12%, (MUNIPSA plus 0.45%), 4/1/561,750,000 1,721,231 
Beaumont Special Tax, (Beaumont Community Facilities District No. 93-1), 4.00%, 9/1/401,250,000 1,168,935 
Beaumont Special Tax, (Beaumont Community Facilities District No. 93-1), 5.00%, 9/1/431,605,000 1,685,686 
Beaumont Special Tax, (Beaumont Community Facilities District No. 93-1), 4.00%, 9/1/451,510,000 1,360,647 
Beaumont Special Tax, (Beaumont Community Facilities District No. 93-1), 5.00%, 9/1/482,855,000 2,982,243 
Beaumont Special Tax, (Beaumont Community Facilities District No. 93-1), 5.00%, 9/1/482,535,000 2,647,981 
Beaumont Special Tax, (Beaumont Community Facilities District No. 93-1), 4.00%, 9/1/501,500,000 1,317,639 
California Community Choice Financing Authority Rev., VRN, 2.12%, (MUNIPSA plus 0.45%), 2/1/52 (GA: Morgan Stanley)17,545,000 16,477,676 
California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.25%, 5/1/433,200,000 3,238,811 
California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.25%, 5/1/484,500,000 4,530,318 
California Community Housing Agency Rev., (Fountains at Emerald Park), 4.00%, 8/1/46(2)
3,100,000 2,471,402 
California Community Housing Agency Rev., (Verdant at Green Valley Apartments), 5.00%, 8/1/49(2)
9,000,000 8,491,798 
California County Tobacco Securitization Agency Rev., 4.00%, 6/1/49750,000 705,312 
California County Tobacco Securitization Agency Rev., 5.00%, 6/1/49510,000 526,826 
California County Tobacco Securitization Agency Rev., (Alameda County Tobacco Securitization Corp.), 0.00%, 6/1/50(1)
22,520,000 4,138,960 
California County Tobacco Securitization Agency Rev., Capital Appreciation, 0.00%, 6/1/55(1)
2,000,000 367,768 
California Enterprise Development Authority Rev., (Academy For Academic Excellence), 5.00%, 7/1/40(2)
500,000 502,307 
California Enterprise Development Authority Rev., (Academy For Academic Excellence), 5.00%, 7/1/50(2)
500,000 495,512 
California Enterprise Development Authority Rev., (Academy For Academic Excellence), 5.00%, 7/1/55(2)
350,000 342,244 
California Enterprise Development Authority Rev., (Provident Group-SDSU Properties LLC), 5.00%, 8/1/501,700,000 1,722,097 
California Health Facilities Financing Authority Rev., (CommonSpirit Health Obligated Group), 4.00%, 4/1/459,710,000 9,066,618 
10


Principal AmountValue
California Housing Finance Rev., 4.00%, 3/20/33$19,639,382 $19,478,516 
California Housing Finance Rev., 4.25%, 1/15/353,176,899 3,187,832 
California Housing Finance Rev., 3.50%, 11/20/352,610,180 2,432,968 
California Infrastructure & Economic Development Bank Rev., (California Science Center Foundation), 4.00%, 5/1/514,000,000 3,727,688 
California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 4.00%, 11/1/461,500,000 1,391,279 
California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 4.00%, 11/1/511,600,000 1,471,203 
California Municipal Finance Authority Rev., (Azusa Pacific University), 5.00%, 4/1/411,860,000 1,895,057 
California Municipal Finance Authority Rev., (Bowles Hall Foundation), 5.00%, 6/1/501,750,000 1,772,688 
California Municipal Finance Authority Rev., (California Baptist University), 5.00%, 11/1/46(2)
2,000,000 2,056,579 
California Municipal Finance Authority Rev., (CHF-Davis I LLC), 5.00%, 5/15/32 (BAM-TCRS)3,000,000 3,189,226 
California Municipal Finance Authority Rev., (CHF-Davis I LLC), 5.00%, 5/15/486,700,000 6,853,633 
California Municipal Finance Authority Rev., (CHF-Davis I LLC), 5.00%, 5/15/515,505,000 5,622,285 
California Municipal Finance Authority Rev., (CHF-Davis II LLC), 4.00%, 5/15/41 (BAM)1,000,000 972,384 
California Municipal Finance Authority Rev., (Claremont Graduate University), 5.00%, 10/1/49(2)
2,145,000 2,107,421 
California Municipal Finance Authority Rev., (Claremont Graduate University), 5.00%, 10/1/54(2)
1,875,000 1,825,255 
California Municipal Finance Authority Rev., (Clinicas del Camino Real Incorporated), 4.00%, 3/1/402,750,000 2,523,230 
California Municipal Finance Authority Rev., (Clinicas del Camino Real Incorporated), 4.00%, 3/1/506,785,000 5,790,973 
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/54(2)
1,590,000 1,603,438 
California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/25, Prerefunded at 100% of Par(3)
3,615,000 3,839,253 
California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/271,000,000 1,082,083 
California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 4.00%, 2/1/512,000,000 1,860,809 
California Municipal Finance Authority Rev., (Congregational Home Obligated Group), 5.00%, 11/15/391,200,000 1,240,961 
California Municipal Finance Authority Rev., (Congregational Home Obligated Group), 5.00%, 11/15/494,750,000 4,853,361 
California Municipal Finance Authority Rev., (Creative Center of Los Altos), 4.00%, 11/1/26(2)
480,000 468,642 
California Municipal Finance Authority Rev., (Creative Center of Los Altos), 4.00%, 11/1/36(2)
1,400,000 1,217,677 
California Municipal Finance Authority Rev., (Creative Center of Los Altos), 4.50%, 11/1/46(2)
3,100,000 2,629,372 
California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/353,500,000 3,659,949 
California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/351,500,000 1,568,550 
California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/361,580,000 1,646,372 
California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/371,500,000 1,556,627 
11


Principal AmountValue
California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/42$1,750,000 $1,798,031 
California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/473,000,000 3,058,728 
California Municipal Finance Authority Rev., (Emerson College), 5.00%, 1/1/425,250,000 5,435,165 
California Municipal Finance Authority Rev., (Healthright 360), 5.00%, 11/1/29(2)
1,670,000 1,738,086 
California Municipal Finance Authority Rev., (Healthright 360), 5.00%, 11/1/39(2)
3,535,000 3,508,290 
California Municipal Finance Authority Rev., (Healthright 360), 5.00%, 11/1/49(2)
4,450,000 4,300,483 
California Municipal Finance Authority Rev., (HumanGood California Obligated Group), 4.00%, 10/1/496,250,000 5,751,864 
California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/241,000,000 1,035,214 
California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/251,000,000 1,050,374 
California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/26500,000 532,446 
California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/35350,000 355,122 
California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/40500,000 504,445 
California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/44300,000 301,345 
California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.25%, 11/1/471,600,000 1,627,219 
California Municipal Finance Authority Rev., (P3 Claremont Holdings LLC), 5.00%, 7/1/40(2)
1,515,000 1,483,381 
California Municipal Finance Authority Rev., (P3 Claremont Holdings LLC), 5.00%, 7/1/52(2)
2,075,000 1,949,582 
California Municipal Finance Authority Rev., (Palmdale Aerospace Academy, Inc.), 5.00%, 7/1/49(2)
5,100,000 5,062,396 
California Municipal Finance Authority Rev., (River Charter Schools), 5.50%, 6/1/38(2)
800,000 817,832 
California Municipal Finance Authority Rev., (River Charter Schools), 5.50%, 6/1/48(2)
2,265,000 2,293,045 
California Municipal Finance Authority Rev., (River Charter Schools), 5.50%, 6/1/53(2)
1,805,000 1,824,287 
California Municipal Finance Authority Rev., (Santa Rosa Academy LLC), 5.125%, 7/1/35(2)
905,000 918,857 
California Municipal Finance Authority Rev., (Santa Rosa Academy LLC), 5.375%, 7/1/45(2)
1,400,000 1,423,193 
California Municipal Finance Authority Rev., (Touro College and University System Obligated Group), 5.25%, 1/1/34950,000 962,745 
California Municipal Finance Authority Rev., (Touro College and University System Obligated Group), 5.25%, 1/1/401,750,000 1,768,691 
California Municipal Finance Authority Rev., (University of San Diego), 5.00%, 10/1/445,000,000 5,402,716 
California Municipal Finance Authority Rev., (University of San Diego), 5.00%, 10/1/495,000,000 5,378,068 
California Municipal Finance Authority Rev., (William Jessup University), 5.00%, 8/1/39(2)
2,750,000 2,734,768 
California Municipal Finance Authority Rev., (William Jessup University), 5.00%, 8/1/48(2)
2,700,000 2,593,793 
California Municipal Finance Authority Special Tax, 4.00%, 9/1/431,000,000 917,553 
California Municipal Finance Authority Special Tax, 4.00%, 9/1/501,500,000 1,330,314 
12


Principal AmountValue
California Municipal Finance Authority Special Tax, 5.00%, 9/1/57$5,000,000 $4,829,269 
California Municipal Finance Authority Special Tax, (Facilities District No. 2020-4), 4.00%, 9/1/462,290,000 2,027,426 
California Municipal Finance Authority Special Tax, (Facilities District No. 2020-4), 4.00%, 9/1/513,145,000 2,733,060 
California Pollution Control Financing Authority Rev., (San Diego County Water Authority), 5.00%, 11/21/45(2)
2,500,000 2,472,720 
California Public Finance Authority Rev., (Crossroads Christian Schools Obligated Group), 5.00%, 1/1/56(2)
4,000,000 3,436,123 
California Public Finance Authority Rev., (Henry Mayo Newhall Memorial Hospital), 5.00%, 10/15/473,500,000 3,576,494 
California Public Finance Authority Rev., (Henry Mayo Newhall Memorial Hospital), VRN, 4.00%, 10/15/51685,000 663,925 
California Public Finance Authority Rev., (Hoag Memorial Hospital Presbyterian Obligated Group), 5.00%, 7/15/461,000,000 1,093,568 
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 3.125%, 5/15/29(2)
2,580,000 2,349,946 
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 5.00%, 11/15/36(2)
1,160,000 1,131,131 
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 5.00%, 11/15/46(2)
1,545,000 1,432,463 
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 5.00%, 11/15/56(2)
2,495,000 2,240,074 
California School Finance Authority Rev., (Alliance for College Ready Public Schools Obligated Group), 5.00%, 7/1/31(2)
4,000,000 4,178,412 
California School Finance Authority Rev., (Alliance for College Ready Public Schools Obligated Group), 5.00%, 7/1/45(2)
5,000,000 5,068,257 
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/25, Prerefunded at 100% of Par(2)(3)
110,000 118,013 
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/40(2)
1,000,000 1,016,454 
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/46(2)
1,190,000 1,203,738 
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/50(2)
1,200,000 1,220,620 
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/51(2)
1,300,000 1,115,967 
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/59(2)
4,165,000 4,210,862 
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/61(2)
4,000,000 4,039,941 
California School Finance Authority Rev., (Bright Star Schools Obligated Group), 2.00%, 6/1/27(2)
1,020,000 910,037 
California School Finance Authority Rev., (Bright Star Schools Obligated Group), 5.00%, 6/1/37(2)
1,800,000 1,823,372 
California School Finance Authority Rev., (Bright Star Schools Obligated Group), 4.00%, 6/1/39(2)
1,085,000 951,598 
California School Finance Authority Rev., (Bright Star Schools Obligated Group), 5.00%, 6/1/47(2)
3,130,000 3,136,310 
California School Finance Authority Rev., (Bright Star Schools Obligated Group), 4.00%, 6/1/51(2)
1,730,000 1,389,034 
California School Finance Authority Rev., (Bright Star Schools Obligated Group), 4.00%, 6/1/61(2)
2,220,000 1,732,090 
California School Finance Authority Rev., (Downtown College Prep Obligated Group), 4.00%, 6/1/26(2)
1,875,000 1,853,708 
California School Finance Authority Rev., (Downtown College Prep Obligated Group), 4.50%, 6/1/31(2)
1,500,000 1,490,268 
California School Finance Authority Rev., (Downtown College Prep Obligated Group), 4.75%, 6/1/36(2)
1,500,000 1,477,577 
13


Principal AmountValue
California School Finance Authority Rev., (Downtown College Prep Obligated Group), 5.00%, 6/1/46(2)
$4,630,000 $4,485,765 
California School Finance Authority Rev., (Downtown College Prep Obligated Group), 5.00%, 6/1/51(2)
2,000,000 1,914,637 
California School Finance Authority Rev., (Ednovate Obligated Group), 5.00%, 6/1/30(2)
1,110,000 1,145,150 
California School Finance Authority Rev., (Ednovate Obligated Group), 5.00%, 6/1/37(2)
430,000 433,036 
California School Finance Authority Rev., (Ednovate Obligated Group), 5.00%, 6/1/48(2)
2,100,000 2,052,256 
California School Finance Authority Rev., (Ednovate Obligated Group), 5.00%, 6/1/56(2)
2,000,000 1,918,121 
California School Finance Authority Rev., (Fenton Charter Public Schools), 5.00%, 7/1/50(2)
785,000 787,618 
California School Finance Authority Rev., (Fenton Charter Public Schools), 5.00%, 7/1/58(2)
770,000 767,385 
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/38(2)
1,130,000 1,160,093 
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/45(2)
3,500,000 3,541,556 
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/48(2)
3,630,000 3,671,911 
California School Finance Authority Rev., (Kepler Education, Inc.), 5.75%, 5/1/37(2)
1,050,000 1,067,047 
California School Finance Authority Rev., (Kepler Education, Inc.), 5.875%, 5/1/47(2)
2,425,000 2,447,868 
California School Finance Authority Rev., (Kipp SoCal Public Schools Obligated Group), 4.125%, 7/1/24(2)
250,000 253,271 
California School Finance Authority Rev., (Kipp SoCal Public Schools Obligated Group), 5.00%, 7/1/34(2)
500,000 507,319 
California School Finance Authority Rev., (Kipp SoCal Public Schools Obligated Group), 5.00%, 7/1/37(2)
1,180,000 1,211,542 
California School Finance Authority Rev., (Kipp SoCal Public Schools Obligated Group), 5.00%, 7/1/39(2)
1,000,000 1,031,684 
California School Finance Authority Rev., (Kipp SoCal Public Schools Obligated Group), 5.125%, 7/1/44(2)
700,000 707,730 
California School Finance Authority Rev., (Kipp SoCal Public Schools Obligated Group), 5.00%, 7/1/45(2)
1,650,000 1,666,843 
California School Finance Authority Rev., (Kipp SoCal Public Schools Obligated Group), 5.00%, 7/1/49(2)
2,000,000 2,034,274 
California School Finance Authority Rev., (Kipp SoCal Public Schools Obligated Group), 5.00%, 7/1/54(2)
1,150,000 1,163,638 
California School Finance Authority Rev., (Larchmont Schools), 5.00%, 6/1/33(2)
500,000 515,936 
California School Finance Authority Rev., (Larchmont Schools), 5.00%, 6/1/43(2)
550,000 559,248 
California School Finance Authority Rev., (Larchmont Schools), 5.00%, 6/1/55(2)
1,000,000 1,008,327 
California School Finance Authority Rev., (Real Journey Academies Obligated Group), 5.00%, 6/1/49(2)
5,250,000 5,269,396 
California School Finance Authority Rev., (Real Journey Academies Obligated Group), 5.00%, 6/1/50(2)
2,740,000 2,748,972 
California School Finance Authority Rev., (Real Journey Academies Obligated Group), 5.00%, 6/1/59(2)
3,915,000 3,901,621 
California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/26(2)
400,000 407,749 
California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/31(2)
870,000 883,311 
California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/36(2)
1,000,000 1,004,506 
14


Principal AmountValue
California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/37(2)
$360,000 $361,935 
California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/46(2)
2,100,000 2,054,138 
California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/53(2)
2,265,000 2,188,934 
California School Finance Authority Rev., (Summit Public Schools Obligated Group), 5.00%, 6/1/37(2)
1,000,000 1,017,299 
California School Finance Authority Rev., (Summit Public Schools Obligated Group), 5.00%, 6/1/47(2)
1,870,000 1,885,364 
California School Finance Authority Rev., (TEACH, Inc. Obligated Group), 5.00%, 6/1/58(2)
3,600,000 3,488,908 
California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/341,400,000 1,441,982 
California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/391,640,000 1,672,570 
California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/481,000,000 1,006,928 
California State Public Works Board Rev., (California Air Resources Board), 4.00%, 5/1/3612,050,000 12,443,929 
California State Public Works Board Rev., (State of California Department of Corrections & Rehabilitation), 5.00%, 9/1/397,000,000 7,301,738 
California Statewide Communities Development Authority Rev., (899 Charleston LLC), 5.25%, 11/1/44(2)
5,500,000 5,157,431 
California Statewide Communities Development Authority Rev., (Adventist Health System / West Obligated Group), 5.00%, 3/1/351,785,000 1,862,984 
California Statewide Communities Development Authority Rev., (California Baptist University), 3.00%, 11/1/22(2)
440,000 440,007 
California Statewide Communities Development Authority Rev., (California Baptist University), 3.50%, 11/1/27(2)
2,630,000 2,594,437 
California Statewide Communities Development Authority Rev., (California Baptist University), 5.00%, 11/1/32(2)
3,090,000 3,248,904 
California Statewide Communities Development Authority Rev., (California Baptist University), 5.00%, 11/1/41(2)
6,325,000 6,581,186 
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 4.00%, 5/15/46 (BAM)3,000,000 2,963,613 
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(3)
1,500,000 1,572,726 
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(3)
2,760,000 2,893,815 
California Statewide Communities Development Authority Rev., (Emanate Health Obligated Group), 4.00%, 4/1/456,000,000 5,578,210 
California Statewide Communities Development Authority Rev., (Front Porch Communities & Services Obligated Group), 4.00%, 4/1/391,405,000 1,341,564 
California Statewide Communities Development Authority Rev., (Front Porch Communities & Services Obligated Group), 4.00%, 4/1/402,615,000 2,481,389 
California Statewide Communities Development Authority Rev., (Front Porch Communities & Services Obligated Group), 4.00%, 4/1/462,500,000 2,305,447 
California Statewide Communities Development Authority Rev., (Henry Mayo Newhall Memorial Hospital), 5.25%, 10/1/24, Prerefunded at 100% of Par (AGM)(3)
1,000,000 1,057,745 
California Statewide Communities Development Authority Rev., (HumanGood California Obligated Group), 5.00%, 10/1/452,400,000 2,462,619 
California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 5.00%, 6/1/46(2)
3,500,000 3,423,563 
15


Principal AmountValue
California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 5.00%, 6/1/51(2)
$1,450,000 $1,400,572 
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/26(2)
2,000,000 2,085,230 
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/29(2)
3,155,000 3,243,290 
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/36(2)
1,000,000 1,006,086 
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/41(2)
1,700,000 1,690,620 
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/46(2)
9,900,000 9,653,623 
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.50%, 12/1/544,605,000 4,705,670 
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.50%, 12/1/58(2)
14,750,000 14,927,267 
California Statewide Communities Development Authority Rev., (Methodist Hospital of Southern California Obligated Group), 5.00%, 1/1/4810,000,000 10,199,450 
California Statewide Communities Development Authority Rev., (Redlands Community Hospital), 4.00%, 10/1/416,500,000 6,235,842 
California Statewide Communities Development Authority Special Assessment, (City of San Diego CA Assessment District No. 18-01), 5.00%, 9/2/391,300,000 1,388,851 
California Statewide Communities Development Authority Special Assessment, (City of San Diego CA Assessment District No. 18-01), 4.00%, 9/2/44900,000 836,828 
California Statewide Communities Development Authority Special Assessment, (City of San Diego CA Assessment District No. 18-01), 5.00%, 9/2/49700,000 735,279 
California Statewide Communities Development Authority Special Assessment, (County of Contra Costa Assessment District No. 14-01), 2.70%, 9/2/22345,000 345,000 
California Statewide Communities Development Authority Special Assessment, (County of Contra Costa Assessment District No. 14-01), 3.00%, 9/2/23355,000 351,751 
California Statewide Communities Development Authority Special Assessment, (County of Contra Costa Assessment District No. 14-01), 3.00%, 9/2/24365,000 357,899 
California Statewide Communities Development Authority Special Assessment, (County of Contra Costa Assessment District No. 14-01), 5.00%, 9/2/351,920,000 1,990,444 
California Statewide Communities Development Authority Special Assessment, (County of Contra Costa Assessment District No. 14-01), 5.00%, 9/2/453,810,000 3,906,008 
California Statewide Communities Development Authority Special Tax, (California Statewide Communities Development Authority Cmnty Facs Dist No. 2007-01), 5.00%, 9/1/371,690,000 1,751,368 
California Statewide Communities Development Authority Special Tax, (California Statewide Communities Development Authority Cmnty Facs Dist No. 2015-01), 5.00%, 9/1/451,500,000 1,537,763 
California Statewide Communities Development Authority Special Tax, (California Statewide Communities Development Authority Cmnty Facs Dist No. 2015-01), 5.00%, 9/1/471,650,000 1,712,512 
California Statewide Communities Development Authority Special Tax, (California Statewide Communities Development Authority Cmnty Facs Dist No. 2016-02), 5.00%, 9/1/391,000,000 1,070,853 
16


Principal AmountValue
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 $2,200,545 
California Statewide Communities Development Authority Special Tax, (California Statewide Communities Development Authority Cmnty Facs Dist No. 2017-01), 5.00%, 9/1/487,330,000 7,656,686 
California Statewide Communities Development Authority Special Tax, (California Statewide Communities Development Authority Cmnty Facs Dist No. 2018-), 4.00%, 9/1/501,200,000 1,042,453 
California Statewide Communities Development Authority Special Tax, (California Statewide Communities Development Authority Cmnty Facs Dist No. 2018-03), 5.00%, 9/1/391,515,000 1,607,859 
California Statewide Communities Development Authority Special Tax, (California Statewide Communities Development Authority Cmnty Facs Dist No. 2018-03), 5.00%, 9/1/481,750,000 1,827,995 
California Statewide Communities Development Authority Special Tax, (Cmnty Facs Dist No. 2016), 5.50%, 9/1/524,250,000 4,297,808 
Calimesa Special Tax, (Calimesa Community Facilities District No. 2018-1), 4.00%, 9/1/37415,000 397,414 
Calimesa Special Tax, (Calimesa Community Facilities District No. 2018-1), 4.00%, 9/1/45865,000 781,699 
Calimesa Special Tax, (Calimesa Community Facilities District No. 2018-1), 4.00%, 9/1/50820,000 724,918 
Cathedral City Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/29 (AGM)1,250,000 1,304,444 
Cathedral City Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/30 (AGM)1,315,000 1,373,196 
Cathedral City Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/31 (AGM)1,380,000 1,440,606 
Central Basin Municipal Water District Rev., 5.00%, 8/1/28, Prerefunded at 100% of Par(3)
5,000,000 5,662,573 
Chino Community Facilities District Special Tax, (Chino Community Facilities District No. 2019-1), 4.00%, 9/1/511,000,000 873,625 
Chino Community Facilities District Special Tax, (ChiNo. Community Facilities District No. 2003-3), 5.00%, 9/1/433,160,000 3,317,142 
Chino Community Facilities District Special Tax, (ChiNo. Community Facilities District No. 2003-3), 4.00%, 9/1/451,325,000 1,181,956 
Chino Community Facilities District Special Tax, (ChiNo. Community Facilities District No. 2003-3), 5.00%, 9/1/482,500,000 2,612,771 
Chino Community Facilities District Special Tax, (ChiNo. Community Facilities District No. 2003-3), 4.00%, 9/1/502,500,000 2,164,907 
Chino Valley Unified School District GO, 4.00%, 8/1/4511,210,000 10,728,786 
Chula Vista Community Facilities District Special Tax, (Chula Vista Community Facilities District No. 06-1), 5.00%, 9/1/43535,000 561,895 
Chula Vista Community Facilities District Special Tax, (Chula Vista Community Facilities District No. 06-1), 5.00%, 9/1/48895,000 934,406 
City & County of San Francisco Community Facilities District No. 2016-1 Special Tax, 4.00%, 9/1/35300,000 290,629 
City & County of San Francisco Community Facilities District No. 2016-1 Special Tax, 4.00%, 9/1/411,000,000 928,798 
City & County of San Francisco Community Facilities District No. 2016-1 Special Tax, 4.00%, 9/1/42600,000 553,087 
City & County of San Francisco Community Facilities District No. 2016-1 Special Tax, 4.00%, 9/1/461,000,000 898,468 
City & County of San Francisco Community Facilities District No. 2016-1 Special Tax, 4.00%, 9/1/501,450,000 1,281,868 
City & County of San Francisco Community Facilities District No. 2016-1 Special Tax, 4.00%, 9/1/511,250,000 1,102,698 
City & County of San Francisco, Infrastructure & Revitalization Financing Dist No. 1 Tax Allocation, 5.00%, 9/1/52(2)(4)
1,500,000 1,469,575 
City & County of San Francisco, Special Tax District No. 2020-1 Special Tax, 4.00%, 9/1/46(2)
2,475,000 2,210,608 
17


Principal AmountValue
Corona-Norco Unified School District Special Tax, (Community Facilities District No. 05-1), 4.00%, 9/1/45$2,000,000 $1,807,397 
Corona-Norco Unified School District Special Tax, (Community Facilities District No. 16-1), 5.00%, 9/1/432,430,000 2,550,840 
Corona-Norco Unified School District Special Tax, (Community Facilities District No. 16-1), 5.00%, 9/1/481,500,000 1,567,662 
CSCDA Community Improvement Authority Rev., (1818 Platinum Triangle-Anaheim), 4.00%, 4/1/57(2)
5,500,000 4,055,080 
CSCDA Community Improvement Authority Rev., (Altana Apartments), 4.00%, 10/1/56(2)
13,000,000 10,452,029 
CSCDA Community Improvement Authority Rev., (Escondido Portfolio), 4.00%, 12/1/59(2)
12,000,000 8,015,561 
CSCDA Community Improvement Authority Rev., (Oceanaire Apartments), 4.00%, 9/1/56(2)
6,235,000 5,116,654 
CSCDA Community Improvement Authority Rev., (Orange Portfolio), 4.00%, 3/1/57(2)
3,235,000 2,432,408 
CSCDA Community Improvement Authority Rev., (Parrallel-Anaheim), 4.00%, 8/1/56(2)
4,915,000 4,034,060 
CSCDA Community Improvement Authority Rev., (Renaissance at City Center), 5.00%, 7/1/51(2)
8,250,000 7,792,778 
CSCDA Community Improvement Authority Rev., (Westgate Apartments), 4.00%, 9/1/46(2)
1,925,000 1,497,801 
CSCDA Community Improvement Authority Rev., (Westgate Apartments), 2.80%, 3/1/47(2)
1,500,000 1,174,772 
CSCDA Community Improvement Authority Rev., (Westgate Apartments), 4.00%, 2/1/57(2)
4,000,000 2,941,358 
CSCDA Community Improvement Authority Rev., (Westgate Apartments), 3.125%, 6/1/57(2)
5,385,000 3,789,928 
CSCDA Community Improvement Authority Rev., (Westgate Apartments), 4.00%, 6/1/57(2)
2,500,000 1,884,220 
Dixon Special Tax, (Dixon Community Facilities District No. 2013-1 Homestead), 5.00%, 9/1/454,780,000 4,900,339 
Dixon Special Tax, (Dixon Community Facilities District No. 2019-1 Homestead), 4.00%, 9/1/451,000,000 903,699 
Dublin Community Facilities District Improvement Area No. 1 Special Tax, 5.00%, 9/1/29665,000 725,702 
Dublin Community Facilities District Improvement Area No. 1 Special Tax, 5.00%, 9/1/371,150,000 1,216,099 
Dublin Community Facilities District Improvement Area No. 1 Special Tax, 5.00%, 9/1/393,200,000 3,415,607 
Dublin Community Facilities District Improvement Area No. 1 Special Tax, 5.00%, 9/1/472,840,000 2,952,793 
Dublin Community Facilities District Improvement Area No. 1 Special Tax, 5.00%, 9/1/497,300,000 7,672,294 
East Bay Municipal Utility District Wastewater System Rev., 5.00%, 6/1/42600,000 689,127 
East Bay Municipal Utility District Wastewater System Rev., 5.00%, 6/1/451,200,000 1,368,927 
East Garrison Public Finance Authority Special Tax, 5.00%, 9/1/461,170,000 1,207,552 
El Dorado County Special Tax, (Community Facilities District No. 2014-1), 4.00%, 9/1/431,250,000 1,146,941 
El Dorado County Special Tax, (Community Facilities District No. 2014-1), 4.00%, 9/1/462,350,000 2,111,400 
El Dorado County Special Tax, (El County Dorado Community Facilities District No. 2018-1 Bass Lake Hills), 5.00%, 9/1/34450,000 479,759 
El Dorado County Special Tax, (El County Dorado Community Facilities District No. 2018-1 Bass Lake Hills), 5.00%, 9/1/39725,000 768,945 
El Dorado County Special Tax, (El County Dorado Community Facilities District No. 2018-1 Bass Lake Hills), 5.00%, 9/1/441,300,000 1,363,325 
El Dorado County Special Tax, (El County Dorado Community Facilities District No. 2018-1 Bass Lake Hills), 5.00%, 9/1/491,500,000 1,566,057 
18


Principal AmountValue
Elk Grove Finance Authority Special Tax, (Community Facilities District No. 2005-1 Laguna Ridge), 5.00%, 9/1/43$1,040,000 $1,072,737 
Elk Grove Finance Authority Special Tax, (Community Facilities District No. 2005-1 Laguna Ridge), 5.00%, 9/1/481,250,000 1,283,539 
Emeryville Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/34 (AGM)1,000,000 1,044,051 
Escondido Special Tax, (Escondido Community Facilities District No. 2020-2), 5.00%, 9/1/522,700,000 2,737,507 
Fairfield Community Facilities District Special Tax, (District No. 2016-1), 4.00%, 9/1/411,145,000 1,063,473 
Fairfield Community Facilities District Special Tax, (District No. 2016-1), 4.00%, 9/1/452,000,000 1,807,397 
Fairfield Community Facilities District Special Tax, (Fairfield Community Facilities District No. 2019-1), 5.00%, 9/1/35(2)
735,000 785,063 
Fairfield Community Facilities District Special Tax, (Fairfield Community Facilities District No. 2019-1), 5.00%, 9/1/50(2)
3,250,000 3,361,797 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 19), 5.00%, 9/1/341,690,000 1,820,064 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 19), 5.00%, 9/1/391,255,000 1,342,470 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 19), 5.00%, 9/1/442,285,000 2,412,384 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 19), 5.00%, 9/1/474,325,000 4,496,772 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 20), 5.00%, 9/1/33530,000 566,880 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 20), 5.00%, 9/1/38845,000 898,067 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 20), 5.00%, 9/1/481,675,000 1,764,188 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 21), 5.00%, 9/1/351,285,000 1,382,012 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 21), 5.00%, 9/1/391,555,000 1,663,379 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 21), 5.00%, 9/1/442,540,000 2,681,599 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 21), 4.00%, 9/1/46800,000 718,774 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 23), 4.00%, 9/1/401,245,000 1,167,178 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 23), 4.00%, 9/1/451,075,000 974,290 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 23), 4.00%, 9/1/501,140,000 1,011,039 
Fontana Special Tax, (Fontana Community Facilities District No. 31), 5.00%, 9/1/351,365,000 1,452,541 
Fontana Special Tax, (Fontana Community Facilities District No. 85), 4.00%, 9/1/45750,000 679,737 
Fontana Special Tax, (Fontana Community Facilities District No. 85), 4.00%, 9/1/50900,000 799,466 
Foothill-Eastern Transportation Corridor Agency Rev., 0.00%, 1/15/42(1)
6,000,000 2,332,984 
Foothill-Eastern Transportation Corridor Agency Rev., 0.00%, 1/15/42(1)
2,200,000 2,372,106 
Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/461,475,000 1,393,287 
Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/464,250,000 4,014,556 
Fort Bragg Unified School District GO, 5.50%, 8/1/521,450,000 1,597,984 
Fremont Community Facilities District No. 1 Special Tax, 5.00%, 9/1/403,000,000 3,088,998 
19


Principal AmountValue
Fremont Community Facilities District No. 1 Special Tax, 5.00%, 9/1/45$2,000,000 $2,049,784 
Fresno Unified School District GO, 4.00%, 8/1/522,500,000 2,344,435 
Fullerton Public Financing Authority Rev., (Marshall B Ketchum University), 4.00%, 2/1/512,500,000 2,314,991 
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/23, Prerefunded at 100% of Par(3)
1,500,000 1,531,023 
Golden State Tobacco Securitization Corp. Rev., Capital Appreciation, 0.00%, 6/1/66(1)
29,750,000 3,518,289 
Hastings Campus Housing Finance Authority Rev., 0.00%, 7/1/61(1)(2)
14,365,000 6,098,911 
Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/61(2)
5,335,000 5,097,545 
Hemet Unified School District Financing Authority Special Tax, 5.00%, 9/1/392,100,000 2,159,708 
Hesperia Special Tax, 5.00%, 9/1/291,060,000 1,096,529 
Independent Cities Finance Authority Rev., 5.00%, 10/15/474,000,000 4,013,339 
Independent Cities Finance Authority Rev., (Compton Sales Tax Rev.), 4.00%, 6/1/46 (AGM)(2)
900,000 853,951 
Independent Cities Finance Authority Rev., (Compton Sales Tax Rev.), 4.00%, 6/1/51 (AGM)(2)
1,250,000 1,174,507 
Independent Cities Finance Authority Rev., (Millennium Housing LLC), 5.00%, 9/15/50(4)
2,000,000 2,109,102 
Independent Cities Finance Authority Rev., (Palomar Estates East), 5.00%, 9/15/361,000,000 998,980 
Independent Cities Finance Authority Rev., (Palomar Estates West), 5.00%, 9/15/361,500,000 1,498,470 
Inland Valley Development Agency Tax Allocation, 5.25%, 9/1/371,110,000 1,142,209 
Irvine Special Assessment, (Irvine Reassessment District No. 15-2), 5.00%, 9/2/421,500,000 1,549,195 
Irvine Special Tax, (Irvine Community Facilities District No. 2013-3), 5.00%, 9/1/432,500,000 2,644,066 
Irvine Special Tax, (Irvine Community Facilities District No. 2013-3), 5.00%, 9/1/484,250,000 4,476,297 
Irvine Unified School District Special Tax, (Community Facilities District No. 09-1), 5.00%, 9/1/29550,000 597,638 
Irvine Unified School District Special Tax, (Community Facilities District No. 09-1), 5.00%, 9/1/29700,000 760,630 
Irvine Unified School District Special Tax, (Community Facilities District No. 09-1), 5.00%, 9/1/31420,000 452,684 
Irvine Unified School District Special Tax, (Community Facilities District No. 09-1), 5.00%, 3/1/573,500,000 3,658,207 
Jurupa Community Services District Special Tax, (Community Facilities District No. 43), 5.00%, 9/1/401,605,000 1,667,301 
Jurupa Unified School District Special Tax, (Community Facilities District No. 11), 4.00%, 9/1/471,000,000 894,627 
Jurupa Unified School District Special Tax, (Community Facilities District No. 6), 5.00%, 9/1/381,000,000 1,058,385 
Jurupa Unified School District Special Tax, (Community Facilities District No. 6), 5.00%, 9/1/431,255,000 1,316,047 
Lake Elsinore Special Tax, (Lake Elsinore Community Facilities District No. 2016-2), 5.00%, 9/1/432,470,000 2,592,829 
Lake Elsinore Special Tax, (Lake Elsinore Community Facilities District No. 2016-2), 5.00%, 9/1/483,640,000 3,802,229 
Lake Elsinore Facilities Financing Authority Special Tax, 4.00%, 9/1/44535,000 487,682 
Lake Elsinore Public Financing Authority Special Tax, 5.00%, 9/1/401,925,000 1,982,107 
Lake Elsinore Unified School District Community Facilities District Special Tax, (District No. 2013-1), 4.00%, 9/1/42600,000 553,087 
20


Principal AmountValue
Lake Elsinore Unified School District Community Facilities District Special Tax, (District No. 2013-1), 4.00%, 9/1/47$900,000 $805,165 
Lammersville Joint Unified School District Special Tax, (Lammersville Joint Unified School District Community Facilities Dist No. 2007-1), 6.00%, 9/1/431,250,000 1,273,373 
Lammersville Joint Unified School District Special Tax, (Lammersville Joint Unified School District Community Facilities Dist No. 2014-1), 5.00%, 9/1/43775,000 813,960 
Lammersville Joint Unified School District Special Tax, (Lammersville Joint Unified School District Community Facilities Dist No. 2014-1), 5.00%, 9/1/473,750,000 3,895,502 
Lammersville Joint Unified School District Special Tax, (Lammersville Joint Unified School District Community Facilities Dist No. 2014-1), 5.00%, 9/1/482,500,000 2,611,421 
Lammersville Joint Unified School District Special Tax, (Lammersville Joint Unified School District Community Facilities District No. 200), 5.00%, 9/1/27450,000 490,037 
Lammersville Joint Unified School District Special Tax, (Lammersville Joint Unified School District Community Facilities District No. 200), 5.00%, 9/1/28505,000 547,790 
Lammersville Joint Unified School District Special Tax, (Lammersville Joint Unified School District Community Facilities District No. 200), 5.00%, 9/1/301,300,000 1,399,850 
Lammersville Joint Unified School District Special Tax, (Lammersville Joint Unified School District Community Facilities District No. 200), 5.00%, 9/1/321,510,000 1,615,431 
Long Beach Bond Finance Authority Rev., 5.50%, 11/15/37 (GA: Merrill Lynch & Co.)1,150,000 1,282,473 
Los Angeles Community Facilities District Special Tax, (District No. 11), 4.00%, 9/1/461,500,000 1,314,920 
Los Angeles Community Facilities District Special Tax, (District No. 3), 6.40%, 9/1/22170,000 170,000 
Los Angeles County Community Facilities District No. 2021-01 Special Tax, 5.00%, 9/1/521,000,000 1,009,150 
Los Angeles County Public Works Financing Authority Rev., 4.00%, 12/1/434,600,000 4,568,848 
Los Angeles County Public Works Financing Authority Rev., 5.00%, 12/1/447,000,000 7,734,438 
Los Angeles Department of Airports Rev., 5.00%, 5/15/385,000,000 5,509,855 
Los Angeles Department of Airports Rev., 5.00%, 5/15/483,000,000 3,266,800 
Los Angeles Department of Water & Power Rev., 5.00%, 7/1/404,000,000 4,504,158 
Los Angeles Department of Water & Power Rev., 5.00%, 7/1/515,000,000 5,437,307 
Los Angeles Department of Water & Power Rev., 5.00%, 7/1/525,165,000 5,633,736 
Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System Rev.), 5.00%, 7/1/471,000,000 1,106,042 
Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/517,595,000 8,249,859 
Los Angeles Wastewater System Rev., 5.00%, 6/1/473,000,000 3,370,715 
M-S-R Energy Authority Rev., 7.00%, 11/1/34 (GA: Citigroup Global Markets)1,700,000 2,081,138 
M-S-R Energy Authority Rev., 6.50%, 11/1/39 (GA: Citigroup Global Markets)4,000,000 4,833,046 
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/22100,000 100,000 
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/22225,000 225,000 
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/23100,000 102,020 
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/23110,000 112,189 
21


Principal AmountValue
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/24$250,000 $259,541 
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/25175,000 184,771 
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/25260,000 274,517 
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/26135,000 144,912 
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/26115,000 123,443 
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/27100,000 108,146 
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/28100,000 108,062 
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/28100,000 107,821 
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/33340,000 363,254 
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/33250,000 267,099 
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/38400,000 424,766 
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/38250,000 265,479 
Menifee Union School District Special Tax, (Community Facilities District No. 2011-1), 5.00%, 9/1/431,000,000 1,050,271 
Menifee Union School District Special Tax, (Community Facilities District No. 2011-1), 5.00%, 9/1/442,245,000 2,368,756 
Menifee Union School District Special Tax, (Community Facilities District No. 2011-1), 5.00%, 9/1/481,500,000 1,566,853 
Menifee Union School District Public Financing Authority Special Tax, 5.00%, 9/1/241,200,000 1,239,901 
Metropolitan Water District of Southern California Rev., 5.00%, 7/1/381,500,000 1,746,543 
Metropolitan Water District of Southern California Rev., 5.00%, 7/1/391,750,000 2,032,114 
Metropolitan Water District of Southern California Rev., 5.00%, 10/1/494,605,000 5,094,789 
Middle Fork Project Finance Authority Rev., 5.00%, 4/1/342,325,000 2,502,219 
Middle Fork Project Finance Authority Rev., 5.00%, 4/1/352,230,000 2,390,956 
Middle Fork Project Finance Authority Rev., 5.00%, 4/1/361,800,000 1,925,758 
Moreno Valley Unified School District Community Facilities District Special Tax, (District No. 2018-1), 4.00%, 9/1/523,985,000 3,414,296 
Mountain View Los Altos Union High School District GO, 4.00%, 8/1/343,865,000 4,097,632 
Mountain View Los Altos Union High School District GO, 4.00%, 8/1/353,855,000 4,033,831 
Murrieta Community Facilities District Special Tax, (District No. 2005-5 Golden City), 5.00%, 9/1/42655,000 684,634 
Murrieta Community Facilities District Special Tax, (District No. 2005-5 Golden City), 5.00%, 9/1/46825,000 858,589 
Murrieta Financing Authority Special Tax, 5.00%, 9/1/311,735,000 1,735,000 
North Lake Tahoe Public Financing Authority Rev., (Placer County), 5.50%, 12/1/474,425,000 5,037,132 
Northern Inyo County Local Hospital District GO, 0.00%, 11/1/34(1)
1,325,000 780,807 
Northern Inyo County Local Hospital District GO, 0.00%, 11/1/36(1)
2,885,000 1,522,288 
Northern Inyo County Local Hospital District Rev., 3.875%, 12/1/23, Prerefunded at 100% of Par(3)
3,075,000 3,114,761 
22


Principal AmountValue
Ontario Special Tax, (Ontario Community Facilities District No. 57), 4.25%, 9/1/37(4)
$415,000 $404,286 
Ontario Special Tax, (Ontario Community Facilities District No. 57), 4.625%, 9/1/42(4)
650,000 643,527 
Ontario Special Tax, (Ontario Community Facilities District No. 57), 4.75%, 9/1/47(4)
840,000 827,586 
Ontario Special Tax, (Ontario Community Facilities District No. 57), 4.75%, 9/1/52(4)
825,000 800,203 
Ontario Community Facilities District No. 24 Special Tax, 5.00%, 9/1/26390,000 418,481 
Ontario Community Facilities District No. 24 Special Tax, 5.00%, 9/1/412,065,000 2,141,782 
Ontario Community Facilities District No. 28 Special Tax, 5.00%, 9/1/421,000,000 1,044,322 
Ontario Community Facilities District No. 28 Special Tax, 5.00%, 9/1/47500,000 519,172 
Ontario Community Facilities District No. 30 Special Tax, 4.00%, 9/1/421,395,000 1,289,369 
Ontario Community Facilities District No. 30 Special Tax, 4.00%, 9/1/482,000,000 1,793,146 
Ontario Community Facilities District No. 31 Special Tax, 5.00%, 9/1/421,050,000 1,096,055 
Ontario Community Facilities District No. 34 Special Tax, 4.00%, 9/1/481,000,000 891,057 
Ontario Community Facilities District No. 43 Special Tax, 4.00%, 9/1/501,000,000 857,016 
Orange County Community Facilities District Special Tax, 5.00%, 8/15/52(4)
4,200,000 4,318,065 
Orange County Community Facilities District Special Tax, (Orange County Community Facilities District No. 2015-1), 5.25%, 8/15/453,905,000 4,037,531 
Orange County Community Facilities District Special Tax, (Orange County Community Facilities District No. 2016-1), 5.00%, 8/15/4610,000,000 10,346,968 
Orange County Community Facilities District Special Tax, (Orange County Community Facilities District No. 2017-1), 4.00%, 8/15/401,080,000 1,008,916 
Orange County Community Facilities District Special Tax, (Orange County Community Facilities District No. 2017-1), 5.00%, 8/15/472,550,000 2,668,352 
Oroville Rev., (Oroville Hospital), 5.25%, 4/1/392,350,000 2,384,365 
Oroville Rev., (Oroville Hospital), 5.25%, 4/1/543,000,000 2,952,927 
Palm Desert Special Tax, (Palm Desert Community Facilities District No. 2021-1), 3.00%, 9/1/31410,000 366,376 
Palm Desert Special Tax, (Palm Desert Community Facilities District No. 2021-1), 4.00%, 9/1/41900,000 835,918 
Palm Desert Special Tax, (Palm Desert Community Facilities District No. 2021-1), 4.00%, 9/1/511,300,000 1,143,091 
Palomar Health COP, (Palomar Health Obligated Group), 4.00%, 11/1/381,445,000 1,340,944 
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/272,005,000 2,127,359 
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/303,000,000 3,152,139 
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/312,125,000 2,223,957 
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/368,465,000 8,751,813 
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/398,250,000 8,484,717 
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/4210,000,000 10,249,590 
23


Principal AmountValue
Peninsula Corridor Joint Powers Board Rev., 5.00%, 6/1/47$10,000,000 $11,111,291 
Perris Joint Powers Authority Special Tax, 5.00%, 9/1/261,090,000 1,171,302 
Perris Joint Powers Authority Special Tax, 5.00%, 9/1/271,000,000 1,088,004 
Perris Joint Powers Authority Special Tax, 5.00%, 9/1/301,325,000 1,428,035 
Perris Joint Powers Authority Special Tax, 5.00%, 9/1/341,555,000 1,653,831 
Perris Union High School District Special Tax, (Community Facilities District No. 92-1), 5.00%, 9/1/414,750,000 4,869,258 
Pleasant Valley School District / Ventura County GO, 5.85%, 8/1/31 (NATL)4,835,000 5,489,094 
Rancho Cordova Special Tax, (Sunridge Anatolia Community Facilities Dist No. 2003-1), 4.00%, 9/1/311,350,000 1,347,159 
Rancho Cordova Special Tax, (Sunridge Anatolia Community Facilities Dist No. 2003-1), 4.00%, 9/1/373,000,000 2,882,447 
Rancho Cordova Special Tax, (Sunridge No.rth Douglas Community Facs Dist No. 2005-1), 5.00%, 9/1/401,195,000 1,230,451 
Rancho Cordova Special Tax, (Sunridge No.rth Douglas Community Facs Dist No. 2005-1), 4.00%, 9/1/451,025,000 926,291 
Rancho Cordova Special Tax, (Sunridge No.rth Douglas Community Facs Dist No. 2005-1), 5.00%, 9/1/451,250,000 1,281,115 
Redwood City Redevelopment Agency Successor Agency Tax Allocation, Capital Appreciation, 0.00%, 7/15/28 (Ambac)(1)
3,405,000 2,826,481 
Regents of the University of California Medical Center Pooled Rev., 5.00%, 5/15/4711,000,000 12,087,888 
River Islands Public Financing Authority Special Tax, 5.50%, 9/1/453,500,000 3,570,000 
River Islands Public Financing Authority Special Tax, (Community Facilities District No. 2003--1), 5.50%, 9/1/455,000,000 5,100,000 
Riverside County Community Facilities Districts Special Tax, (District No. 04-2), 5.00%, 9/1/301,035,000 1,043,609 
Riverside County Community Facilities Districts Special Tax, (District No. 04-2), 5.00%, 9/1/352,520,000 2,536,775 
Riverside County Community Facilities Districts Special Tax, (District No. 05-8), 5.00%, 9/1/482,500,000 2,611,421 
Riverside County Community Facilities Districts Special Tax, (District No. 07-2), 5.00%, 9/1/402,250,000 2,316,749 
Riverside County Community Facilities Districts Special Tax, (District No. 07-2), 5.00%, 9/1/421,110,000 1,159,198 
Riverside County Community Facilities Districts Special Tax, (District No. 07-2), 5.00%, 9/1/442,735,000 2,805,605 
Riverside County Community Facilities Districts Special Tax, (District No. 07-2), 5.00%, 9/1/45540,000 561,790 
Riverside County Transportation Commission Rev., 5.75%, 6/1/23, Prerefunded at 100% of Par(3)
500,000 512,990 
Riverside County Transportation Commission Rev., 0.00%, 6/1/41(1)
2,000,000 794,650 
Riverside County Transportation Commission Rev., 0.00%, 6/1/42(1)
3,320,000 1,246,633 
Riverside County Transportation Commission Rev., 0.00%, 6/1/43(1)
5,000,000 1,773,937 
Riverside County Transportation Commission Rev., 4.00%, 6/1/461,475,000 1,353,689 
Riverside County Transportation Commission Rev., 4.00%, 6/1/472,500,000 2,258,126 
Riverside Unified School District Special Tax, 4.00%, 9/1/40350,000 321,199 
Riverside Unified School District Special Tax, 4.00%, 9/1/45415,000 367,159 
Riverside Unified School District Special Tax, 4.00%, 9/1/50875,000 755,098 
Riverside Unified School District Special Tax, (Riverside Unified School District Community Facilities District No. 32), 4.00%, 9/1/431,600,000 1,454,039 
24


Principal AmountValue
Riverside Unified School District Special Tax, (Riverside Unified School District Community Facilities District No. 32), 4.00%, 9/1/48$1,850,000 $1,635,823 
Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2004-1 Heritage Lake), 5.00%, 9/1/382,900,000 2,993,421 
Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2004-1 Heritage Lake), 5.00%, 9/1/433,000,000 3,149,185 
Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2004-1 Heritage Lake), 5.00%, 9/1/483,250,000 3,396,602 
Romoland School District Special Tax, (Romoland School District Community Facilities District No. 91-1 Heritage Lake), 5.00%, 9/1/411,250,000 1,307,004 
Roseville Special Tax, (Ranch Community Facilities District No. 5), 5.00%, 9/1/32(2)
1,265,000 1,351,529 
Roseville Special Tax, (Ranch Community Facilities District No. 5), 5.00%, 9/1/47(2)
6,500,000 6,770,073 
Roseville Special Tax, (Roseville Creekview Community Facilities District No. 1), 5.00%, 9/1/451,280,000 1,341,084 
Roseville Special Tax, (Roseville Creekview Community Facilities District No. 1), 5.00%, 9/1/50250,000 260,819 
Roseville Special Tax, (Roseville Ranch at Sierra Vista Community Facilities District No. 1), 4.00%, 9/1/45450,000 409,025 
Roseville Special Tax, (Roseville Ranch at Sierra Vista Community Facilities District No. 1), 4.00%, 9/1/501,000,000 889,718 
Roseville Special Tax, (Roseville SVSP Westpark-Federico Community Facilities District No. 1), 5.00%, 9/1/39445,000 475,671 
Roseville Special Tax, (Roseville SVSP Westpark-Federico Community Facilities District No. 1), 5.00%, 9/1/44500,000 530,060 
Roseville Special Tax, (Roseville SVSP Westpark-Federico Community Facilities District No. 1), 4.00%, 9/1/46640,000 578,434 
Roseville Special Tax, (Roseville SVSP Westpark-Federico Community Facilities District No. 1), 5.00%, 9/1/49700,000 738,308 
Roseville Special Tax, (Roseville SVSP Westpark-Federico Community Facilities District No. 1), 4.00%, 9/1/511,290,000 1,141,688 
Roseville Special Tax, (Villages at Sierra Vista Community Facilities District No. 1), 5.00%, 9/1/36685,000 734,272 
Roseville Special Tax, (Villages at Sierra Vista Community Facilities District No. 1), 5.00%, 9/1/391,390,000 1,483,118 
Roseville Special Tax, (Villages at Sierra Vista Community Facilities District No. 1), 4.00%, 9/1/45495,000 450,580 
Roseville Special Tax, (Villages at Sierra Vista Community Facilities District No. 1), 5.00%, 9/1/493,870,000 4,072,167 
Roseville Special Tax, (Villages at Sierra Vista Community Facilities District No. 1), 4.00%, 9/1/50650,000 578,317 
Roseville Special Tax, (Westbrook Community Facilities District No. 1), 5.00%, 9/1/401,670,000 1,782,195 
Roseville Special Tax, (Westbrook Community Facilities District No. 1), 5.00%, 9/1/432,840,000 2,982,771 
Roseville Special Tax, (Westbrook Community Facilities District No. 1), 5.00%, 9/1/442,950,000 3,127,354 
Roseville Special Tax, (Westbrook Community Facilities District No. 1), 5.00%, 9/1/441,650,000 1,682,125 
Roseville Special Tax, (Westbrook Community Facilities District No. 1), 5.00%, 9/1/49850,000 894,931 
Roseville Natural Gas Financing Authority Rev., 5.00%, 2/15/27 (GA: Merrill Lynch & Co.)5,000,000 5,287,556 
Sacramento Special Tax, (Community Facilities District No. 2006-2), 5.00%, 9/1/411,900,000 1,985,644 
25


Principal AmountValue
Sacramento Special Tax, (Community Facilities District No. 2006-2), 5.00%, 9/1/46$2,250,000 $2,339,027 
Sacramento Special Tax, (Community Facilities District No. 2007-1), 5.00%, 9/1/32(2)
300,000 317,810 
Sacramento Special Tax, (Community Facilities District No. 2007-1), 5.00%, 9/1/47(2)
1,900,000 1,986,810 
Sacramento Special Tax, (Sacramento Greenbriar Community Facilities District No. 2018-03), 4.00%, 9/1/461,200,000 1,067,703 
Sacramento Special Tax, (Sacramento Greenbriar Community Facilities District No. 2018-03), 4.00%, 9/1/501,500,000 1,314,911 
Sacramento County Special Tax, (Community Facilities District No. 2004-1), 5.00%, 9/1/291,000,000 1,080,844 
Sacramento County Special Tax, (Community Facilities District No. 2004-1), 5.00%, 9/1/301,170,000 1,260,423 
Sacramento County Special Tax, (Community Facilities District No. 2004-1), 5.00%, 9/1/311,355,000 1,453,987 
Sacramento County Special Tax, (Community Facilities District No. 2004-1), 5.00%, 9/1/32665,000 711,432 
Sacramento County Special Tax, (Community Facilities District No. 2004-1), 5.00%, 9/1/352,335,000 2,478,188 
Sacramento County Special Tax, (Community Facilities District No. 2004-1), 5.00%, 9/1/403,000,000 3,145,627 
Sacramento County Special Tax, (Community Facilities District No. 2005-2), 5.00%, 9/1/402,325,000 2,415,250 
Sacramento County Special Tax, (Community Facilities District No. 2005-2), 5.00%, 9/1/454,645,000 4,797,901 
Sacramento County Special Tax, (Community Facilities District No. 2014-2), 5.00%, 9/1/463,375,000 3,482,068 
Sacramento Municipal Utility District Special Tax, (Community Facilities District No. 2006-2), 5.00%, 8/15/5012,285,000 13,515,543 
Salinas Union High School District GO, 4.00%, 8/1/475,000,000 4,746,747 
San Bernardino County Special Tax, (County of San BernardiNo. CA Community Facilities District No.. 2006-1), 4.00%, 9/1/42700,000 645,268 
San Bernardino County Special Tax, (County of San BernardiNo. CA Community Facilities District No.. 2006-1), 5.00%, 9/1/431,300,000 1,364,647 
San Bernardino County Special Tax, (County of San BernardiNo. CA Community Facilities District No.. 2006-1), 4.00%, 9/1/481,000,000 891,057 
San Bernardino County Special Tax, (County of San BernardiNo. CA Community Facilities District No.. 2006-1), 5.00%, 9/1/481,200,000 1,252,835 
San Clemente Special Tax, (Community Facilities District No. 2006-1), 5.00%, 9/1/467,530,000 7,714,860 
San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/25835,000 897,873 
San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/26525,000 565,711 
San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/30725,000 781,524 
San Diego County Special Tax, (San County Diego Community Facilities District No. 2008-01), 4.00%, 9/1/431,255,000 1,142,077 
San Diego County Special Tax, (San County Diego Community Facilities District No. 2008-01), 4.00%, 9/1/481,250,000 1,106,986 
San Diego County Regional Airport Authority Rev., 5.00%, 7/1/23, Prerefunded at 100% of Par(3)
500,000 511,319 
San Diego County Regional Airport Authority Rev., 5.00%, 7/1/363,750,000 4,100,159 
San Diego County Regional Airport Authority Rev., 5.00%, 7/1/443,425,000 3,487,953 
26


Principal AmountValue
San Diego County Regional Airport Authority Rev., 5.00%, 7/1/44$2,000,000 $2,143,563 
San Diego County Regional Airport Authority Rev., 5.00%, 7/1/498,500,000 9,043,629 
San Diego County Water Authority Rev., 5.00%, 5/1/521,000,000 1,129,643 
San Diego Public Facilities Financing Authority Rev., (San Diego Sewer Utility Rev.), 5.00%, 5/15/523,000,000 3,332,611 
San Diego Unified Port District Rev., 5.00%, 9/1/26750,000 768,909 
San Francisco Bay Area Rapid Transit District GO, 5.25%, 8/1/474,750,000 5,345,654 
San Francisco City & County Public Utilities Commission Wastewater Rev., 5.00%, 10/1/504,540,000 4,993,983 
San Francisco City & County Public Utilities Commission Wastewater Rev., 5.00%, 10/1/514,930,000 5,419,166 
San Francisco City & County Redevelopment Agency Successor Agency Special Tax, (Facilities District No. 6), 0.00%, 8/1/43(1)
5,500,000 1,624,072 
San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/33780,000 813,133 
San Francisco Public Utilities Commission Water Rev., (San Francisco City & County Public Utilities Commission), 4.00%, 11/1/507,270,000 6,927,742 
San Jacinto Community Facilities District Special Tax, (Community Facilities District No. 2002-1), 5.00%, 9/1/281,080,000 1,155,583 
San Jacinto Community Facilities District Special Tax, (Community Facilities District No. 2002-1), 5.00%, 9/1/291,165,000 1,241,525 
San Jacinto Community Facilities District Special Tax, (Community Facilities District No. 2002-1), 5.00%, 9/1/32450,000 475,384 
San Jacinto Community Facilities District Special Tax, (Community Facilities District No. 2002-1), 5.00%, 9/1/331,280,000 1,348,469 
San Jacinto Community Facilities District Special Tax, (Community Facilities District No. 2002-1), 5.00%, 9/1/34335,000 352,074 
San Joaquin Hills Transportation Corridor Agency Rev., 5.25%, 1/15/446,000,000 6,147,694 
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/25 (NATL)(1)
3,090,000 2,848,081 
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/29 (NATL)(1)
165,000 129,041 
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/31 (NATL)(1)
16,000,000 11,287,410 
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/32 (NATL)(1)
290,000 193,531 
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/36 (NATL)(1)
1,335,000 714,718 
San Luis Obispo Community Facilities District No. 2019-1 Special Tax, 4.00%, 9/1/46550,000 497,092 
San Luis Obispo Community Facilities District No. 2019-1 Special Tax, 4.00%, 9/1/51700,000 619,520 
San Mateo Special Tax, 5.50%, 9/1/442,250,000 2,250,000 
San Mateo Special Tax, (Community Facilities District No. 2008-1), 6.00%, 9/1/42500,000 500,000 
Santa Margarita Water District Special Tax, (Community Facilities District No. 2013-1), 5.625%, 9/1/431,200,000 1,218,907 
Santa Paula Special Tax, (Santa Paula Harvest Community Facilities District No. 1), 4.00%, 9/1/452,100,000 1,892,290 
Santa Paula Special Tax, (Santa Paula Harvest Community Facilities District No. 1), 4.00%, 9/1/501,500,000 1,321,845 
Saugus-Castaic School Facilities Financing Authority Special Tax, (Community Facilities District No. 2006-1C), 6.00%, 9/1/431,445,000 1,470,886 
Saugus/Hart School Facilities Financing Authority Special Tax, (Community Facilities District No. 2006-1), 5.00%, 9/1/411,235,000 1,277,195 
27


Principal AmountValue
Saugus/Hart School Facilities Financing Authority Special Tax, (Community Facilities District No. 2006-1), 5.00%, 9/1/46$1,245,000 $1,279,901 
Silicon Valley Tobacco Securitization Authority Rev., Capital Appreciation, 0.00%, 6/1/36(1)
32,000,000 15,106,435 
Silicon Valley Tobacco Securitization Authority Rev., Capital Appreciation, 0.00%, 6/1/41(1)
11,465,000 4,011,931 
South Orange County Public Financing Authority Rev., (Orange County), 5.00%, 6/1/525,000,000 5,526,190 
South San Francisco Special Tax, (Community Facilities District No. 2021-01), 5.00%, 9/1/522,200,000 2,274,664 
South San Francisco Special Tax, (South San Francisco Community Facilities District No. 2021-01), 4.00%, 9/1/441,000,000 897,229 
Southern California Public Power Authority Rev., 5.00%, 11/1/29 (GA: Goldman Sachs Group, Inc.)2,000,000 2,157,343 
Southern California Public Power Authority Rev., 5.00%, 11/1/33 (GA: Goldman Sachs Group, Inc.)3,755,000 4,036,371 
Southern Mono Health Care District GO, Capital Appreciation, 0.00%, 8/1/26 (NATL)(1)
1,800,000 1,599,210 
State of California GO, 4.00%, 10/1/418,550,000 8,608,096 
State of California GO, 5.00%, 4/1/42750,000 810,544 
State of California GO, 5.00%, 8/1/452,680,000 2,828,513 
State of California GO, 5.00%, 11/1/478,375,000 8,995,059 
State of California GO, 4.00%, 4/1/492,100,000 2,063,795 
State of California GO, (Kindergarten), VRDN, 0.85%, 9/1/22 (LOC: State Street Bank & Trust Co.)250,000 250,000 
State of California GO, VRDN, 0.85%, 9/1/22 (LOC: U.S. Bank N.A.)275,000 275,000 
Stockton Community Facilities District Special Tax, (Stockton Community Facilities District No. 2018-2), 4.00%, 9/1/451,115,000 992,905 
Stockton Community Facilities District Special Tax, (Stockton Community Facilities District No. 2018-2), 4.00%, 9/1/501,500,000 1,308,034 
Stockton Public Financing Authority Special Tax, (Stockton Arch Road East Community Facilities District No. 99-02), 5.00%, 9/1/372,500,000 2,652,063 
Stockton Public Financing Authority Special Tax, (Stockton Arch Road East Community Facilities District No. 99-02), 5.00%, 9/1/433,000,000 3,147,557 
Stockton Public Financing Authority Special Tax, (Stockton Water Revenue), 5.00%, 10/1/33 (BAM)1,000,000 1,104,640 
Stockton Public Financing Authority Special Tax, (Stockton Water Revenue), 5.00%, 10/1/34 (BAM)3,250,000 3,568,561 
Sulphur Springs Union School District Special Tax, (Sulphur Springs School District Community Facilities District No. 2006-1), 5.00%, 9/1/431,410,000 1,468,919 
Sulphur Springs Union School District Special Tax, (Sulphur Springs School District Community Facilities District No. 2006-1), 5.00%, 9/1/471,820,000 1,889,785 
Sunnyvale Special Tax, 7.75%, 8/1/326,100,000 6,119,555 
Tejon Ranch Public Facilities Finance Authority Special Tax, (Tejon Ranch Public Facilities Finance Authority Community Facs Dist No. 2008-1), 5.00%, 9/1/456,000,000 6,151,054 
Tejon Ranch Public Facilities Finance Authority Special Tax, (Tejon Ranch Public Facilities Finance Authority Community Facs Dist No. 2008-1), 4.00%, 9/1/504,750,000 4,199,223 
Temecula Valley Unified School District Community Facilities District Special Tax, (Temecula Valley Unified School District Community Facilities District No. 2014-1), 5.00%, 9/1/431,000,000 1,050,271 
Temescal Valley Water District Special Tax, (Community Facilities District No. 4 Terramor), 5.00%, 9/1/434,730,000 4,967,784 
Temescal Valley Water District Special Tax, (Community Facilities District No. 4 Terramor), 4.00%, 9/1/461,040,000 917,712 
28


Principal AmountValue
Temescal Valley Water District Special Tax, (Community Facilities District No. 4 Terramor), 5.00%, 9/1/48$6,040,000 $6,309,193 
Temescal Valley Water District Special Tax, (Community Facilities District No. 4 Terramor), 4.00%, 9/1/51930,000 802,517 
Tobacco Securitization Authority of Northern California Rev., (Sacramento County Tobacco Securitization Corp.), 4.00%, 6/1/491,615,000 1,633,042 
Tobacco Securitization Authority of Northern California Rev., (San Diego County Tobacco Asset Securitization Corp.), 0.00%, 6/1/60(1)
5,000,000 831,342 
Tobacco Securitization Authority of Southern California Rev., (San Diego County Tobacco Asset Securitization Corp.), 0.00%, 6/1/46(1)
25,000,000 3,076,373 
Tobacco Securitization Authority of Southern California Rev., (San Diego County Tobacco Asset Securitization Corp.), 5.00%, 6/1/4810,525,000 10,677,531 
Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/341,570,000 1,661,326 
Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/392,280,000 2,386,172 
Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/432,500,000 2,604,056 
Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/482,750,000 2,848,930 
Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/493,555,000 3,677,226 
Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-02 ECFD), 5.00%, 9/1/491,750,000 1,825,213 
Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/496,390,000 6,726,102 
Tulare Local Health Care District GO, 4.00%, 8/1/39 (BAM)2,000,000 1,981,415 
University of California Rev., 5.00%, 5/15/52(4)
7,500,000 8,271,253 
University of California Rev., VRDN, 0.76%, 9/1/226,900,000 6,900,000 
University of California Rev., VRDN, 0.87%, 9/1/22500,000 500,000 
Upland COP, (San Antonio Regional Hospital Obligated Group), 4.00%, 1/1/423,000,000 2,731,103 
Upland COP, (San Antonio Regional Hospital Obligated Group), 5.00%, 1/1/472,500,000 2,552,253 
Vista Unified School District GO, 5.25%, 8/1/48 (BAM)4,410,000 4,952,268 
Washington Township Health Care District Rev., 5.00%, 7/1/24500,000 516,678 
Washington Township Health Care District Rev., 5.00%, 7/1/25500,000 525,045 
Washington Township Health Care District Rev., 5.00%, 7/1/26400,000 419,162 
Washington Township Health Care District Rev., 5.00%, 7/1/26550,000 585,928 
Washington Township Health Care District Rev., 3.25%, 7/1/271,000,000 990,529 
Washington Township Health Care District Rev., 5.00%, 7/1/27600,000 644,501 
Washington Township Health Care District Rev., 3.50%, 7/1/28750,000 751,144 
Washington Township Health Care District Rev., 5.00%, 7/1/281,300,000 1,407,973 
Washington Township Health Care District Rev., 3.75%, 7/1/291,000,000 1,006,967 
Washington Township Health Care District Rev., 5.00%, 7/1/291,400,000 1,524,346 
Washington Township Health Care District Rev., 5.00%, 7/1/31650,000 703,131 
Washington Township Health Care District Rev., 4.00%, 7/1/35300,000 286,792 
Whittier Rev., (Presbyterian Intercommunity Hospital Obligated Group), 5.00%, 6/1/443,500,000 3,570,375 
William S Hart Union High School District Special Tax, (Community Facilities Dist No. 2015-1), 5.00%, 9/1/421,350,000 1,398,792 
William S Hart Union High School District Special Tax, (Community Facilities Dist No. 2015-1), 5.00%, 9/1/472,350,000 2,424,395 
29


Principal AmountValue
Woodland Special Tax, (Community Facilities Dist No. 2004-1), 4.00%, 9/1/41$2,550,000 $2,374,579 
Woodland Special Tax, (Community Facilities Dist No. 2004-1), 4.00%, 9/1/452,550,000 2,311,107 
Yorba Linda Water District Rev., 4.00%, 10/1/523,750,000 3,595,740 
1,475,731,375 
Guam — 0.7%
Guam Government Waterworks Authority Rev., 5.00%, 7/1/403,115,000 3,244,753 
Guam Government Waterworks Authority Rev., 5.00%, 1/1/463,000,000 3,088,124 
Guam Government Waterworks Authority Rev., 5.00%, 1/1/501,750,000 1,821,946 
Port Authority of Guam Government Rev., 5.00%, 7/1/481,500,000 1,573,836 
Territory of Guam Rev., (Hotel Occupancy Tax), 5.00%, 11/1/401,000,000 1,008,270 
10,736,929 
Puerto Rico — 0.3%
Puerto Rico GO, 5.25%, 7/1/23103,396 104,961 
Puerto Rico GO, 0.00%, 7/1/24(1)
61,911 57,221 
Puerto Rico GO, 5.375%, 7/1/25206,218 212,831 
Puerto Rico GO, 5.625%, 7/1/271,954,351 2,073,967 
Puerto Rico GO, 5.625%, 7/1/29201,036 216,521 
Puerto Rico GO, 5.75%, 7/1/31195,264 214,218 
Puerto Rico GO, 0.00%, 7/1/33(1)
238,285 135,607 
Puerto Rico GO, 4.00%, 7/1/33185,162 173,500 
Puerto Rico GO, 4.00%, 7/1/35166,436 153,030 
Puerto Rico GO, 4.00%, 7/1/37142,845 128,003 
Puerto Rico GO, 4.00%, 7/1/41194,215 169,611 
Puerto Rico GO, 4.00%, 7/1/46201,981 171,525 
Puerto Rico GO, VRN, 0.00%, 11/1/43924,532 477,290 
4,288,285 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $1,560,648,929)

1,490,756,589 
OTHER ASSETS AND LIABILITIES

(548,971)
TOTAL NET ASSETS — 100.0%

$1,490,207,618 

FUTURES CONTRACTS SOLD
Reference EntityContractsExpiration DateNotional AmountUnrealized Appreciation (Depreciation)^
U.S. Treasury 10-Year Notes
225December 2022$26,303,906 $40,385 
^Amount represents value and unrealized appreciation (depreciation).
30


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.
Category is less than 0.05% of total net assets.
(1)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.
(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 $306,239,787, which represented 20.6% of total net assets.
(3)Escrowed to maturity in U.S. government securities or state and local government securities.
(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.
31


Statement of Assets and Liabilities
AUGUST 31, 2022
Assets
Investment securities, at value (cost of $1,560,648,929)$1,490,756,589 
Cash8,773 
Deposits with broker for futures contracts405,000 
Receivable for investments sold440,400 
Receivable for capital shares sold682,931 
Receivable for variation margin on futures contracts38,673 
Interest receivable21,180,470 
1,513,512,836 
Liabilities
Payable for investments purchased18,995,164 
Payable for capital shares redeemed3,307,606 
Accrued management fees530,891 
Distribution and service fees payable27,583 
Dividends payable443,974 
23,305,218 
Net Assets$1,490,207,618 
Net Assets Consist of:
Capital paid in$1,602,721,153 
Distributable earnings(112,513,535)
$1,490,207,618 

 Net AssetsShares OutstandingNet Asset Value Per Share*
Investor Class$744,086,65176,040,748
$9.79
I Class$666,055,80868,100,497
$9.78
Y Class$3,993,098408,131
$9.78
A Class$59,507,6036,081,251$9.79
C Class$16,564,4581,692,584
$9.79
*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $10.25 (net asset value divided by 0.955). A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.


See Notes to Financial Statements.
32


Statement of Operations
YEAR ENDED AUGUST 31, 2022
Investment Income (Loss)
Income: 
Interest$57,023,737 
Expenses:
Management fees6,624,707 
Distribution and service fees:
A Class166,616 
C Class198,345 
Trustees' fees and expenses104,752 
Other expenses27,003 
7,121,423 
Net investment income (loss)49,902,314 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions(39,681,649)
Futures contract transactions1,787,569 
(37,894,080)
Change in net unrealized appreciation (depreciation) on:
Investments(198,936,957)
Futures contracts40,385 
(198,896,572)
Net realized and unrealized gain (loss)(236,790,652)
Net Increase (Decrease) in Net Assets Resulting from Operations$(186,888,338)


See Notes to Financial Statements.
33


Statement of Changes in Net Assets
YEARS ENDED AUGUST 31, 2022 AND AUGUST 31, 2021
Increase (Decrease) in Net AssetsAugust 31, 2022August 31, 2021
Operations
Net investment income (loss)$49,902,314 $46,999,469 
Net realized gain (loss)(37,894,080)6,261,468 
Change in net unrealized appreciation (depreciation)(198,896,572)54,927,077 
Net increase (decrease) in net assets resulting from operations(186,888,338)108,188,014 
Distributions to Shareholders
From earnings:
Investor Class(25,397,572)(25,849,070)
I Class(22,218,687)(19,004,151)
Y Class(96,193)(1,454)
A Class(1,802,781)(1,701,624)
C Class(386,205)(443,284)
Decrease in net assets from distributions(49,901,438)(46,999,583)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)(27,419,067)231,515,191 
Net increase (decrease) in net assets(264,208,843)292,703,622 
Net Assets
Beginning of period1,754,416,461 1,461,712,839 
End of period$1,490,207,618 $1,754,416,461 


See Notes to Financial Statements.
34


Notes to Financial Statements
 
AUGUST 31, 2022

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.

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.

35


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.

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The Investment Category Fee range, the Complex Fee range and the effective annual management fee for each class for the period ended August 31, 2022 are as follows:
Investment Category
Fee Range
Complex Fee RangeEffective Annual Management Fee
Investor Class
0.1925% to
0.3100%
0.2500% to 0.3100%0.48%
I Class0.0500% to 0.1100%0.28%
Y Class0.0200% to 0.0800%0.25%
A Class0.2500% to 0.3100%0.48%
C Class0.2500% 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 August 31, 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 $94,478,006 and $125,605,000, 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 August 31, 2022 were $1,208,759,339 and $1,211,095,734, respectively.

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5. Capital Share Transactions

Transactions in shares of the fund were as follows (unlimited number of shares authorized):
Year ended
August 31, 2022
Year ended
August 31, 2021
SharesAmountSharesAmount
Investor Class
Sold14,231,459 $151,223,018 15,317,905 $170,549,486 
Issued in reinvestment of distributions2,172,438 22,841,823 2,068,080 22,976,347 
Redeemed(23,735,393)(247,694,475)(13,270,890)(147,102,867)
(7,331,496)(73,629,634)4,115,095 46,422,966 
I Class
Sold61,072,606 626,654,708 25,946,714 288,638,110 
Issued in reinvestment of distributions1,891,767 19,855,529 1,516,627 16,857,333 
Redeemed(59,015,622)(605,275,858)(11,044,260)(122,554,131)
3,948,751 41,234,379 16,419,081 182,941,312 
Y Class
Sold504,722 5,556,247 — — 
Issued in reinvestment of distributions8,991 91,673 123 1,357 
Redeemed(106,143)(1,066,642)(4,758)(53,415)
407,570 4,581,278 (4,635)(52,058)
A Class
Sold1,565,978 16,721,999 1,157,285 12,783,995 
Issued in reinvestment of distributions123,684 1,298,280 116,070 1,289,442 
Redeemed(1,448,026)(14,785,079)(787,178)(8,771,341)
241,636 3,235,200 486,177 5,302,096 
C Class
Sold182,674 1,994,756 249,700 2,793,999 
Issued in reinvestment of distributions35,340 370,881 38,028 421,981 
Redeemed(490,011)(5,205,927)(568,551)(6,315,105)
(271,997)(2,840,290)(280,823)(3,099,125)
Net increase (decrease)(3,005,536)$(27,419,067)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.

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The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
Level 1Level 2Level 3
Assets
Investment Securities
Municipal Securities— $1,490,756,589 — 
Other Financial Instruments
Futures Contracts$40,385 — — 

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 $12,356,344 futures contracts purchased and $31,984,116 futures contracts sold.

The value of interest rate risk derivative instruments as of August 31, 2022, is disclosed on the Statement of Assets and Liabilities as an asset of $38,673 in receivable for variation margin on futures contracts.* For the year ended August 31, 2022, the effect of interest rate risk derivative instruments on the Statement of Operations was $1,787,569 in net realized gain (loss) on futures contract transactions and $40,385 in change in net unrealized appreciation (depreciation) on futures contracts.

*Included in the unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments.

8. Risk Factors

The novel coronavirus (COVID-19) pandemic has 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.

9. Federal Tax Information

The tax character of distributions paid during the years ended August 31, 2022 and August 31, 2021 were as follows:
20222021
Distributions Paid From
Exempt income$49,901,438 $46,982,809 
Taxable ordinary income— $16,774 
Long-term capital gains— — 

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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 federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:
Federal tax cost of investments$1,560,773,338 
Gross tax appreciation of investments$10,783,232 
Gross tax depreciation of investments(80,799,981)
Net tax appreciation (depreciation) of investments$(70,016,749)
Undistributed exempt income$1,769 
Accumulated short-term capital losses$(36,562,700)
Accumulated long-term capital losses$(5,935,855)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

Accumulated capital losses 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.
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Financial Highlights
For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios 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 IncomeNet Asset
Value, End
of Period
Total
Return(2)
Operating ExpensesNet
Investment Income
(Loss)
Portfolio Turnover
Rate
Net Assets,
End of Period
(in thousands)
Investor Class
2022$11.300.31(1.51)(1.20)(0.31)$9.79(10.74)%0.49%2.96%73%$744,087 
2021$10.860.320.440.76(0.32)$11.307.12%0.49%2.91%25%$941,838 
2020$11.100.34(0.24)0.10(0.34)$10.860.96%0.50%3.15%57%$860,867 
2019$10.520.360.580.94(0.36)$11.109.06%0.50%3.40%39%$938,094 
2018$10.650.37(0.13)0.24(0.37)$10.522.38%0.50%3.49%52%$896,098 
I Class
2022$11.290.33(1.51)(1.18)(0.33)$9.78(10.57)%0.29%3.16%73%$666,056 
2021$10.860.340.440.78(0.35)$11.297.24%0.29%3.11%25%$724,407 
2020$11.100.36(0.24)0.12(0.36)$10.861.17%0.30%3.35%57%$518,250 
2019$10.520.380.580.96(0.38)$11.109.38%0.30%3.60%39%$445,520 
2018$10.640.39(0.12)0.27(0.39)$10.522.58%0.30%3.69%52%$243,002 
Y Class
2022$11.290.34(1.51)(1.17)(0.34)$9.78(10.54)%0.26%3.19%73%$3,993 
2021$10.860.350.430.78(0.35)$11.297.28%0.26%3.14%25%$6 
2020$11.100.37(0.24)0.13(0.37)$10.861.21%0.27%3.38%57%$56