| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Long-Term Investments 101.8% | |||||
| Municipal Bonds | |||||
| Abag Fin. Auth. For Nonprofit Corp. Rev., Sharp Healthcare, Series A, Rfdg. | 5.000 % | 08/01/43 | 2,000 | $2,185,020 | |
| ABAG Fin. Auth. for Nonprofit Corp. Rev., Episcopal Sr. Cmnty., Rfdg. | 6.125 | 07/01/41 | 475 | 477,019 | |
| Alameda Corridor Trans. Auth. Rev., | |||||
| Second Sub. Lien, Series B, Rfdg. | 5.000 | 10/01/34 | 2,150 | 2,592,277 | |
| Second Sub. Lien, Series B, Rfdg. | 5.000 | 10/01/37 | 700 | 831,404 | |
| Sr. Lien, Series A, Rfdg. | 5.000 | 10/01/22 | 375 | 399,604 | |
| Sr. Lien, Series A, Rfdg., AGM | 5.000 | 10/01/28 | 1,000 | 1,105,310 | |
| Anaheim Calif. Pub. Fing. Auth. Rev., Series A, Rfdg. | 5.000 | 05/01/39 | 1,000 | 1,091,850 | |
| Bay Area Toll Auth. Rev., | |||||
| Rfdg. | 5.000 | 04/01/27 | 1,655 | 2,090,745 | |
| Rfdg. | 5.000 | 04/01/28 | 1,295 | 1,680,055 | |
| Series A, Rfdg. (Mandatory put date 04/01/28) | 2.000(cc) | 04/01/56 | 750 | 802,155 | |
| Series F-1 (Pre-refunded date 04/01/27)(ee) | 5.000 | 04/01/56 | 1,000 | 1,252,570 | |
| Series F-1, Rfdg. (Pre-refunded date 04/01/24)(ee) | 5.000 | 04/01/54 | 1,000 | 1,133,930 | |
| California Cnty. Tob. Secur. Agcy. Rev., | |||||
| Conv. Bonds, Asset Bkd., Series B, Rfdg. | 5.100 | 06/01/28 | 700 | 707,056 | |
| Sonoma Cnty. Secur. Corp., Series A, Rfdg. | 5.000 | 06/01/28 | 500 | 638,930 | |
| Sr. Series A, Rfdg. | 5.000 | 06/01/27 | 525 | 656,565 | |
| Sr. Series A, Rfdg. | 5.000 | 06/01/28 | 1,230 | 1,573,834 | |
| Sr. Series A, Rfdg. | 5.000 | 06/01/30 | 930 | 1,235,626 | |
| California Edl. Facs. Auth. Rev., Pepperdine Univ., Rfdg. | 5.000 | 10/01/49 | 2,000 | 2,360,460 | |
| California Hlth. Facs. Fing. Auth. Rev., | |||||
| Cedars Sinai Med. Ctr., Rfdg. | 5.000 | 11/15/25 | 960 | 1,146,739 | |
| Cedars Sinai Med. Ctr., Rfdg. | 5.000 | 11/15/33 | 1,000 | 1,186,650 | |
| Cedars Sinai Med. Ctr., Series A | 5.000 | 08/15/25 | 385 | 456,310 | |
| Commonspirit Hlth. Series A, Rfdg. | 5.000 | 04/01/32 | 500 | 657,335 | |
| Kaiser Permanente, Series C (Mandatory put date 11/01/29) | 5.000(cc) | 06/01/41 | 1,630 | 2,152,382 | |
| Kaiser Permanente, Sub. Series A-2, Rfdg. | 4.000 | 11/01/44 | 3,045 | 3,494,290 | |
| Lucile Salter Packard Children’s Hosp. at Stanford, Series A, Rfdg.(hh) | 5.000 | 05/15/26 | 1,000 | 1,154,540 | |
| Providence Hlth. Svcs., Series A, Rfdg. | 5.000 | 10/01/24 | 1,000 | 1,153,210 | |
| Providence Hlth. Svcs., Series A, Rfdg. | 5.000 | 10/01/27 | 330 | 379,490 | |
| Providence St. Joseph, Hlth. Proj., Series C, Rfdg. (Mandatory put date 10/01/25) | 5.000(cc) | 10/01/39 | 2,260 | 2,693,016 | |
| Stanford Healthcare, Series A | 5.000 | 08/15/54 | 1,000 | 1,166,020 | |
| Stanford Healthcare, Series A, Rfdg. (Mandatory put date 08/15/25) | 3.000(cc) | 08/15/54 | 1,000 | 1,106,690 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| California Hlth. Facs. Fing. Auth. Rev., (cont’d.) | |||||
| Sutter Hlth., Series D, Rfdg. (Pre-refunded date 08/15/21)(ee) | 5.250 % | 08/15/31 | 1,105 | $1,116,525 | |
| Var. St. Joseph Hlth. Sys., Series C, Rmkt. Rfdg. (Mandatory put date 10/18/22) | 5.000(cc) | 07/01/34 | 340 | 362,477 | |
| California Infrast. & Econ. Dev. Bank Rev., Sustainability Bond CA ACAD Sciences, Series B, Rmkt. Rfdg. (Mandatory put date 08/01/24)(hh) | 0.380(cc) | 08/01/47 | 2,500 | 2,523,537 | |
| California Muni. Fin. Auth. Rev., | |||||
| Amercian Heritage Ed., Series A, Rfdg. | 4.000 | 06/01/26 | 740 | 797,306 | |
| CHF-Davis I, LLC, West Village Student Hsg. Proj. | 5.000 | 05/15/23 | 495 | 532,130 | |
| CHF-Davis I, LLC, West Village Student Hsg. Proj., BAM, TCRs | 5.000 | 05/15/29 | 760 | 957,197 | |
| Green Bond-Orchard Park Student Hsg. Proj., BAM | 4.000 | 05/15/46 | 1,000 | 1,185,250 | |
| Series A, 144A | 5.500 | 06/01/48 | 250 | 277,028 | |
| Sr. Lien-LINXS APM Proj., Series A, AMT | 5.000 | 12/31/43 | 2,500 | 2,995,025 | |
| UCR North Dist. Phase 1 Student Hsg. Proj., BAM | 5.000 | 05/15/27 | 750 | 913,425 | |
| Var. Exxonmobil Proj., Rfdg., FRDD | 0.030(cc) | 12/01/29 | 8,485 | 8,485,000 | |
| Var. Wste. Mgmt., AMT (Mandatory put date 12/01/23) | 0.700(cc) | 12/01/44 | 1,000 | 1,009,470 | |
| California Poll. Ctrl. Fing. Auth. Rev., Green Bond-Calplant I Proj., AMT, 144A | 8.000 | 07/01/39(d) | 500 | 305,978 | |
| California Poll. Ctrl. Fing. Auth. Wtr. Facs. Rev., | |||||
| American Wtr. Cap. Proj., Rfdg. (Mandatory put date 09/01/23) | 0.600(cc) | 08/01/40 | 750 | 751,223 | |
| Green Bond-Calplant I Proj., AMT, 144A | 7.000 | 07/01/22(d) | 250 | 152,989 | |
| Wste. Mgmt. Proj., Series A, Rmkt. (Mandatory put date 05/01/24) | 2.500(cc) | 11/01/38 | 1,125 | 1,194,053 | |
| California Sch. Fin. Auth. Chrt. Sch. Rev., | |||||
| Alliance CLG-Ready Pub. Schs., Series A, Rfdg., 144A | 4.000 | 07/01/26 | 300 | 335,586 | |
| Green Dot Pub. Sch. Proj., Series A, 144A | 5.000 | 08/01/45 | 610 | 681,962 | |
| Kipp. Socal Pub. Schs., Series A, 144A | 5.000 | 07/01/49 | 1,000 | 1,211,300 | |
| California Sch. Fin. Auth. Rev., | |||||
| Alliance CLG-Ready Pub. Schs., Series A, 144A | 5.000 | 07/01/45 | 1,000 | 1,136,160 | |
| Kipp. LA. Proj., Series A, 144A | 5.000 | 07/01/45 | 1,000 | 1,136,510 | |
| Kipp. LA. Proj., Series A, 144A | 5.000 | 07/01/47 | 1,130 | 1,333,344 | |
| California St., | |||||
| GO | 5.000 | 03/01/45 | 2,000 | 2,289,500 | |
| GO, Rfdg. | 3.250 | 04/01/45 | 1,000 | 1,092,780 | |
| GO, Rfdg. | 5.000 | 08/01/28 | 1,710 | 2,152,172 | |
| GO, Rfdg.(hh) | 5.000 | 09/01/28 | 1,500 | 1,927,620 | |
| GO, Rfdg. | 5.000 | 11/01/28 | 1,095 | 1,422,317 | |
| GO, Rfdg. | 5.000 | 12/01/28 | 400 | 520,476 | |
| GO, Rfdg. | 5.000 | 08/01/45 | 1,500 | 1,741,680 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| California St., (cont’d.) | |||||
| GO, Rfdg. | 5.000 % | 08/01/46 | 1,500 | $1,791,375 | |
| Unrefunded Balance, GO | 5.500 | 04/01/30 | 5 | 5,021 | |
| Var. Purp., GO | 3.000 | 03/01/28 | 2,000 | 2,297,140 | |
| Var. Purp., GO | 4.000 | 04/01/49 | 2,000 | 2,326,580 | |
| Var. Purp., GO | 5.250 | 04/01/35 | 1,250 | 1,302,250 | |
| Var. Purp., GO, Rfdg. | 5.000 | 09/01/41 | 5,000 | 5,060,300 | |
| Var. Purp., GO, Rfdg. | 5.000 | 10/01/41 | 1,250 | 1,269,300 | |
| Var. Purp., GO, Rfdg. | 5.000 | 10/01/47 | 2,000 | 2,365,060 | |
| California St. Pub. Wks. Brd. Lease Rev., | |||||
| Forward Delivery, Series A, Rfdg.(hh) | 5.000 | 02/01/28 | 2,375 | 2,929,349 | |
| Judicial Council Projs., Series D | 5.000 | 12/01/31 | 1,000 | 1,023,800 | |
| Off. Emerg. Svcs., Series F, Rfdg. | 5.000 | 04/01/25 | 175 | 205,618 | |
| Var. Purp., Series A, Rfdg.(hh) | 5.000 | 08/01/27 | 1,000 | 1,204,320 | |
| California St. Univ. Rev., Series A, Systemwide, Rfdg. (Pre-refunded date 11/01/21)(ee) | 5.000 | 11/01/37 | 1,250 | 1,275,225 | |
| California Statewide Cmntys. Dev. Auth., Spl. Tax, Cmnty. Facs. Dist. #97-1, CABS | 3.327(s) | 09/01/22 | 480 | 460,560 | |
| California Statewide Cmntys. Dev. Auth. Rev., | |||||
| 899 Charleston Proj., Series A, Rfdg., 144A | 5.250 | 11/01/44 | 250 | 265,700 | |
| CHF Irvine LLC, Rfdg. | 5.000 | 05/15/27 | 685 | 818,219 | |
| CHF Irvine LLC, Rfdg. | 5.000 | 05/15/28 | 2,000 | 2,386,960 | |
| Emanate Hlth., Series A | 5.000 | 04/01/26 | 570 | 688,828 | |
| Loma Linda Univ. Med. Ctr., Series A, 144A | 5.250 | 12/01/56 | 1,000 | 1,137,320 | |
| Loma Linda Univ. Med. Ctr., Series A, Rfdg. | 5.250 | 12/01/44 | 1,585 | 1,758,795 | |
| Methodist Hosp. of Southern CA Proj. | 5.000 | 01/01/22 | 200 | 205,110 | |
| Methodist Hosp. of Southern CA Proj. | 5.000 | 01/01/23 | 500 | 534,420 | |
| Methodist Hosp. of Southern CA Proj. | 5.000 | 01/01/24 | 450 | 499,707 | |
| Methodist Hosp. of Southern CA Proj. | 5.000 | 01/01/48 | 1,975 | 2,340,434 | |
| Chino Basin Regl. Fing. Auth. Rev., NTS, Series B | 4.000 | 11/01/25 | 1,980 | 2,274,941 | |
| Chula Vista Muni. Fing. Auth., Spl. Tax, Rfdg. | 5.000 | 09/01/21 | 500 | 505,530 | |
| Fontana, Spl. Tax, Cmnty. Facs. Dist. #22 Sierra Hills, Rfdg. | 5.000 | 09/01/34 | 500 | 566,325 | |
| Golden St. Tob. Secur. Corp. Rev., | |||||
| Series A-1, Rfdg. | 5.000 | 06/01/24 | 835 | 949,787 | |
| Series A-1, Rfdg. | 5.000 | 06/01/25 | 360 | 423,598 | |
| Series A-1, Rfdg. | 5.000 | 06/01/26 | 605 | 728,450 | |
| Series A-1, Rfdg. | 5.000 | 06/01/27 | 765 | 944,178 | |
| Series A-1, Rfdg. | 5.000 | 06/01/28 | 1,510 | 1,857,919 | |
| Series A-1, Rfdg. | 5.000 | 06/01/29 | 1,830 | 2,244,403 | |
| Series A-1, Rfdg. | 5.000 | 06/01/33 | 1,405 | 1,712,639 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Inland Vlly. Dev. Agcy., Tax Alloc., Series A, Rfdg. | 5.000 % | 09/01/44 | 500 | $557,005 | |
| Irvine Unif. Sch. Dist., Spl. Tax, Series A | 4.000 | 09/01/28 | 750 | 860,595 | |
| Jurupa Pub. Fing. Auth., Spl. Tax, Series A, Rfdg. | 5.000 | 09/01/42 | 1,250 | 1,419,450 | |
| La Mesa-Spring Vlly. Sch. Dist., GO, Election of 2002, Series B, CABS, Rfdg., NATL | 0.300(s) | 08/01/23 | 2,000 | 1,987,040 | |
| La Verne, Brethren Hillcrest Homes, COP, Rfdg. (Pre-refunded date 05/15/22)(ee) | 5.000 | 05/15/36 | 1,250 | 1,320,475 | |
| Lincoln Pub. Fing. Auth., Twelve Bridges, Sub. Series B, Spl. Assmt., Rfdg. | 6.000 | 09/02/27 | 937 | 950,287 | |
| Long Beach Bond Fin. Auth. Nat. Gas Pur. Rev., | |||||
| Series A | 5.000 | 11/15/35 | 2,655 | 3,696,450 | |
| Series A | 5.500 | 11/15/30 | 1,375 | 1,841,922 | |
| Series A | 5.500 | 11/15/32 | 440 | 612,766 | |
| Long Beach Harbor Rev., NTS, Series C | 4.000 | 07/15/21 | 500 | 502,285 | |
| Los Angeles Calif. Dept. Arpts. Rev., | |||||
| Series A, AMT | 5.000 | 05/15/38 | 2,500 | 2,711,100 | |
| Series A, AMT | 5.250 | 05/15/48 | 1,000 | 1,228,950 | |
| Series B, Rfdg., AMT | 5.000 | 05/15/31 | 905 | 1,130,372 | |
| Sr. Series C, AMT | 5.000 | 05/15/28 | 1,000 | 1,271,280 | |
| Sub. Series C, Rfdg. | 5.000 | 05/15/24 | 390 | 443,894 | |
| Sub-P3. Proj., Series A, Rfdg., AMT | 5.000 | 05/15/28 | 1,250 | 1,578,012 | |
| Los Angeles Cnty. Metro. Trans. Auth. Rev., Green Bond, Measure R, Jr. Sub. Sales Tax, Series A | 5.000 | 06/01/29 | 1,300 | 1,718,769 | |
| Los Angeles Cnty. Regional Fing. Auth. Rev., Montecedro, Inc. Proj., Series A | 5.000 | 11/15/44 | 1,250 | 1,321,213 | |
| Los Angeles Dept. of Wstewtr. Sys. Rev., Green Bond, Sub. Wtr. Sys., Series A | 4.000 | 06/01/42 | 1,500 | 1,743,330 | |
| Los Angeles Dept. of Wtr. Rev., Wtr. Sys., Series B | 5.000 | 07/01/34 | 2,500 | 2,744,275 | |
| Los Angeles Unif. Sch. Dist., Series C, GO | 5.000 | 07/01/28 | 1,000 | 1,290,060 | |
| Metro. Wtr. Dist. of Southern Calif. Rev., | |||||
| Sub. Series C, Rmkt. (Mandatory put date 11/23/23) | 0.300(cc) | 07/01/47 | 2,000 | 2,037,226 | |
| Unrefunded Balance, Series A, Rfdg. | 5.750 | 07/01/21 | 180 | 180,819 | |
| M-S-R Energy Auth. Rev., Series A | 6.500 | 11/01/39 | 1,000 | 1,645,010 | |
| Northern Calif. Energy Auth. Rev., Series A (Mandatory put date 07/01/24) | 4.000(cc) | 07/01/49 | 3,825 | 4,234,696 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Northern Calif. Tob. Secur. Auth. Rev., | |||||
| Sr. Bonds, Series A, Rfdg. | 5.000 % | 06/01/28 | 1,000 | $1,278,940 | |
| Sr. Bonds, Series A, Rfdg. | 5.000 | 06/01/29 | 600 | 781,866 | |
| Northern Calif. Transmn. Agy. Rev., Calif.- Oregon Proj., Series A, Rfdg. | 5.000 | 05/01/39 | 750 | 883,065 | |
| Orange Cnty. Cmnty. Facs. Dist., | |||||
| Spl. Tax, No. 2015-1 Esencia Vlg., Series A | 5.250 | 08/15/45 | 2,150 | 2,414,730 | |
| Spl. Tax, No. 2017-1 Esencia Vlg., Series A | 5.000 | 08/15/47 | 1,500 | 1,751,250 | |
| Orange Cnty. Trans. Auth. Rev., Express Lane Sr. Lien 91, Rfdg. | 5.000 | 08/15/29 | 1,000 | 1,107,130 | |
| Pittsburg Successor Agy. Redev. Agy. Rev, Tax Alloc., Sub. Series A, Rfdg., AGM | 5.000 | 09/01/29 | 1,750 | 2,117,290 | |
| Pittsburg Successor Agy. Redev. Agy. Rev., Los Medanos Cmnty. Dev. Proj., Tax Alloc., AMBAC, CABS | 1.133(s) | 08/01/26 | 1,375 | 1,296,996 | |
| Port of Oakland Rev., | |||||
| Inter Lien, Series E, Rfdg. | 5.000 | 11/01/26 | 590 | 726,237 | |
| Intermediate Lien, Series H, Rfdg., AMT | 5.000 | 05/01/28 | 1,875 | 2,363,775 | |
| Sr. Lien, Series P, Rfdg., AMT (Pre-refunded date 05/01/22)(ee) | 5.000 | 05/01/33 | 1,750 | 1,820,542 | |
| Poway Unif. Sch. Dist. Pub. Fing. Auth., Spl. Tax, Series A, Rfdg. | 5.000 | 09/01/35 | 1,000 | 1,172,870 | |
| Puerto Rico Comnwlth. Aqu. & Swr. Auth. Rev., | |||||
| Sr. Lien, Series A | 5.750 | 07/01/37 | 390 | 407,854 | |
| Sr. Lien, Series A | 6.000 | 07/01/47 | 325 | 340,763 | |
| Puerto Rico Sales Tax Fing. Corp. Rev., | |||||
| Series A-1, CABS | 1.766(s) | 07/01/24 | 1,038 | 983,173 | |
| Series A-1, CABS | 1.827(s) | 07/01/27 | 2,072 | 1,854,854 | |
| Rancho Cucamonga Redev. Agy. Successor Agy., Rancho Redev. Proj. Area, Tax Alloc., Rfdg., AGM | 5.000 | 09/01/32 | 450 | 512,968 | |
| Redding Elec. Sys. Rev., RIBS, | |||||
| NATL, ETM(ee) | 12.208(e) | 07/01/22 | 545 | 583,066 | |
| NATL, ETM, Linked SAVRS(ee) | 6.368 | 07/01/22 | 15 | 15,524 | |
| Riverside Cnty. Infrast. Fing. Auth. Rev., Series A, Rfdg. | 4.000 | 11/01/37 | 1,270 | 1,415,999 | |
| Riverside Cnty. Pub. Fing. Auth. Rev., Cap. Facs. Proj. | 5.250 | 11/01/45 | 1,000 | 1,176,250 | |
| Riverside Cnty. Trans. Comm. Rev., Sr. Lien, Series A | 5.750 | 06/01/44 | 500 | 549,195 | |
| Roseville, | |||||
| Spl. Tax, Fiddyment Ranch Cmnty. Facs. (hh) | 4.000 | 09/01/50 | 1,000 | 1,129,890 | |
| Spl. Tax, WestPark Cmnty. Facs. Dist. No. 1, Pub. Facs., Rfdg. | 5.000 | 09/01/28 | 300 | 344,028 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Roseville, (cont’d.) | |||||
| Spl. Tax, WestPark Cmnty. Facs. Dist. No. 1, Pub. Facs., Rfdg. | 5.000 % | 09/01/37 | 500 | $556,975 | |
| Sacramento Area Flood Ctrl. Agy., Series A, Spl. Assmt., Rfdg. | 5.000 | 10/01/41 | 1,000 | 1,199,890 | |
| Sacramento Cnty., Spl. Tax, Cmnty. Facs. Dist. #2004-1, Mcclellan Park, Rfdg. | 5.000 | 09/01/40 | 1,085 | 1,303,139 | |
| Sacramento Cnty. Santn. Dist. Fing. Auth. Rev., | |||||
| Rfdg. | 5.000 | 12/01/28 | 500 | 655,500 | |
| Series A, Rfdg. | 5.000 | 12/01/28 | 720 | 943,920 | |
| San Buenaventura Rev., | |||||
| Cmnty. Mem. Hlth. Sys. (Pre-refunded date 12/01/21)(ee) | 7.500 | 12/01/41 | 500 | 518,325 | |
| Cmnty. Mem. Hlth. Sys. (Pre-refunded date 12/01/21)(ee) | 8.000 | 12/01/26 | 500 | 519,570 | |
| San Diego Cmnty. Clg. Dist., Election of 2006, GO (Pre-refunded date 08/01/21)(ee) | 5.000 | 08/01/41 | 1,500 | 1,512,255 | |
| San Diego Cnty. Regl. Arpt. Auth. Rev., | |||||
| Sr. Series B, AMT | 5.000 | 07/01/29 | 1,970 | 2,155,298 | |
| Sr. Series B, AMT | 5.000 | 07/01/30 | 650 | 710,769 | |
| Sr. Series B, AMT | 5.000 | 07/01/43 | 2,000 | 2,173,660 | |
| Sub. Series B, Rfdg., AMT | 5.000 | 07/01/28 | 1,000 | 1,261,050 | |
| Sub. Series C, Rfdg., AMT | 5.000 | 07/01/24 | 625 | 712,225 | |
| San Diego Cnty. Wtr. Auth. Rev., | |||||
| Green Bond, Series A, Rfdg. | 5.000 | 05/01/27 | 755 | 950,741 | |
| Green Bond, Series A, Rfdg. | 5.000 | 05/01/28 | 750 | 970,238 | |
| San Diego Pub. Facs. Fing. Auth. Rev., | |||||
| Cap. Impt. Projs., Series A | 5.000 | 10/15/44 | 1,000 | 1,178,920 | |
| Series A, Rfdg. | 5.000 | 08/01/28 | 1,000 | 1,313,270 | |
| San Francisco City & Cnty. Arpt. Comm. Rev., | |||||
| Second Series A, Rfdg. | 5.000 | 05/01/27 | 400 | 486,812 | |
| Second Series A, Rfdg., AMT | 5.000 | 05/01/31 | 1,050 | 1,094,257 | |
| Series D, Rfdg., AMT | 5.000 | 05/01/26 | 1,240 | 1,495,229 | |
| Series H, Rfdg., AMT | 5.000 | 05/01/24 | 250 | 283,035 | |
| Spl. Facs. Lease, Rfdg., AMT | 5.000 | 01/01/23 | 650 | 698,536 | |
| San Francisco City & Cnty. Arpt. Commn. Rev., | |||||
| Second Series A, Rfdg., AMT | 5.250 | 05/01/33 | 545 | 593,892 | |
| Series A, Rfdg., AMT | 5.000 | 05/01/31 | 500 | 666,260 | |
| San Jose CA Int’l. Arpt. Rev., Series A, Rfdg., AMT | 5.000 | 03/01/29 | 1,000 | 1,274,870 | |
| San Leandro Cmnty. Facs. Dist. No. 1, Spl. Tax Dist. No. 1 | 6.500 | 09/01/25 | 1,855 | 1,863,830 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Santa Margarita Wtr. Dist., Spl. Tax, Cmnty. Facs. Dist. No. 2013-1 | 5.625 % | 09/01/36 | 315 | $345,092 | |
| Santa Maria Joint Union H.S. Dist., Election of 2004, CABS, GO, NATL | 1.348(s) | 08/01/29 | 1,250 | 1,120,100 | |
| Santa Monica Cmnty. Clg. Dist., Election of 2002, Series A, GO, NATL | 1.214(s) | 08/01/28 | 1,055 | 967,319 | |
| Southern Calif. Tob. Secur. Auth. Rev., | |||||
| San Diego Co., Asset security, Rfdg. | 5.000 | 06/01/25 | 775 | 912,593 | |
| San Diego Co., Asset security, Rfdg. | 5.000 | 06/01/28 | 335 | 427,544 | |
| Stockton Pub. Fing. Auth. Rev., Delta Wtr. Sply. Proj., Series A, Rmkt. (Pre-refunded date 10/01/23)(ee) | 6.250 | 10/01/40 | 700 | 799,015 | |
| Univ. of California Rev., Gen. Series AK, Rfdg. (Mandatory put date 05/15/23) | 5.000(cc) | 05/15/48 | 1,000 | 1,094,810 | |
| Walnut Energy Ctr. Auth. Rev., Rfdg. | 5.000 | 01/01/34 | 1,000 | 1,137,570 | |
| Total Long-Term Investments (cost $212,546,847) | 226,412,308 | ||||
| Short-Term Investments 2.0% | |||||
| Municipal Bonds | |||||
| Los Angeles Cnty. Rev., Trans., Series A | 4.000 | 06/30/21 | 2,095 | 2,101,348 | |
| Los Angeles, Rev., Trans. | 4.000 | 06/24/21 | 2,295 | 2,300,462 | |
| Total Short-Term Investments (cost $4,401,713) | 4,401,810 | ||||
| TOTAL INVESTMENTS 103.8% (cost $216,948,560) | 230,814,118 | ||||
| Liabilities in excess of other assets(z) (3.8)% | (8,415,127) | ||||
| Net Assets 100.0% | $222,398,991 | ||||
| Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: | |||||
| 144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers. | |
| AGM—Assured Guaranty Municipal Corp. | |
| AMBAC—American Municipal Bond Assurance Corp. | |
| AMT—Alternative Minimum Tax | |
| BAM—Build America Mutual |
| CABS—Capital Appreciation Bonds | |
| COP—Certificates of Participation | |
| ETM—Escrowed to Maturity | |
| FRDD—Floating Rate Daily Demand Note | |
| GO—General Obligation | |
| NATL—National Public Finance Guarantee Corp. | |
| Rfdg—Refunding | |
| RIBS—Residual Interest Bonds | |
| SAVRS—Select Auction Variable Rate Securities | |
| TCRs—Transferrable Custodial Receipts |
| # | Principal amount is shown in U.S. dollars unless otherwise stated. |
| (cc) | Variable rate instrument. The rate shown is based on the latest available information as of May 31, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
| (d) | Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity. |
| (e) | Inverse floating rate bond. The coupon is inversely indexed to a floating rate. The rate shown is the rate at May 31, 2021. |
| (ee) | All or partial escrowed to maturity and pre-refunded issues are secured by escrowed cash, a guaranteed investment contract and /or U.S. guaranteed obligations. |
| (hh) | When-issued security. |
| (s) | Represents zero coupon. Rate quoted represents effective yield at May 31, 2021. |
| (z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
| Futures contracts outstanding at May 31, 2021: | ||||||||
| Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
| Short Position: | ||||||||
| 18 | 20 Year U.S. Treasury Bonds | Sep. 2021 | $2,817,563 | $(10,112) | ||||