American Century California Tax-Free and Municipal Funds
04/25/2024 | Press release | Distributed by Public on 04/25/2024 11:36
Semi-Annual Report by Investment Company - Form N-CSRS
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 number | 811-03706 |
| AMERICAN CENTURY CALIFORNIA TAX-FREE AND MUNICIPAL FUNDS | |
| (Exact name of registrant as specified in charter) | |
| 4500 MAIN STREET, KANSAS CITY, MISSOURI | 64111 |
| (Address of principal executive offices) | (Zip Code) |
|
JOHN PAK 4500 MAIN STREET, KANSAS CITY, MISSOURI 64111 |
|
| (Name and address of agent for service) | |
| Registrant's telephone number, including area code: | 816-531-5575 |
| Date of fiscal year end: | 08-31 |
| Date of reporting period: | 02-29-2024 |
ITEM 1. REPORTS TO STOCKHOLDERS.
(a) Provided under separate cover.
| Semiannual Report |
| February 29, 2024 |
| California High-Yield Municipal Fund |
| Investor Class (BCHYX) |
| I Class (BCHIX) |
| Y Class (ACYHX) |
| A Class (CAYAX) |
| C Class (CAYCX) |
The Securities and Exchange Commission (SEC) adopted new rules that will require annual and semiannual reports to transition to a new format known as a Tailored Shareholder Report beginning in July 2024. The amendments will require the transmission of a concise report highlighting key fund information to investors. The detailed financial statements will remain available on our website, will be delivered to investors free of charge upon request, and will continue to be filed with the SEC.
| Table of Contents |
| President's Letter |
2
|
| Fund Characteristics |
3
|
| Shareholder Fee Example |
4
|
| Schedule of Investments |
6
|
| Statement of Assets and Liabilities |
25
|
| Statement of Operations |
26
|
| Statement of Changes in Net Assets |
27
|
| Notes to Financial Statements |
28
|
| Financial Highlights |
33
|
| Additional Information |
36
|
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 |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ending February 29, 2024. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.
Easing Inflation and Fed Policy Expectations Aided Returns
Municipal bonds (munis) struggled early in the reporting period. Despite pausing its rate-hike campaign in September, the Federal Reserve (Fed) warned that persistent above-target inflation may require more tightening. Muni and Treasury yields rose sharply through October, when the 10-year Treasury note topped 5% for the first time since 2007.
But in November, amid signs inflation was moderating, the Fed held rates steady for the second straight policy meeting. This news sparked a sharp turnaround for bonds, and munis delivered record monthly gains. By December, policymakers expressed more confidence about the inflation outlook and penciled in three rate cuts for 2024. Against this backdrop, recession fears eased, Treasury yields declined and bonds rallied further.
However, in January, Fed Board Chair Jerome Powell set out to temper the market's high hopes for aggressive near-term easing. He noted that although rate cuts were likely in 2024, they weren't imminent, given inflation was still above target. Yields shifted higher on this news.
Meanwhile, outflows from municipal bond funds slowed during the period. Muni supply/demand dynamics generally remained favorable, and ratings upgrades continued to outpace downgrades. But declining tax revenues pressured some state's budgets, including California's.
Overall, municipal bonds delivered solid gains for the six-month period and outperformed U.S. Treasuries. California munis modestly lagged national municipal bonds, while high-yield munis broadly outperformed investment-grade securities.
Remaining Diligent in Uncertain Times
We expect market volatility to linger as investors navigate a complex environment of persistent inflation, still-tight financial conditions, political uncertainty and slowing growth. In addition, the Israel-Hamas war and other tensions in the Middle East complicate the global backdrop and represent additional considerations for our investment teams.
Our firm has a long history of helping clients weather unpredictable and volatile markets, and we're determined to meet today's challenges. Thank you for your trust and confidence in American Century Investments.
With appreciation and respect,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2
| Fund Characteristics |
| FEBRUARY 29, 2024 | |
| Types of Investments in Portfolio | % of net assets |
| Municipal Securities | 99.5% |
| Other Assets and Liabilities | 0.5% |
| Top Five Sectors | % of fund investments |
| Special Tax | 34% |
| Hospital | 10% |
| Charter School | 8% |
| Multi-family Housing | 6% |
| General Obligation (GO) - Local | 6% |
3
| 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 September 1, 2023 to February 29, 2024.
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 mutual 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 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 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.
4
|
Beginning
Account Value
9/1/23
|
Ending
Account Value
2/29/24
|
Expenses Paid
During Period(1)
9/1/23 - 2/29/24
|
Annualized
Expense Ratio(1)
|
|
| Actual | ||||
| Investor Class | $1,000 | $1,054.10 | $2.55 | 0.50% |
| I Class | $1,000 | $1,055.20 | $1.53 | 0.30% |
| Y Class | $1,000 | $1,055.30 | $1.38 | 0.27% |
| A Class | $1,000 | $1,052.80 | $3.83 | 0.75% |
| C Class | $1,000 | $1,048.90 | $7.64 | 1.50% |
| Hypothetical | ||||
| Investor Class | $1,000 | $1,022.38 | $2.51 | 0.50% |
| I Class | $1,000 | $1,023.37 | $1.51 | 0.30% |
| Y Class | $1,000 | $1,023.52 | $1.36 | 0.27% |
| A Class | $1,000 | $1,021.13 | $3.77 | 0.75% |
| C Class | $1,000 | $1,017.40 | $7.52 | 1.50% |
(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 182, the number of days in the most recent fiscal half-year, divided by 366, 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.
5
| Schedule of Investments |
FEBRUARY 29, 2024
| Principal Amount | Value | |||
|
MUNICIPAL SECURITIES - 99.5%
|
||||
|
California - 98.3%
|
||||
|
Alameda Community Facilities District Special Tax, (District No. 13-1), 5.00%, 9/1/42
|
$ | 1,250,000 | $ | 1,275,153 |
|
Alameda Community Facilities District Special Tax, (District No. 22-1), 5.00%, 9/1/48
|
750,000 | 740,127 | ||
|
Alameda Community Facilities District Special Tax, (District No. 22-1), 5.00%, 9/1/53
|
1,175,000 | 1,142,317 | ||
|
Alameda Corridor Transportation Authority Rev., Capital Appreciation, VRN, 0.00%, 10/1/52 (AGM)
|
12,000,000 | 6,541,375 | ||
|
Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/36
|
2,700,000 | 2,766,513 | ||
|
Alameda Corridor Transportation Authority Rev., 0.00%, 10/1/53 (AGM)(1)
|
6,000,000 | 1,401,424 | ||
|
Anaheim City School District GO, 5.00%, 8/1/51 (AGM)
|
4,000,000 | 4,440,392 | ||
|
Antelope Valley Healthcare District Rev., 5.00%, 3/1/46
|
5,000,000 | 4,825,549 | ||
|
Bay Area Toll Authority Rev., 4.00%, 4/1/38
|
2,080,000 | 2,104,647 | ||
|
Bay Area Toll Authority Rev., 4.125%, 4/1/54
|
3,750,000 | 3,755,579 | ||
|
Beaumont Special Tax, (Beaumont Community Facilities District No. 93-1), 4.00%, 9/1/40
|
1,250,000 | 1,189,144 | ||
|
Beaumont Special Tax, (Beaumont Community Facilities District No. 93-1), 5.00%, 9/1/43
|
1,605,000 | 1,662,633 | ||
|
Beaumont Special Tax, (Beaumont Community Facilities District No. 93-1), 4.00%, 9/1/45
|
1,510,000 | 1,388,011 | ||
|
Beaumont Special Tax, (Beaumont Community Facilities District No. 93-1), 4.00%, 9/1/50
|
1,500,000 | 1,332,100 | ||
|
California Community Choice Financing Authority Rev., VRN, 3.75%, (MUNIPSA plus 0.45%), 2/1/52 (GA: Morgan Stanley)
|
10,000,000 | 9,179,274 | ||
|
California Community Choice Financing Authority Rev., VRN, 5.00%, 12/1/53 (GA: Goldman Sachs Group, Inc.)
|
3,000,000 | 3,148,003 | ||
|
California Community Choice Financing Authority Rev., VRN, 5.00%, 2/1/54 (GA: Morgan Stanley)
|
2,600,000 | 2,771,923 | ||
|
California Community Choice Financing Authority Rev., VRN, 5.00%, 5/1/54 (GA: Morgan Stanley)
|
7,475,000 | 8,028,197 | ||
|
California Community Choice Financing Authority Rev., VRN, 5.50%, 10/1/54 (GA: National Bank of Canada)
|
2,335,000 | 2,559,399 | ||
|
California Community Choice Financing Authority Rev., VRN, 5.25%, 11/1/54 (GA: Goldman Sachs Group, Inc.)
|
10,000,000 | 10,676,823 | ||
|
California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.25%, 5/1/43
|
3,200,000 | 3,276,491 | ||
|
California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.25%, 5/1/48
|
4,500,000 | 4,585,402 | ||
|
California Community Housing Agency Rev., (Fountains at Emerald Park), 4.00%, 8/1/46(2)
|
3,070,000 | 2,658,917 | ||
|
California Community Housing Agency Rev., (Verdant at Green Valley Apartments), 5.00%, 8/1/49(2)
|
9,000,000 | 8,576,599 | ||
|
California County Tobacco Securitization Agency Rev., 4.00%, 6/1/49
|
750,000 | 731,318 | ||
|
California County Tobacco Securitization Agency Rev., 5.00%, 6/1/49
|
350,000 | 362,489 | ||
|
California County Tobacco Securitization Agency Rev., (Alameda County Tobacco Securitization Corp.), 0.00%, 6/1/50(1)
|
22,520,000 | 4,537,575 | ||
|
California County Tobacco Securitization Agency Rev., Capital Appreciation, 0.00%, 6/1/55(1)
|
5,020,000 | 967,544 | ||
|
California Enterprise Development Authority Rev., (Academy For Academic Excellence), 5.00%, 7/1/40(2)
|
500,000 | 500,723 |
6
| Principal Amount | Value | |||
|
California Enterprise Development Authority Rev., (Academy For Academic Excellence), 5.00%, 7/1/50(2)
|
$ | 500,000 | $ | 482,239 |
|
California Enterprise Development Authority Rev., (Academy For Academic Excellence), 5.00%, 7/1/55(2)
|
350,000 | 332,986 | ||
|
California Enterprise Development Authority Rev., (Provident Group-Pomona Properties LLC), 5.00%, 1/15/45(3)
|
1,000,000 | 1,076,697 | ||
|
California Health Facilities Financing Authority Rev., 4.00%, 4/1/49
|
9,710,000 | 9,336,096 | ||
|
California Health Facilities Financing Authority Rev., (Scripps Health Obligated Group), 5.00%, 11/15/44
|
5,000,000 | 5,679,454 | ||
|
California Housing Finance Rev., 4.25%, 1/15/35
|
3,094,586 | 3,087,645 | ||
|
California Housing Finance Rev., 3.50%, 11/20/35
|
11,632,447 | 10,992,091 | ||
|
California Infrastructure & Economic Development Bank Rev., 4.00%, 10/1/42
|
15,165,000 | 15,962,204 | ||
|
California Infrastructure & Economic Development Bank Rev., (California Science Center Foundation), 4.00%, 5/1/51
|
4,000,000 | 3,831,580 | ||
|
California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 4.00%, 11/1/46
|
1,500,000 | 1,462,833 | ||
|
California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 4.00%, 11/1/51
|
1,600,000 | 1,512,928 | ||
|
California Municipal Finance Authority COP, (Palomar Health Obligated Group), 5.25%, 11/1/52 (AGM)
|
2,335,000 | 2,619,277 | ||
|
California Municipal Finance Authority Rev., (Bowles Hall Foundation), 5.00%, 6/1/50
|
1,750,000 | 1,763,134 | ||
|
California Municipal Finance Authority Rev., (California Baptist University), 5.00%, 11/1/46(2)
|
8,325,000 | 8,191,372 | ||
|
California Municipal Finance Authority Rev., (Catalyst Impact Fund 1 LLC), 6.00%, 1/1/39(2)
|
4,000,000 | 4,156,042 | ||
|
California Municipal Finance Authority Rev., (CHF-Davis I LLC), 5.00%, 5/15/32 (BAM-TCRS)
|
3,000,000 | 3,216,275 | ||
|
California Municipal Finance Authority Rev., (CHF-Davis I LLC), 5.00%, 5/15/51
|
12,205,000 | 12,470,614 | ||
|
California Municipal Finance Authority Rev., (CHF-Davis II LLC), 4.00%, 5/15/41 (BAM)
|
1,000,000 | 1,002,055 | ||
|
California Municipal Finance Authority Rev., (Claremont Graduate University), 5.00%, 10/1/49(2)
|
2,145,000 | 2,052,464 | ||
|
California Municipal Finance Authority Rev., (Claremont Graduate University), 5.00%, 10/1/54(2)
|
1,875,000 | 1,771,292 | ||
|
California Municipal Finance Authority Rev., (Clinicas del Camino Real Incorporated), 4.00%, 3/1/40
|
2,750,000 | 2,323,065 | ||
|
California Municipal Finance Authority Rev., (Clinicas del Camino Real Incorporated), 4.00%, 3/1/50
|
6,785,000 | 5,271,597 | ||
|
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/54(2)
|
2,590,000 | 2,470,707 | ||
|
California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 4.00%, 2/1/51
|
2,000,000 | 1,782,469 | ||
|
California Municipal Finance Authority Rev., (Congregational Home Obligated Group), 5.00%, 11/15/49
|
4,750,000 | 4,487,245 | ||
|
California Municipal Finance Authority Rev., (Creative Center of Los Altos), 4.00%, 11/1/26(2)
|
295,000 | 289,376 | ||
|
California Municipal Finance Authority Rev., (Creative Center of Los Altos), 4.00%, 11/1/36(2)
|
1,400,000 | 1,258,799 | ||
|
California Municipal Finance Authority Rev., (Creative Center of Los Altos), 4.50%, 11/1/46(2)
|
3,100,000 | 2,668,638 | ||
|
California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/37
|
1,500,000 | 1,545,993 | ||
|
California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/47
|
3,000,000 | 3,032,738 | ||
|
California Municipal Finance Authority Rev., (Emerson College), 5.00%, 1/1/42
|
5,250,000 | 5,329,629 |
7
| Principal Amount | Value | |||
|
California Municipal Finance Authority Rev., (Healthright 360), 5.00%, 11/1/29(2)
|
$ | 1,670,000 | $ | 1,715,522 |
|
California Municipal Finance Authority Rev., (Healthright 360), 5.00%, 11/1/39(2)
|
3,535,000 | 3,549,840 | ||
|
California Municipal Finance Authority Rev., (Healthright 360), 5.00%, 11/1/49(2)
|
4,450,000 | 4,140,640 | ||
|
California Municipal Finance Authority Rev., (HumanGood California Obligated Group), 4.00%, 10/1/49
|
6,250,000 | 5,824,023 | ||
|
California Municipal Finance Authority Rev., (P3 Claremont Holdings LLC), 5.00%, 7/1/40(2)
|
1,515,000 | 1,462,431 | ||
|
California Municipal Finance Authority Rev., (P3 Claremont Holdings LLC), 5.00%, 7/1/52(2)
|
2,075,000 | 1,907,289 | ||
|
California Municipal Finance Authority Rev., (Palmdale Aerospace Academy, Inc.), 5.00%, 7/1/49(2)
|
5,100,000 | 4,773,124 | ||
|
California Municipal Finance Authority Rev., (River Charter Schools), 5.50%, 6/1/38(2)
|
800,000 | 806,124 | ||
|
California Municipal Finance Authority Rev., (River Charter Schools), 5.50%, 6/1/48(2)
|
2,265,000 | 2,266,678 | ||
|
California Municipal Finance Authority Rev., (River Charter Schools), 5.50%, 6/1/53(2)
|
1,805,000 | 1,791,849 | ||
|
California Municipal Finance Authority Rev., (Samuel Merritt University), 5.25%, 6/1/53
|
4,000,000 | 4,308,904 | ||
|
California Municipal Finance Authority Rev., (Santa Rosa Academy LLC), 5.125%, 7/1/35(2)
|
905,000 | 912,602 | ||
|
California Municipal Finance Authority Rev., (Santa Rosa Academy LLC), 5.375%, 7/1/45(2)
|
1,400,000 | 1,405,121 | ||
|
California Municipal Finance Authority Rev., (William Jessup University), 5.00%, 8/1/48(2)
|
8,450,000 | 7,562,604 | ||
|
California Municipal Finance Authority Special Tax, 4.00%, 9/1/43
|
1,000,000 | 874,552 | ||
|
California Municipal Finance Authority Special Tax, 4.00%, 9/1/50
|
1,500,000 | 1,256,545 | ||
|
California Municipal Finance Authority Special Tax, 5.75%, 9/1/53
|
1,850,000 | 1,944,542 | ||
|
California Municipal Finance Authority Special Tax, 5.00%, 9/1/57
|
5,000,000 | 5,109,326 | ||
|
California Municipal Finance Authority Special Tax, (Community Facilities District No. 2021-13), 5.00%, 9/1/47
|
2,000,000 | 2,036,008 | ||
|
California Municipal Finance Authority Special Tax, (Community Facilities District No. 2021-6), 6.00%, 9/1/52
|
1,700,000 | 1,771,064 | ||
|
California Municipal Finance Authority Special Tax, (Facilities District No. 2020-4), 4.00%, 9/1/46
|
2,290,000 | 2,047,825 | ||
|
California Municipal Finance Authority Special Tax, (Facilities District No. 2020-4), 4.00%, 9/1/51
|
3,145,000 | 2,723,233 | ||
|
California Pollution Control Financing Authority Rev., (San Diego County Water Authority), 5.00%, 11/21/45(2)
|
2,500,000 | 2,554,605 | ||
|
California Public Finance Authority Rev., (Crossroads Christian Schools Obligated Group), 5.00%, 1/1/56(2)
|
4,000,000 | 3,449,702 | ||
|
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 3.125%, 5/15/29(2)
|
2,580,000 | 2,489,018 | ||
|
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 5.00%, 11/15/36(2)
|
1,160,000 | 1,064,601 | ||
|
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 5.00%, 11/15/46(2)
|
1,545,000 | 1,349,481 | ||
|
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 5.00%, 11/15/51(2)
|
1,150,000 | 977,719 | ||
|
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 5.00%, 11/15/56(2)
|
1,260,000 | 1,052,186 | ||
|
California Public Finance Authority Rev., (Sharp Healthcare Obligated Group), VRDN, 3.70%, 3/1/24 (LOC: Barclays Bank PLC)
|
5,610,000 | 5,610,000 |
8
| Principal Amount | Value | |||
|
California School Finance Authority Rev., 5.00%, 6/1/37(2)
|
$ | 475,000 | $ | 474,963 |
|
California School Finance Authority Rev., 5.00%, 6/1/47(2)
|
875,000 | 823,384 | ||
|
California School Finance Authority Rev., (Alliance for College Ready Public Schools Obligated Group), 5.00%, 7/1/31(2)
|
4,000,000 | 4,074,395 | ||
|
California School Finance Authority Rev., (Alliance for College Ready Public Schools Obligated Group), 5.00%, 7/1/45(2)
|
5,000,000 | 5,003,739 | ||
|
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/25, Prerefunded at 100% of Par(2)(4)
|
110,000 | 113,095 | ||
|
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/45(2)
|
1,100,000 | 1,104,019 | ||
|
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/51(2)
|
1,300,000 | 1,105,478 | ||
|
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/61(2)
|
4,000,000 | 3,976,423 | ||
|
California School Finance Authority Rev., (Bright Star Schools Obligated Group), 2.00%, 6/1/27(2)
|
930,000 | 853,966 | ||
|
California School Finance Authority Rev., (Bright Star Schools Obligated Group), 5.00%, 6/1/37(2)
|
1,800,000 | 1,801,994 | ||
|
California School Finance Authority Rev., (Bright Star Schools Obligated Group), 4.00%, 6/1/39(2)
|
1,085,000 | 954,268 | ||
|
California School Finance Authority Rev., (Bright Star Schools Obligated Group), 5.00%, 6/1/47(2)
|
3,130,000 | 2,961,841 | ||
|
California School Finance Authority Rev., (Bright Star Schools Obligated Group), 4.00%, 6/1/51(2)
|
1,730,000 | 1,357,507 | ||
|
California School Finance Authority Rev., (Bright Star Schools Obligated Group), 4.00%, 6/1/61(2)
|
2,220,000 | 1,655,660 | ||
|
California School Finance Authority Rev., (Downtown College Prep Obligated Group), 4.00%, 6/1/26(2)
|
1,430,000 | 1,410,047 | ||
|
California School Finance Authority Rev., (Downtown College Prep Obligated Group), 4.50%, 6/1/31(2)
|
1,500,000 | 1,498,988 | ||
|
California School Finance Authority Rev., (Downtown College Prep Obligated Group), 4.75%, 6/1/36(2)
|
1,500,000 | 1,484,803 | ||
|
California School Finance Authority Rev., (Ednovate Obligated Group), 5.00%, 6/1/30(2)
|
1,110,000 | 1,122,486 | ||
|
California School Finance Authority Rev., (Ednovate Obligated Group), 5.00%, 6/1/37(2)
|
430,000 | 421,808 | ||
|
California School Finance Authority Rev., (Ednovate Obligated Group), 5.00%, 6/1/48(2)
|
2,100,000 | 1,920,814 | ||
|
California School Finance Authority Rev., (Ednovate Obligated Group), 5.00%, 6/1/56(2)
|
2,000,000 | 1,788,933 | ||
|
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/38(2)
|
1,130,000 | 1,159,384 | ||
|
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.375%, 8/1/42(2)
|
500,000 | 525,269 | ||
|
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/45(2)
|
3,500,000 | 3,508,062 | ||
|
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/48(2)
|
3,630,000 | 3,637,707 | ||
|
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.75%, 8/1/52(2)
|
1,650,000 | 1,742,113 | ||
|
California School Finance Authority Rev., (Kepler Education, Inc.), 5.75%, 5/1/37(2)
|
1,050,000 | 1,059,848 | ||
|
California School Finance Authority Rev., (Kepler Education, Inc.), 5.875%, 5/1/47(2)
|
2,425,000 | 2,429,960 | ||
|
California School Finance Authority Rev., (Kipp SoCal Public Schools Obligated Group), 4.125%, 7/1/24(2)
|
127,000 | 126,979 | ||
|
California School Finance Authority Rev., (Kipp SoCal Public Schools Obligated Group), 5.00%, 7/1/34(2)
|
500,000 | 501,552 | ||
|
California School Finance Authority Rev., (Kipp SoCal Public Schools Obligated Group), 5.00%, 7/1/37(2)
|
1,180,000 | 1,211,372 |
9
| Principal Amount | Value | |||
|
California School Finance Authority Rev., (Kipp SoCal Public Schools Obligated Group), 5.125%, 7/1/44(2)
|
$ | 700,000 | $ | 700,933 |
|
California School Finance Authority Rev., (Kipp SoCal Public Schools Obligated Group), 5.00%, 7/1/45(2)
|
1,650,000 | 1,655,852 | ||
|
California School Finance Authority Rev., (Kipp SoCal Public Schools Obligated Group), 5.00%, 7/1/49(2)
|
2,000,000 | 2,012,050 | ||
|
California School Finance Authority Rev., (Larchmont Schools), 5.00%, 6/1/33(2)
|
500,000 | 506,826 | ||
|
California School Finance Authority Rev., (Larchmont Schools), 5.00%, 6/1/43(2)
|
550,000 | 552,243 | ||
|
California School Finance Authority Rev., (Larchmont Schools), 5.00%, 6/1/55(2)
|
1,000,000 | 990,553 | ||
|
California School Finance Authority Rev., (Lighthouse Community Public Schools Obligated Group), 6.375%, 6/1/52(2)
|
1,225,000 | 1,265,796 | ||
|
California School Finance Authority Rev., (Lighthouse Community Public Schools Obligated Group), 6.50%, 6/1/62(2)
|
2,125,000 | 2,197,947 | ||
|
California School Finance Authority Rev., (Orange County Educational Arts Academy), 5.625%, 6/1/43(2)
|
560,000 | 566,698 | ||
|
California School Finance Authority Rev., (Orange County Educational Arts Academy), 5.875%, 6/1/53(2)
|
700,000 | 708,301 | ||
|
California School Finance Authority Rev., (Partnerships to Uplift Communities Series 2023 Obligated Group), 5.50%, 8/1/43(2)
|
550,000 | 567,080 | ||
|
California School Finance Authority Rev., (Partnerships to Uplift Communities Series 2023 Obligated Group), 5.50%, 8/1/47(2)
|
505,000 | 515,380 | ||
|
California School Finance Authority Rev., (Real Journey Academies Obligated Group), 5.00%, 6/1/49(2)
|
5,250,000 | 4,826,578 | ||
|
California School Finance Authority Rev., (Real Journey Academies Obligated Group), 5.00%, 6/1/50(2)
|
2,740,000 | 2,508,077 | ||
|
California School Finance Authority Rev., (Real Journey Academies Obligated Group), 5.00%, 6/1/59(2)
|
3,915,000 | 3,500,204 | ||
|
California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/26(2)
|
300,000 | 302,638 | ||
|
California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/31(2)
|
870,000 | 879,751 | ||
|
California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/36(2)
|
1,000,000 | 1,006,504 | ||
|
California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/37(2)
|
360,000 | 364,344 | ||
|
California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/46(2)
|
2,100,000 | 2,094,248 | ||
|
California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/53(2)
|
2,265,000 | 2,220,474 | ||
|
California School Finance Authority Rev., (Summit Public Schools Obligated Group), 5.00%, 6/1/27, Prerefunded at 100% of Par(2)(4)
|
525,000 | 556,062 | ||
|
California School Finance Authority Rev., (Summit Public Schools Obligated Group), 5.00%, 6/1/27, Prerefunded at 100% of Par(2)(4)
|
995,000 | 1,053,869 | ||
|
California School Finance Authority Rev., (TEACH, Inc. Obligated Group), 5.00%, 6/1/58(2)
|
3,600,000 | 3,333,890 | ||
|
California School Finance Authority Rev., (Value Schools), 5.00%, 7/1/40(2)
|
545,000 | 555,039 | ||
|
California School Finance Authority Rev., (Value Schools), 5.25%, 7/1/48(2)
|
700,000 | 707,806 | ||
|
California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/34
|
1,400,000 | 1,481,362 | ||
|
California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/39
|
1,640,000 | 1,696,187 | ||
|
California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/48
|
1,000,000 | 1,013,440 | ||
|
California State University Rev., 5.25%, 11/1/53
|
1,000,000 | 1,148,059 |
10
| Principal Amount | Value | |||
|
California Statewide Communities Development Authority Rev., (899 Charleston LLC), 5.25%, 11/1/44(2)
|
$ | 5,500,000 | $ | 4,718,377 |
|
California Statewide Communities Development Authority Rev., (Adventist Health System / West Obligated Group), 5.00%, 3/1/35
|
1,785,000 | 1,835,681 | ||
|
California Statewide Communities Development Authority Rev., (California Baptist University), 3.50%, 11/1/27(2)
|
2,130,000 | 2,072,094 | ||
|
California Statewide Communities Development Authority Rev., (California Baptist University), 5.00%, 11/1/32(2)
|
3,090,000 | 3,169,689 | ||
|
California Statewide Communities Development Authority Rev., (Emanate Health Obligated Group), 4.00%, 4/1/45
|
6,000,000 | 5,768,775 | ||
|
California Statewide Communities Development Authority Rev., (Enloe Medical Center Obligated Group), 5.25%, 8/15/52 (AGM)
|
500,000 | 547,411 | ||
|
California Statewide Communities Development Authority Rev., (Front Porch Communities & Services Obligated Group), 4.00%, 4/1/39
|
1,405,000 | 1,410,749 | ||
|
California Statewide Communities Development Authority Rev., (Front Porch Communities & Services Obligated Group), 4.00%, 4/1/40
|
2,615,000 | 2,606,085 | ||
|
California Statewide Communities Development Authority Rev., (HumanGood California Obligated Group), 5.00%, 10/1/45
|
2,400,000 | 2,413,051 | ||
|
California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 5.00%, 6/1/46(2)
|
3,500,000 | 3,495,068 | ||
|
California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 5.00%, 6/1/51(2)
|
1,450,000 | 1,412,009 | ||
|
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/26(2)
|
2,000,000 | 2,045,230 | ||
|
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/29(2)
|
3,155,000 | 3,221,425 | ||
|
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/36(2)
|
1,000,000 | 1,012,735 | ||
|
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/41(2)
|
1,700,000 | 1,702,148 | ||
|
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/46(2)
|
9,900,000 | 9,793,428 | ||
|
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.50%, 12/1/54
|
4,605,000 | 4,547,454 | ||
|
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/56(2)
|
14,750,000 | 14,818,377 | ||
|
California Statewide Communities Development Authority Rev., (Methodist Hospital of Southern California Obligated Group), 5.00%, 1/1/43
|
7,500,000 | 7,660,060 | ||
|
California Statewide Communities Development Authority Rev., (Redlands Community Hospital), 4.00%, 10/1/41
|
6,500,000 | 6,380,319 | ||
|
California Statewide Communities Development Authority Special Assessment, (City of San Diego CA Assessment District No. 18-01), 5.00%, 9/2/39
|
1,300,000 | 1,369,926 | ||
|
California Statewide Communities Development Authority Special Assessment, (City of San Diego CA Assessment District No. 18-01), 4.00%, 9/2/44
|
900,000 | 845,132 | ||
|
California Statewide Communities Development Authority Special Assessment, (County of Contra Costa Assessment District No. 14-01), 5.00%, 9/2/35
|
1,920,000 | 1,960,877 | ||
|
California Statewide Communities Development Authority Special Assessment, (County of Contra Costa Assessment District No. 14-01), 5.00%, 9/2/45
|
3,810,000 | 3,846,792 |
11
| Principal Amount | Value | |||
|
California Statewide Communities Development Authority Special Tax, (California Statewide Communities Dev Authority Cmnty Facs Dist No. 2022-10), 5.50%, 9/1/53
|
$ | 1,700,000 | $ | 1,787,865 |
|
California Statewide Communities Development Authority Special Tax, (California Statewide Communities Development Authority Cmnty Facs Dist No. 2007-01), 5.00%, 9/1/37
|
1,565,000 | 1,593,275 | ||
|
California Statewide Communities Development Authority Special Tax, (California Statewide Communities Development Authority Cmnty Facs Dist No. 2015-01), 5.00%, 9/1/47
|
1,650,000 | 1,685,467 | ||
|
California Statewide Communities Development Authority Special Tax, (California Statewide Communities Development Authority Cmnty Facs Dist No. 2016-02), 5.00%, 9/1/39
|
1,000,000 | 1,053,764 | ||
|
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 | 2,161,012 | ||
|
California Statewide Communities Development Authority Special Tax, (California Statewide Communities Development Authority Cmnty Facs Dist No. 2016-02), 5.50%, 9/1/52
|
4,250,000 | 4,339,487 | ||
|
California Statewide Communities Development Authority Special Tax, (California Statewide Communities Development Authority Cmnty Facs Dist No. 2017-01), 5.00%, 9/1/48
|
7,330,000 | 7,536,131 | ||
|
California Statewide Communities Development Authority Special Tax, (California Statewide Communities Development Authority Cmnty Facs Dist No. 2018-), 4.00%, 9/1/50
|
1,200,000 | 1,060,726 | ||
|
California Statewide Communities Development Authority Special Tax, (California Statewide Communities Development Authority Cmnty Facs Dist No. 2018-03), 5.00%, 9/1/39
|
1,485,000 | 1,551,533 | ||
|
California Statewide Communities Development Authority Special Tax, (California Statewide Communities Development Authority Cmnty Facs Dist No. 2018-03), 5.00%, 9/1/48
|
1,750,000 | 1,797,774 | ||
|
California Statewide Communities Development Authority Special Tax, (Facilities District No. 2015-01), 5.50%, 9/1/42
|
1,000,000 | 1,058,241 | ||
|
California Statewide Communities Development Authority Special Tax, (Facilities District No. 2015-01), 5.625%, 9/1/52
|
3,000,000 | 3,132,618 | ||
|
Calimesa Special Tax, (Calimesa Community Facilities District No. 2018-1), 4.00%, 9/1/45
|
865,000 | 802,939 | ||
|
Calimesa Special Tax, (Calimesa Community Facilities District No. 2018-1), 4.00%, 9/1/50
|
820,000 | 731,621 | ||
|
Chabot-Las Positas Community College District GO, 5.25%, 8/1/48
|
4,350,000 | 4,953,885 | ||
|
Chino Community Facilities District Special Tax, (Chino Community Facilities District No. 2003-3), 5.00%, 9/1/43
|
3,160,000 | 3,252,575 | ||
|
Chino Community Facilities District Special Tax, (Chino Community Facilities District No. 2003-3), 4.00%, 9/1/45
|
1,325,000 | 1,231,660 | ||
|
Chino Community Facilities District Special Tax, (Chino Community Facilities District No. 2003-3), 5.00%, 9/1/48
|
2,500,000 | 2,553,919 | ||
|
Chino Community Facilities District Special Tax, (Chino Community Facilities District No. 2003-3), 4.00%, 9/1/50
|
2,500,000 | 2,244,508 | ||
|
Chino Community Facilities District Special Tax, (Chino Community Facilities District No. 2019-1), 4.00%, 9/1/51
|
1,000,000 | 885,608 | ||
|
Chino Community Facilities District Special Tax, (Community Facilities District No. 2003-3), 5.375%, 9/1/47
|
1,615,000 | 1,688,308 | ||
|
Chino Community Facilities District Special Tax, (Community Facilities District No. 2003-3), 5.375%, 9/1/52
|
2,000,000 | 2,072,343 | ||
|
Chula Vista Community Facilities District Special Tax, (Chula Vista Community Facilities District No. 06-1), 5.00%, 9/1/43
|
535,000 | 554,211 | ||
|
Chula Vista Community Facilities District Special Tax, (Chula Vista Community Facilities District No. 06-1), 5.00%, 9/1/48
|
895,000 | 918,698 | ||
|
City & County of San Francisco Community Facilities District No. 2016-1 Special Tax, 4.00%, 9/1/35
|
300,000 | 301,973 | ||
|
City & County of San Francisco Community Facilities District No. 2016-1 Special Tax, 4.00%, 9/1/41
|
1,000,000 | 942,664 |
12
| Principal Amount | Value | |||
|
City & County of San Francisco Community Facilities District No. 2016-1 Special Tax, 4.00%, 9/1/42
|
$ | 600,000 | $ | 556,796 |
|
City & County of San Francisco Community Facilities District No. 2016-1 Special Tax, 4.00%, 9/1/50
|
1,450,000 | 1,260,092 | ||
|
City & County of San Francisco Community Facilities District No. 2016-1 Special Tax, 4.00%, 9/1/51
|
2,500,000 | 2,172,517 | ||
|
City & County of San Francisco Special Tax District No. Special Tax, (City & County of San Francisco Dist No. 2020-1 Office Special Tax), 5.75%, 9/1/53(2)
|
1,800,000 | 1,857,752 | ||
|
City & County of San Francisco Special Tax District No. Special Tax, (City & County of San Francisco Dist No. 2020-1 Shoreline Tax Zone 1), 5.75%, 9/1/53(2)
|
1,500,000 | 1,548,127 | ||
|
City & County of San Francisco, Infrastructure & Revitalization Financing Dist No. 1 Facs Tax Allocation, 5.00%, 9/1/52(2)
|
1,500,000 | 1,451,300 | ||
|
City & County of San Francisco, Special Tax District No. 2020-1 Special Tax, 4.00%, 9/1/46(2)
|
2,475,000 | 2,161,250 | ||
|
Corona-Norco Unified School District Special Tax, (Community Facilities District No. 05-1), 4.00%, 9/1/45
|
2,000,000 | 1,825,652 | ||
|
Corona-Norco Unified School District Special Tax, (Community Facilities District No. 16-1), 5.00%, 9/1/43
|
2,430,000 | 2,503,191 | ||
|
Corona-Norco Unified School District Special Tax, (Community Facilities District No. 16-1), 5.00%, 9/1/48
|
1,500,000 | 1,533,576 | ||
|
CSCDA Community Improvement Authority Rev., (1818 Platinum Triangle-Anaheim), 3.25%, 4/1/57(2)
|
7,135,000 | 5,044,776 | ||
|
CSCDA Community Improvement Authority Rev., (1818 Platinum Triangle-Anaheim), 4.00%, 4/1/57(2)
|
5,500,000 | 3,931,999 | ||
|
CSCDA Community Improvement Authority Rev., (Altana Apartments), 4.00%, 10/1/56(2)
|
13,000,000 | 10,075,749 | ||
|
CSCDA Community Improvement Authority Rev., (Escondido Portfolio), 4.00%, 12/1/59(2)
|
12,000,000 | 7,274,968 | ||
|
CSCDA Community Improvement Authority Rev., (Oceanaire Apartments), 4.00%, 9/1/56(2)
|
6,235,000 | 4,734,456 | ||
|
CSCDA Community Improvement Authority Rev., (Orange Portfolio), 4.00%, 3/1/57(2)
|
3,235,000 | 2,372,039 | ||
|
CSCDA Community Improvement Authority Rev., (Parallel-Anaheim), 4.00%, 8/1/56(2)
|
4,900,000 | 4,090,182 | ||
|
CSCDA Community Improvement Authority Rev., (Pasadena Portfolio), 2.65%, 12/1/46(2)
|
1,485,000 | 1,153,553 | ||
|
CSCDA Community Improvement Authority Rev., (Renaissance at City Center), 5.00%, 7/1/51(2)
|
8,250,000 | 7,887,926 | ||
|
CSCDA Community Improvement Authority Rev., (Westgate Apartments), 4.00%, 9/1/46(2)
|
1,925,000 | 1,583,010 | ||
|
CSCDA Community Improvement Authority Rev., (Westgate Apartments), 4.00%, 2/1/57(2)
|
4,000,000 | 2,956,878 | ||
|
CSCDA Community Improvement Authority Rev., (Westgate Apartments), 3.125%, 6/1/57(2)
|
5,385,000 | 3,413,123 | ||
|
CSCDA Community Improvement Authority Rev., (Westgate Apartments), 4.00%, 6/1/57(2)
|
2,500,000 | 1,614,414 | ||
|
Dixon Special Tax, (Dixon Community Facilities District No. 2013-1 Homestead), 5.00%, 9/1/45
|
4,780,000 | 4,826,069 | ||
|
Dixon Special Tax, (Dixon Community Facilities District No. 2019-1 Homestead), 4.00%, 9/1/45
|
1,000,000 | 901,477 | ||
|
Dixon Special Tax, (Dixon Community Facilities District No. 2019-1 Homestead), 5.00%, 9/1/48
|
1,400,000 | 1,385,435 | ||
|
Dixon Special Tax, (Dixon Community Facilities District No. 2019-1 Homestead), 5.00%, 9/1/53
|
1,600,000 | 1,557,853 | ||
|
Dublin Special Tax, (City of Dublin Community Facilities District No. 2015-1 Improvement Area No. 5), 5.375%, 9/1/51
|
1,250,000 | 1,288,253 | ||
|
Dublin Special Tax, (Community Facilities District No. 2015-1), 5.50%, 9/1/47
|
2,630,000 | 2,755,295 | ||
|
Dublin Special Tax, (Community Facilities District No. 2015-1), 5.50%, 9/1/51
|
3,040,000 | 3,163,417 |
13
| Principal Amount | Value | |||
|
Dublin Community Facilities District Improvement Area No. 1 Special Tax, 5.00%, 9/1/37
|
$ | 1,150,000 | $ | 1,198,043 |
|
Dublin Community Facilities District Improvement Area No. 1 Special Tax, 5.00%, 9/1/47
|
2,840,000 | 2,898,279 | ||
|
Dublin Community Facilities District Improvement Area No. 1 Special Tax, (Dublin Community Facilities District No. 2015-1 Improvement Area No. 2), 5.00%, 9/1/44
|
2,200,000 | 2,288,051 | ||
|
East Bay Municipal Utility District Wastewater System Rev., 5.00%, 6/1/42
|
600,000 | 682,901 | ||
|
East Bay Municipal Utility District Wastewater System Rev., 5.00%, 6/1/45
|
1,200,000 | 1,351,953 | ||
|
East Bay Municipal Utility District Wastewater System Rev., (East Bay Municipal Utility District Wastewater System Revenue), 5.00%, 6/1/54(3)
|
1,850,000 | 2,063,122 | ||
|
East Bay Municipal Utility District Water System Rev., (East Bay Municipal Utility District Water System Revenue), 5.00%, 6/1/54(3)
|
2,855,000 | 3,184,485 | ||
|
East Garrison Public Finance Authority Special Tax, 5.00%, 9/1/46
|
1,155,000 | 1,172,004 | ||
|
El Dorado County Special Tax, (Community Facilities District No. 2014-1), 4.00%, 9/1/46
|
2,350,000 | 2,178,638 | ||
|
El Dorado County Special Tax, (El County Dorado Community Facilities District No. 2018-1 Bass Lake Hills), 5.00%, 9/1/34
|
450,000 | 472,455 | ||
|
El Dorado County Special Tax, (El County Dorado Community Facilities District No. 2018-1 Bass Lake Hills), 5.00%, 9/1/49
|
2,920,000 | 2,977,731 | ||
|
El Rancho Unified School District GO, 5.75%, 8/1/48 (BAM)
|
625,000 | 744,121 | ||
|
Emeryville Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/34 (AGM)
|
1,000,000 | 1,010,844 | ||
|
Escondido Special Tax, (Escondido Community Facilities District No. 2020-2), 5.00%, 9/1/52
|
2,700,000 | 2,744,789 | ||
|
Fairfield Community Facilities District Special Tax, (District No. 2016-1), 4.00%, 9/1/41
|
1,145,000 | 1,084,679 | ||
|
Fairfield Community Facilities District Special Tax, (District No. 2016-1), 4.00%, 9/1/45
|
2,000,000 | 1,828,198 | ||
|
Fairfield Community Facilities District Special Tax, (Fairfield Community Facilities District No. 2019-1), 5.00%, 9/1/50(2)
|
3,250,000 | 3,295,495 | ||
|
Folsom Ranch Financing Authority Special Tax, (Community Facilities District No. 20), 5.00%, 9/1/42
|
1,680,000 | 1,736,156 | ||
|
Folsom Ranch Financing Authority Special Tax, (Community Facilities District No. 20), 5.125%, 9/1/47
|
1,250,000 | 1,283,324 | ||
|
Folsom Ranch Financing Authority Special Tax, (Community Facilities District No. 20), 5.125%, 9/1/52
|
1,300,000 | 1,322,810 | ||
|
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 19), 5.00%, 9/1/39
|
1,255,000 | 1,316,780 | ||
|
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 19), 5.00%, 9/1/44
|
2,285,000 | 2,361,726 | ||
|
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 19), 5.00%, 9/1/47
|
4,325,000 | 4,403,938 | ||
|
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 20), 5.00%, 9/1/33
|
530,000 | 557,190 | ||
|
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 20), 5.00%, 9/1/38
|
845,000 | 882,632 | ||
|
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 21), 4.00%, 9/1/46
|
800,000 | 714,592 | ||
|
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 23), 4.00%, 9/1/40
|
1,245,000 | 1,151,316 | ||
|
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 23), 4.00%, 9/1/50
|
2,285,000 | 1,928,750 | ||
|
Fontana Special Tax, (Fontana Community Facilities District No. 31), 5.00%, 9/1/35
|
1,365,000 | 1,430,427 | ||
|
Fontana Special Tax, (Fontana Community Facilities District No. 85), 4.00%, 9/1/45
|
750,000 | 702,072 |
14
| Principal Amount | Value | |||
|
Fontana Special Tax, (Fontana Community Facilities District No. 85), 4.00%, 9/1/50
|
$ | 900,000 | $ | 814,364 |
|
Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/46
|
4,250,000 | 4,135,072 | ||
|
Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/42(1)
|
6,000,000 | 2,771,108 | ||
|
Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 6.85%, 1/15/42
|
2,200,000 | 2,672,836 | ||
|
Fort Bragg Unified School District GO, 5.50%, 8/1/52
|
1,450,000 | 1,601,945 | ||
|
Fremont Community Facilities District No. 1 Special Tax, 5.00%, 9/1/40
|
3,000,000 | 3,036,991 | ||
|
Fremont Community Facilities District No. 1 Special Tax, 5.00%, 9/1/45
|
2,000,000 | 2,018,988 | ||
|
Fresno Unified School District GO, 4.00%, 8/1/52
|
2,500,000 | 2,470,365 | ||
|
Glendale Electric Revenue Rev., (City of Glendale Electric Revenue), 5.00%, 2/1/49
|
5,000,000 | 5,593,973 | ||
|
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/51
|
4,000,000 | 4,198,531 | ||
|
Golden State Tobacco Securitization Corp. Rev., Capital Appreciation, 0.00%, 6/1/66(1)
|
44,750,000 | 5,094,013 | ||
|
Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/45(2)
|
1,000,000 | 865,373 | ||
|
Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/61(2)
|
7,135,000 | 5,903,483 | ||
|
Hastings Campus Housing Finance Authority Rev., Capital Appreciation, VRN, 0.00%, 7/1/61(2)
|
14,365,000 | 5,469,781 | ||
|
Hemet Unified School District Financing Authority Special Tax, 5.00%, 9/1/39
|
2,100,000 | 2,120,359 | ||
|
Hesperia Special Tax, (Community Facilities District No. 2005-1), 5.00%, 9/1/29
|
1,060,000 | 1,068,858 | ||
|
Independent Cities Finance Authority Rev., (Compton Sales Tax Rev.), 4.00%, 6/1/51 (AGM)(2)
|
3,400,000 | 3,358,300 | ||
|
Independent Cities Finance Authority Rev., (Millennium Housing LLC), 5.00%, 9/15/50
|
2,000,000 | 2,077,802 | ||
|
Independent Cities Finance Authority Rev., (Palomar Estates East), 5.00%, 9/15/36
|
1,000,000 | 1,012,762 | ||
|
Independent Cities Finance Authority Rev., (Palomar Estates West), 5.00%, 9/15/36
|
1,500,000 | 1,519,142 | ||
|
Indio Electric Financing Authority Rev., (Imperial Irrigation District Electric System Revenue), 5.25%, 1/1/53
|
3,000,000 | 3,351,786 | ||
|
Inland Valley Development Agency Tax Allocation, 5.25%, 9/1/37
|
1,110,000 | 1,112,202 | ||
|
Irvine Special Assessment, (Irvine Reassessment District No. 15-2), 5.00%, 9/2/42
|
1,500,000 | 1,520,427 | ||
|
Irvine Special Tax, (Irvine Community Facilities District No. 2013-3 Improvement Area No. 1), 5.25%, 9/1/53 (BAM)
|
2,000,000 | 2,238,559 | ||
|
Irvine Special Tax, (Irvine Community Facilities District No. 2013-3), 5.00%, 9/1/48
|
2,500,000 | 2,572,361 | ||
|
Irvine Facilities Financing Authority Rev., (Irvine), 4.25%, 5/1/53
|
5,000,000 | 5,017,146 | ||
|
Irvine Ranch Water District Special Assessment, VRDN, 3.55%, 3/1/24 (LOC: Bank of America N.A.)
|
500,000 | 500,000 | ||
|
Jurupa Unified School District Special Tax, (Community Facilities District No. 11), 4.00%, 9/1/47
|
1,000,000 | 901,079 | ||
|
Jurupa Unified School District Special Tax, (Community Facilities District No. 6), 5.00%, 9/1/38
|
1,000,000 | 1,042,769 | ||
|
Jurupa Unified School District Special Tax, (Community Facilities District No. 6), 5.00%, 9/1/43
|
1,255,000 | 1,291,766 | ||
|
Lake Elsinore Special Tax, (Lake Elsinore Community Facilities District No. 2016-2), 5.00%, 9/1/43
|
2,470,000 | 2,549,491 | ||
|
Lake Elsinore Special Tax, (Lake Elsinore Community Facilities District No. 2016-2), 5.00%, 9/1/48
|
3,640,000 | 3,721,478 |
15
| Principal Amount | Value | |||
|
Lake Elsinore Public Financing Authority Special Tax, 5.00%, 9/1/40
|
$ | 1,925,000 | $ | 1,949,292 |
|
Lake Elsinore Unified School District Community Facilities District Special Tax, (District No. 2013-1), 4.00%, 9/1/42
|
600,000 | 564,656 | ||
|
Lake Elsinore Unified School District Community Facilities District Special Tax, (District No. 2013-1), 4.00%, 9/1/47
|
900,000 | 814,539 | ||
|
Lammersville Joint Unified School District Special Tax, (Lammersville Joint Unified School District Community Facilities Dist No. 2014-1), 5.00%, 9/1/43
|
775,000 | 800,582 | ||
|
Lammersville Joint Unified School District Special Tax, (Lammersville Joint Unified School District Community Facilities District No. 200), 5.00%, 9/1/30
|
1,300,000 | 1,370,421 | ||
|
Lammersville Joint Unified School District Special Tax, (Lammersville Joint Unified School District Community Facilities District No. 200), 5.00%, 9/1/32
|
1,510,000 | 1,587,856 | ||
|
Lee Lake Water District Financing Corp. Special Tax, (Community Facilities District No. 4 Terramor), 5.00%, 9/1/43
|
4,730,000 | 4,874,416 | ||
|
Lee Lake Water District Financing Corp. Special Tax, (Community Facilities District No. 4 Terramor), 4.00%, 9/1/46
|
1,040,000 | 927,015 | ||
|
Lee Lake Water District Financing Corp. Special Tax, (Community Facilities District No. 4 Terramor), 5.00%, 9/1/48
|
6,040,000 | 6,175,200 | ||
|
Lee Lake Water District Financing Corp. Special Tax, (Community Facilities District No. 4 Terramor), 4.00%, 9/1/51
|
930,000 | 801,128 | ||
|
Long Beach Bond Finance Authority Rev., 5.50%, 11/15/37 (GA: Merrill Lynch & Co.)
|
1,150,000 | 1,319,087 | ||
|
Los Angeles Community Facilities District Special Tax, (District No. 11), 4.00%, 9/1/46
|
1,500,000 | 1,345,590 | ||
|
Los Angeles County Community Facilities District No. 2021-01 Special Tax, 5.00%, 9/1/52
|
1,000,000 | 1,002,729 | ||
|
Los Angeles County Public Works Financing Authority Rev., (Los Angeles County), 5.00%, 12/1/49
|
7,000,000 | 7,565,208 | ||
|
Los Angeles Department of Airports Rev., 5.00%, 5/15/39
|
5,000,000 | 5,582,947 | ||
|
Los Angeles Department of Airports Rev., 5.00%, 5/15/48
|
3,000,000 | 3,325,824 | ||
|
Los Angeles Department of Water & Power Rev., 5.00%, 7/1/53
|
5,000,000 | 5,594,163 | ||
|
Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System Rev.), 5.00%, 7/1/51
|
5,165,000 | 5,648,055 | ||
|
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/52
|
3,000,000 | 3,338,410 | ||
|
Los Angeles Department of Water & Power Water System Rev., VRDN, 3.74%, 3/1/24 (SBBPA: Barclays Bank PLC)
|
300,000 | 300,000 | ||
|
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/24
|
250,000 | 251,369 | ||
|
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/25
|
260,000 | 265,063 | ||
|
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/26
|
115,000 | 119,278 | ||
|
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/26
|
135,000 | 138,883 | ||
|
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/27
|
100,000 | 105,272 | ||
|
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/28
|
100,000 | 104,801 | ||
|
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/28
|
100,000 | 105,268 | ||
|
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/33
|
250,000 | 262,712 | ||
|
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/33
|
340,000 | 357,186 | ||
|
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/38
|
250,000 | 261,022 |
16
| Principal Amount | Value | |||
|
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/38
|
$ | 400,000 | $ | 417,635 |
|
Menifee Union School District GO, Capital Appreciation, 0.00%, 8/1/44(1)
|
1,750,000 | 691,429 | ||
|
Menifee Union School District GO, Capital Appreciation, 0.00%, 8/1/45(1)
|
1,200,000 | 448,392 | ||
|
Menifee Union School District Special Tax, (Community Facilities District No. 2011-1), 5.00%, 9/1/44
|
2,245,000 | 2,318,166 | ||
|
Menifee Union School District Special Tax, (Community Facilities District No. 2011-1), 5.25%, 9/1/52
|
2,000,000 | 2,067,769 | ||
|
Middle Fork Project Finance Authority Rev., 5.00%, 4/1/34
|
1,175,000 | 1,266,757 | ||
|
Middle Fork Project Finance Authority Rev., 5.00%, 4/1/35
|
1,030,000 | 1,108,123 | ||
|
Middle Fork Project Finance Authority Rev., 5.00%, 4/1/36
|
2,350,000 | 2,516,306 | ||
|
Monterey Peninsula Community College District GO, 4.00%, 8/1/51
|
3,350,000 | 3,328,854 | ||
|
Moreno Valley Unified School District Community Facilities District Special Tax, (District No. 2018-1), 4.00%, 9/1/52
|
3,985,000 | 3,431,600 | ||
|
M-S-R Energy Authority Rev., 7.00%, 11/1/34 (GA: Citigroup Global Markets)
|
1,700,000 | 2,157,739 | ||
|
M-S-R Energy Authority Rev., 6.50%, 11/1/39 (GA: Citigroup Global Markets)
|
4,000,000 | 5,142,682 | ||
|
Murrieta Community Facilities District Special Tax, (District No. 2005-5 Golden City), 5.00%, 9/1/42
|
655,000 | 675,467 | ||
|
Murrieta Community Facilities District Special Tax, (District No. 2005-5 Golden City), 5.00%, 9/1/46
|
825,000 | 845,962 | ||
|
North Lake Tahoe Public Financing Authority Rev., (Placer County), 5.50%, 12/1/47
|
4,425,000 | 4,986,871 | ||
|
Northern Inyo County Local Hospital District GO, 0.00%, 11/1/34 (AGC)(1)
|
1,325,000 | 877,202 | ||
|
Northern Inyo County Local Hospital District GO, 0.00%, 11/1/36 (AGC)(1)
|
2,885,000 | 1,723,700 | ||
|
Norwalk-La Mirada Unified School District GO, 5.00%, 8/1/51
|
1,750,000 | 1,914,826 | ||
|
Ojai Unified School District GO, 5.50%, 8/1/53 (AGM)
|
1,750,000 | 1,982,923 | ||
|
Ontario Special Tax, (City of Ontario Community Facilities District No. 56), 5.50%, 9/1/48
|
1,250,000 | 1,320,503 | ||
|
Ontario Special Tax, (City of Ontario Community Facilities District No. 56), 5.75%, 9/1/54
|
2,210,000 | 2,359,019 | ||
|
Ontario Special Tax, (Ontario Community Facilities District No. 57), 4.25%, 9/1/37
|
415,000 | 416,082 | ||
|
Ontario Special Tax, (Ontario Community Facilities District No. 57), 4.625%, 9/1/42
|
650,000 | 655,610 | ||
|
Ontario Special Tax, (Ontario Community Facilities District No. 57), 4.75%, 9/1/47
|
840,000 | 840,583 | ||
|
Ontario Special Tax, (Ontario Community Facilities District No. 57), 4.75%, 9/1/52
|
825,000 | 808,562 | ||
|
Ontario Community Facilities District No. 24 Special Tax, 5.00%, 9/1/26
|
390,000 | 403,094 | ||
|
Ontario Community Facilities District No. 28 Special Tax, 5.00%, 9/1/42
|
1,000,000 | 1,027,639 | ||
|
Ontario Community Facilities District No. 28 Special Tax, 5.00%, 9/1/47
|
500,000 | 510,260 | ||
|
Ontario Community Facilities District No. 30 Special Tax, 4.00%, 9/1/42
|
1,395,000 | 1,309,479 | ||
|
Ontario Community Facilities District No. 30 Special Tax, 4.00%, 9/1/48
|
2,000,000 | 1,793,664 | ||
|
Ontario Community Facilities District No. 31 Special Tax, 5.00%, 9/1/42
|
1,050,000 | 1,076,276 | ||
|
Ontario Community Facilities District No. 34 Special Tax, 4.00%, 9/1/48
|
1,000,000 | 900,866 | ||
|
Ontario Community Facilities District No. 43 Special Tax, 4.00%, 9/1/50
|
1,000,000 | 874,410 |
17
| Principal Amount | Value | |||
|
Orange County Community Facilities District Special Tax, (Community Facilities District No. 2017-1), 5.00%, 8/15/42
|
$ | 2,500,000 | $ | 2,579,126 |
|
Orange County Community Facilities District Special Tax, (Community Facilities District No. 2021-1), 5.00%, 8/15/52
|
1,000,000 | 1,019,282 | ||
|
Orange County Community Facilities District Special Tax, (County of Orange Community Facilities District No. 2023-1), 5.50%, 8/15/53
|
2,200,000 | 2,291,186 | ||
|
Orange County Community Facilities District Special Tax, (County of Orange Community Facilities District No. 2023-1), 5.75%, 8/15/53
|
1,085,000 | 1,136,894 | ||
|
Orange County Community Facilities District Special Tax, (Orange County Community Facilities District No. 2015-1), 5.25%, 8/15/45
|
3,905,000 | 3,955,016 | ||
|
Orange County Community Facilities District Special Tax, (Orange County Community Facilities District No. 2016-1), 5.00%, 8/15/41
|
6,545,000 | 6,670,579 | ||
|
Orange County Community Facilities District Special Tax, (Orange County Community Facilities District No. 2016-1), 5.00%, 8/15/46
|
3,000,000 | 3,044,052 | ||
|
Orange County Community Facilities District Special Tax, (Orange County Community Facilities District No. 2021-1), 5.00%, 8/15/47
|
3,300,000 | 3,384,496 | ||
|
Oroville Rev., 5.25%, 4/1/49
|
3,000,000 | 1,862,785 | ||
|
Oroville Rev., (Oroville Hospital), 5.25%, 4/1/39
|
2,350,000 | 1,478,029 | ||
|
Oxnard School District GO, 4.25%, 8/1/53 (BAM)
|
3,000,000 | 3,038,631 | ||
|
Palm Desert Special Tax, (Palm Desert Community Facilities District No. 2021-1), 3.00%, 9/1/31
|
410,000 | 383,896 | ||
|
Palm Desert Special Tax, (Palm Desert Community Facilities District No. 2021-1), 4.00%, 9/1/41
|
900,000 | 841,129 | ||
|
Palm Desert Special Tax, (Palm Desert Community Facilities District No. 2021-1), 4.00%, 9/1/51
|
1,300,000 | 1,131,485 | ||
|
Palmdale Water District Public Financing Authority Rev., (Palmdale Water District), 5.00%, 10/1/53 (AGM)
|
1,700,000 | 1,880,142 | ||
|
Palomar Health COP, (Palomar Health Obligated Group), 4.00%, 11/1/38
|
1,445,000 | 1,364,262 | ||
|
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/36
|
8,465,000 | 8,577,189 | ||
|
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/39
|
8,250,000 | 8,310,090 | ||
|
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/42
|
10,000,000 | 10,041,926 | ||
|
Peninsula Corridor Joint Powers Board Rev., 5.00%, 6/1/51
|
10,000,000 | 10,875,208 | ||
|
Perris Joint Powers Authority Special Tax, 5.00%, 9/1/34
|
1,555,000 | 1,632,429 | ||
|
Perris Union High School District Special Tax, (Community Facilities District No. 92-1), 5.00%, 9/1/41
|
4,750,000 | 4,788,071 | ||
|
Pleasant Valley School District/Ventura County GO, 5.85%, 8/1/31 (NATL)
|
4,835,000 | 5,335,713 | ||
|
Rancho Cordova Special Tax, (Community Facilities District No. 2021-1), 5.25%, 9/1/52
|
2,000,000 | 2,043,937 | ||
|
Rancho Cordova Special Tax, (Rancho Cordova Arista Del Sol Cmnty Facs Dist No. 2022-1 Impt Area 1), 5.375%, 9/1/53
|
1,300,000 | 1,344,742 | ||
|
Rancho Cordova Special Tax, (Sunridge North Douglas Community Facs Dist No. 2005-1), 5.00%, 9/1/40
|
1,195,000 | 1,209,562 | ||
|
Rancho Cordova Special Tax, (Sunridge North Douglas Community Facs Dist No. 2005-1), 4.00%, 9/1/45
|
1,025,000 | 940,879 | ||
|
Rancho Cordova Special Tax, (Sunridge North Douglas Community Facs Dist No. 2005-1), 5.00%, 9/1/45
|
1,250,000 | 1,262,047 | ||
|
Redwood City Redevelopment Agency Successor Agency Tax Allocation, Capital Appreciation, 0.00%, 7/15/28 (Ambac)(1)
|
3,405,000 | 2,941,571 | ||
|
Regents of the University of California Medical Center Pooled Rev., VRDN, 3.70%, 3/1/24
|
5,095,000 | 5,095,000 |
18
| Principal Amount | Value | |||
|
Rialto Special Tax, (Rialto Community Facilities District No. 2020-1), 5.50%, 9/1/53
|
$ | 1,500,000 | $ | 1,586,899 |
|
Riverside County Community Facilities Districts Special Tax, (District No. 04-2), 5.00%, 9/1/30
|
1,035,000 | 1,043,338 | ||
|
Riverside County Community Facilities Districts Special Tax, (District No. 04-2), 5.00%, 9/1/35
|
2,520,000 | 2,538,936 | ||
|
Riverside County Community Facilities Districts Special Tax, (District No. 05-8), 5.00%, 9/1/48
|
2,500,000 | 2,555,960 | ||
|
Riverside County Community Facilities Districts Special Tax, (District No. 07-2), 5.00%, 9/1/40
|
2,250,000 | 2,276,444 | ||
|
Riverside County Community Facilities Districts Special Tax, (District No. 07-2), 5.00%, 9/1/42
|
1,110,000 | 1,138,865 | ||
|
Riverside County Community Facilities Districts Special Tax, (District No. 07-2), 5.00%, 9/1/44
|
2,735,000 | 2,760,524 | ||
|
Riverside County Community Facilities Districts Special Tax, (District No. 07-2), 5.00%, 9/1/45
|
540,000 | 551,684 | ||
|
Riverside County Transportation Commission Rev., 4.00%, 6/1/46
|
1,475,000 | 1,443,040 | ||
|
Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/41(1)
|
2,000,000 | 919,806 | ||
|
Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/42(1)
|
3,320,000 | 1,440,127 | ||
|
Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/43(1)
|
5,000,000 | 2,050,648 | ||
|
Riverside Unified School District Special Tax, 4.00%, 9/1/50
|
875,000 | 777,058 | ||
|
Riverside Unified School District Special Tax, 5.00%, 9/1/54
|
770,000 | 781,341 | ||
|
Riverside Unified School District Special Tax, 5.00%, 9/1/54
|
1,270,000 | 1,288,705 | ||
|
Riverside Unified School District Special Tax, (Riverside Unified School District Community Facilities District No. 32), 4.00%, 9/1/43
|
1,600,000 | 1,495,686 | ||
|
Riverside Unified School District Special Tax, (Riverside Unified School District Community Facilities District No. 32), 4.00%, 9/1/48
|
1,850,000 | 1,664,110 | ||
|
Riverside Water Rev., 5.00%, 10/1/47
|
1,000,000 | 1,120,006 | ||
|
Riverside Water Rev., 5.00%, 10/1/52
|
1,000,000 | 1,108,331 | ||
|
Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2004-1 Heritage Lake), 5.00%, 9/1/38
|
2,900,000 | 2,942,362 | ||
|
Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2004-1 Heritage Lake), 5.00%, 9/1/43
|
3,000,000 | 3,099,028 | ||
|
Romoland School District Special Tax, (Romoland School District-Community Facilities District No. 2017-1 Impt Area 2), 5.00%, 9/1/46
|
370,000 | 383,589 | ||
|
Romoland School District Special Tax, (Romoland School District-Community Facilities District No. 2017-1 Impt Area 2), 5.00%, 9/1/54
|
1,525,000 | 1,559,131 | ||
|
Roseville Special Tax, (Ranch Community Facilities District No. 5), 5.00%, 9/1/32(2)
|
1,265,000 | 1,317,108 | ||
|
Roseville Special Tax, (Ranch Community Facilities District No. 5), 5.00%, 9/1/47(2)
|
6,500,000 | 6,624,952 | ||
|
Roseville Special Tax, (Roseville Creekview Community Facilities District No. 1), 5.00%, 9/1/43
|
475,000 | 482,683 | ||
|
Roseville Special Tax, (Roseville Creekview Community Facilities District No. 1), 5.00%, 9/1/50
|
1,995,000 | 2,031,850 | ||
|
Roseville Special Tax, (Roseville Creekview Community Facilities District No. 1), 5.25%, 9/1/53
|
1,500,000 | 1,516,878 | ||
|
Roseville Special Tax, (Roseville Ranch at Sierra Vista Community Facilities District No. 1), 4.00%, 9/1/45
|
450,000 | 410,200 | ||
|
Roseville Special Tax, (Roseville Ranch at Sierra Vista Community Facilities District No. 1), 4.00%, 9/1/50
|
1,000,000 | 875,762 |
19
| Principal Amount | Value | |||
|
Roseville Special Tax, (Roseville Ranch at Sierra Vista Community Facilities District No. 1), 5.00%, 9/1/53
|
$ | 1,000,000 | $ | 1,013,189 |
|
Roseville Special Tax, (Roseville SVSP Westpark-Federico Community Facilities District No. 1), 4.00%, 9/1/46
|
640,000 | 580,706 | ||
|
Roseville Special Tax, (Roseville SVSP Westpark-Federico Community Facilities District No. 1), 5.00%, 9/1/49
|
1,275,000 | 1,302,058 | ||
|
Roseville Special Tax, (Roseville SVSP Westpark-Federico Community Facilities District No. 1), 4.00%, 9/1/51
|
1,290,000 | 1,131,655 | ||
|
Roseville Special Tax, (Roseville Villages at Sierra Vista Community Facilities District No. 1), 5.00%, 9/1/44
|
3,230,000 | 3,330,491 | ||
|
Roseville Special Tax, (Villages at Sierra Vista Community Facilities District No. 1), 5.00%, 9/1/39
|
1,390,000 | 1,441,077 | ||
|
Roseville Special Tax, (Villages at Sierra Vista Community Facilities District No. 1), 4.00%, 9/1/45
|
495,000 | 438,884 | ||
|
Roseville Special Tax, (Villages at Sierra Vista Community Facilities District No. 1), 4.00%, 9/1/50
|
650,000 | 562,265 | ||
|
Roseville Special Tax, (Westbrook Community Facilities District No. 1), 5.00%, 9/1/43
|
2,840,000 | 2,906,884 | ||
|
Roseville Special Tax, (Westbrook Community Facilities District No. 1), 5.00%, 9/1/44
|
1,650,000 | 1,654,457 | ||
|
Roseville Special Tax, (Westbrook Community Facilities District No. 1), 5.00%, 9/1/44
|
2,950,000 | 3,069,536 | ||
|
Roseville Natural Gas Financing Authority Rev., 5.00%, 2/15/27 (GA: Merrill Lynch & Co.)
|
5,000,000 | 5,149,551 | ||
|
Sacramento Special Tax, (Community Facilities District No. 2006-2), 5.00%, 9/1/41
|
1,900,000 | 1,941,184 | ||
|
Sacramento Special Tax, (Community Facilities District No. 2007-1), 5.00%, 9/1/32(2)
|
300,000 | 311,155 | ||
|
Sacramento Special Tax, (Community Facilities District No. 2007-1), 5.00%, 9/1/47(2)
|
1,900,000 | 1,937,756 | ||
|
Sacramento Special Tax, (Sacramento Greenbriar Community Facilities District No. 2018-03), 4.00%, 9/1/46
|
1,200,000 | 1,091,940 | ||
|
Sacramento Special Tax, (Sacramento Greenbriar Community Facilities District No. 2018-03), 4.00%, 9/1/50
|
1,500,000 | 1,321,802 | ||
|
Sacramento County Special Tax, (Community Facilities District No. 2004-1), 5.00%, 9/1/30
|
1,170,000 | 1,209,188 | ||
|
Sacramento County Special Tax, (Community Facilities District No. 2004-1), 5.00%, 9/1/31
|
1,355,000 | 1,400,013 | ||
|
Sacramento County Special Tax, (Community Facilities District No. 2004-1), 5.00%, 9/1/35
|
2,335,000 | 2,412,354 | ||
|
Sacramento County Special Tax, (Community Facilities District No. 2004-1), 5.00%, 9/1/40
|
3,000,000 | 3,072,406 | ||
|
Sacramento County Special Tax, (Community Facilities District No. 2005-2), 5.00%, 9/1/40
|
2,325,000 | 2,372,487 | ||
|
Sacramento County Special Tax, (Community Facilities District No. 2005-2), 5.00%, 9/1/45
|
4,645,000 | 4,714,944 | ||
|
Sacramento County Special Tax, (Community Facilities District No. 2014-2), 5.00%, 9/1/46
|
4,200,000 | 4,258,863 | ||
|
Sacramento Municipal Utility District Rev., 5.00%, 8/15/53
|
4,000,000 | 4,450,078 | ||
|
Salinas Union High School District GO, 4.00%, 8/1/47
|
5,000,000 | 5,066,079 | ||
|
San Bernardino Community College District GO, 5.00%, 8/1/49
|
5,000,000 | 5,538,998 | ||
|
San Bernardino County Special Tax, (County of San BernardiNo. CA Community Facilities District No.. 2006-1), 4.00%, 9/1/42
|
700,000 | 656,248 | ||
|
San Bernardino County Special Tax, (County of San BernardiNo. CA Community Facilities District No.. 2006-1), 4.00%, 9/1/48
|
1,000,000 | 894,156 | ||
|
San Bernardino County Special Tax, (County of San BernardiNo. CA Community Facilities District No.. 2006-1), 5.00%, 9/1/48
|
1,200,000 | 1,231,774 | ||
|
San Clemente Special Tax, (Community Facilities District No. 2006-1), 5.00%, 9/1/46
|
7,530,000 | 7,610,790 |
20
| Principal Amount | Value | |||
|
San Diego County COP, 5.00%, 10/1/53
|
$ | 4,000,000 | $ | 4,444,881 |
|
San Diego County Special Tax, (San County Diego Community Facilities District No. 2008-01), 4.00%, 9/1/43
|
1,255,000 | 1,177,834 | ||
|
San Diego County Special Tax, (San County Diego Community Facilities District No. 2008-01), 4.00%, 9/1/48
|
1,250,000 | 1,126,083 | ||
|
San Diego County Regional Airport Authority Rev., 5.00%, 7/1/36
|
3,750,000 | 4,198,574 | ||
|
San Diego County Regional Airport Authority Rev., 5.00%, 7/1/39
|
2,000,000 | 2,199,272 | ||
|
San Diego County Regional Airport Authority Rev., 5.00%, 7/1/44
|
3,425,000 | 3,435,973 | ||
|
San Diego County Regional Airport Authority Rev., 5.00%, 7/1/49
|
8,500,000 | 9,067,852 | ||
|
San Diego Unified School District GO, 4.00%, 7/1/53
|
1,750,000 | 1,743,413 | ||
|
San Francisco Bay Area Rapid Transit District GO, 5.25%, 8/1/47
|
4,750,000 | 5,406,123 | ||
|
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/43
|
6,750,000 | 7,675,426 | ||
|
San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/33
|
780,000 | 783,544 | ||
|
San Francisco City & County Redevelopment Successor Agency Tax Allocation, 5.25%, 8/1/53 (AGM)
|
1,000,000 | 1,109,307 | ||
|
San Francisco Public Utilities Commission Water Rev., 5.25%, 11/1/52
|
7,000,000 | 8,033,271 | ||
|
San Joaquin Hills Transportation Corridor Agency Rev., 5.25%, 1/15/44
|
6,000,000 | 6,070,573 | ||
|
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/25 (NATL)(1)
|
3,090,000 | 2,997,144 | ||
|
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/29 (NATL)(1)
|
165,000 | 140,313 | ||
|
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/31 (NATL)(1)
|
16,000,000 | 12,604,374 | ||
|
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/32 (NATL)(1)
|
290,000 | 219,298 | ||
|
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/36 (NATL)(1)
|
1,335,000 | 859,456 | ||
|
San Luis Obispo Community Facilities District No. 2019-1 Special Tax, 4.00%, 9/1/46
|
550,000 | 496,203 | ||
|
San Luis Obispo Community Facilities District No. 2019-1 Special Tax, 4.00%, 9/1/51
|
700,000 | 609,261 | ||
|
San Mateo Foster City School District GO, 4.00%, 8/1/51
|
4,000,000 | 4,034,585 | ||
|
Santa Clara Valley Water District Safe Clean Water Rev., 5.00%, 8/1/47
|
1,500,000 | 1,689,543 | ||
|
Saugus/Hart School Facilities Financing Authority Special Tax, (Community Facilities District No. 2006-1), 5.00%, 9/1/46
|
2,495,000 | 2,521,353 | ||
|
Sierra Joint Community College District GO, 4.00%, 8/1/53
|
4,000,000 | 4,020,673 | ||
|
Silicon Valley Tobacco Securitization Authority Rev., Capital Appreciation, 0.00%, 6/1/36(1)
|
32,000,000 | 16,391,661 | ||
|
Silicon Valley Tobacco Securitization Authority Rev., Capital Appreciation, 0.00%, 6/1/41(1)
|
11,465,000 | 4,365,137 | ||
|
Simi Valley Unified School District GO, 5.25%, 8/1/51
|
5,000,000 | 5,536,204 | ||
|
South San Francisco Special Tax, (Community Facilities District No. 2021-01), 5.00%, 9/1/52
|
2,200,000 | 2,258,138 | ||
|
South San Francisco Special Tax, (South San Francisco Community Facilities District No. 2021-01), 4.00%, 9/1/44
|
1,000,000 | 932,663 | ||
|
South Tahoe Joint Powers Financing Authority Rev., (South Lake Tahoe), 5.25%, 10/1/53
|
3,000,000 | 3,368,077 | ||
|
Southern California Public Power Authority Rev., 5.00%, 11/1/29 (GA: Goldman Sachs Group, Inc.)
|
2,000,000 | 2,109,837 | ||
|
Southern California Public Power Authority Rev., 5.00%, 11/1/33 (GA: Goldman Sachs Group, Inc.)
|
3,755,000 | 4,052,558 |
21
| Principal Amount | Value | |||
|
Southern California Public Power Authority Rev., 5.00%, 7/1/48 (Los Angeles Department of Water & Power Power System Rev.)
|
$ | 3,750,000 | $ | 4,250,025 |
|
Southern Mono Health Care District GO, Capital Appreciation, 0.00%, 8/1/26 (NATL)(1)
|
1,800,000 | 1,656,146 | ||
|
State Center Community College District GO, 5.00%, 8/1/47
|
9,000,000 | 10,039,147 | ||
|
State of California GO, 5.25%, 10/1/45
|
1,070,000 | 1,238,309 | ||
|
State of California GO, 5.25%, 9/1/53
|
5,000,000 | 5,712,283 | ||
|
Stockton Community Facilities District Special Tax, (Stockton Community Facilities District No. 2018-2), 4.00%, 9/1/45
|
1,115,000 | 990,584 | ||
|
Stockton Community Facilities District Special Tax, (Stockton Community Facilities District No. 2018-2), 4.00%, 9/1/50
|
1,500,000 | 1,295,436 | ||
|
Stockton Public Financing Authority Rev., Special Tax, (Stockton Arch Road East Community Facilities District No. 99-02), 5.00%, 9/1/37
|
2,500,000 | 2,615,383 | ||
|
Stockton Public Financing Authority Rev., Special Tax, (Stockton Arch Road East Community Facilities District No. 99-02), 5.00%, 9/1/43
|
3,000,000 | 3,089,123 | ||
|
Sulphur Springs Union School District Special Tax, (Sulphur Springs School District Community Facilities District No. 2006-1), 5.00%, 9/1/47
|
3,640,000 | 3,712,333 | ||
|
Sunnyvale Special Tax, 7.75%, 8/1/32
|
5,675,000 | 5,692,948 | ||
|
Tejon Ranch Public Facilities Finance Authority Special Tax, (Tejon Ranch Public Facilities Finance Authority Community Facs Dist No. 2008-1), 5.00%, 9/1/45
|
6,000,000 | 6,065,605 | ||
|
Tejon Ranch Public Facilities Finance Authority Special Tax, (Tejon Ranch Public Facilities Finance Authority Community Facs Dist No. 2008-1), 4.00%, 9/1/50
|
4,750,000 | 4,224,880 | ||
|
Temecula Public Financing Authority Special Tax, (Temecula Public Financing Authority-Community Facilities District No. 16-01), Capital Appreciation, 0.00%, 9/1/53(1)
|
8,730,000 | 1,531,592 | ||
|
Temecula Public Financing Authority Special Tax, (Temecula Public Financing Authority-Community Facilities District No. 20-01), 5.00%, 9/1/49(3)
|
950,000 | 971,653 | ||
|
Temecula Public Financing Authority Special Tax, (Temecula Public Financing Authority-Community Facilities District No. 20-01), 5.00%, 9/1/54(3)
|
875,000 | 890,514 | ||
|
Temecula Valley Unified School District Community Facilities District Special Tax, (Temecula Valley Unified School District Community Facilities District No. 2014-1), 5.00%, 9/1/43
|
1,000,000 | 1,029,708 | ||
|
Tobacco Securitization Authority of Northern California Rev., (San Diego County Tobacco Asset Securitization Corp.), Capital Appreciation, 0.00%, 6/1/60(1)
|
5,000,000 | 871,166 | ||
|
Tobacco Securitization Authority of Southern California Rev., (San Diego County Tobacco Asset Securitization Corp.), 5.00%, 6/1/48
|
9,485,000 | 9,702,699 | ||
|
Tobacco Securitization Authority of Southern California Rev., (San Diego County Tobacco Asset Securitization Corp.), Capital Appreciation, 0.00%, 6/1/46(1)
|
25,000,000 | 4,181,105 | ||
|
Tracy Community Facilities District Special Tax, (City of Tracy Community Facilities District No. 2016-01 Improvement Area No. 2), 5.75%, 9/1/48
|
1,900,000 | 2,021,307 | ||
|
Tracy Community Facilities District Special Tax, (City of Tracy Community Facilities District No. 2016-01 Improvement Area No. 2), 5.875%, 9/1/53
|
2,900,000 | 3,091,352 | ||
|
Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/43
|
2,750,000 | 2,814,765 | ||
|
Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/44
|
3,385,000 | 3,459,092 | ||
|
Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/48
|
2,500,000 | 2,538,671 | ||
|
Transbay Joint Powers Authority Tax Allocation, (Transbay Redevelopment Project Tax Increment Rev.), 5.00%, 10/1/45
|
6,390,000 | 6,573,167 |
22
| Principal Amount | Value | |||
|
University of California Rev., 5.00%, 5/15/26
|
$ | 7,000,000 | $ | 7,361,878 |
|
University of California Rev., 5.00%, 5/15/42
|
2,500,000 | 2,774,540 | ||
|
University of California Rev., VRDN, 3.50%, 3/1/24
|
4,100,000 | 4,100,000 | ||
|
University of California Rev., VRDN, 3.65%, 3/1/24
|
1,100,000 | 1,100,000 | ||
|
Upland COP, (San Antonio Regional Hospital Obligated Group), 4.00%, 1/1/42
|
3,000,000 | 2,782,319 | ||
|
Upland COP, (San Antonio Regional Hospital Obligated Group), 5.00%, 1/1/47
|
2,500,000 | 2,552,134 | ||
|
Victor Valley Community College District GO, (Victor Valley Community College District), 5.00%, 8/1/51
|
3,670,000 | 4,058,487 | ||
|
Vista Unified School District GO, 5.25%, 8/1/48 (BAM)
|
4,410,000 | 4,999,097 | ||
|
Washington Township Health Care District GO, 5.50%, 8/1/53
|
1,115,000 | 1,261,520 | ||
|
Washington Township Health Care District Rev., 5.00%, 7/1/26
|
400,000 | 405,813 | ||
|
Washington Township Health Care District Rev., 3.25%, 7/1/27
|
1,000,000 | 969,243 | ||
|
Washington Township Health Care District Rev., 3.50%, 7/1/28
|
750,000 | 739,381 | ||
|
Washington Township Health Care District Rev., 3.75%, 7/1/29
|
1,000,000 | 994,913 | ||
|
Washington Township Health Care District Rev., 5.75%, 7/1/48
|
850,000 | 943,486 | ||
|
Washington Township Health Care District Rev., 5.75%, 7/1/53
|
1,000,000 | 1,081,991 | ||
|
Whittier Rev., (Presbyterian Intercommunity Hospital Obligated Group), 5.00%, 6/1/44
|
3,500,000 | 3,507,036 | ||
|
William S Hart Union High School District Special Tax, (Community Facilities Dist No. 2015-1), 5.00%, 9/1/42
|
1,350,000 | 1,378,448 | ||
|
William S Hart Union High School District Special Tax, (Community Facilities Dist No. 2015-1), 5.00%, 9/1/47
|
2,350,000 | 2,387,917 | ||
|
Woodland Special Tax, (Community Facilities Dist No. 2004-1), 4.00%, 9/1/41
|
2,535,000 | 2,434,278 | ||
|
Woodland Special Tax, (Community Facilities Dist No. 2004-1), 4.00%, 9/1/45
|
2,540,000 | 2,381,025 | ||
|
Yorba Linda Water District Public Financing Corp. Rev., 4.00%, 10/1/52
|
3,750,000 | 3,775,725 | ||
| 1,355,939,437 | ||||
|
Guam - 0.7%
|
||||
|
Guam Government Waterworks Authority Rev., 5.00%, 7/1/36
|
1,755,000 | 1,825,643 | ||
|
Guam Government Waterworks Authority Rev., 5.00%, 7/1/37
|
1,500,000 | 1,554,505 | ||
|
Guam Government Waterworks Authority Rev., 5.00%, 1/1/46
|
3,000,000 | 3,042,512 | ||
|
Guam Government Waterworks Authority Rev., 5.00%, 1/1/50
|
1,750,000 | 1,805,678 | ||
|
Port Authority of Guam Government Rev., 5.00%, 7/1/48
|
1,500,000 | 1,527,630 | ||
| 9,755,968 | ||||
|
Puerto Rico - 0.5%
|
||||
|
Puerto Rico GO, 5.375%, 7/1/25
|
3,906,218 | 3,966,041 | ||
|
Puerto Rico GO, 5.625%, 7/1/29
|
201,036 | 218,057 | ||
|
Puerto Rico GO, 5.75%, 7/1/31
|
195,264 | 218,077 | ||
|
Puerto Rico GO, 4.00%, 7/1/33
|
185,162 | 181,900 | ||
|
Puerto Rico GO, 4.00%, 7/1/35
|
166,436 | 161,552 | ||
|
Puerto Rico GO, 4.00%, 7/1/37
|
142,845 | 136,429 | ||
|
Puerto Rico GO, 4.00%, 7/1/41
|
194,215 | 180,393 | ||
|
Puerto Rico GO, 4.00%, 7/1/46
|
201,981 | 182,551 | ||
|
Puerto Rico GO, Capital Appreciation, 0.00%, 7/1/24(1)
|
30,190 | 29,791 | ||
|
Puerto Rico GO, Capital Appreciation, 0.00%, 7/1/33(1)
|
238,285 | 153,585 | ||
|
Puerto Rico GO, VRN, 0.00%, 11/1/43
|
820,743 | 481,160 | ||
| 5,909,536 | ||||
|
TOTAL INVESTMENT SECURITIES - 99.5%
(Cost $1,403,137,263)
|
1,371,604,941 | |||
|
OTHER ASSETS AND LIABILITIES - 0.5%
|
7,531,168 | |||
|
TOTAL NET ASSETS - 100.0%
|
$ | 1,379,136,109 |
23
| NOTES TO SCHEDULE OF INVESTMENTS | ||
| AGC | - | Assured Guaranty Corporation |
| AGM | - | Assured Guaranty Municipal Corporation |
| BAM | - | Build America Mutual Assurance Company |
| BAM-TCRS | - | Build America Mutual Assurance Company - Transferrable Custodial Receipts |
| COP | - | Certificates of Participation |
| GA | - | Guaranty Agreement |
| GO | - | General Obligation |
| LOC | - | Letter of Credit |
| MUNIPSA | - | SIFMA Municipal Swap Index |
| NATL | - | National Public Finance Guarantee Corporation |
| SBBPA | - | Standby Bond Purchase Agreement |
| VRDN | - | Variable Rate Demand Note. The instrument may be payable upon demand and adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The date of the demand feature is disclosed. |
| VRN | - | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |
(1)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.
(2)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 $308,296,775, which represented 22.4% of total net assets.
(3)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.
(4)Escrowed to maturity in U.S. government securities or state and local government securities.
See Notes to Financial Statements.
24
| Statement of Assets and Liabilities |
| FEBRUARY 29, 2024 (UNAUDITED) | ||
| Assets | ||
| Investment securities, at value (cost of $1,403,137,263) | $ | 1,371,604,941 |
| Cash | 96,876 | |
| Receivable for investments sold | 70,600 | |
| Receivable for capital shares sold | 1,813,821 | |
| Interest receivable | 19,153,535 | |
| 1,392,739,773 | ||
| Liabilities | ||
| Payable for investments purchased | 10,512,657 | |
| Payable for capital shares redeemed | 2,255,032 | |
| Accrued management fees | 430,420 | |
| Distribution and service fees payable | 21,908 | |
| Dividends payable | 383,647 | |
| 13,603,664 | ||
| Net Assets | $ | 1,379,136,109 |
| Net Assets Consist of: | ||
| Capital paid in | $ | 1,502,804,683 |
| Distributable earnings (loss) | (123,668,574) | |
| $ | 1,379,136,109 |
| Net Assets | Shares Outstanding | Net Asset Value Per Share* | |
| Investor Class | $687,739,670 | 70,341,173 | $9.78 |
| I Class | $624,887,657 | 63,948,142 | $9.77 |
| Y Class | $3,435,877 | 351,425 | $9.78 |
| A Class | $47,505,160 | 4,858,766 | $9.78 |
| C Class | $15,567,745 | 1,592,114 | $9.78 |
*Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class, for which the maximum offering price per share was $10.24 (net asset value divided by 0.955). A contingent deferred sales charge may be imposed on redemptions of A Class and C Class.
See Notes to Financial Statements.
25
| Statement of Operations |
| FOR THE SIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED) | ||
| Investment Income (Loss) | ||
| Income: | ||
| Interest | $ | 29,174,918 |
| Expenses: | ||
| Management fees | 2,631,944 | |
| Distribution and service fees: | ||
| A Class | 61,047 | |
| C Class | 76,403 | |
| Trustees' fees and expenses | 53,850 | |
| Other expenses | 36,288 | |
| 2,859,532 | ||
| Net investment income (loss) | 26,315,386 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment transactions | (12,457,511) | |
| Futures contract transactions | (581,961) | |
| (13,039,472) | ||
| Change in net unrealized appreciation (depreciation) on: | ||
| Investments | 54,533,283 | |
| Futures contracts | (766,743) | |
| 53,766,540 | ||
| Net realized and unrealized gain (loss) | 40,727,068 | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 67,042,454 |
See Notes to Financial Statements.
26
| Statement of Changes in Net Assets |
| SIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2023 | ||||
| Increase (Decrease) in Net Assets | February 29, 2024 | August 31, 2023 | ||
| Operations | ||||
| Net investment income (loss) | $ | 26,315,386 | $ | 52,336,779 |
| Net realized gain (loss) | (13,039,472) | (36,434,861) | ||
| Change in net unrealized appreciation (depreciation) | 53,766,540 | (15,446,907) | ||
| Net increase (decrease) in net assets resulting from operations | 67,042,454 | 455,011 | ||
| Distributions to Shareholders | ||||
| From earnings: | ||||
| Investor Class | (12,873,020) | (25,651,612) | ||
| I Class | (12,249,489) | (24,218,258) | ||
| Y Class | (76,027) | (178,118) | ||
| A Class | (894,318) | (1,859,487) | ||
| C Class | (222,392) | (429,783) | ||
| Decrease in net assets from distributions | (26,315,246) | (52,337,258) | ||
| Capital Share Transactions | ||||
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (33,274,351) | (66,642,119) | ||
| Net increase (decrease) in net assets | 7,452,857 | (118,524,366) | ||
| Net Assets | ||||
| Beginning of period | 1,371,683,252 | 1,490,207,618 | ||
| End of period | $ | 1,379,136,109 | $ | 1,371,683,252 |
See Notes to Financial Statements.
27
| Notes to Financial Statements |
FEBRUARY 29, 2024 (UNAUDITED)
1. Organization
American Century California Tax-Free and Municipal Funds (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Massachusetts business trust. California High-Yield Municipal Fund (the fund) is one fund in a series issued by the trust. The fund's investment objective is to seek high current income that is exempt from federal and California income taxes.
The fund offers the Investor Class, I Class, Y Class, A Class and C Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations - The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.
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 valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
The valuation designee 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; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.
Security Transactions - Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income - Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums.
28
Income Tax Status - It is the fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Multiple Class - All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.
Distributions to Shareholders - Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.
Indemnifications - Under the trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
3. Fees and Transactions with Related Parties
Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the trust's distributor, American Century Investment Services, Inc. (ACIS), and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.
Management Fees - The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all funds in the American Century Investments family of funds that have the same investment advisor and distributor as the fund. For purposes of determining the Investment Category Fee and Complex Fee, the assets of funds managed by the investment advisor that invest exclusively in the shares of other funds (funds of funds) are not included.
The Investment Category Fee range, the Complex Fee range and the effective annual management fee for each class for the period ended February 29, 2024 are as follows:
|
Investment Category
Fee Range
|
Complex
Fee Range
|
Effective Annual
Management Fee
|
|
| Investor Class | 0.1925% to 0.3100% | 0.2500% to 0.3100% | 0.49% |
| I Class | 0.0500% to 0.1100% | 0.29% | |
| Y Class | 0.0200% to 0.0800% | 0.26% | |
| A Class | 0.2500% to 0.3100% | 0.49% | |
| C Class | 0.2500% to 0.3100% | 0.49% |
29
Distribution and Service Fees - The Board of Trustees has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class and C Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The fees are computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended February 29, 2024 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.
Other Expenses - A fund's other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.
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 $9,850,000 and $10,375,000, respectively. The interfund transactions had no effect on the Statement of Operations in net realized gain (loss) on investment transactions.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments, for the period ended February 29, 2024 were $425,374,556 and $445,349,693, respectively.
30
5. Capital Share Transactions
Transactions in shares of the fund were as follows (unlimited number of shares authorized):
|
Six months ended February 29, 2024 |
Year ended August 31, 2023 |
|||||
| Shares | Amount | Shares | Amount | |||
| Investor Class | ||||||
| Sold | 7,719,569 | $ | 73,478,840 | 11,935,326 | $ | 114,651,603 |
| Issued in reinvestment of distributions | 1,232,025 | 11,666,311 | 2,433,880 | 23,231,332 | ||
| Redeemed | (9,335,346) | (87,967,535) | (19,685,029) | (188,022,619) | ||
| (383,752) | (2,822,384) | (5,315,823) | (50,139,684) | |||
| I Class | ||||||
| Sold | 19,632,475 | 186,129,923 | 51,479,048 | 493,265,517 | ||
| Issued in reinvestment of distributions | 1,196,296 | 11,313,257 | 2,295,518 | 21,904,126 | ||
| Redeemed | (23,774,758) | (221,529,610) | (54,980,934) | (524,898,071) | ||
| (2,945,987) | (24,086,430) | (1,206,368) | (9,728,428) | |||
| Y Class | ||||||
| Sold | 42,045 | 381,895 | 157,390 | 1,516,965 | ||
| Issued in reinvestment of distributions | 7,922 | 74,836 | 17,889 | 170,808 | ||
| Redeemed | (132,969) | (1,242,675) | (148,983) | (1,411,842) | ||
| (83,002) | (785,944) | 26,296 | 275,931 | |||
| A Class | ||||||
| Sold | 416,865 | 3,941,226 | 1,451,160 | 14,094,800 | ||
| Issued in reinvestment of distributions | 73,414 | 694,201 | 143,946 | 1,373,905 | ||
| Redeemed | (1,023,967) | (9,853,833) | (2,283,903) | (21,933,498) | ||
| (533,688) | (5,218,406) | (688,797) | (6,464,793) | |||
| C Class | ||||||
| Sold | 77,045 | 729,164 | 333,356 | 3,218,000 | ||
| Issued in reinvestment of distributions | 22,519 | 213,238 | 43,341 | 414,010 | ||
| Redeemed | (136,975) | (1,303,589) | (439,756) | (4,217,155) | ||
| (37,411) | (361,187) | (63,059) | (585,145) | |||
| Net increase (decrease) | (3,983,840) | $ | (33,274,351) | (7,247,751) | $ | (66,642,119) |
6. Fair Value Measurements
The fund's investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.
•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.
•Level 3 valuation inputs consist of unobservable data (including a fund's own assumptions).
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
As of period end, the fund's investment securities were classified as Level 2. The Schedule of Investments provides additional information on the fund's portfolio holdings.
31
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. A fund may incur charges or earn income on cash deposit balances, which are reflected in interest expenses or interest income, respectively. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. The fund's average notional exposure to interest rate risk derivative instruments held during the period was $16,184,297 futures contracts purchased.
At period end, the fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities. For the six months ended February 29, 2024, the effect of equity price risk derivative instruments on the Statement of Operations was $(581,961) in net realized gain (loss) on futures contract transactions and $(766,743) in change in net unrealized appreciation (depreciation) on futures contracts.
8. Risk Factors
The value of the fund's shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
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 book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
| Federal tax cost of investments | $ | 1,403,364,175 |
| Gross tax appreciation of investments | $ | 27,257,313 |
| Gross tax depreciation of investments | (59,016,547) | |
| Net tax appreciation (depreciation) of investments | $ | (31,759,234) |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
As of August 31, 2023, the fund had accumulated short-term capital losses of $(47,635,925) and accumulated long-term capital losses of $(30,492,497), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
32
| Financial Highlights |
| For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | |||||||||||
| Per-Share Data | Ratios and Supplemental Data | ||||||||||
| Income From Investment Operations*: |
Ratio to Average Net Assets of:†
|
||||||||||
|
Net Asset Value, Beginning of Period |
Net
Investment Income (Loss)(1)
|
Net Realized and Unrealized Gain (Loss) |
Total From Investment Operations |
Distributions From Net Investment Income |
Net Asset Value, End of Period |
Total
Return(2)
|
Operating Expenses |
Net Investment Income (Loss) |
Portfolio Turnover Rate |
Net Assets, End of Period (in thousands) |
|
| Investor Class | |||||||||||
|
2024(3)
|
$9.46 | 0.18 | 0.32 | 0.50 | (0.18) | $9.78 | 5.41% | 0.50% | 3.92% | 32% | $687,740 |
| 2023 | $9.79 | 0.35 | (0.33) | 0.02 | (0.35) | $9.46 | 0.25% | 0.50% | 3.67% | 73% | $668,857 |
| 2022 | $11.30 | 0.31 | (1.51) | (1.20) | (0.31) | $9.79 | (10.74)% | 0.49% | 2.96% | 73% | $744,087 |
| 2021 | $10.86 | 0.32 | 0.44 | 0.76 | (0.32) | $11.30 | 7.12% | 0.49% | 2.91% | 25% | $941,838 |
| 2020 | $11.10 | 0.34 | (0.24) | 0.10 | (0.34) | $10.86 | 0.96% | 0.50% | 3.15% | 57% | $860,867 |
| 2019 | $10.52 | 0.36 | 0.58 | 0.94 | (0.36) | $11.10 | 9.06% | 0.50% | 3.40% | 39% | $938,094 |
| I Class | |||||||||||
|
2024(3)
|
$9.45 | 0.19 | 0.32 | 0.51 | (0.19) | $9.77 | 5.52% | 0.30% | 4.12% | 32% | $624,888 |
| 2023 | $9.78 | 0.37 | (0.33) | 0.04 | (0.37) | $9.45 | 0.44% | 0.30% | 3.87% | 73% | $632,307 |
| 2022 | $11.29 | 0.33 | (1.51) | (1.18) | (0.33) | $9.78 | (10.57)% | 0.29% | 3.16% | 73% | $666,056 |
| 2021 | $10.86 | 0.34 | 0.44 | 0.78 | (0.35) | $11.29 | 7.24% | 0.29% | 3.11% | 25% | $724,407 |
| 2020 | $11.10 | 0.36 | (0.24) | 0.12 | (0.36) | $10.86 | 1.17% | 0.30% | 3.35% | 57% | $518,250 |
| 2019 | $10.52 | 0.38 | 0.58 | 0.96 | (0.38) | $11.10 | 9.38% | 0.30% | 3.60% | 39% | $445,520 |
| For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | |||||||||||
| Per-Share Data | Ratios and Supplemental Data | ||||||||||
| Income From Investment Operations*: |
Ratio to Average Net Assets of:†
|
||||||||||
|
Net Asset Value, Beginning of Period |
Net
Investment Income (Loss)(1)
|
Net Realized and Unrealized Gain (Loss) |
Total From Investment Operations |
Distributions From Net Investment Income |
Net Asset Value, End of Period |
Total
Return(2)
|
Operating Expenses |
Net Investment Income (Loss) |
Portfolio Turnover Rate |
Net Assets, End of Period (in thousands) |
|
| Y Class | |||||||||||
|
2024(3)
|
$9.46 | 0.20 | 0.32 | 0.52 | (0.20) | $9.78 | 5.53% | 0.27% | 4.15% | 32% | $3,436 |
| 2023 | $9.78 | 0.37 | (0.32) | 0.05 | (0.37) | $9.46 | 0.58% | 0.27% | 3.90% | 73% | $4,108 |
| 2022 | $11.29 | 0.34 | (1.51) | (1.17) | (0.34) | $9.78 | (10.54)% | 0.26% | 3.19% | 73% | $3,993 |
| 2021 | $10.86 | 0.35 | 0.43 | 0.78 | (0.35) | $11.29 | 7.28% | 0.26% | 3.14% | 25% | $6 |
| 2020 | $11.10 | 0.37 | (0.24) | 0.13 | (0.37) | $10.86 | 1.21% | 0.27% | 3.38% | 57% | $56 |
| 2019 | $10.52 | 0.38 | 0.58 | 0.96 | (0.38) | $11.10 | 9.31% | 0.27% | 3.63% | 39% | $16 |
| A Class | |||||||||||
|
2024(3)
|
$9.46 | 0.17 | 0.32 | 0.49 | (0.17) | $9.78 | 5.28% | 0.75% | 3.67% | 32% | $47,505 |
| 2023 | $9.79 | 0.33 | (0.33) | - | (0.33) | $9.46 | 0.00% | 0.75% | 3.42% | 73% | $50,999 |
| 2022 | $11.30 | 0.29 | (1.51) | (1.22) | (0.29) | $9.79 | (10.96)% | 0.74% | 2.71% | 73% | $59,508 |
| 2021 | $10.86 | 0.30 | 0.44 | 0.74 | (0.30) | $11.30 | 6.86% | 0.74% | 2.66% | 25% | $65,969 |
| 2020 | $11.10 | 0.31 | (0.24) | 0.07 | (0.31) | $10.86 | 0.71% | 0.75% | 2.90% | 57% | $58,148 |
| 2019 | $10.52 | 0.33 | 0.58 | 0.91 | (0.33) | $11.10 | 8.79% | 0.75% | 3.15% | 39% | $70,003 |
| C Class | |||||||||||
|
2024(3)
|
$9.46 | 0.14 | 0.32 | 0.46 | (0.14) | $9.78 | 4.89% | 1.50% | 2.92% | 32% | $15,568 |
| 2023 | $9.79 | 0.26 | (0.33) | (0.07) | (0.26) | $9.46 | (0.75)% | 1.50% | 2.67% | 73% | $15,412 |
| 2022 | $11.30 | 0.21 | (1.51) | (1.30) | (0.21) | $9.79 | (11.63)% | 1.49% | 1.96% | 73% | $16,564 |
| 2021 | $10.86 | 0.21 | 0.44 | 0.65 | (0.21) | $11.30 | 6.06% | 1.49% | 1.91% | 25% | $22,196 |
| 2020 | $11.10 | 0.23 | (0.24) | (0.01) | (0.23) | $10.86 | (0.04)% | 1.50% | 2.15% | 57% | $24,391 |
| 2019 | $10.53 | 0.26 | 0.57 | 0.83 | (0.26) | $11.10 | 7.98% | 1.50% | 2.40% | 39% | $25,747 |
| Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.
(3)Six months ended February 29, 2024 (unaudited).
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.
†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.
See Notes to Financial Statements.
| Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don't have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting American Century Investments' website at americancentury.com/proxy. A description of the policies is also available on the Securities and Exchange Commission's website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund's Form N-PORT reports are available on the SEC's website at sec.gov.
36
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative |
1-800-345-2021 or 816-531-5575 |
| Investors Using Advisors | 1-800-378-9878 |
| Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
| Telecommunications Relay Service for the Deaf | 711 |
| American Century California Tax-Free and Municipal Funds | |
|
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
|
|
| This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | |
|
©2024 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-91770 2404 |
| Semiannual Report |
| February 29, 2024 |
| California Intermediate-Term Tax-Free Bond Fund |
| Investor Class (BCITX) |
| I Class (BCTIX) |
| Y Class (ACYTX) |
| A Class (BCIAX) |
| C Class (BCIYX) |
The Securities and Exchange Commission (SEC) adopted new rules that will require annual and semiannual reports to transition to a new format known as a Tailored Shareholder Report beginning in July 2024. The amendments will require the transmission of a concise report highlighting key fund information to investors. The detailed financial statements will remain available on our website, will be delivered to investors free of charge upon request, and will continue to be filed with the SEC.
| Table of Contents |
| President's Letter |
2
|
| Fund Characteristics |
3
|
| Shareholder Fee Example |
4
|
| Schedule of Investments |
6
|
| Statement of Assets and Liabilities |
35
|
| Statement of Operations |
36
|
| Statement of Changes in Net Assets |
37
|
| Notes to Financial Statements |
38
|
| Financial Highlights |
43
|
| Additional Information |
46
|
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 |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ending February 29, 2024. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.
Easing Inflation and Fed Policy Expectations Aided Returns
Municipal bonds (munis) struggled early in the reporting period. Despite pausing its rate-hike campaign in September, the Federal Reserve (Fed) warned that persistent above-target inflation may require more tightening. Muni and Treasury yields rose sharply through October, when the 10-year Treasury note topped 5% for the first time since 2007.
But in November, amid signs inflation was moderating, the Fed held rates steady for the second straight policy meeting. This news sparked a sharp turnaround for bonds, and munis delivered record monthly gains. By December, policymakers expressed more confidence about the inflation outlook and penciled in three rate cuts for 2024. Against this backdrop, recession fears eased, Treasury yields declined and bonds rallied further.
However, in January, Fed Board Chair Jerome Powell set out to temper the market's high hopes for aggressive near-term easing. He noted that although rate cuts were likely in 2024, they weren't imminent, given inflation was still above target. Yields shifted higher on this news.
Meanwhile, outflows from municipal bond funds slowed during the period. Muni supply/demand dynamics generally remained favorable, and ratings upgrades continued to outpace downgrades. But declining tax revenues pressured some state's budgets, including California's.
Overall, municipal bonds delivered solid gains for the six-month period and outperformed U.S. Treasuries. California munis modestly lagged national municipal bonds, while high-yield munis broadly outperformed investment-grade securities.
Remaining Diligent in Uncertain Times
We expect market volatility to linger as investors navigate a complex environment of persistent inflation, still-tight financial conditions, political uncertainty and slowing growth. In addition, the Israel-Hamas war and other tensions in the Middle East complicate the global backdrop and represent additional considerations for our investment teams.
Our firm has a long history of helping clients weather unpredictable and volatile markets, and we're determined to meet today's challenges. Thank you for your trust and confidence in American Century Investments.
With appreciation and respect,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2
| Fund Characteristics |
| FEBRUARY 29, 2024 | |
| Types of Investments in Portfolio | % of net assets |
| Municipal Securities | 99.6% |
| Other Assets and Liabilities | 0.4% |
| Top Five Sectors | % of fund investments |
| Special Tax | 16% |
| General Obligation (GO) - Local | 15% |
| Water & Sewer | 12% |
| Hospital | 10% |
| Pre-Refunded | 6% |
3
| 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 September 1, 2023 to February 29, 2024.
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 mutual 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 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 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.
4
|
Beginning
Account Value
9/1/23
|
Ending
Account Value
2/29/24
|
Expenses Paid
During Period(1)
9/1/23 - 2/29/24
|
Annualized
Expense Ratio(1)
|
|
| Actual | ||||
| Investor Class | $1,000 | $1,036.70 | $2.38 | 0.47% |
| I Class | $1,000 | $1,037.70 | $1.37 | 0.27% |
| Y Class | $1,000 | $1,037.90 | $1.22 | 0.24% |
| A Class | $1,000 | $1,035.40 | $3.64 | 0.72% |
| C Class | $1,000 | $1,030.60 | $7.42 | 1.47% |
| Hypothetical | ||||
| Investor Class | $1,000 | $1,022.53 | $2.36 | 0.47% |
| I Class | $1,000 | $1,023.52 | $1.36 | 0.27% |
| Y Class | $1,000 | $1,023.67 | $1.21 | 0.24% |
| A Class | $1,000 | $1,021.28 | $3.62 | 0.72% |
| C Class | $1,000 | $1,017.55 | $7.37 | 1.47% |
(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 182, the number of days in the most recent fiscal half-year, divided by 366, 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.
5
| Schedule of Investments |
FEBRUARY 29, 2024 (UNAUDITED)
|
Principal Amount
|
Value | |||
|
MUNICIPAL SECURITIES - 99.6%
|
||||
|
California - 99.5%
|
||||
|
91 Express Lanes Toll Road Rev., 5.00%, 8/15/24
|
$ | 575,000 | $ | 580,070 |
|
91 Express Lanes Toll Road Rev., 5.00%, 8/15/25
|
900,000 | 928,582 | ||
|
ABAG Finance Authority for Nonprofit Corps. Special Tax, 5.00%, 9/2/28 (AGM)
|
2,620,000 | 2,840,626 | ||
|
ABAG Finance Authority for Nonprofit Corps. Special Tax, 5.00%, 9/2/31 (AGM)
|
1,395,000 | 1,512,371 | ||
|
ABAG Finance Authority for Nonprofit Corps. Special Tax, 5.00%, 9/2/32 (AGM)
|
490,000 | 530,646 | ||
|
Alameda Community Facilities District Special Tax, (Alameda Community Facilities District No. 22-1), 5.00%, 9/1/43
|
1,250,000 | 1,259,793 | ||
|
Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/34
|
3,500,000 | 3,596,273 | ||
|
Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/35
|
3,000,000 | 3,076,939 | ||
|
Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/36
|
4,550,000 | 4,662,087 | ||
|
Alameda Corridor Transportation Authority Rev., Capital Appreciation, 0.00%, 10/1/35 (NATL)(1)
|
9,000,000 | 5,882,348 | ||
|
Alameda County Joint Powers Authority Rev., (Alameda County), 5.00%, 12/1/31
|
2,000,000 | 2,369,337 | ||
|
Alameda County Joint Powers Authority Rev., (Alameda County), 5.00%, 12/1/32
|
2,350,000 | 2,832,685 | ||
|
Anaheim Public Financing Authority Rev., (Anaheim), 5.00%, 5/1/24, Prerefunded at 100% of Par(2)
|
1,000,000 | 1,002,846 | ||
|
Anaheim Public Financing Authority Rev., (Anaheim), 5.00%, 5/1/24, Prerefunded at 100% of Par(2)
|
1,100,000 | 1,103,130 | ||
|
Anaheim Public Financing Authority Rev., (Anaheim), 5.00%, 5/1/24, Prerefunded at 100% of Par(2)
|
1,250,000 | 1,253,557 | ||
|
Anaheim Public Financing Authority Rev., (Anaheim), 5.00%, 5/1/24, Prerefunded at 100% of Par(2)
|
1,360,000 | 1,363,870 | ||
|
Anaheim Public Financing Authority Rev., (Anaheim), 5.00%, 5/1/24, Prerefunded at 100% of Par(2)
|
1,550,000 | 1,554,411 | ||
|
Anaheim Public Financing Authority Rev., (Anaheim), 5.00%, 9/1/35 (BAM)
|
8,105,000 | 8,586,243 | ||
|
Atwater Wastewater Rev., 5.00%, 5/1/25 (AGM)
|
745,000 | 759,701 | ||
|
Atwater Wastewater Rev., 5.00%, 5/1/27 (AGM)
|
415,000 | 441,699 | ||
|
Atwater Wastewater Rev., 5.00%, 5/1/29 (AGM)
|
700,000 | 748,332 | ||
|
Atwater Wastewater Rev., 5.00%, 5/1/32 (AGM)
|
895,000 | 957,458 | ||
|
Baldwin Park Unified School District GO, 4.00%, 8/1/31 (AGM)
|
6,420,000 | 6,570,892 | ||
|
Bay Area Toll Authority Rev., 5.00%, 4/1/24
|
9,340,000 | 9,352,944 | ||
|
Bay Area Toll Authority Rev., 4.00%, 4/1/33
|
3,000,000 | 3,099,906 | ||
|
Bay Area Toll Authority Rev., VRN, 4.55%, (MUNIPSA plus 1.25%), 4/1/36
|
4,000,000 | 4,027,014 | ||
|
Bay Area Toll Authority Rev., VRN, 2.625%, 4/1/45
|
10,000,000 | 9,795,568 | ||
|
Bay Area Toll Authority Rev., VRN, 4.40%, (MUNIPSA plus 1.10%), 4/1/45
|
3,750,000 | 3,750,388 | ||
|
Bay Area Toll Authority Rev., VRN, 3.71%, (MUNIPSA plus 0.41%), 4/1/56
|
6,000,000 | 5,869,828 | ||
|
Bay Area Toll Authority Rev., VRN, 3.75%, (MUNIPSA plus 0.45%), 4/1/56
|
3,000,000 | 2,968,685 | ||
|
Brea Redevelopment Agency Tax Allocation, 5.00%, 8/1/24
|
5,110,000 | 5,116,332 | ||
|
Brea Redevelopment Agency Tax Allocation, Capital Appreciation, 5.00%, 8/1/33
|
1,500,000 | 1,615,245 | ||
|
Brea Redevelopment Agency Tax Allocation, Capital Appreciation, 5.00%, 8/1/34
|
1,785,000 | 1,920,524 |
6
|
Principal Amount
|
Value | |||
|
Burlingame School District GO, 5.00%, 8/1/48
|
$ | 2,545,000 | $ | 2,867,256 |
|
California Community Choice Financing Authority Rev., VRN, 3.75%, (MUNIPSA plus 0.45%), 2/1/52 (GA: Morgan Stanley)
|
20,000,000 | 18,358,548 | ||
|
California Community Choice Financing Authority Rev., VRN, 4.00%, 2/1/52 (GA: Morgan Stanley)
|
11,045,000 | 11,108,084 | ||
|
California Community Choice Financing Authority Rev., VRN, 4.00%, 10/1/52 (GA: Goldman Sachs Group, Inc.)
|
7,500,000 | 7,533,260 | ||
|
California Community Choice Financing Authority Rev., VRN, 5.00%, 12/1/53 (GA: Goldman Sachs Group, Inc.)
|
5,000,000 | 5,246,671 | ||
|
California Community Choice Financing Authority Rev., VRN, 5.00%, 2/1/54 (GA: Morgan Stanley)
|
6,900,000 | 7,356,256 | ||
|
California Community Choice Financing Authority Rev., VRN, 5.00%, 5/1/54 (GA: Morgan Stanley)
|
6,545,000 | 7,029,371 | ||
|
California Community Choice Financing Authority Rev., VRN, 5.50%, 10/1/54 (GA: National Bank of Canada)
|
4,665,000 | 5,113,318 | ||
|
California Community Choice Financing Authority Rev., VRN, 5.25%, 11/1/54 (GA: Goldman Sachs Group, Inc.)
|
10,000,000 | 10,676,823 | ||
|
California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.00%, 5/1/28
|
275,000 | 289,842 | ||
|
California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.00%, 5/1/29
|
800,000 | 842,228 | ||
|
California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.00%, 5/1/34
|
1,295,000 | 1,350,139 | ||
|
California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.00%, 5/1/36
|
1,595,000 | 1,652,370 | ||
|
California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.25%, 5/1/43
|
955,000 | 977,828 | ||
|
California County Tobacco Securitization Agency Rev., 5.00%, 6/1/30
|
450,000 | 498,809 | ||
|
California County Tobacco Securitization Agency Rev., 5.00%, 6/1/32
|
400,000 | 442,522 | ||
|
California County Tobacco Securitization Agency Rev., 4.00%, 6/1/34
|
200,000 | 209,268 | ||
|
California County Tobacco Securitization Agency Rev., 4.00%, 6/1/36
|
275,000 | 284,981 | ||
|
California County Tobacco Securitization Agency Rev., 4.00%, 6/1/39
|
250,000 | 254,613 | ||
|
California County Tobacco Securitization Agency Rev., (Gold Country Settlement Funding Corp.), 5.00%, 6/1/33
|
900,000 | 1,001,487 | ||
|
California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/24
|
930,000 | 930,983 | ||
|
California Educational Facilities Authority Rev., (Claremont McKenna College), 5.00%, 1/1/26, Prerefunded at 100% of Par(2)
|
750,000 | 780,401 | ||
|
California Educational Facilities Authority Rev., (Leland Stanford Junior University), 5.00%, 6/1/43
|
3,000,000 | 3,685,145 | ||
|
California Educational Facilities Authority Rev., (Leland Stanford Junior University), 5.00%, 5/1/45
|
1,450,000 | 1,781,620 | ||
|
California Educational Facilities Authority Rev., (Loma Linda University), 5.00%, 4/1/25
|
800,000 | 812,327 | ||
|
California Educational Facilities Authority Rev., (Loma Linda University), 5.00%, 4/1/27
|
300,000 | 316,308 | ||
|
California Educational Facilities Authority Rev., (Loma Linda University), 5.00%, 4/1/28
|
800,000 | 844,467 | ||
|
California Educational Facilities Authority Rev., (Loyola Marymount University), 5.00%, 10/1/34
|
490,000 | 529,933 | ||
|
California Educational Facilities Authority Rev., (Loyola Marymount University), 5.00%, 10/1/35
|
625,000 | 674,124 | ||
|
California Educational Facilities Authority Rev., (Loyola Marymount University), 5.00%, 10/1/37
|
1,485,000 | 1,586,623 | ||
|
California Educational Facilities Authority Rev., (University of Southern California), 5.00%, 10/1/25(2)
|
1,875,000 | 1,940,464 |
7
|
Principal Amount
|
Value | |||
|
California Educational Facilities Authority Rev., (University of the Pacific), 5.00%, 11/1/33
|
$ | 1,500,000 | $ | 1,539,242 |
|
California Enterprise Development Authority Rev., (Provident Group-Pomona Properties LLC), 5.00%, 1/15/39(3)
|
650,000 | 720,026 | ||
|
California Enterprise Development Authority Rev., (Provident Group-SDSU Properties LLC), 5.00%, 8/1/45
|
1,745,000 | 1,804,268 | ||
|
California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center Obligated Group), 5.00%, 11/15/24
|
1,450,000 | 1,470,775 | ||
|
California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center Obligated Group), 5.00%, 11/15/26
|
3,000,000 | 3,109,863 | ||
|
California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center Obligated Group), 5.00%, 11/15/27
|
6,000,000 | 6,213,112 | ||
|
California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center Obligated Group), 5.00%, 11/15/31
|
2,700,000 | 2,794,260 | ||
|
California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center Obligated Group), 5.00%, 11/15/32
|
400,000 | 413,867 | ||
|
California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center Obligated Group), 4.00%, 8/15/35
|
2,440,000 | 2,478,698 | ||
|
California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center Obligated Group), 4.00%, 8/15/48
|
10,000,000 | 9,876,368 | ||
|
California Health Facilities Financing Authority Rev., (Children's Hospital of Orange County Obligated Group), 5.00%, 11/1/30 (GA: Children's Healthcare of California)
|
700,000 | 791,469 | ||
|
California Health Facilities Financing Authority Rev., (Children's Hospital of Orange County Obligated Group), 5.00%, 11/1/31 (GA: Children's Healthcare of California)
|
1,000,000 | 1,130,172 | ||
|
California Health Facilities Financing Authority Rev., (Children's Hospital of Orange County Obligated Group), 5.00%, 11/1/32 (GA: Children's Healthcare of California)
|
1,200,000 | 1,356,740 | ||
|
California Health Facilities Financing Authority Rev., (CommonSpirit Health Obligated Group), 4.00%, 4/1/38
|
3,000,000 | 3,037,282 | ||
|
California Health Facilities Financing Authority Rev., (CommonSpirit Health Obligated Group), 4.00%, 4/1/40
|
1,785,000 | 1,792,066 | ||
|
California Health Facilities Financing Authority Rev., (El Camino Hospital), 5.00%, 2/1/25
|
500,000 | 507,607 | ||
|
California Health Facilities Financing Authority Rev., (Episcopal Communities & Services for Seniors Obligated Group), 3.85%, 11/15/27
|
1,250,000 | 1,252,799 | ||
|
California Health Facilities Financing Authority Rev., (Kaiser Foundation Hospitals), VRN, 5.00%, 6/1/41
|
2,000,000 | 2,240,063 | ||
|
California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), VRN, 2.00%, 10/1/36
|
3,500,000 | 3,393,144 | ||
|
California Health Facilities Financing Authority Rev., (Scripps Health Obligated Group), VRN, 5.00%, 11/15/61
|
9,000,000 | 10,257,424 | ||
|
California Health Facilities Financing Authority Rev., (Stanford Health Care Obligated Group), 5.00%, 11/15/25
|
2,500,000 | 2,586,957 | ||
|
California Health Facilities Financing Authority Rev., (Stanford Health Care Obligated Group), 5.00%, 8/15/33
|
4,000,000 | 4,893,388 | ||
|
California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/25, Prerefunded at 100% of Par(2)
|
1,500,000 | 1,555,747 | ||
|
California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/25, Prerefunded at 100% of Par(2)
|
1,750,000 | 1,815,038 | ||
|
California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/25, Prerefunded at 100% of Par(2)
|
2,000,000 | 2,074,330 | ||
|
California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/26
|
1,500,000 | 1,581,856 | ||
|
California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/32
|
2,000,000 | 2,157,536 | ||
|
California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/36
|
6,135,000 | 6,528,819 |
8
|
Principal Amount
|
Value | |||
|
California Housing Finance Rev., 4.25%, 1/15/35
|
$ | 5,214,519 | $ | 5,202,824 |
|
California Housing Finance Rev., 3.50%, 11/20/35
|
12,273,116 | 11,597,492 | ||
|
California Infrastructure & Economic Development Bank Rev., 4.00%, 10/1/42
|
10,000,000 | 10,525,687 | ||
|
California Infrastructure & Economic Development Bank Rev., (California Academy of Sciences), 3.25%, 8/1/29(3)
|
1,000,000 | 1,009,428 | ||
|
California Infrastructure & Economic Development Bank Rev., (California Academy of Sciences), VRN, 3.65%, (MUNIPSA plus 0.35%), 8/1/47
|
4,750,000 | 4,749,685 | ||
|
California Infrastructure & Economic Development Bank Rev., (California State Teachers' Retirement System), 5.00%, 8/1/33
|
1,800,000 | 2,008,704 | ||
|
California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 4.00%, 11/1/34
|
500,000 | 521,463 | ||
|
California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 4.00%, 11/1/35
|
350,000 | 362,875 | ||
|
California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 4.00%, 11/1/36
|
365,000 | 375,586 | ||
|
California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 4.00%, 11/1/37
|
575,000 | 587,077 | ||
|
California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 4.00%, 11/1/38
|
585,000 | 593,265 | ||
|
California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 4.00%, 11/1/39
|
630,000 | 637,745 | ||
|
California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 4.00%, 11/1/40
|
650,000 | 654,292 | ||
|
California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 4.00%, 11/1/41
|
425,000 | 427,041 | ||
|
California Infrastructure & Economic Development Bank Rev., (Museum Associates), VRN, 4.00%, (MUNIPSA plus 0.70%), 12/1/50
|
2,500,000 | 2,440,827 | ||
|
California Infrastructure & Economic Development Bank Rev., (Segerstrom Center for the Arts), 5.00%, 1/1/25
|
3,500,000 | 3,552,656 | ||
|
California Infrastructure & Economic Development Bank Rev., (Segerstrom Center for the Arts), 5.00%, 1/1/28
|
1,105,000 | 1,193,875 | ||
|
California Municipal Finance Authority COP, (Palomar Health Obligated Group), 5.25%, 11/1/52 (AGM)
|
1,670,000 | 1,873,316 | ||
|
California Municipal Finance Authority Rev., (Aldersly), 3.75%, 11/15/28 (California Mortgage Insurance)
|
2,995,000 | 2,999,665 | ||
|
California Municipal Finance Authority Rev., (Aldersly), 4.00%, 11/15/28 (California Mortgage Insurance)
|
595,000 | 598,923 | ||
|
California Municipal Finance Authority Rev., (Azusa Pacific University), 5.00%, 4/1/27
|
1,165,000 | 1,171,127 | ||
|
California Municipal Finance Authority Rev., (California Baptist University), 5.00%, 11/1/36(4)
|
1,000,000 | 1,009,592 | ||
|
California Municipal Finance Authority Rev., (California Lutheran University), 5.00%, 10/1/27
|
300,000 | 316,340 | ||
|
California Municipal Finance Authority Rev., (California Lutheran University), 5.00%, 10/1/28
|
150,000 | 160,448 | ||
|
California Municipal Finance Authority Rev., (California Lutheran University), 5.00%, 10/1/29
|
225,000 | 240,623 | ||
|
California Municipal Finance Authority Rev., (California Lutheran University), 5.00%, 10/1/30
|
225,000 | 240,288 | ||
|
California Municipal Finance Authority Rev., (California Lutheran University), 5.00%, 10/1/31
|
200,000 | 213,164 |
9
|
Principal Amount
|
Value | |||
|
California Municipal Finance Authority Rev., (California Lutheran University), 5.00%, 10/1/32
|
$ | 225,000 | $ | 239,330 |
|
California Municipal Finance Authority Rev., (California Lutheran University), 5.00%, 10/1/33
|
225,000 | 238,843 | ||
|
California Municipal Finance Authority Rev., (California Lutheran University), 5.00%, 10/1/34
|
250,000 | 264,785 | ||
|
California Municipal Finance Authority Rev., (California Lutheran University), 5.00%, 10/1/35
|
225,000 | 237,670 | ||
|
California Municipal Finance Authority Rev., (California Lutheran University), 5.00%, 10/1/36
|
250,000 | 262,883 | ||
|
California Municipal Finance Authority Rev., (California Lutheran University), 5.00%, 10/1/37
|
275,000 | 287,759 | ||
|
California Municipal Finance Authority Rev., (California Lutheran University), 5.00%, 10/1/38
|
300,000 | 312,442 | ||
|
California Municipal Finance Authority Rev., (Capital Facilities Development Corp.), 5.00%, 6/1/36
|
5,650,000 | 6,167,311 | ||
|
California Municipal Finance Authority Rev., (Capital Facilities Development Corp.), 5.00%, 6/1/38
|
4,015,000 | 4,343,939 | ||
|
California Municipal Finance Authority Rev., (Channing House), 5.00%, 5/15/35 (California Mortgage Insurance)
|
1,000,000 | 1,072,462 | ||
|
California Municipal Finance Authority Rev., (CHF-Davis I LLC), 5.00%, 5/15/32 (BAM-TCRS)
|
3,000,000 | 3,216,275 | ||
|
California Municipal Finance Authority Rev., (CHF-Davis I LLC), 5.00%, 5/15/35
|
7,500,000 | 7,986,679 | ||
|
California Municipal Finance Authority Rev., (CHF-Davis II LLC), 4.00%, 5/15/36 (BAM)
|
1,200,000 | 1,235,955 | ||
|
California Municipal Finance Authority Rev., (CHF-Davis II LLC), 4.00%, 5/15/38 (BAM)
|
750,000 | 761,361 | ||
|
California Municipal Finance Authority Rev., (Claremont Graduate University), 5.00%, 10/1/34(4)
|
435,000 | 445,008 | ||
|
California Municipal Finance Authority Rev., (Claremont Graduate University), 5.00%, 10/1/39(4)
|
1,130,000 | 1,125,118 | ||
|
California Municipal Finance Authority Rev., (Clinicas del Camino Real Incorporated), 4.00%, 3/1/30
|
785,000 | 747,521 | ||
|
California Municipal Finance Authority Rev., (Clinicas del Camino Real Incorporated), 4.00%, 3/1/31
|
1,635,000 | 1,545,373 | ||
|
California Municipal Finance Authority Rev., (Clinicas del Camino Real Incorporated), 4.00%, 3/1/32
|
1,700,000 | 1,594,826 | ||
|
California Municipal Finance Authority Rev., (Clinicas del Camino Real Incorporated), 4.00%, 3/1/34
|
1,240,000 | 1,146,557 | ||
|
California Municipal Finance Authority Rev., (Clinicas del Camino Real Incorporated), 4.00%, 3/1/35
|
500,000 | 458,062 | ||
|
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 3.00%, 12/1/24(4)
|
110,000 | 107,957 | ||
|
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 4.00%, 12/1/25(4)
|
200,000 | 197,709 | ||
|
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/28(4)
|
100,000 | 103,591 | ||
|
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/46(4)
|
1,590,000 | 1,572,884 | ||
|
California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/25, Prerefunded at 100% of Par(2)
|
545,000 | 554,175 | ||
|
California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/25, Prerefunded at 100% of Par(2)
|
735,000 | 747,374 | ||
|
California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/25, Prerefunded at 100% of Par(2)
|
1,000,000 | 1,016,835 | ||
|
California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/25, Prerefunded at 100% of Par(2)
|
1,420,000 | 1,443,906 |
10
|
Principal Amount
|
Value | |||
|
California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/25(2)
|
$ | 1,925,000 | $ | 1,957,408 |
|
California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/26
|
1,000,000 | 1,022,059 | ||
|
California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/27
|
1,750,000 | 1,821,808 | ||
|
California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/28
|
3,325,000 | 3,469,094 | ||
|
California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/31
|
2,700,000 | 2,812,216 | ||
|
California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/35
|
5,000,000 | 5,196,210 | ||
|
California Municipal Finance Authority Rev., (Congregational Home Obligated Group), 4.00%, 11/15/24
|
605,000 | 601,440 | ||
|
California Municipal Finance Authority Rev., (Congregational Home Obligated Group), 4.00%, 11/15/27
|
300,000 | 295,629 | ||
|
California Municipal Finance Authority Rev., (Congregational Home Obligated Group), 4.00%, 11/15/29
|
740,000 | 725,918 | ||
|
California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/24
|
2,045,000 | 2,050,360 | ||
|
California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/26
|
2,260,000 | 2,325,263 | ||
|
California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/29
|
2,100,000 | 2,196,905 | ||
|
California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/30
|
1,000,000 | 1,045,620 | ||
|
California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/31
|
1,000,000 | 1,044,733 | ||
|
California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/31
|
1,335,000 | 1,394,718 | ||
|
California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/34
|
1,500,000 | 1,559,098 | ||
|
California Municipal Finance Authority Rev., (Emerson College), 5.00%, 1/1/29
|
1,350,000 | 1,411,891 | ||
|
California Municipal Finance Authority Rev., (Emerson College), 5.00%, 1/1/31
|
1,480,000 | 1,544,982 | ||
|
California Municipal Finance Authority Rev., (Emerson College), 5.00%, 1/1/33
|
1,040,000 | 1,082,352 | ||
|
California Municipal Finance Authority Rev., (Emerson College), 5.00%, 1/1/34
|
1,000,000 | 1,039,267 | ||
|
California Municipal Finance Authority Rev., (Emerson College), 5.00%, 1/1/35
|
2,565,000 | 2,667,467 | ||
|
California Municipal Finance Authority Rev., (Emerson College), 5.00%, 1/1/36
|
720,000 | 744,923 | ||
|
California Municipal Finance Authority Rev., (Emerson College), 5.00%, 1/1/37
|
1,000,000 | 1,030,266 | ||
|
California Municipal Finance Authority Rev., (HumanGood California Obligated Group), 4.00%, 10/1/36
|
1,750,000 | 1,765,628 | ||
|
California Municipal Finance Authority Rev., (HumanGood California Obligated Group), 4.00%, 10/1/37
|
2,840,000 | 2,860,494 | ||
|
California Municipal Finance Authority Rev., (HumanGood California Obligated Group), 4.00%, 10/1/38
|
2,750,000 | 2,762,080 | ||
|
California Municipal Finance Authority Rev., (HumanGood California Obligated Group), 4.00%, 10/1/39
|
1,750,000 | 1,752,811 | ||
|
California Municipal Finance Authority Rev., (Orange County), 5.00%, 6/1/37
|
2,990,000 | 3,159,562 | ||
|
California Municipal Finance Authority Rev., (University of La Verne), 5.00%, 6/1/25
|
700,000 | 715,795 | ||
|
California Municipal Finance Authority Rev., (University of La Verne), 5.00%, 6/1/26
|
1,000,000 | 1,044,650 |
11
|
Principal Amount
|
Value | |||
|
California Municipal Finance Authority Rev., (University of La Verne), 5.00%, 6/1/28
|
$ | 1,000,000 | $ | 1,064,743 |
|
California Municipal Finance Authority Rev., (William Jessup University), 5.00%, 8/1/25(4)
|
1,455,000 | 1,457,676 | ||
|
California Municipal Finance Authority Rev., (William Jessup University), 5.00%, 8/1/26(4)
|
1,530,000 | 1,534,641 | ||
|
California Municipal Finance Authority Rev., (William Jessup University), 5.00%, 8/1/29(4)
|
1,000,000 | 997,815 | ||
|
California Municipal Finance Authority Rev., (William Jessup University), 5.00%, 8/1/39(4)
|
2,750,000 | 2,602,751 | ||
|
California Municipal Finance Authority Special Tax, 4.00%, 9/1/35
|
1,320,000 | 1,292,075 | ||
|
California Municipal Finance Authority Special Tax, (Facilities District No. 2020-4), 4.00%, 9/1/36
|
585,000 | 586,052 | ||
|
California Municipal Finance Authority Special Tax, (Facilities District No. 2020-4), 4.00%, 9/1/41
|
1,610,000 | 1,519,557 | ||
|
California Municipal Finance Authority Special Tax, (Facilities District No. 2021-06), 5.75%, 9/1/42
|
1,500,000 | 1,583,270 | ||
|
California Pollution Control Financing Authority Rev., (Poseidon Resources Channelside LP), 5.00%, 7/1/39(4)
|
2,000,000 | 2,069,109 | ||
|
California Pollution Control Financing Authority Rev., (San Diego County Water Authority), 5.00%, 11/21/45(4)
|
3,435,000 | 3,510,027 | ||
|
California Public Finance Authority Rev., (Henry Mayo Newhall Memorial Hospital), 5.00%, 10/15/33
|
500,000 | 510,508 | ||
|
California Public Finance Authority Rev., (Henry Mayo Newhall Memorial Hospital), 5.00%, 10/15/37
|
1,000,000 | 1,012,958 | ||
|
California Public Finance Authority Rev., (Hoag Memorial Hospital Presbyterian Obligated Group), 5.00%, 7/15/35
|
700,000 | 822,241 | ||
|
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 2.125%, 11/15/27(4)
|
355,000 | 353,804 | ||
|
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 2.375%, 11/15/28(4)
|
2,800,000 | 2,708,258 | ||
|
California Public Finance Authority Rev., (Sharp Healthcare Obligated Group), 5.00%, 8/1/28
|
4,000,000 | 4,419,562 | ||
|
California Public Finance Authority Rev., (Sharp Healthcare Obligated Group), 5.00%, 8/1/30
|
3,250,000 | 3,744,347 | ||
|
California Public Finance Authority Rev., (Sharp Healthcare Obligated Group), 5.00%, 8/1/33
|
2,000,000 | 2,426,301 | ||
|
California School Finance Authority Rev., 5.00%, 6/1/37(4)
|
240,000 | 239,982 | ||
|
California School Finance Authority Rev., (Alliance for College Ready Public Schools Obligated Group), 5.00%, 7/1/46(4)
|
7,000,000 | 7,002,582 | ||
|
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/25, Prerefunded at 100% of Par(2)(4)
|
100,000 | 102,813 | ||
|
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/36(4)
|
325,000 | 319,023 | ||
|
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/40(4)
|
1,000,000 | 1,021,002 | ||
|
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/41(4)
|
525,000 | 485,975 | ||
|
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/46(4)
|
1,100,000 | 1,103,362 | ||
|
California School Finance Authority Rev., (Granada Hills Charter High School Obligated Group), 4.00%, 7/1/38(4)
|
465,000 | 435,588 | ||
|
California School Finance Authority Rev., (Granada Hills Charter High School Obligated Group), 4.00%, 7/1/48(4)
|
680,000 | 572,641 | ||
|
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/24(4)
|
160,000 | 160,324 | ||
|
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/25(4)
|
150,000 | 151,529 | ||
|
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/26(4)
|
150,000 | 153,286 |
12
|
Principal Amount
|
Value | |||
|
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/27(4)
|
$ | 160,000 | $ | 165,493 |
|
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/28(4)
|
190,000 | 198,670 | ||
|
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/32(4)
|
750,000 | 788,312 | ||
|
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.375%, 8/1/42(4)
|
1,000,000 | 1,050,538 | ||
|
California School Finance Authority Rev., (Partnerships to Uplift Communities Series 2023 Obligated Group), 5.00%, 8/1/33(4)
|
740,000 | 764,117 | ||
|
California School Finance Authority Rev., (Partnerships to Uplift Communities Series 2023 Obligated Group), 5.25%, 8/1/38(4)
|
420,000 | 429,683 | ||
|
California School Finance Authority Rev., (Real Journey Academies Obligated Group), 5.00%, 6/1/30(4)
|
750,000 | 752,090 | ||
|
California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/26(4)
|
300,000 | 302,638 | ||
|
California School Finance Authority Rev., (Rocketship Education Obligated Group), 4.50%, 6/1/27(4)
|
380,000 | 382,878 | ||
|
California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/34(4)
|
670,000 | 681,454 | ||
|
California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.125%, 6/1/47(4)
|
635,000 | 636,080 | ||
|
California School Finance Authority Rev., (Summit Public Schools Obligated Group), 5.00%, 6/1/27, Prerefunded at 100% of Par(2)(4)
|
260,000 | 275,383 | ||
|
California School Finance Authority Rev., (TEACH, Inc. Obligated Group), 5.00%, 6/1/29(4)
|
280,000 | 283,411 | ||
|
California School Finance Authority Rev., (TEACH, Inc. Obligated Group), 5.00%, 6/1/39(4)
|
740,000 | 736,042 | ||
|
California School Finance Authority Rev., (Value Schools), 5.00%, 7/1/33(4)
|
925,000 | 973,676 | ||
|
California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/24
|
705,000 | 706,258 | ||
|
California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/25
|
745,000 | 750,260 | ||
|
California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/26
|
780,000 | 799,427 | ||
|
California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/27
|
820,000 | 851,067 | ||
|
California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/28
|
865,000 | 908,409 | ||
|
California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/29
|
905,000 | 960,622 | ||
|
California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/39
|
1,750,000 | 1,809,956 | ||
|
California State Public Works Board Rev., 5.00%, 12/1/24
|
5,000,000 | 5,072,110 | ||
|
California State Public Works Board Rev., 5.00%, 9/1/29
|
5,000,000 | 5,664,657 | ||
|
California State Public Works Board Rev., (State of California Department of Corrections & Rehabilitation), 5.00%, 9/1/25
|
5,000,000 | 5,048,507 | ||
|
California State Public Works Board Rev., (State of California Department of General Services), 5.00%, 5/1/27
|
5,000,000 | 5,113,152 | ||
|
California State University Rev., 5.00%, 11/1/24, Prerefunded at 100% of Par(2)
|
35,000 | 35,448 | ||
|
California State University Rev., 5.00%, 11/1/28
|
2,000,000 | 2,158,169 | ||
|
California State University Rev., 5.00%, 11/1/29
|
1,000,000 | 1,078,874 | ||
|
California State University Rev., 5.00%, 11/1/30
|
3,000,000 | 3,233,144 | ||
|
California State University Rev., 5.00%, 11/1/31
|
2,900,000 | 3,122,727 | ||
|
California State University Rev., 4.00%, 11/1/34
|
10,000,000 | 10,161,905 | ||
|
California State University Rev., 4.00%, 11/1/37
|
2,375,000 | 2,397,631 | ||
|
California State University Rev., VRN, 3.125%, 11/1/51
|
4,300,000 | 4,308,324 |
13
|
Principal Amount
|
Value | |||
|
California Statewide Communities Development Authority COP, (Salinas), 5.00%, 12/1/31 (AGM)
|
$ | 1,155,000 | $ | 1,281,173 |
|
California Statewide Communities Development Authority COP, (Salinas), 5.00%, 12/1/34 (AGM)
|
1,340,000 | 1,485,095 | ||
|
California Statewide Communities Development Authority COP, (Salinas), 5.00%, 12/1/38 (AGM)
|
1,000,000 | 1,079,836 | ||
|
California Statewide Communities Development Authority Rev., (Adventist Health System / West Obligated Group), 5.00%, 3/1/24
|
800,000 | 800,000 | ||
|
California Statewide Communities Development Authority Rev., (Adventist Health System / West Obligated Group), 5.00%, 3/1/25
|
750,000 | 760,271 | ||
|
California Statewide Communities Development Authority Rev., (Adventist Health System / West Obligated Group), 5.00%, 3/1/26
|
1,000,000 | 1,029,553 | ||
|
California Statewide Communities Development Authority Rev., (Adventist Health System / West Obligated Group), 5.00%, 3/1/27
|
1,590,000 | 1,642,310 | ||
|
California Statewide Communities Development Authority Rev., (Adventist Health System / West Obligated Group), 5.00%, 3/1/31
|
740,000 | 785,925 | ||
|
California Statewide Communities Development Authority Rev., (Adventist Health System / West Obligated Group), 5.00%, 3/1/32
|
900,000 | 955,856 | ||
|
California Statewide Communities Development Authority Rev., (Adventist Health System / West Obligated Group), 5.00%, 3/1/33
|
1,250,000 | 1,327,175 | ||
|
California Statewide Communities Development Authority Rev., (Adventist Health System / West Obligated Group), 5.00%, 3/1/34
|
1,000,000 | 1,061,707 | ||
|
California Statewide Communities Development Authority Rev., (Adventist Health System / West Obligated Group), 5.00%, 3/1/35
|
715,000 | 735,301 | ||
|
California Statewide Communities Development Authority Rev., (Adventist Health System / West Obligated Group), 5.00%, 3/1/35
|
1,475,000 | 1,565,147 | ||
|
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/24
|
1,000,000 | 1,001,441 | ||
|
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/25
|
1,925,000 | 1,947,215 | ||
|
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/28
|
2,050,000 | 2,101,098 | ||
|
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/29
|
1,000,000 | 1,035,180 | ||
|
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/29
|
1,250,000 | 1,280,767 | ||
|
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/30
|
1,940,000 | 1,986,411 | ||
|
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/34
|
2,220,000 | 2,286,347 | ||
|
California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/24(2)
|
750,000 | 754,406 | ||
|
California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/24, Prerefunded at 100% of Par(2)
|
800,000 | 804,700 | ||
|
California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/24, Prerefunded at 100% of Par(2)
|
1,880,000 | 1,891,044 | ||
|
California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/25
|
300,000 | 306,696 | ||
|
California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/26
|
325,000 | 341,647 |
14
|
Principal Amount
|
Value | |||
|
California Statewide Communities Development Authority Rev., (Emanate Health Obligated Group), 4.00%, 4/1/36
|
$ | 675,000 | $ | 689,187 |
|
California Statewide Communities Development Authority Rev., (Emanate Health Obligated Group), 4.00%, 4/1/37
|
700,000 | 708,716 | ||
|
California Statewide Communities Development Authority Rev., (Emanate Health Obligated Group), 4.00%, 4/1/38
|
1,350,000 | 1,352,946 | ||
|
California Statewide Communities Development Authority Rev., (Emanate Health Obligated Group), 4.00%, 4/1/40
|
650,000 | 638,954 | ||
|
California Statewide Communities Development Authority Rev., (Enloe Medical Center Obligated Group), 5.25%, 8/15/37
|
1,605,000 | 1,672,939 | ||
|
California Statewide Communities Development Authority Rev., (Enloe Medical Center Obligated Group), 5.125%, 8/15/47 (AGM)
|
350,000 | 384,031 | ||
|
California Statewide Communities Development Authority Rev., (Enloe Medical Center), 5.00%, 2/15/26, Prerefunded at 100% of Par (California Mortgage Insurance)(2)
|
640,000 | 666,629 | ||
|
California Statewide Communities Development Authority Rev., (Front Porch Communities & Services), 5.00%, 4/1/24
|
210,000 | 210,138 | ||
|
California Statewide Communities Development Authority Rev., (Front Porch Communities & Services), 5.00%, 4/1/25
|
275,000 | 278,221 | ||
|
California Statewide Communities Development Authority Rev., (Front Porch Communities & Services), 5.00%, 4/1/30
|
145,000 | 151,671 | ||
|
California Statewide Communities Development Authority Rev., (Front Porch Communities & Services), 5.00%, 4/1/31
|
125,000 | 130,725 | ||
|
California Statewide Communities Development Authority Rev., (Front Porch Communities & Services), 4.00%, 4/1/32
|
185,000 | 188,009 | ||
|
California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 4.00%, 6/1/26(4)
|
1,870,000 | 1,851,739 | ||
|
California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 5.00%, 6/1/34(4)
|
375,000 | 388,245 | ||
|
California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 5.00%, 6/1/39(4)
|
475,000 | 481,298 | ||
|
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/26(4)
|
5,000,000 | 5,113,075 | ||
|
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/33(4)
|
1,000,000 | 1,027,870 | ||
|
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/36(4)
|
6,500,000 | 6,582,778 | ||
|
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/44
|
1,085,000 | 1,082,625 | ||
|
California Statewide Communities Development Authority Rev., (Methodist Hospital of Southern California Obligated Group), 5.00%, 1/1/35
|
5,175,000 | 5,447,569 | ||
|
California Statewide Communities Development Authority Rev., (Methodist Hospital of Southern California Obligated Group), 5.00%, 1/1/36
|
4,560,000 | 4,787,133 | ||
|
California Statewide Communities Development Authority Rev., (Methodist Hospital of Southern California Obligated Group), 5.00%, 1/1/38
|
3,825,000 | 3,972,796 | ||
|
California Statewide Communities Development Authority Rev., (Redlands Community Hospital), 5.00%, 10/1/28
|
1,000,000 | 1,035,025 | ||
|
California Statewide Communities Development Authority Rev., (Redlands Community Hospital), 5.00%, 10/1/29
|
600,000 | 621,101 | ||
|
California Statewide Communities Development Authority Rev., (Redlands Community Hospital), 5.00%, 10/1/31
|
870,000 | 898,590 | ||
|
California Statewide Communities Development Authority Special Tax, (California Statewide Communities Dev Authority Cmnty Facs Dist No. 2022-10), 5.25%, 9/1/43
|
650,000 | 685,978 |
15
|
Principal Amount
|
Value | |||
|
California Statewide Communities Development Authority Special Tax, (Facilities District No. 2015-01), 5.00%, 9/1/27
|
$ | 475,000 | $ | 490,203 |
|
California Statewide Communities Development Authority Special Tax, (Facilities District No. 2015-01), 5.00%, 9/1/37
|
2,225,000 | 2,320,175 | ||
|
Carson Public Financing Authority Rev., (Carson Reassessment District No. 2001-1), 5.00%, 9/2/24
|
1,400,000 | 1,407,655 | ||
|
Carson Public Financing Authority Rev., (Carson Reassessment District No. 2001-1), 5.00%, 9/2/30
|
1,000,000 | 1,084,452 | ||
|
Cathedral City Redevelopment Agency Successor Agency Tax Allocation, 4.00%, 8/1/28 (BAM)
|
200,000 | 207,749 | ||
|
Cathedral City Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/28 (AGM)
|
1,190,000 | 1,198,821 | ||
|
Cathedral City Redevelopment Agency Successor Agency Tax Allocation, 4.00%, 8/1/31 (BAM)
|
760,000 | 795,769 | ||
|
Chabot-Las Positas Community College District GO, 5.25%, 8/1/48
|
2,900,000 | 3,302,590 | ||
|
Chino Community Facilities District Special Tax, (Chino Community Facilities District No. 2003-3), 4.00%, 9/1/36
|
1,525,000 | 1,517,288 | ||
|
Chino Community Facilities District Special Tax, (Chino Community Facilities District No. 2003-3), 4.00%, 9/1/40
|
700,000 | 675,469 | ||
|
Chino Community Facilities District Special Tax, (Chino Community Facilities District No. 2019-1), 4.00%, 9/1/35
|
500,000 | 503,288 | ||
|
Chula Vista Elementary School District GO, 5.00%, 8/1/40
|
1,000,000 | 1,165,643 | ||
|
City & County of San Francisco GO, 5.00%, 6/15/24
|
1,250,000 | 1,256,849 | ||
|
City & County of San Francisco GO, 5.00%, 6/15/25
|
1,565,000 | 1,608,739 | ||
|
City & County of San Francisco GO, 5.00%, 6/15/25
|
1,880,000 | 1,881,930 | ||
|
City & County of San Francisco GO, 5.00%, 6/15/26
|
2,000,000 | 2,111,105 | ||
|
City & County of San Francisco GO, 5.00%, 6/15/27
|
1,875,000 | 2,031,942 | ||
|
City & County of San Francisco GO, 4.00%, 6/15/29
|
13,820,000 | 13,825,521 | ||
|
City & County of San Francisco, Infrastructure & Revitalization Financing Dist No. 1 Facs Tax Allocation, 5.00%, 9/1/27(4)
|
295,000 | 304,463 | ||
|
City & County of San Francisco, Infrastructure & Revitalization Financing Dist No. 1 Facs Tax Allocation, 5.00%, 9/1/32(4)
|
400,000 | 429,730 | ||
|
City & County of San Francisco, Infrastructure & Revitalization Financing Dist No. 1 Facs Tax Allocation, 5.00%, 9/1/37(4)
|
385,000 | 399,751 | ||
|
City & County of San Francisco, Special Tax District No. 2020-1 Special Tax, 4.00%, 9/1/26(4)
|
100,000 | 100,059 | ||
|
City & County of San Francisco, Special Tax District No. 2020-1 Special Tax, 4.00%, 9/1/31(4)
|
150,000 | 151,048 | ||
|
City & County of San Francisco, Special Tax District No. 2020-1 Special Tax, 4.00%, 9/1/41(4)
|
850,000 | 776,141 | ||
|
Clovis Unified School District GO, Capital Appreciation, 0.00%, 8/1/24 (NATL)(1)
|
5,935,000 | 5,856,350 | ||
|
Compton Unified School District COP, 4.00%, 6/1/34 (BAM)
|
575,000 | 590,515 | ||
|
Compton Unified School District COP, 4.00%, 6/1/36 (BAM)
|
730,000 | 743,643 | ||
|
Compton Unified School District COP, 4.00%, 6/1/38 (BAM)
|
1,025,000 | 1,039,091 | ||
|
CSCDA Community Improvement Authority Rev., (1818 Platinum Triangle-Anaheim), 4.00%, 4/1/57(4)
|
1,650,000 | 1,179,600 | ||
|
CSCDA Community Improvement Authority Rev., (Dublin), 2.45%, 2/1/47(4)
|
1,900,000 | 1,527,583 | ||
|
CSCDA Community Improvement Authority Rev., (Oceanaire Apartments), 3.20%, 9/1/46(4)
|
5,000,000 | 3,792,742 | ||
|
CSCDA Community Improvement Authority Rev., (Pasadena Portfolio), 2.65%, 12/1/46(4)
|
7,965,000 | 6,187,237 | ||
|
CSCDA Community Improvement Authority Rev., (Westgate Apartments), 4.00%, 6/1/57(4)
|
705,000 | 455,265 | ||
|
Del Mar Union School District Special Tax, (Del Mar Union School District Community Facilities District No. 99-1), 4.00%, 9/1/30
|
225,000 | 226,952 |
16
|
Principal Amount
|
Value | |||
|
Del Mar Union School District Special Tax, (Del Mar Union School District Community Facilities District No. 99-1), 4.00%, 9/1/31
|
$ | 250,000 | $ | 251,943 |
|
Del Mar Union School District Special Tax, (Del Mar Union School District Community Facilities District No. 99-1), 4.00%, 9/1/32
|
275,000 | 277,150 | ||
|
Del Mar Union School District Special Tax, (Del Mar Union School District Community Facilities District No. 99-1), 4.00%, 9/1/33
|
265,000 | 266,816 | ||
|
Del Mar Union School District Special Tax, (Del Mar Union School District Community Facilities District No. 99-1), 4.00%, 9/1/34
|
300,000 | 302,603 | ||
|
Del Mar Union School District Special Tax, (Del Mar Union School District Community Facilities District No. 99-1), 4.00%, 9/1/35
|
500,000 | 503,079 | ||
|
Del Mar Union School District Special Tax, (Del Mar Union School District Community Facilities District No. 99-1), 4.00%, 9/1/37
|
1,345,000 | 1,332,110 | ||
|
Del Mar Union School District Special Tax, (Del Mar Union School District Community Facilities District No. 99-1), 4.00%, 9/1/39
|
1,285,000 | 1,237,106 | ||
|
Desert Sands Unified School District GO, 5.00%, 8/1/24
|
2,200,000 | 2,218,039 | ||
|
Desert Sands Unified School District GO, 5.00%, 8/1/39
|
1,750,000 | 1,868,809 | ||
|
Dixon Special Tax, (Dixon Community Facilities District No. 2019-1 Homestead), 4.00%, 9/1/36
|
200,000 | 200,318 | ||
|
Dixon Special Tax, (Dixon Community Facilities District No. 2019-1 Homestead), 5.00%, 9/1/38
|
1,290,000 | 1,332,216 | ||
|
Dixon Special Tax, (Dixon Community Facilities District No. 2019-1 Homestead), 4.00%, 9/1/40
|
375,000 | 358,438 | ||
|
Dixon Special Tax, (Dixon Community Facilities District No. 2019-1 Homestead), 5.00%, 9/1/43
|
2,280,000 | 2,297,863 | ||
|
Dublin Special Tax, (Community Facilities District No. 2015-1), 5.00%, 9/1/37
|
955,000 | 1,009,574 | ||
|
Dublin Special Tax, (Community Facilities District No. 2015-1), 5.00%, 9/1/38
|
785,000 | 818,559 | ||
|
Dublin Special Tax, (Community Facilities District No. 2015-1), 5.25%, 9/1/42
|
2,000,000 | 2,088,879 | ||
|
Dublin Special Tax, (Community Facilities District No. 2015-1), 5.125%, 9/1/43
|
1,265,000 | 1,302,630 | ||
|
East Bay Municipal Utility District Wastewater System Rev., 5.00%, 6/1/34
|
350,000 | 421,600 | ||
|
East Bay Municipal Utility District Wastewater System Rev., 5.00%, 6/1/36
|
600,000 | 712,061 | ||
|
East Bay Municipal Utility District Wastewater System Rev., 5.00%, 6/1/37
|
450,000 | 528,470 | ||
|
East Bay Municipal Utility District Water System Rev., (East Bay Municipal Utility District Water System Revenue), 5.00%, 6/1/44(3)
|
2,250,000 | 2,591,678 | ||
|
East Bay Municipal Utility District Water System Rev., (East Bay Municipal Utility District Water System Revenue), 5.00%, 6/1/44(3)
|
3,000,000 | 3,455,571 | ||
|
Eastern Municipal Water District Rev., 4.00%, 7/1/26
|
2,250,000 | 2,320,035 | ||
|
Eastern Municipal Water District Rev., 4.00%, 7/1/27
|
1,750,000 | 1,836,624 | ||
|
Eastern Municipal Water District Rev., VRN, 3.40%, (MUNIPSA plus 0.10%), 7/1/46
|
5,750,000 | 5,736,426 | ||
|
Eastern Municipal Water District Financing Authority Rev., 4.00%, 7/1/37
|
1,700,000 | 1,784,117 | ||
|
Eastern Municipal Water District Financing Authority Rev., 4.00%, 7/1/38
|
1,500,000 | 1,565,155 | ||
|
El Rancho Unified School District GO, 5.75%, 8/1/48 (BAM)
|
625,000 | 744,121 | ||
|
Elk Grove Finance Authority Special Tax, (Community Facilities District No. 2005-1 Laguna Ridge), 5.00%, 9/1/30
|
1,715,000 | 1,773,248 |
17
|
Principal Amount
|
Value | |||
|
Fairfield Community Facilities District Special Tax, (Community Facilities District No. 2016-1), 4.00%, 9/1/36
|
$ | 545,000 | $ | 544,363 |
|
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 19), 5.00%, 9/1/39
|
875,000 | 918,074 | ||
|
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 23), 4.00%, 9/1/35
|
1,690,000 | 1,667,867 | ||
|
Fontana Special Tax, 4.00%, 9/1/36
|
2,230,000 | 2,235,446 | ||
|
Fontana Special Tax, (Fontana Community Facilities District No. 22), 5.00%, 9/1/24
|
575,000 | 577,202 | ||
|
Fontana Special Tax, (Fontana Community Facilities District No. 31), 4.00%, 9/1/30
|
1,110,000 | 1,109,163 | ||
|
Fontana Special Tax, (Fontana Community Facilities District No. 31), 4.00%, 9/1/32
|
1,000,000 | 997,807 | ||
|
Fontana Special Tax, (Fontana Community Facilities District No. 85), 4.00%, 9/1/32
|
245,000 | 250,903 | ||
|
Fontana Special Tax, (Fontana Community Facilities District No. 85), 4.00%, 9/1/36
|
550,000 | 556,844 | ||
|
Fontana Special Tax, (Fontana Community Facilities District No. 85), 4.00%, 9/1/40
|
680,000 | 666,407 | ||
|
Fontana Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 10/1/29
|
2,100,000 | 2,276,824 | ||
|
Fontana Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 10/1/32
|
1,495,000 | 1,615,256 | ||
|
Foothill-Eastern Transportation Corridor Agency Rev., 5.00%, 1/15/30
|
300,000 | 326,098 | ||
|
Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/32
|
350,000 | 363,067 | ||
|
Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/33
|
250,000 | 259,202 | ||
|
Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/33
|
3,603,000 | 3,735,620 | ||
|
Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/46
|
750,000 | 729,719 | ||
|
Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/33(1)
|
750,000 | 546,471 | ||
|
Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/42(1)
|
6,070,000 | 2,803,437 | ||
|
Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 6.85%, 1/15/42
|
2,300,000 | 2,794,328 | ||
|
Fremont Union High School District GO, 5.00%, 8/1/34
|
660,000 | 716,266 | ||
|
Fremont Union High School District GO, 5.00%, 8/1/34(3)
|
1,750,000 | 2,125,115 | ||
|
Fremont Union High School District GO, 4.00%, 8/1/35
|
1,250,000 | 1,299,896 | ||
|
Fremont Union High School District GO, 5.00%, 8/1/35(3)
|
2,000,000 | 2,417,346 | ||
|
Fresno Joint Powers Financing Authority Rev., 5.00%, 4/1/24 (AGM)
|
1,350,000 | 1,351,737 | ||
|
Fresno Joint Powers Financing Authority Rev., 5.00%, 4/1/26 (AGM)
|
1,650,000 | 1,725,834 | ||
|
Fresno Joint Powers Financing Authority Rev., 5.00%, 4/1/28 (AGM)
|
1,400,000 | 1,498,498 | ||
|
Fresno Joint Powers Financing Authority Rev., 5.00%, 4/1/29 (AGM)
|
1,000,000 | 1,070,970 | ||
|
Fresno Joint Powers Financing Authority Rev., 5.00%, 4/1/30 (AGM)
|
1,350,000 | 1,445,448 | ||
|
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/24(2)
|
7,435,000 | 7,468,733 | ||
|
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/25, Prerefunded at 100% of Par(2)
|
1,000,000 | 1,026,756 | ||
|
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/26(2)
|
6,000,000 | 6,307,947 |
18
|
Principal Amount
|
Value | |||
|
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/27, Prerefunded at 100% of Par(2)
|
$ | 2,000,000 | $ | 2,156,816 |
|
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/27(2)
|
7,960,000 | 8,584,127 | ||
|
Golden State Tobacco Securitization Corp. Rev., Capital Appreciation, 0.00%, 6/1/25 (AGM)(1)(2)
|
3,000,000 | 2,883,020 | ||
|
Goleta Water District Rev., 5.00%, 9/1/31 (BAM)
|
400,000 | 464,624 | ||
|
Goleta Water District Rev., 5.00%, 9/1/33 (BAM)
|
200,000 | 239,581 | ||
|
Goleta Water District Rev., 5.00%, 9/1/34 (BAM)
|
425,000 | 506,229 | ||
|
Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/45(4)
|
8,930,000 | 7,727,779 | ||
|
Hayward Unified School District GO, 4.00%, 8/1/36 (BAM)
|
1,000,000 | 1,034,301 | ||
|
Hayward Unified School District GO, 4.00%, 8/1/37 (BAM)
|
1,000,000 | 1,027,973 | ||
|
Hayward Unified School District GO, 4.00%, 8/1/39 (BAM)
|
2,360,000 | 2,396,435 | ||
|
Hayward Unified School District GO, 4.00%, 8/1/43 (BAM)
|
4,520,000 | 4,505,890 | ||
|
Hercules Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/42 (AGM)
|
7,235,000 | 7,976,716 | ||
|
Hesperia Community Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/33 (AGM)
|
4,195,000 | 4,581,906 | ||
|
Imperial Irrigation District Electric System Rev., 5.00%, 11/1/30
|
440,000 | 495,684 | ||
|
Imperial Irrigation District Electric System Rev., 5.00%, 11/1/31
|
400,000 | 451,060 | ||
|
Imperial Irrigation District Electric System Rev., 5.00%, 11/1/32
|
525,000 | 591,415 | ||
|
Imperial Irrigation District Electric System Rev., 5.00%, 11/1/36
|
1,015,000 | 1,060,473 | ||
|
Imperial Irrigation District Electric System Rev., 5.00%, 11/1/38
|
4,075,000 | 4,495,419 | ||
|
Independent Cities Finance Authority Rev., (Compton Sales Tax Rev.), 4.00%, 6/1/36 (AGM)(4)
|
700,000 | 729,242 | ||
|
Independent Cities Finance Authority Rev., (Compton Sales Tax Rev.), 4.00%, 6/1/41 (AGM)(4)
|
900,000 | 916,681 | ||
|
Inglewood Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 5/1/25 (BAM)
|
1,500,000 | 1,527,883 | ||
|
Inglewood Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 5/1/38 (BAM)
|
500,000 | 528,139 | ||
|
Inglewood Unified School District GO, 5.00%, 8/1/29 (BAM)
|
235,000 | 248,268 | ||
|
Inglewood Unified School District GO, 5.00%, 8/1/31 (BAM)
|
500,000 | 526,587 | ||
|
Inglewood Unified School District GO, 5.00%, 8/1/32 (BAM)
|
500,000 | 525,502 | ||
|
Inglewood Unified School District GO, 5.00%, 8/1/34 (BAM)
|
300,000 | 314,115 | ||
|
Inglewood Unified School District GO, 5.00%, 8/1/35 (BAM)
|
855,000 | 893,177 | ||
|
Inglewood Unified School District GO, 5.00%, 8/1/37 (BAM)
|
500,000 | 519,113 | ||
|
Inland Valley Development Agency Tax Allocation, 5.25%, 9/1/37
|
1,665,000 | 1,668,303 | ||
|
Inland Valley Development Agency Tax Allocation, 5.00%, 9/1/44
|
1,765,000 | 1,768,156 | ||
|
Irvine Special Assessment, (Reassessment District No. 15-1), 5.00%, 9/2/26
|
1,500,000 | 1,569,434 | ||
|
Irvine Special Tax, (Community Facilities District No. 2013-3), 5.00%, 9/1/39
|
1,000,000 | 1,005,674 | ||
|
Irvine Special Tax, (Community Facilities District No. 2013-3), 5.00%, 9/1/49
|
1,480,000 | 1,485,199 | ||
|
Irvine Facilities Financing Authority Rev., (Irvine), 5.25%, 5/1/43
|
2,500,000 | 2,597,313 | ||
|
Irvine Unified School District Special Tax, 4.00%, 9/1/34
|
2,285,000 | 2,330,415 | ||
|
Irvine Unified School District Special Tax, 4.00%, 9/1/35
|
995,000 | 1,011,832 | ||
|
Irvine Unified School District Special Tax, 4.00%, 9/1/36 (AGM)
|
1,500,000 | 1,518,740 | ||
|
Irvine Unified School District Special Tax, 4.00%, 9/1/38
|
2,720,000 | 2,684,241 | ||
|
Irvine Unified School District Special Tax, (Community Facilities District No. 09-1), 5.00%, 9/1/25
|
1,325,000 | 1,352,544 | ||
|
Irvine Unified School District Special Tax, (Community Facilities District No. 09-1), 5.00%, 9/1/26
|
635,000 | 659,392 |
19
|
Principal Amount
|
Value | |||
|
Irvine Unified School District Special Tax, (Community Facilities District No. 09-1), 5.00%, 9/1/29
|
$ | 360,000 | $ | 394,072 |
|
Irvine Unified School District Special Tax, (Community Facilities District No. 09-1), 5.00%, 9/1/31
|
345,000 | 378,385 | ||
|
Irvine Unified School District Special Tax, (Community Facilities District No. 09-1), 5.00%, 9/1/33
|
395,000 | 432,834 | ||
|
Irvine Unified School District Special Tax, (Community Facilities District No. 09-1), 4.00%, 9/1/37
|
570,000 | 574,950 | ||
|
Irvine Unified School District Special Tax, (Community Facilities District No. 09-1), 4.00%, 9/1/40
|
685,000 | 670,507 | ||
|
Irvine Unified School District Special Tax, (Community Facilities District No. 1), 5.00%, 9/1/29
|
1,910,000 | 2,083,720 | ||
|
Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/24
|
680,000 | 685,577 | ||
|
Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/25
|
1,000,000 | 1,009,278 | ||
|
Jurupa Unified School District GO, 5.00%, 8/1/37
|
1,075,000 | 1,151,212 | ||
|
Kern Community College District GO, 5.00%, 8/1/39
|
2,000,000 | 2,344,913 | ||
|
Kern Community College District GO, 5.00%, 8/1/40
|
1,000,000 | 1,166,537 | ||
|
La Mesa-Spring Valley School District GO, 4.00%, 8/1/42
|
350,000 | 356,127 | ||
|
La Mesa-Spring Valley School District GO, 4.00%, 8/1/43
|
335,000 | 339,864 | ||
|
La Mesa-Spring Valley School District GO, 5.00%, 8/1/47
|
1,250,000 | 1,368,944 | ||
|
La Quinta Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/24, Prerefunded at 100% of Par(2)
|
4,265,000 | 4,308,323 | ||
|
Lancaster Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/24 (AGM)
|
435,000 | 437,821 | ||
|
Lancaster Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/25 (AGM)
|
600,000 | 615,792 | ||
|
Lee Lake Water District Financing Corp. Special Tax, (Community Facilities District No. 4 Terramor), 4.00%, 9/1/36
|
930,000 | 918,116 | ||
|
Lee Lake Water District Financing Corp. Special Tax, (Community Facilities District No. 4 Terramor), 4.00%, 9/1/41
|
785,000 | 737,266 | ||
|
Long Beach Bond Finance Authority Rev., 5.00%, 11/15/35 (GA: Merrill Lynch & Co.)
|
1,920,000 | 2,118,199 | ||
|
Long Beach Bond Finance Authority Rev., 5.50%, 11/15/37 (GA: Merrill Lynch & Co.)
|
1,625,000 | 1,863,927 | ||
|
Long Beach CA Harbor Rev., 5.00%, 5/15/39
|
1,310,000 | 1,332,578 | ||
|
Long Beach Marina System Rev., 5.00%, 5/15/24
|
1,380,000 | 1,382,839 | ||
|
Long Beach Marina System Rev., 5.00%, 5/15/25
|
1,500,000 | 1,516,960 | ||
|
Long Beach Marina System Rev., 5.00%, 5/15/27
|
800,000 | 810,237 | ||
|
Long Beach Marina System Rev., 5.00%, 5/15/28
|
600,000 | 608,006 | ||
|
Long Beach Marina System Rev., 5.00%, 5/15/40
|
2,250,000 | 2,261,028 | ||
|
Long Beach Marina System Rev., 5.00%, 5/15/45
|
1,620,000 | 1,622,574 | ||
|
Long Beach Unified School District GO, 5.00%, 8/1/28
|
5,000,000 | 5,283,433 | ||
|
Long Beach Unified School District GO, 5.00%, 8/1/32
|
3,985,000 | 4,215,949 | ||
|
Los Alamitos Unified School District COP, Capital Appreciation, VRN, 0.00%, 8/1/42
|
3,200,000 | 3,573,085 | ||
|
Los Angeles Community College District GO, 5.00%, 8/1/24
|
19,000,000 | 19,158,118 | ||
|
Los Angeles Community College District GO, 5.00%, 6/1/26
|
2,115,000 | 2,229,704 | ||
|
Los Angeles Community College District GO, 4.00%, 8/1/39
|
10,000,000 | 10,077,073 | ||
|
Los Angeles Community Facilities District Special Tax, 4.00%, 9/1/38
|
1,000,000 | 967,747 | ||
|
Los Angeles County Community Facilities District No. 2021-01 Special Tax, 5.00%, 9/1/42
|
1,800,000 | 1,846,123 | ||
|
Los Angeles County Metropolitan Transportation Authority Sales Tax Rev., 5.00%, 6/1/25
|
10,000,000 | 10,277,462 | ||
|
Los Angeles County Metropolitan Transportation Authority Sales Tax Rev., 5.00%, 7/1/32
|
5,000,000 | 5,545,473 |
20
|
Principal Amount
|
Value | |||
|
Los Angeles County Sanitation Districts Financing Authority Rev., (Los Angeles County Sanitation District No. 14), 5.00%, 10/1/26
|
$ | 2,700,000 | $ | 2,797,497 |
|
Los Angeles Department of Airports Rev., 5.00%, 5/15/29, Prerefunded at 100% of Par(2)
|
1,565,000 | 1,765,118 | ||
|
Los Angeles Department of Airports Rev., 5.00%, 5/15/33
|
1,350,000 | 1,454,027 | ||
|
Los Angeles Department of Airports Rev., 5.00%, 5/15/34
|
1,250,000 | 1,345,684 | ||
|
Los Angeles Department of Airports Rev., 5.00%, 5/15/35
|
1,500,000 | 1,611,662 | ||
|
Los Angeles Department of Airports Rev., 5.00%, 5/15/36
|
5,000,000 | 5,664,186 | ||
|
Los Angeles Department of Airports Rev., 5.00%, 5/15/38
|
935,000 | 1,035,858 | ||
|
Los Angeles Department of Airports Rev., 4.00%, 5/15/39
|
2,545,000 | 2,656,676 | ||
|
Los Angeles Department of Airports Rev., 5.00%, 5/15/39
|
8,265,000 | 9,228,612 | ||
|
Los Angeles Department of Airports Rev., 5.00%, 5/15/40
|
1,520,000 | 1,743,379 | ||
|
Los Angeles Department of Airports Rev., 5.00%, 5/15/41
|
2,600,000 | 2,969,103 | ||
|
Los Angeles Department of Water Rev., 5.00%, 7/1/26
|
4,040,000 | 4,274,121 | ||
|
Los Angeles Department of Water Rev., 5.00%, 7/1/27
|
2,125,000 | 2,312,554 | ||
|
Los Angeles Department of Water Rev., 5.00%, 7/1/29
|
6,030,000 | 6,649,283 | ||
|
Los Angeles Department of Water & Power Rev., 5.00%, 7/1/26
|
1,000,000 | 1,054,802 | ||
|
Los Angeles Department of Water & Power Rev., 5.00%, 7/1/40
|
5,000,000 | 5,843,959 | ||
|
Los Angeles Department of Water & Power Rev., 5.00%, 7/1/43
|
8,150,000 | 9,208,548 | ||
|
Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System Rev.), 5.00%, 7/1/28
|
10,000,000 | 11,128,041 | ||
|
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/25
|
1,525,000 | 1,565,568 | ||
|
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/27
|
7,895,000 | 7,939,060 | ||
|
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/41
|
3,470,000 | 3,981,582 | ||
|
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/42
|
3,960,000 | 4,529,577 | ||
|
Los Angeles Department of Water & Power System Rev., VRDN, 3.74%, 3/1/24 (SBBPA: Royal Bank of Canada)
|
12,000,000 | 12,000,000 | ||
|
Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/41
|
7,480,000 | 7,857,920 | ||
|
Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/42
|
1,790,000 | 2,047,461 | ||
|
Los Angeles Department of Water & Power Water System Rev., VRDN, 3.74%, 3/1/24 (SBBPA: Barclays Bank PLC)
|
1,100,000 | 1,100,000 | ||
|
Los Angeles Unified School District COP, 5.00%, 10/1/25
|
730,000 | 752,861 | ||
|
Los Angeles Unified School District GO, 5.00%, 7/1/24
|
5,975,000 | 6,011,661 | ||
|
Los Angeles Unified School District GO, 5.00%, 7/1/26
|
2,500,000 | 2,640,804 | ||
|
Los Angeles Unified School District GO, 5.00%, 7/1/26
|
3,555,000 | 3,570,438 | ||
|
Los Angeles Unified School District GO, 5.00%, 7/1/27
|
1,050,000 | 1,054,765 | ||
|
Los Angeles Unified School District GO, 5.25%, 7/1/40
|
4,000,000 | 4,810,302 | ||
|
Los Angeles Unified School District GO, 5.25%, 7/1/47
|
4,000,000 | 4,594,466 | ||
|
Los Angeles Wastewater System Rev., 5.00%, 6/1/31
|
3,700,000 | 3,794,985 | ||
|
Los Angeles Wastewater System Rev., 5.00%, 6/1/35
|
1,500,000 | 1,654,085 | ||
|
Los Gatos-Saratoga Joint High School District GO, 4.00%, 8/1/44
|
10,000,000 | 9,879,748 | ||
|
Manhattan Beach Unified School District GO, Capital Appreciation, 0.00%, 9/1/29(1)
|
5,905,000 | 4,967,493 | ||
|
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/43
|
1,000,000 | 1,039,535 | ||
|
Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/43
|
2,100,000 | 2,163,538 | ||
|
Menifee Union School District GO, 4.00%, 8/1/46
|
5,000,000 | 5,076,400 |
21
|
Principal Amount
|
Value | |||
|
Menifee Union School District Special Tax, (Community Facilities District No. 2011-1), 4.00%, 9/1/36
|
$ | 500,000 | $ | 501,931 |
|
Menifee Union School District Special Tax, (Community Facilities District No. 2011-1), 4.00%, 9/1/41
|
800,000 | 754,131 | ||
|
Metropolitan Water District of Southern California Rev., 4.00%, 10/1/24
|
4,070,000 | 4,096,136 | ||
|
Metropolitan Water District of Southern California Rev., 4.00%, 10/1/25
|
2,000,000 | 2,041,690 | ||
|
Metropolitan Water District of Southern California Rev., 5.00%, 7/1/35
|
1,600,000 | 1,925,562 | ||
|
Metropolitan Water District of Southern California Rev., 5.00%, 7/1/36
|
1,700,000 | 2,030,187 | ||
|
Metropolitan Water District of Southern California Rev., 5.00%, 10/1/36
|
1,175,000 | 1,369,133 | ||
|
Metropolitan Water District of Southern California Rev., 5.00%, 7/1/37
|
1,000,000 | 1,181,530 | ||
|
Middle Fork Project Finance Authority Rev., 5.00%, 4/1/27
|
3,000,000 | 3,124,602 | ||
|
Middle Fork Project Finance Authority Rev., 5.00%, 4/1/31
|
3,895,000 | 4,212,714 | ||
|
Milpitas Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/25
|
2,325,000 | 2,389,366 | ||
|
Milpitas Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/26
|
6,285,000 | 6,473,007 | ||
|
Monterey Peninsula Community College District GO, 4.00%, 8/1/41
|
475,000 | 496,305 | ||
|
Monterey Peninsula Community College District GO, 4.00%, 8/1/42
|
445,000 | 462,079 | ||
|
Monterey Peninsula Community College District GO, 4.00%, 8/1/43
|
875,000 | 902,888 | ||
|
Monterey Peninsula Community College District GO, 4.00%, 8/1/44
|
650,000 | 666,622 | ||
|
Monterey Peninsula Community College District GO, 4.00%, 8/1/45
|
775,000 | 788,133 | ||
|
Moreno Valley Unified School District Community Facilities District Special Tax, 4.00%, 9/1/36
|
750,000 | 746,935 | ||
|
Moreno Valley Unified School District Community Facilities District Special Tax, 4.00%, 9/1/41
|
1,625,000 | 1,531,828 | ||
|
Moreno Valley Unified School District Community Facilities District Special Tax, 4.00%, 9/1/46
|
2,230,000 | 1,990,948 | ||
|
Mountain View Los Altos Union High School District GO, 4.00%, 8/1/33
|
4,135,000 | 4,683,821 | ||
|
Mountain View-Whisman School District GO, 4.25%, 9/1/45
|
5,750,000 | 5,951,973 | ||
|
M-S-R Energy Authority Rev., 7.00%, 11/1/34 (GA: Citigroup Global Markets)
|
1,000,000 | 1,269,258 | ||
|
M-S-R Energy Authority Rev., 7.00%, 11/1/34 (GA: Citigroup Global Markets)
|
5,880,000 | 7,463,239 | ||
|
M-S-R Energy Authority Rev., 6.50%, 11/1/39 (GA: Citigroup Global Markets)
|
1,180,000 | 1,517,091 | ||
|
M-S-R Energy Authority Rev., 6.50%, 11/1/39 (GA: Citigroup Global Markets)
|
1,425,000 | 1,832,080 | ||
|
Municipal Improvement Corp. of Los Angeles Rev., 5.00%, 11/1/25
|
750,000 | 776,262 | ||
|
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 5/1/24, Prerefunded at 100% of Par(2)
|
750,000 | 752,074 | ||
|
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 5/1/24, Prerefunded at 100% of Par(2)
|
750,000 | 752,074 | ||
|
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 5/1/24, Prerefunded at 100% of Par(2)
|
750,000 | 752,074 | ||
|
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 5/1/24, Prerefunded at 100% of Par(2)
|
1,000,000 | 1,002,765 | ||
|
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 5/1/24, Prerefunded at 100% of Par(2)
|
1,500,000 | 1,504,148 |
22
|
Principal Amount
|
Value | |||
|
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 5/1/24, Prerefunded at 100% of Par(2)
|
$ | 1,750,000 | $ | 1,754,839 |
|
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 5/1/24, Prerefunded at 100% of Par(2)
|
2,085,000 | 2,090,766 | ||
|
Napa Valley Community College District GO, Capital Appreciation, 4.00%, 8/1/33
|
2,850,000 | 2,904,284 | ||
|
Napa Valley Community College District GO, Capital Appreciation, 4.00%, 8/1/34
|
1,500,000 | 1,526,899 | ||
|
Natomas Unified School District GO, 5.00%, 9/1/26 (BAM)
|
1,785,000 | 1,787,037 | ||
|
New Haven Unified School District GO, 4.00%, 8/1/38
|
250,000 | 254,619 | ||
|
Norman Y Mineta San Jose International Airport SJC Rev., 5.00%, 3/1/27
|
1,295,000 | 1,300,181 | ||
|
Norman Y Mineta San Jose International Airport SJC Rev., 5.00%, 3/1/28
|
1,500,000 | 1,506,003 | ||
|
Norman Y Mineta San Jose International Airport SJC Rev., 5.00%, 3/1/30
|
1,750,000 | 1,757,017 | ||
|
Norman Y Mineta San Jose International Airport SJC Rev., 5.00%, 3/1/31
|
1,000,000 | 1,004,011 | ||
|
North Lake Tahoe Public Financing Authority Rev., (Placer County), 5.25%, 12/1/42
|
3,250,000 | 3,661,908 | ||
|
Northern California Energy Authority Rev., VRN, 4.00%, 7/1/49 (GA: Goldman Sachs Group, Inc.)
|
17,300,000 | 17,306,904 | ||
|
Northern California Power Agency Rev., 5.00%, 7/1/24
|
500,000 | 503,068 | ||
|
Northern California Power Agency Rev., 5.00%, 7/1/25
|
2,000,000 | 2,055,932 | ||
|
Northern California Power Agency Rev., 5.00%, 7/1/26
|
2,250,000 | 2,373,066 | ||
|
Northern California Transmission Agency Rev., 5.00%, 5/1/28
|
1,000,000 | 1,050,181 | ||
|
Northern California Transmission Agency Rev., 5.00%, 5/1/29
|
1,000,000 | 1,050,346 | ||
|
Northern California Transmission Agency Rev., 5.00%, 5/1/30
|
1,855,000 | 1,948,409 | ||
|
Novato Redevelopment Agency Successor Agency Tax Allocation, 4.00%, 9/1/36
|
1,825,000 | 1,875,545 | ||
|
Novato Redevelopment Agency Successor Agency Tax Allocation, 4.00%, 9/1/37
|
1,900,000 | 1,943,903 | ||
|
Novato Redevelopment Agency Successor Agency Tax Allocation, 4.00%, 9/1/38
|
1,420,000 | 1,450,802 | ||
|
Oakland Sewer Rev., 5.00%, 6/15/26
|
1,200,000 | 1,205,524 | ||
|
Oakland Unified School District/Alameda County GO, 5.00%, 8/1/25
|
650,000 | 667,561 | ||
|
Oakland Unified School District/Alameda County GO, 5.25%, 8/1/40 (AGM)
|
1,500,000 | 1,771,951 | ||
|
Oakland Unified School District/Alameda County GO, 5.25%, 8/1/41 (AGM)
|
2,250,000 | 2,645,417 | ||
|
Ontario Community Facilities District No. 30 Special Tax, 4.00%, 9/1/24
|
315,000 | 314,902 | ||
|
Ontario Community Facilities District No. 30 Special Tax, 4.00%, 9/1/25
|
325,000 | 325,715 | ||
|
Ontario Community Facilities District No. 30 Special Tax, 4.00%, 9/1/26
|
340,000 | 343,298 | ||
|
Ontario Community Facilities District No. 30 Special Tax, 4.00%, 9/1/29
|
230,000 | 234,722 | ||
|
Ontario Community Facilities District No. 56 Special Tax, 5.00%, 9/1/38
|
1,200,000 | 1,274,377 | ||
|
Ontario Community Facilities District No. 56 Special Tax, 5.25%, 9/1/43
|
1,000,000 | 1,056,933 | ||
|
Ontario Montclair School District GO, 4.00%, 8/1/48
|
3,000,000 | 3,037,778 | ||
|
Ontario Montclair School District GO, 4.00%, 8/1/48
|
9,255,000 | 9,256,285 | ||
|
Orange County Special Assessment, (Reassessment District No. 17-1R), 3.00%, 9/2/25
|
285,000 | 284,523 | ||
|
Orange County Special Assessment, (Reassessment District No. 17-1R), 5.00%, 9/2/26
|
600,000 | 631,613 |
23
|
Principal Amount
|
Value | |||
|
Orange County Special Assessment, (Reassessment District No. 17-1R), 5.00%, 9/2/28
|
$ | 600,000 | $ | 661,277 |
|
Orange County Special Assessment, (Reassessment District No. 17-1R), 5.00%, 9/2/30
|
875,000 | 964,947 | ||
|
Orange County Airport Rev., 5.00%, 7/1/24(2)
|
1,470,000 | 1,478,636 | ||
|
Orange County Airport Rev., 5.00%, 7/1/25(2)
|
1,000,000 | 1,026,912 | ||
|
Orange County Airport Rev., 5.00%, 7/1/26(2)
|
1,000,000 | 1,051,222 | ||
|
Orange County Community Facilities District Special Tax, 5.00%, 8/15/37
|
1,300,000 | 1,387,750 | ||
|
Orange County Community Facilities District Special Tax, (Orange County Community Facilities District No. 2016-1), 5.00%, 8/15/29
|
2,000,000 | 2,082,008 | ||
|
Orange County Community Facilities District Special Tax, (Orange County Community Facilities District No. 2016-1), 5.00%, 8/15/30
|
2,220,000 | 2,311,549 | ||
|
Orange County Community Facilities District Special Tax, (Orange County Community Facilities District No. 2021-1), 5.00%, 8/15/32
|
2,575,000 | 2,675,807 | ||
|
Orange County Community Facilities District Special Tax, (Orange County Community Facilities District No. 2021-1), 5.00%, 8/15/47
|
1,700,000 | 1,743,528 | ||
|
Orange County Community Facilities District Special Tax, (Orange County Community Facilities District No. 2023-1), 5.50%, 8/15/48
|
1,200,000 | 1,258,089 | ||
|
Orange County Sanitation District Rev., 5.00%, 2/1/36
|
6,130,000 | 6,363,634 | ||
|
Orange County Transportation Authority Rev., 4.00%, 10/15/24(2)
|
10,000,000 | 10,058,123 | ||
|
Oroville Rev., (Oroville Hospital), 5.25%, 4/1/34
|
1,685,000 | 1,072,521 | ||
|
Oroville Rev., (Oroville Hospital), 5.25%, 4/1/39
|
3,500,000 | 2,201,320 | ||
|
Oxnard Financing Authority Rev., 5.00%, 6/1/25 (AGM)
|
2,000,000 | 2,008,098 | ||
|
Oxnard Financing Authority Rev., 5.00%, 6/1/26 (AGM)
|
3,690,000 | 3,704,491 | ||
|
Oxnard Financing Authority Rev., 5.00%, 6/1/28 (AGM)
|
1,515,000 | 1,520,876 | ||
|
Oxnard Financing Authority Rev., 5.00%, 6/1/32 (AGM)
|
2,500,000 | 2,508,174 | ||
|
Oxnard Financing Authority Rev., 5.00%, 6/1/33 (AGM)
|
1,000,000 | 1,003,245 | ||
|
Oxnard School District GO, 5.00%, 8/1/41 (BAM)
|
1,000,000 | 1,142,928 | ||
|
Oxnard School District GO, 5.00%, 8/1/44 (BAM)
|
1,190,000 | 1,344,551 | ||
|
Oxnard School District GO, VRN, 5.00%, 8/1/25, Prerefunded at 100% of Par (AGM)(2)
|
3,750,000 | 3,863,369 | ||
|
Palm Desert Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 10/1/30 (BAM)
|
350,000 | 374,496 | ||
|
Palmdale Community Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/28 (NATL)
|
2,150,000 | 2,276,109 | ||
|
Palmdale Community Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/29 (NATL)
|
2,075,000 | 2,198,677 | ||
|
Palmdale Community Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/30 (NATL)
|
1,215,000 | 1,288,884 | ||
|
Palomar Health COP, (Palomar Health Obligated Group), 5.00%, 11/1/25
|
650,000 | 657,779 | ||
|
Palomar Health COP, (Palomar Health Obligated Group), 5.00%, 11/1/26
|
475,000 | 484,334 | ||
|
Palomar Health COP, (Palomar Health Obligated Group), 5.00%, 11/1/27
|
720,000 | 739,003 | ||
|
Palomar Health COP, (Palomar Health Obligated Group), 5.00%, 11/1/32
|
4,000,000 | 4,119,276 | ||
|
Palomar Health GO, 5.00%, 8/1/28
|
1,340,000 | 1,404,745 | ||
|
Palomar Health GO, Capital Appreciation, 7.00%, 8/1/38 (AGC)
|
3,330,000 | 3,865,002 | ||
|
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/24
|
2,375,000 | 2,386,103 | ||
|
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/29
|
4,585,000 | 4,689,108 |
24
|
Principal Amount
|
Value | |||
|
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/39
|
$ | 4,080,000 | $ | 4,109,717 |
|
Palos Verdes Peninsula Unified School District GO, Capital Appreciation, 0.00%, 8/1/33(1)
|
2,600,000 | 1,952,486 | ||
|
Pasadena Area Community College District GO, 5.00%, 8/1/48
|
3,320,000 | 3,718,721 | ||
|
Pasadena Unified School District GO, 5.00%, 8/1/29
|
2,700,000 | 3,076,980 | ||
|
Peninsula Corridor Joint Powers Board Rev., 5.00%, 10/1/31
|
1,045,000 | 1,169,510 | ||
|
Peninsula Corridor Joint Powers Board Rev., 5.00%, 10/1/32
|
785,000 | 878,752 | ||
|
Peninsula Corridor Joint Powers Board Rev., 5.00%, 10/1/36
|
300,000 | 334,193 | ||
|
Peninsula Corridor Joint Powers Board Rev., 5.00%, 10/1/37
|
435,000 | 480,652 | ||
|
Peninsula Corridor Joint Powers Board Rev., 5.00%, 10/1/38
|
550,000 | 602,278 | ||
|
Peninsula Corridor Joint Powers Board Rev., 5.00%, 10/1/39
|
1,210,000 | 1,315,918 | ||
|
Peninsula Corridor Joint Powers Board Rev., 5.00%, 6/1/41
|
3,625,000 | 4,090,444 | ||
|
Pittsburg Successor Agency Redevelopment Agency Tax Allocation, 5.00%, 9/1/27 (AGM)
|
3,340,000 | 3,499,368 | ||
|
Pittsburg Successor Agency Redevelopment Agency Tax Allocation, 5.00%, 9/1/29 (AGM)
|
3,000,000 | 3,136,616 | ||
|
Pleasanton Unified School District GO, 4.00%, 8/1/42
|
3,280,000 | 3,386,779 | ||
|
Pomona Unified School District GO, 6.55%, 8/1/29 (NATL)
|
780,000 | 869,494 | ||
|
Poway Unified School District GO, (Facilities Improvement District No. 2007-1), Capital Appreciation, 0.00%, 8/1/38(1)
|
2,000,000 | 1,165,282 | ||
|
Poway Unified School District GO, (Facilities Improvement District No. 2007-1), Capital Appreciation, 0.00%, 8/1/41(1)
|
4,890,000 | 2,422,351 | ||
|
Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/31
|
1,630,000 | 1,719,073 | ||
|
Rancho Santa Fe Community Services District Special Tax, (Community Facilities District No. 1), 5.00%, 9/1/27
|
1,500,000 | 1,564,785 | ||
|
Ravenswood City School District GO, 5.25%, 8/1/45 (AGM)
|
3,375,000 | 3,745,269 | ||
|
Redwood City School District GO, 5.00%, 8/1/38
|
200,000 | 235,905 | ||
|
Redwood City School District GO, 5.00%, 8/1/39
|
250,000 | 292,665 | ||
|
Redwood City School District GO, 5.00%, 8/1/40
|
350,000 | 406,416 | ||
|
Redwood City School District GO, 5.00%, 8/1/41
|
630,000 | 728,345 | ||
|
Redwood City School District GO, 5.00%, 8/1/42
|
700,000 | 805,237 | ||
|
Redwood City School District GO, 5.00%, 8/1/43
|
525,000 | 601,874 | ||
|
Regents of the University of California Medical Center Pooled Rev., 5.00%, 5/15/33
|
3,015,000 | 3,178,287 | ||
|
Regents of the University of California Medical Center Pooled Rev., 5.00%, 5/15/33
|
2,900,000 | 3,482,016 | ||
|
Regents of the University of California Medical Center Pooled Rev., 5.00%, 5/15/34
|
2,000,000 | 2,105,607 | ||
|
Regents of the University of California Medical Center Pooled Rev., 5.00%, 5/15/34
|
6,000,000 | 7,163,786 | ||
|
Regents of the University of California Medical Center Pooled Rev., VRDN, 3.65%, 3/1/24
|
1,320,000 | 1,320,000 | ||
|
Regents of the University of California Medical Center Pooled Rev., VRDN, 3.70%, 3/1/24
|
1,040,000 | 1,040,000 | ||
|
Rialto Unified School District GO, Capital Appreciation, 0.00%, 8/1/46 (BAM)(1)
|
1,000,000 | 344,687 | ||
|
Rialto Unified School District GO, Capital Appreciation, 0.00%, 8/1/47 (BAM)(1)
|
1,175,000 | 383,559 | ||
|
Rio Elementary School District Community Facilities District Special Tax, 5.00%, 9/1/24
|
700,000 | 703,460 | ||
|
Riverside County Transportation Commission Rev., 4.00%, 6/1/40
|
2,500,000 | 2,531,468 | ||
|
Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/28(1)(2)
|
465,000 | 412,199 | ||
|
Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/28(1)
|
535,000 | 455,064 |
25
|
Principal Amount
|
Value | |||
|
Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/30(1)
|
$ | 1,000,000 | $ | 790,526 |
|
Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/31(1)
|
1,555,000 | 1,183,206 | ||
|
Riverside Sewer Rev., 5.00%, 8/1/25
|
1,630,000 | 1,680,877 | ||
|
Riverside Sewer Rev., 5.00%, 8/1/26
|
3,400,000 | 3,509,740 | ||
|
Riverside Sewer Rev., 5.00%, 8/1/28
|
1,935,000 | 1,998,033 | ||
|
Riverside Sewer Rev., 5.00%, 8/1/29
|
1,330,000 | 1,372,774 | ||
|
Riverside Sewer Rev., 5.00%, 8/1/35
|
3,750,000 | 4,145,310 | ||
|
Riverside Sewer Rev., 5.00%, 8/1/37
|
3,265,000 | 3,581,651 | ||
|
Riverside Water Rev., 5.00%, 10/1/36
|
7,185,000 | 8,031,404 | ||
|
Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2004-1), 5.00%, 9/1/36
|
1,000,000 | 1,048,419 | ||
|
Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2004-1), 5.00%, 9/1/37
|
1,100,000 | 1,151,098 | ||
|
Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2004-1), 5.00%, 9/1/38
|
1,000,000 | 1,044,834 | ||
|
Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2017-1), 5.00%, 9/1/38
|
250,000 | 268,329 | ||
|
Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2017-1), 5.00%, 9/1/43
|
425,000 | 445,414 | ||
|
Roseville Special Tax, (Fiddyment Ranch Community Facilities District No. 1), 5.00%, 9/1/26
|
1,075,000 | 1,111,611 | ||
|
Roseville Special Tax, (Fiddyment Ranch Community Facilities District No. 1), 5.00%, 9/1/28
|
1,025,000 | 1,073,090 | ||
|
Roseville Special Tax, (Fiddyment Ranch Community Facilities District No. 1), 5.00%, 9/1/30
|
1,390,000 | 1,448,064 | ||
|
Roseville Special Tax, (Fiddyment Ranch Community Facilities District No. 1), 5.00%, 9/1/32
|
1,245,000 | 1,292,152 | ||
|
Roseville Special Tax, (Fiddyment Ranch Community Facilities District No. 1), 5.00%, 9/1/34
|
1,045,000 | 1,083,451 | ||
|
Roseville Special Tax, (Roseville Creekview Community Facilities District No. 1), 5.00%, 9/1/40
|
1,260,000 | 1,313,204 | ||
|
Roseville Special Tax, (Roseville SVSP Westpark-Federico Community Facilities District No. 1), 4.00%, 9/1/37
|
350,000 | 348,802 | ||
|
Roseville Special Tax, (Roseville SVSP Westpark-Federico Community Facilities District No. 1), 4.00%, 9/1/41
|
390,000 | 370,823 | ||
|
Roseville Water Utility COP, 5.00%, 12/1/26
|
1,690,000 | 1,760,700 | ||
|
Roseville Water Utility COP, 5.00%, 12/1/27
|
2,250,000 | 2,346,875 | ||
|
Sacramento Special Tax, (Sacramento Greenbriar Community Facilities District No. 2018-03), 3.00%, 9/1/25
|
450,000 | 440,224 | ||
|
Sacramento Special Tax, (Sacramento Greenbriar Community Facilities District No. 2018-03), 4.00%, 9/1/27
|
570,000 | 576,181 | ||
|
Sacramento Special Tax, (Sacramento Greenbriar Community Facilities District No. 2018-03), 4.00%, 9/1/29
|
710,000 | 722,556 | ||
|
Sacramento Special Tax, (Sacramento Greenbriar Community Facilities District No. 2018-03), 4.00%, 9/1/30
|
265,000 | 269,960 | ||
|
Sacramento Special Tax, (Sacramento Greenbriar Community Facilities District No. 2018-03), 4.00%, 9/1/31
|
220,000 | 224,012 | ||
|
Sacramento Special Tax, (Sacramento Greenbriar Community Facilities District No. 2018-03), 4.00%, 9/1/32
|
315,000 | 320,578 | ||
|
Sacramento Special Tax, (Sacramento Greenbriar Community Facilities District No. 2018-03), 4.00%, 9/1/34
|
560,000 | 568,216 | ||
|
Sacramento Special Tax, (Sacramento Greenbriar Community Facilities District No. 2018-03), 4.00%, 9/1/36
|
660,000 | 661,798 | ||
|
Sacramento Special Tax, (Sacramento Greenbriar Community Facilities District No. 2018-03), 4.00%, 9/1/41
|
1,000,000 | 954,354 | ||
|
Sacramento County Airport System Rev., 5.00%, 7/1/33
|
1,450,000 | 1,589,665 | ||
|
Sacramento County Airport System Rev., 5.00%, 7/1/34
|
1,000,000 | 1,095,506 |
26
|
Principal Amount
|
Value | |||
|
Sacramento County Airport System Rev., 5.00%, 7/1/35
|
$ | 1,000,000 | $ | 1,093,257 |
|
Sacramento County Water Financing Authority Rev., (Sacramento County Water Agency), 4.00%, 11/1/25
|
22,140,000 | 22,540,382 | ||
|
Sacramento Municipal Utility District Rev., 5.25%, 7/1/24 (Ambac)
|
805,000 | 810,926 | ||
|
Sacramento Municipal Utility District Rev., 5.00%, 8/15/24
|
1,000,000 | 1,008,996 | ||
|
Sacramento Municipal Utility District Rev., 5.00%, 8/15/25
|
2,000,000 | 2,064,092 | ||
|
Sacramento Municipal Utility District Rev., 5.00%, 8/15/26
|
6,500,000 | 6,886,942 | ||
|
Sacramento Municipal Utility District Rev., 5.00%, 8/15/27
|
6,500,000 | 7,071,629 | ||
|
Sacramento Municipal Utility District Rev., 5.00%, 8/15/28
|
4,000,000 | 4,457,378 | ||
|
Sacramento Municipal Utility District Rev., 5.00%, 8/15/36
|
7,465,000 | 8,590,671 | ||
|
Sacramento Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/34 (BAM)
|
1,355,000 | 1,404,053 | ||
|
Sacramento Transient Occupancy Tax Rev., 5.00%, 6/1/36
|
3,220,000 | 3,468,909 | ||
|
Sacramento Transient Occupancy Tax Rev., 5.00%, 6/1/38
|
1,000,000 | 1,065,881 | ||
|
Sacramento Transportation Authority Sales Tax Rev., 5.00%, 10/1/24
|
750,000 | 758,845 | ||
|
Sacramento Transportation Authority Sales Tax Rev., 5.00%, 10/1/25
|
1,050,000 | 1,087,154 | ||
|
Sacramento Transportation Authority Sales Tax Rev., 5.00%, 10/1/26
|
825,000 | 877,087 | ||
|
San Bernardino Community College District GO, Capital Appreciation, 6.375%, 8/1/34
|
17,240,000 | 17,451,952 | ||
|
San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/24 (AGM)
|
2,310,000 | 2,338,887 | ||
|
San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/25 (AGM)
|
1,275,000 | 1,312,554 | ||
|
San Diego Community College District GO, (San Diego Community College District), 4.00%, 8/1/42
|
2,000,000 | 2,106,270 | ||
|
San Diego Community College District GO, (San Diego Community College District), 4.00%, 8/1/43
|
1,800,000 | 1,881,631 | ||
|
San Diego County COP, 5.00%, 10/1/48
|
4,735,000 | 5,306,597 | ||
|
San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/30
|
675,000 | 702,060 | ||
|
San Diego County Regional Airport Authority Rev., 5.00%, 7/1/31
|
1,000,000 | 1,075,611 | ||
|
San Diego County Regional Airport Authority Rev., 5.00%, 7/1/32
|
850,000 | 914,005 | ||
|
San Diego County Regional Airport Authority Rev., 5.00%, 7/1/33
|
1,000,000 | 1,074,999 | ||
|
San Diego County Regional Airport Authority Rev., 5.00%, 7/1/34
|
700,000 | 752,060 | ||
|
San Diego County Regional Airport Authority Rev., 5.00%, 7/1/35
|
1,000,000 | 1,072,638 | ||
|
San Diego County Regional Airport Authority Rev., 5.00%, 7/1/39
|
1,000,000 | 1,099,636 | ||
|
San Diego County Regional Airport Authority Rev., 5.00%, 7/1/44
|
3,000,000 | 3,009,611 | ||
|
San Diego County Regional Transportation Commission Rev., 5.00%, 4/1/38
|
1,300,000 | 1,534,976 | ||
|
San Diego County Water Authority Rev., 5.00%, 5/1/25
|
5,250,000 | 5,383,783 | ||
|
San Diego County Water Authority Rev., 5.00%, 5/1/26
|
2,390,000 | 2,453,164 | ||
|
San Diego County Water Authority Rev., 5.00%, 5/1/27
|
3,485,000 | 3,582,163 | ||
|
San Diego County Water Authority Rev., 5.00%, 5/1/28
|
3,000,000 | 3,322,163 | ||
|
San Diego County Water Authority Rev., 4.00%, 5/1/34
|
1,900,000 | 2,100,534 | ||
|
San Diego Public Facilities Financing Authority Rev., (San Diego Sewer Utility), 5.00%, 5/15/28
|
10,000,000 | 10,554,716 | ||
|
San Diego Public Facilities Financing Authority Rev., (San Diego Sewer Utility), 5.00%, 5/15/39
|
1,800,000 | 2,102,130 |
27
|
Principal Amount
|
Value | |||
|
San Diego Public Facilities Financing Authority Rev., (San Diego Water Utility), 5.00%, 8/1/38
|
$ | 5,000,000 | $ | 5,469,476 |
|
San Diego Unified Port District Rev., 5.00%, 9/1/24
|
500,000 | 500,616 | ||
|
San Diego Unified School District GO, 5.00%, 7/1/33
|
1,320,000 | 1,421,758 | ||
|
San Diego Unified School District GO, 4.00%, 7/1/47
|
6,000,000 | 6,011,798 | ||
|
San Diego Unified School District GO, Capital Appreciation, 0.00%, 7/1/39(1)
|
1,410,000 | 741,944 | ||
|
San Francisco Bay Area Rapid Transit District GO, 5.00%, 8/1/40
|
5,000,000 | 5,761,150 | ||
|
San Francisco Bay Area Rapid Transit District GO, 4.00%, 8/1/42
|
7,425,000 | 7,483,023 | ||
|
San Francisco Bay Area Rapid Transit District Rev., 5.00%, 7/1/28
|
1,500,000 | 1,539,237 | ||
|
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/39
|
6,000,000 | 6,580,495 | ||
|
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/43
|
6,750,000 | 7,675,426 | ||
|
San Francisco City & County Public Utilities Commission Wastewater Rev., 5.25%, 10/1/42
|
1,000,000 | 1,169,683 | ||
|
San Francisco City & County Public Utilities Commission Wastewater Rev., VRN, 4.00%, 10/1/48
|
2,485,000 | 2,627,975 | ||
|
San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, (Mission Bay South Redevelopment Project), 5.00%, 8/1/26
|
425,000 | 427,206 | ||
|
San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, (Mission Bay South Redevelopment Project), 5.00%, 8/1/27
|
550,000 | 553,045 | ||
|
San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, (Mission Bay South Redevelopment Project), 5.00%, 8/1/28
|
370,000 | 372,110 | ||
|
San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, (Mission Bay South Redevelopment Project), 5.00%, 8/1/31
|
400,000 | 401,978 | ||
|
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/28
|
1,055,000 | 1,083,909 | ||
|
San Francisco Public Utilities Commission Water Rev., 5.25%, 11/1/48
|
7,000,000 | 8,130,412 | ||
|
San Gorgonio Memorial Health Care District GO, 5.00%, 8/1/25
|
850,000 | 847,747 | ||
|
San Joaquin Hills Transportation Corridor Agency Rev., 4.00%, 1/15/34
|
1,500,000 | 1,607,138 | ||
|
San Joaquin Hills Transportation Corridor Agency Rev., 4.00%, 1/15/34
|
7,809,000 | 8,366,763 | ||
|
San Joaquin Hills Transportation Corridor Agency Rev., 4.00%, 1/15/35
|
1,730,000 | 1,845,798 | ||
|
San Joaquin Hills Transportation Corridor Agency Rev., 4.00%, 1/15/36
|
1,400,000 | 1,483,614 | ||
|
San Joaquin Hills Transportation Corridor Agency Rev., 4.00%, 1/15/44
|
986,000 | 993,464 | ||
|
San Joaquin Hills Transportation Corridor Agency Rev., 5.25%, 1/15/44
|
3,270,000 | 3,308,462 | ||
|
San Jose Evergreen Community College District GO, 4.00%, 9/1/45
|
5,000,000 | 5,098,356 | ||
|
San Jose Financing Authority Rev., (San Jose Wastewater Rev.), 5.00%, 11/1/47
|
5,000,000 | 5,650,237 | ||
|
San Luis Obispo Community Facilities District No. 2019-1 Special Tax, 4.00%, 9/1/36
|
150,000 | 150,173 | ||
|
San Luis Obispo Community Facilities District No. 2019-1 Special Tax, 4.00%, 9/1/39
|
225,000 | 216,368 | ||
|
San Luis Obispo Community Facilities District No. 2019-1 Special Tax, 4.00%, 9/1/41
|
525,000 | 494,290 |
28
|
Principal Amount
|
Value | |||
|
San Luis Obispo County Financing Authority Rev., (San County Luis Obispo), 5.50%, 11/15/47
|
$ | 4,000,000 | $ | 4,473,689 |
|
San Mateo Foster City Public Financing Authority Rev., (Estero Municipal Improvement District), 5.00%, 8/1/25(2)
|
3,940,000 | 4,053,598 | ||
|
San Mateo Foster City Public Financing Authority Rev., (San Mateo Sewer Rev.), 5.00%, 8/1/34
|
1,050,000 | 1,190,258 | ||
|
San Mateo Foster City Public Financing Authority Rev., (San Mateo Sewer Rev.), 4.00%, 8/1/35
|
1,100,000 | 1,166,700 | ||
|
San Mateo Foster City Public Financing Authority Rev., (San Mateo Sewer Rev.), 5.00%, 8/1/36
|
1,885,000 | 2,117,774 | ||
|
San Mateo Foster City School District GO, 5.00%, 8/1/40
|
1,000,000 | 1,155,099 | ||
|
San Mateo Foster City School District GO, 5.00%, 8/1/41
|
1,150,000 | 1,319,856 | ||
|
San Mateo Foster City School District GO, 4.00%, 8/1/42
|
1,000,000 | 1,045,996 | ||
|
Santa Ana Gas Tax Rev., 5.00%, 1/1/34
|
720,000 | 799,216 | ||
|
Santa Ana Gas Tax Rev., 5.00%, 1/1/35
|
1,260,000 | 1,396,050 | ||
|
Santa Ana Gas Tax Rev., 5.00%, 1/1/37
|
1,260,000 | 1,376,819 | ||
|
Santa Barbara Financing Authority Rev., (Santa Barbara), 5.00%, 4/1/29
|
1,515,000 | 1,708,943 | ||
|
Santa Barbara Financing Authority Rev., (Santa Barbara), 5.00%, 4/1/31
|
845,000 | 953,792 | ||
|
Santa Barbara Financing Authority Rev., (Santa Barbara), 5.00%, 4/1/33
|
840,000 | 945,218 | ||
|
Santa Barbara Financing Authority Rev., (Santa Barbara), 5.00%, 4/1/35
|
2,035,000 | 2,280,323 | ||
|
Santa Barbara Financing Authority Rev., (Santa Barbara), 5.00%, 4/1/38
|
1,000,000 | 1,101,551 | ||
|
Santa Clara Valley Water District Safe Clean Water COP, 5.00%, 12/1/26
|
2,000,000 | 2,130,559 | ||
|
Santa Clarita Community College District GO, 5.25%, 8/1/45
|
3,000,000 | 3,384,553 | ||
|
Santa Clarita Community College District GO, 5.25%, 8/1/48
|
3,500,000 | 3,907,882 | ||
|
Santa Cruz County Redevelopment Agency Tax Allocation, 5.00%, 9/1/35 (AGM)
|
1,500,000 | 1,545,227 | ||
|
Santa Monica Redevelopment Agency Tax Allocation, 5.875%, 7/1/42
|
1,000,000 | 1,001,948 | ||
|
Santa Paula Special Tax, (Santa Paula Harvest Community Facilities District No. 1), 5.00%, 9/1/40
|
1,000,000 | 1,045,111 | ||
|
Santa Paula Utility Authority Rev., (Santa Paula), 5.00%, 2/1/29 (AGM)
|
1,920,000 | 2,141,529 | ||
|
Santa Paula Utility Authority Rev., (Santa Paula), 5.00%, 2/1/30 (AGM)
|
2,225,000 | 2,481,458 | ||
|
Santa Paula Utility Authority Rev., (Santa Paula), 5.00%, 2/1/31 (AGM)
|
2,090,000 | 2,326,367 | ||
|
Santa Paula Utility Authority Rev., (Santa Paula), 5.00%, 2/1/32 (AGM)
|
1,900,000 | 2,110,274 | ||
|
Santa Paula Utility Authority Rev., (Santa Paula), 4.00%, 2/1/33 (AGM)
|
2,000,000 | 2,090,571 | ||
|
Santa Paula Utility Authority Rev., (Santa Paula), 4.00%, 2/1/34 (AGM)
|
600,000 | 627,435 | ||
|
Sierra Joint Community College District GO, 4.00%, 8/1/48
|
4,000,000 | 4,075,721 | ||
|
Sonoma Community Development Agency Successor Agency Tax Allocation, 5.00%, 6/1/25 (NATL)
|
1,390,000 | 1,409,829 | ||
|
Sonoma Community Development Agency Successor Agency Tax Allocation, 5.00%, 6/1/29 (NATL)
|
1,100,000 | 1,158,672 | ||
|
Sonoma Community Development Agency Successor Agency Tax Allocation, 5.00%, 6/1/33 (NATL)
|
1,325,000 | 1,396,866 | ||
|
South Bayside Waste Management Authority Rev., 5.00%, 9/1/33 (AGM)(2)
|
15,000 | 16,781 | ||
|
South Bayside Waste Management Authority Rev., 5.00%, 9/1/33 (AGM)
|
435,000 | 482,456 |
29
|
Principal Amount
|
Value | |||
|
South Bayside Waste Management Authority Rev., 5.00%, 9/1/36 (AGM)(2)
|
$ | 70,000 | $ | 78,311 |
|
South Bayside Waste Management Authority Rev., 5.00%, 9/1/36 (AGM)
|
2,040,000 | 2,244,942 | ||
|
South Bayside Waste Management Authority Rev., 5.00%, 9/1/39 (AGM)
|
2,450,000 | 2,645,992 | ||
|
South Bayside Waste Management Authority Rev., 5.00%, 9/1/40 (AGM)(2)
|
80,000 | 89,499 | ||
|
South Orange County Public Financing Authority Rev., (Orange County), 5.00%, 6/1/37
|
1,935,000 | 2,251,765 | ||
|
South Orange County Public Financing Authority Rev., (Orange County), 5.00%, 6/1/38
|
1,400,000 | 1,617,053 | ||
|
South Orange County Public Financing Authority Special Tax, 5.00%, 8/15/25
|
1,125,000 | 1,147,065 | ||
|
South Orange County Public Financing Authority Special Tax, 5.00%, 8/15/26
|
1,000,000 | 1,036,597 | ||
|
South Orange County Public Financing Authority Special Tax, 5.00%, 8/15/27
|
1,155,000 | 1,231,276 | ||
|
South Orange County Public Financing Authority Special Tax, 5.00%, 8/15/28
|
1,340,000 | 1,437,999 | ||
|
Southern California Public Power Authority Rev., 5.00%, 11/1/28 (GA: Goldman Sachs Group, Inc.)
|
835,000 | 875,894 | ||
|
Southern California Public Power Authority Rev., 5.00%, 7/1/48 (Los Angeles Department of Water & Power Power System Rev.)
|
6,250,000 | 7,083,376 | ||
|
Southern California Water Replenishment District Rev., 5.00%, 8/1/35
|
2,190,000 | 2,422,792 | ||
|
Southern California Water Replenishment District Rev., 5.00%, 8/1/37
|
2,170,000 | 2,378,560 | ||
|
State Center Community College District GO, 5.00%, 8/1/47
|
6,000,000 | 6,692,765 | ||
|
State of California GO, 4.00%, 11/1/27
|
2,000,000 | 2,099,034 | ||
|
State of California GO, 5.00%, 9/1/28
|
10,000,000 | 11,060,808 | ||
|
State of California GO, 5.00%, 11/1/28
|
5,000,000 | 5,550,799 | ||
|
State of California GO, 5.00%, 4/1/30
|
2,500,000 | 2,797,311 | ||
|
State of California GO, 5.00%, 9/1/31
|
3,685,000 | 4,326,892 | ||
|
State of California GO, 5.00%, 11/1/31
|
7,435,000 | 8,068,991 | ||
|
State of California GO, 4.00%, 3/1/37
|
10,100,000 | 10,686,490 | ||
|
State of California GO, 5.00%, 4/1/37
|
5,000,000 | 5,004,903 | ||
|
State of California GO, 4.00%, 3/1/38
|
5,000,000 | 5,252,717 | ||
|
State of California GO, 5.00%, 4/1/38
|
3,500,000 | 3,848,478 | ||
|
State of California GO, 5.00%, 9/1/38
|
5,000,000 | 5,878,761 | ||
|
State of California GO, 4.00%, 10/1/39
|
7,500,000 | 7,904,862 | ||
|
State of California GO, 4.00%, 10/1/41
|
6,595,000 | 6,856,094 | ||
|
State of California GO, 4.00%, 4/1/42
|
7,500,000 | 7,787,586 | ||
|
State of California GO, 4.00%, 9/1/42
|
1,000,000 | 1,040,070 | ||
|
State of California GO, 5.00%, 9/1/42
|
2,025,000 | 2,162,013 | ||
|
State of California GO, 5.00%, 9/1/42
|
4,000,000 | 4,559,896 | ||
|
State of California GO, 5.25%, 10/1/45
|
1,430,000 | 1,654,937 | ||
|
State of California Department of Water Resources Rev., 5.00%, 12/1/25
|
2,000,000 | 2,078,570 | ||
|
Stockton Public Financing Authority Rev., 5.00%, 9/1/24 (BAM)
|
1,090,000 | 1,098,940 | ||
|
Stockton Public Financing Authority Rev., 5.00%, 9/1/25 (BAM)
|
2,255,000 | 2,273,609 | ||
|
Stockton Public Financing Authority Rev., 5.00%, 9/1/26 (BAM)
|
1,495,000 | 1,506,535 | ||
|
Stockton Public Financing Authority Rev., 5.00%, 9/1/27 (BAM)
|
1,000,000 | 1,007,375 | ||
|
Stockton Public Financing Authority Rev., (Stockton Water Rev.), 5.00%, 10/1/30 (BAM)
|
1,000,000 | 1,102,162 | ||
|
Stockton Public Financing Authority Rev., (Stockton Water Rev.), 5.00%, 10/1/31 (BAM)
|
1,000,000 | 1,101,319 |
30
|
Principal Amount
|
Value | |||
|
Stockton Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/29 (AGM)
|
$ | 1,500,000 | $ | 1,573,826 |
|
Stockton Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/30 (AGM)
|
1,800,000 | 1,889,191 | ||
|
Stockton Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/31 (AGM)
|
1,825,000 | 1,915,279 | ||
|
Stockton Unified School District GO, 5.00%, 8/1/35 (AGM)
|
1,110,000 | 1,330,310 | ||
|
Stockton Unified School District GO, 5.00%, 8/1/35 (AGM)
|
2,375,000 | 2,846,383 | ||
|
Stockton Unified School District GO, 5.00%, 8/1/36 (AGM)
|
850,000 | 1,009,025 | ||
|
Stockton Unified School District GO, 5.00%, 8/1/36 (AGM)
|
1,325,000 | 1,572,891 | ||
|
Stockton Unified School District GO, 5.00%, 8/1/39 (AGM)
|
1,000,000 | 1,160,835 | ||
|
Stockton Unified School District GO, 5.00%, 8/1/40 (AGM)
|
500,000 | 576,610 | ||
|
Temecula Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/15/28 (AGM)
|
500,000 | 538,053 | ||
|
Temecula Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/15/29 (AGM)
|
1,155,000 | 1,243,754 | ||
|
Temecula Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/15/31 (AGM)
|
765,000 | 824,078 | ||
|
Temecula Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/15/32 (AGM)
|
750,000 | 808,180 | ||
|
Tobacco Securitization Authority of Southern California Rev., 5.00%, 6/1/30
|
1,000,000 | 1,109,176 | ||
|
Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/28
|
425,000 | 445,341 | ||
|
Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/33
|
3,220,000 | 3,374,058 | ||
|
Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/38
|
3,270,000 | 3,389,420 | ||
|
Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.25%, 9/1/38
|
700,000 | 749,389 | ||
|
Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.625%, 9/1/43
|
1,400,000 | 1,498,296 | ||
|
Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/24
|
435,000 | 437,971 | ||
|
Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/26
|
1,185,000 | 1,222,354 | ||
|
Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/28
|
1,310,000 | 1,384,151 | ||
|
Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/30
|
800,000 | 865,420 | ||
|
Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/30
|
1,440,000 | 1,543,096 | ||
|
Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/31
|
750,000 | 802,490 | ||
|
Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/32
|
1,000,000 | 1,072,293 | ||
|
Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/33
|
815,000 | 869,813 | ||
|
Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/34
|
300,000 | 319,924 | ||
|
Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/35
|
300,000 | 318,829 |
31
|
Principal Amount
|
Value | |||
|
Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/37
|
$ | 700,000 | $ | 736,142 |
|
Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/38
|
320,000 | 332,404 | ||
|
Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/39
|
1,000,000 | 1,044,501 | ||
|
Truckee Redevelopment Successor Agency Tax Allocation, 4.00%, 9/1/32 (AGM)
|
330,000 | 347,619 | ||
|
Tulare Local Health Care District GO, 4.00%, 8/1/27 (BAM)
|
585,000 | 605,859 | ||
|
Tulare Local Health Care District GO, 4.00%, 8/1/28 (BAM)
|
435,000 | 455,700 | ||
|
Tulare Local Health Care District GO, 4.00%, 8/1/29 (BAM)
|
740,000 | 782,598 | ||
|
Tustin Community Facilities District Special Tax, (Tustin Community Facilities District No. 2006-1), 5.00%, 9/1/28
|
1,000,000 | 1,027,204 | ||
|
Tustin Community Facilities District Special Tax, (Tustin Community Facilities District No. 2006-1), 5.00%, 9/1/30
|
1,000,000 | 1,027,585 | ||
|
University of California Rev., 4.00%, 5/15/26
|
2,415,000 | 2,478,160 | ||
|
University of California Rev., 5.00%, 5/15/26
|
13,000,000 | 13,672,060 | ||
|
University of California Rev., 5.00%, 5/15/35
|
10,000,000 | 12,144,050 | ||
|
University of California Rev., 5.00%, 5/15/42
|
2,500,000 | 2,774,540 | ||
|
University of California Rev., 5.00%, 5/15/43
|
7,500,000 | 8,621,992 | ||
|
University of California Rev., 4.00%, 5/15/46
|
8,465,000 | 8,452,088 | ||
|
University of California Rev., VRDN, 3.65%, 3/1/24
|
1,500,000 | 1,500,000 | ||
|
University of California Hastings College of the Law Rev., 5.00%, 4/1/31 (AGM)
|
1,045,000 | 1,119,302 | ||
|
Upland COP, (San Antonio Regional Hospital Obligated Group), 5.00%, 1/1/29
|
1,510,000 | 1,589,138 | ||
|
Upland COP, (San Antonio Regional Hospital Obligated Group), 5.00%, 1/1/32
|
1,475,000 | 1,553,229 | ||
|
Upland COP, (San Antonio Regional Hospital Obligated Group), 4.00%, 1/1/36
|
1,000,000 | 996,859 | ||
|
Washington Township Health Care District GO, 5.25%, 8/1/37
|
150,000 | 174,514 | ||
|
Washington Township Health Care District GO, 5.25%, 8/1/38
|
200,000 | 230,988 | ||
|
Washington Township Health Care District GO, 5.25%, 8/1/39
|
300,000 | 344,800 | ||
|
Washington Township Health Care District GO, 5.25%, 8/1/40
|
500,000 | 571,892 | ||
|
Washington Township Health Care District Rev., 5.00%, 7/1/27
|
755,000 | 787,804 | ||
|
Washington Township Health Care District Rev., 5.00%, 7/1/41
|
300,000 | 307,484 | ||
|
Washington Township Health Care District Rev., 5.00%, 7/1/42
|
250,000 | 254,997 | ||
|
Washington Township Health Care District Rev., 5.00%, 7/1/43
|
225,000 | 228,402 | ||
|
West Contra Costa Unified School District GO, 5.00%, 8/1/24, Prerefunded at 100% of Par(2)
|
1,500,000 | 1,511,870 | ||
|
West Contra Costa Unified School District GO, 5.00%, 8/1/24, Prerefunded at 100% of Par(2)
|
2,000,000 | 2,015,827 | ||
|
West Contra Costa Unified School District GO, 5.00%, 8/1/24, Prerefunded at 100% of Par(2)
|
3,000,000 | 3,023,740 | ||
|
West Valley-Mission Community College District GO, 5.00%, 8/1/38
|
1,000,000 | 1,167,490 | ||
|
Western Placer Unified School District Special Tax, 2.00%, 6/1/25
|
1,200,000 | 1,167,941 | ||
|
Western Placer Waste Management Authority Rev., 4.00%, 6/1/42
|
4,770,000 | 4,893,556 | ||
|
Western Riverside Water & Wastewater Financing Authority Rev., 5.00%, 9/1/24
|
1,685,000 | 1,698,327 | ||
|
Western Riverside Water & Wastewater Financing Authority Rev., 5.00%, 9/1/25
|
1,170,000 | 1,201,529 | ||
|
Whittier Union High School District GO, 4.00%, 8/1/43
|
2,000,000 | 2,056,404 |
32
|
Principal Amount
|
Value | |||
|
Whittier Union High School District GO, 4.00%, 8/1/46
|
$ | 4,000,000 | $ | 4,061,292 |
|
Yorba Linda Water District Public Financing Corp. Rev., 5.00%, 10/1/47
|
3,600,000 | 3,992,417 | ||
|
Yosemite Community College District GO, Capital Appreciation, 0.00%, 8/1/31(1)
|
2,210,000 | 1,744,133 | ||
| 1,990,994,694 | ||||
|
Guam - 0.1%
|
||||
|
Guam Government Waterworks Authority Rev., 5.00%, 7/1/24
|
350,000 | 351,042 | ||
|
Guam Government Waterworks Authority Rev., 5.00%, 7/1/25
|
350,000 | 355,216 | ||
|
Guam Government Waterworks Authority Rev., 5.00%, 7/1/26
|
500,000 | 514,326 | ||
|
Guam Government Waterworks Authority Rev., 5.00%, 7/1/27
|
900,000 | 939,678 | ||
| 2,160,262 | ||||
|
TOTAL INVESTMENT SECURITIES - 99.6%
(Cost $1,981,374,816)
|
1,993,154,956 | |||
|
OTHER ASSETS AND LIABILITIES - 0.4%
|
7,160,639 | |||
|
TOTAL NET ASSETS - 100.0%
|
$ | 2,000,315,595 |
33
| NOTES TO SCHEDULE OF INVESTMENTS | ||
| AGC | - | Assured Guaranty Corporation |
| AGM | - | Assured Guaranty Municipal Corporation |
| BAM | - | Build America Mutual Assurance Company |
| BAM-TCRS | - | Build America Mutual Assurance Company - Transferrable Custodial Receipts |
| COP | - | Certificates of Participation |
| GA | - | Guaranty Agreement |
| GO | - | General Obligation |
| MUNIPSA | - | SIFMA Municipal Swap Index |
| NATL | - | National Public Finance Guarantee Corporation |
| SBBPA | - | Standby Bond Purchase Agreement |
| VRDN | - | Variable Rate Demand Note. The instrument may be payable upon demand and adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The date of the demand feature is disclosed. |
| VRN | - | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |
(1)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.
(2)Escrowed to maturity in U.S. government securities or state and local government securities.
(3)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.
(4)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 $80,086,838, which represented 4.0% of total net assets.
See Notes to Financial Statements.
34
| Statement of Assets and Liabilities |
|
FEBRUARY 29, 2024 (UNAUDITED)
|
||
| Assets | ||
| Investment securities, at value (cost of $1,981,374,816) | $ | 1,993,154,956 |
| Cash | 11,576 | |
| Receivable for capital shares sold | 963,848 | |
| Interest receivable | 22,194,015 | |
| 2,016,324,395 | ||
| Liabilities | ||
| Payable for investments purchased | 12,060,752 | |
| Payable for capital shares redeemed | 2,566,527 | |
| Accrued management fees | 507,616 | |
| Distribution and service fees payable | 5,774 | |
| Dividends payable | 868,131 | |
| 16,008,800 | ||
| Net Assets | $ | 2,000,315,595 |
| Net Assets Consist of: | ||
| Capital paid in | $ | 2,047,143,466 |
| Distributable earnings (loss) | (46,827,871) | |
| $ | 2,000,315,595 |
| Net Assets | Shares Outstanding | Net Asset Value Per Share* | |
| Investor Class | $646,090,323 | 57,453,742 | $11.25 |
| I Class | $1,038,783,723 | 92,355,382 | $11.25 |
| Y Class | $296,934,025 | 26,397,357 | $11.25 |
| A Class | $15,284,866 | 1,358,476 | $11.25 |
| C Class | $3,222,658 | 286,345 | $11.25 |
*Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class, for which the maximum offering price per share was $11.78 (net asset value divided by 0.955). A contingent deferred sales charge may be imposed on redemptions of A Class and C Class.
See Notes to Financial Statements.
35
| Statement of Operations |
|
FOR THE SIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED)
|
||
| Investment Income (Loss) | ||
| Income: | ||
| Interest | $ | 33,156,130 |
| Expenses: | ||
| Management fees | 3,166,401 | |
| Distribution and service fees: | ||
| A Class | 19,116 | |
| C Class | 18,377 | |
| Trustees' fees and expenses | 80,189 | |
| Other expenses | 10,714 | |
| 3,294,797 | ||
| Net investment income (loss) | 29,861,333 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment transactions | (9,536,882) | |
| Futures contract transactions | (255,203) | |
| (9,792,085) | ||
| Change in net unrealized appreciation (depreciation) on: | ||
| Investments | 49,322,652 | |
| Futures contracts | (578,277) | |
| 48,744,375 | ||
| Net realized and unrealized gain (loss) | 38,952,290 | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 68,813,623 |
See Notes to Financial Statements.
36
| Statement of Changes in Net Assets |
|
SIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2023
|
||||
| Increase (Decrease) in Net Assets | February 29, 2024 | August 31, 2023 | ||
| Operations | ||||
| Net investment income (loss) | $ | 29,861,333 | $ | 56,711,690 |
| Net realized gain (loss) | (9,792,085) | (32,493,195) | ||
| Change in net unrealized appreciation (depreciation) | 48,744,375 | 4,820,723 | ||
| Net increase (decrease) in net assets resulting from operations | 68,813,623 | 29,039,218 | ||
| Distributions to Shareholders | ||||
| From earnings: | ||||
| Investor Class | (9,487,949) | (18,903,744) | ||
| I Class | (15,071,818) | (28,398,013) | ||
| Y Class | (5,063,353) | (8,847,294) | ||
| A Class | (203,259) | (414,709) | ||
| C Class | (35,058) | (69,398) | ||
| Decrease in net assets from distributions | (29,861,437) | (56,633,158) | ||
| Capital Share Transactions | ||||
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (67,927,951) | (2,449,361) | ||
| Net increase (decrease) in net assets | (28,975,765) | (30,043,301) | ||
| Net Assets | ||||
| Beginning of period | 2,029,291,360 | 2,059,334,661 | ||
| End of period | $ | 2,000,315,595 | $ | 2,029,291,360 |
See Notes to Financial Statements.
37
| Notes to Financial Statements |
FEBRUARY 29, 2024 (UNAUDITED)
1. Organization
American Century California Tax-Free and Municipal Funds (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Massachusetts business trust. California Intermediate-Term Tax-Free Bond Fund (the fund) is one fund in a series issued by the trust. The fund's investment objective is to seek safety of principal and high current income that is exempt from federal and California income taxes.
The fund offers the Investor Class, I Class, Y Class, A Class and C Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations - The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.
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 valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
The valuation designee 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; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.
Security Transactions - Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income - Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums.
38
Income Tax Status - It is the fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Multiple Class - All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.
Distributions to Shareholders - Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.
Indemnifications - Under the trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
3. Fees and Transactions with Related Parties
Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the trust's distributor, American Century Investment Services, Inc. (ACIS), and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.
Management Fees - The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all funds in the American Century Investments family of funds that have the same investment advisor and distributor as the fund. For purposes of determining the Investment Category Fee and Complex Fee, the assets of funds managed by the investment advisor that invest exclusively in the shares of other funds (funds of funds) are not included.
The Investment Category Fee range, the Complex Fee range and the effective annual management fee for each class for the period ended February 29, 2024 are as follows:
|
Investment Category
Fee Range
|
Complex
Fee Range
|
Effective Annual
Management Fee
|
|
| Investor Class |
0.1625% to 0.2800% |
0.2500% to 0.3100% | 0.46% |
| I Class | 0.0500% to 0.1100% | 0.26% | |
| Y Class | 0.0200% to 0.0800% | 0.23% | |
| A Class | 0.2500% to 0.3100% | 0.46% | |
| C Class | 0.2500% to 0.3100% | 0.46% |
39
Distribution and Service Fees - The Board of Trustees has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class and C Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The fees are computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended February 29, 2024 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.
Other Expenses - A fund's other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.
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 $10,475,000 and $8,850,000, respectively. The interfund transactions had no effect on the Statement of Operations in net realized gain (loss) on investment transactions.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments, for the period ended February 29, 2024 were $633,222,530 and $681,165,487, respectively.
40
5. Capital Share Transactions
Transactions in shares of the fund were as follows (unlimited number of shares authorized):
|
Six months ended
February 29, 2024
|
Year ended
August 31, 2023
|
|||||
| Shares | Amount | Shares | Amount | |||
| Investor Class | ||||||
| Sold | 3,986,230 | $ | 43,676,008 | 10,517,840 | $ | 116,427,234 |
| Issued in reinvestment of distributions | 760,068 | 8,396,067 | 1,511,125 | 16,735,862 | ||
| Redeemed | (8,418,252) | (92,773,963) | (18,868,507) | (208,948,662) | ||
| (3,671,954) | (40,701,888) | (6,839,542) | (75,785,566) | |||
| I Class | ||||||
| Sold | 30,939,812 | 339,774,663 | 59,442,552 | 655,531,156 | ||
| Issued in reinvestment of distributions | 1,294,396 | 14,303,060 | 2,504,949 | 27,742,808 | ||
| Redeemed | (31,177,225) | (338,258,348) | (62,907,875) | (690,960,213) | ||
| 1,056,983 | 15,819,375 | (960,374) | (7,686,249) | |||
| Y Class | ||||||
| Sold | 6,355,404 | 69,515,004 | 19,258,477 | 212,428,762 | ||
| Issued in reinvestment of distributions | 141,114 | 1,559,464 | 212,891 | 2,360,905 | ||
| Redeemed | (10,223,685) | (112,879,543) | (11,981,302) | (132,245,232) | ||
| (3,727,167) | (41,805,075) | 7,490,066 | 82,544,435 | |||
| A Class | ||||||
| Sold | 156,101 | 1,700,253 | 393,609 | 4,347,983 | ||
| Issued in reinvestment of distributions | 17,247 | 190,643 | 35,243 | 390,708 | ||
| Redeemed | (183,139) | (2,016,556) | (540,226) | (5,961,271) | ||
| (9,791) | (125,660) | (111,374) | (1,222,580) | |||
| C Class | ||||||
| Sold | 4,539 | 51,200 | 57,702 | 640,743 | ||
| Issued in reinvestment of distributions | 3,170 | 35,002 | 6,243 | 69,221 | ||
| Redeemed | (108,908) | (1,200,905) | (91,618) | (1,009,365) | ||
| (101,199) | (1,114,703) | (27,673) | (299,401) | |||
| Net increase (decrease) | (6,453,128) | $ | (67,927,951) | (448,897) | $ | (2,449,361) |
6. Fair Value Measurements
The fund's investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
• Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.
• Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.
• Level 3 valuation inputs consist of unobservable data (including a fund's own assumptions).
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
As of period end, the fund's investment securities were classified as Level 2. The Schedule of Investments provides additional information on the fund's portfolio holdings.
41
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. A fund may incur charges or earn income on cash deposit balances, which are reflected in interest expenses or interest income, respectively. 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 $24,355,602 futures contracts purchased.
At period end, the fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities. For the six months ended February 29, 2024, the effect of interest rate risk derivative instruments on the Statement of Operations was $(255,203) in net realized gain (loss) on futures contract transactions and $(578,277) in change in net unrealized appreciation (depreciation) on futures contracts.
8. Risk Factors
The value of the fund's shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
The fund focuses its investments in a single state and therefore may have more exposure to credit risk related to the state of California than a fund with a broader geographical diversification.
9. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
| Federal tax cost of investments | $ | 1,981,377,429 |
| Gross tax appreciation of investments | $ | 37,458,791 |
| Gross tax depreciation of investments | (25,681,264) | |
| Net tax appreciation (depreciation) of investments | $ | 11,777,527 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
As of August 31, 2023, the fund had accumulated short-term capital losses of $(26,241,061) and accumulated long-term capital losses of $(21,994,371), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
42
| Financial Highlights |
| For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | |||||||||||||
| Per-Share Data | Ratios and Supplemental Data | ||||||||||||
| Income From Investment Operations*: | Distributions From: |
Ratio to Average Net Assets of†:
|
|||||||||||
|
Net Asset Value, Beginning of Period |
Net
Investment Income
(Loss)(1)
|
Net Realized and Unrealized Gain (Loss) |
Total From Investment Operations |
Net Investment Income |
Net Realized Gains |
Total Distributions |
Net Asset Value, End of Period |
Total
Return(2)
|
Operating Expenses |
Net Investment Income (Loss) |
Portfolio Turnover Rate |
Net Assets, End of Period (in thousands) |
|
| Investor Class | |||||||||||||
|
2024(3)
|
$11.01 | 0.16 | 0.24 | 0.40 | (0.16) | - | (0.16) | $11.25 | 3.67% | 0.47% | 2.91% | 32% | $646,090 |
| 2023 | $11.14 | 0.29 | (0.13) | 0.16 | (0.29) | - | (0.29) | $11.01 | 1.46% | 0.47% | 2.62% | 79% | $672,918 |
| 2022 | $12.28 | 0.23 | (1.13) | (0.90) | (0.23) | (0.01) | (0.24) | $11.14 | (7.38)% | 0.46% | 2.00% | 69% | $757,454 |
| 2021 | $12.17 | 0.26 | 0.11 | 0.37 | (0.26) | - | (0.26) | $12.28 | 3.04% | 0.46% | 2.10% | 30% | $917,539 |
| 2020 | $12.23 | 0.27 | (0.04) | 0.23 | (0.27) | (0.02) | (0.29) | $12.17 | 1.93% | 0.47% | 2.26% | 40% | $887,525 |
| 2019 | $11.69 | 0.30 | 0.55 | 0.85 | (0.30) | (0.01) | (0.31) | $12.23 | 7.29% | 0.47% | 2.56% | 54% | $1,158,927 |
| I Class | |||||||||||||
|
2024(3)
|
$11.01 | 0.17 | 0.24 | 0.41 | (0.17) | - | (0.17) | $11.25 | 3.77% | 0.27% | 3.11% | 32% | $1,038,784 |
| 2023 | $11.15 | 0.31 | (0.14) | 0.17 | (0.31) | - | (0.31) | $11.01 | 1.57% | 0.27% | 2.82% | 79% | $1,005,299 |
| 2022 | $12.29 | 0.26 | (1.13) | (0.87) | (0.26) | (0.01) | (0.27) | $11.15 | (7.19)% | 0.26% | 2.20% | 69% | $1,028,424 |
| 2021 | $12.17 | 0.28 | 0.12 | 0.40 | (0.28) | - | (0.28) | $12.29 | 3.33% | 0.26% | 2.30% | 30% | $932,636 |
| 2020 | $12.23 | 0.30 | (0.04) | 0.26 | (0.30) | (0.02) | (0.32) | $12.17 | 2.05% | 0.27% | 2.46% | 40% | $838,639 |
| 2019 | $11.70 | 0.32 | 0.55 | 0.87 | (0.33) | (0.01) | (0.34) | $12.23 | 7.59% | 0.27% | 2.76% | 54% | $734,197 |
| For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | |||||||||||||
| Per-Share Data | Ratios and Supplemental Data | ||||||||||||
| Income From Investment Operations*: | Distributions From: |
Ratio to Average Net Assets of†:
|
|||||||||||
|
Net Asset Value, Beginning of Period |
Net
Investment Income
(Loss)(1)
|
Net Realized and Unrealized Gain (Loss) |
Total From Investment Operations |
Net Investment Income |
Net Realized Gains |
Total Distributions |
Net Asset Value, End of Period |
Total
Return(2)
|
Operating Expenses |
Net Investment Income (Loss) |
Portfolio Turnover Rate |
Net Assets, End of Period (in thousands) |
|
| Y Class | |||||||||||||
|
2024(3)
|
$11.01 | 0.17 | 0.24 | 0.41 | (0.17) | - | (0.17) | $11.25 | 3.79% | 0.24% | 3.14% | 32% | $296,934 |
| 2023 | $11.15 | 0.32 | (0.14) | 0.18 | (0.32) | - | (0.32) | $11.01 | 1.60% | 0.24% | 2.85% | 79% | $331,733 |
| 2022 | $12.29 | 0.26 | (1.13) | (0.87) | (0.26) | (0.01) | (0.27) | $11.15 | (7.16)% | 0.23% | 2.23% | 69% | $252,327 |
| 2021 | $12.18 | 0.29 | 0.11 | 0.40 | (0.29) | - | (0.29) | $12.29 | 3.37% | 0.23% | 2.33% | 30% | $263,120 |
| 2020 | $12.23 | 0.30 | (0.03) | 0.27 | (0.30) | (0.02) | (0.32) | $12.18 | 2.17% | 0.24% | 2.49% | 40% | $252,098 |
| 2019 | $11.70 | 0.33 | 0.54 | 0.87 | (0.33) | (0.01) | (0.34) | $12.23 | 7.53% | 0.24% | 2.79% | 54% | $11,228 |
| A Class | |||||||||||||
|
2024(3)
|
$11.01 | 0.15 | 0.24 | 0.39 | (0.15) | - | (0.15) | $11.25 | 3.54% | 0.72% | 2.66% | 32% | $15,285 |
| 2023 | $11.15 | 0.26 | (0.14) | 0.12 | (0.26) | - | (0.26) | $11.01 | 1.12% | 0.72% | 2.37% | 79% | $15,071 |
| 2022 | $12.29 | 0.20 | (1.13) | (0.93) | (0.20) | (0.01) | (0.21) | $11.15 | (7.60)% | 0.71% | 1.75% | 69% | $16,499 |
| 2021 | $12.18 | 0.23 | 0.11 | 0.34 | (0.23) | - | (0.23) | $12.29 | 2.79% | 0.71% | 1.85% | 30% | $23,015 |
| 2020 | $12.24 | 0.24 | (0.04) | 0.20 | (0.24) | (0.02) | (0.26) | $12.18 | 1.68% | 0.72% | 2.01% | 40% | $20,507 |
| 2019 | $11.70 | 0.27 | 0.55 | 0.82 | (0.27) | (0.01) | (0.28) | $12.24 | 7.11% | 0.72% | 2.31% | 54% | $21,617 |
| C Class | |||||||||||||
|
2024(3)
|
$11.02 | 0.10 | 0.24 | 0.34 | (0.11) | - | (0.11) | $11.25 | 3.06% | 1.47% | 1.91% | 32% | $3,223 |
| 2023 | $11.15 | 0.18 | (0.13) | 0.05 | (0.18) | - | (0.18) | $11.02 | 0.45% | 1.47% | 1.62% | 79% | $4,270 |
| 2022 | $12.29 | 0.12 | (1.13) | (1.01) | (0.12) | (0.01) | (0.13) | $11.15 | (8.30)% | 1.46% | 1.00% | 69% | $4,631 |
| 2021 | $12.18 | 0.14 | 0.10 | 0.24 | (0.13) | - | (0.13) | $12.29 | 2.02% | 1.46% | 1.10% | 30% | $7,603 |
| 2020 | $12.24 | 0.15 | (0.04) | 0.11 | (0.15) | (0.02) | (0.17) | $12.18 | 0.92% | 1.47% | 1.26% | 40% | $11,531 |
| 2019 | $11.70 | 0.18 | 0.55 | 0.73 | (0.18) | (0.01) | (0.19) | $12.24 | 6.22% | 1.47% | 1.56% | 54% | $14,457 |
| Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.
(3)Six months ended February 29, 2024 (unaudited).
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.
†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.
See Notes to Financial Statements.
| Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don't have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting American Century Investments' website at americancentury.com/proxy. A description of the policies is also available on the Securities and Exchange Commission's website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund's Form N-PORT reports are available on the SEC's website at sec.gov.
46
| Notes |
47
| Notes |
48
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative |
1-800-345-2021 or 816-531-5575 |
| Investors Using Advisors | 1-800-378-9878 |
| Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
| Telecommunications Relay Service for the Deaf | 711 |
| American Century California Tax-Free and Municipal Funds | |
|
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
|
|
|
This report and thestatements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
|
|
|
©2024 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-91773 2404 |
| Semiannual Report |
| February 29, 2024 |
| California Tax-Free Money Market Fund |
| Investor Class (BCTXX) |
The Securities and Exchange Commission (SEC) adopted new rules that will require annual and semiannual reports to transition to a new format known as a Tailored Shareholder Report beginning in July 2024. The amendments will require the transmission of a concise report highlighting key fund information to investors. The detailed financial statements will remain available on our website, will be delivered to investors free of charge upon request, and will continue to be filed with the SEC.
| Table of Contents |
| President's Letter |
2
|
| Fund Characteristics |
3
|
| Shareholder Fee Example |
4
|
| Schedule of Investments |
6
|
| Statement of Assets and Liabilities |
9
|
| Statement of Operations |
10
|
| Statement of Changes in Net Assets |
11
|
| Notes to Financial Statements |
12
|
| Financial Highlights |
15
|
| Additional Information |
16
|
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 |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ending February 29, 2024. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.
Easing Inflation and Fed Policy Expectations Aided Returns
Municipal bonds (munis) struggled early in the reporting period. Despite pausing its rate-hike campaign in September, the Federal Reserve (Fed) warned that persistent above-target inflation may require more tightening. Muni and Treasury yields rose sharply through October, when the 10-year Treasury note topped 5% for the first time since 2007.
But in November, amid signs inflation was moderating, the Fed held rates steady for the second straight policy meeting. This news sparked a sharp turnaround for bonds, and munis delivered record monthly gains. By December, policymakers expressed more confidence about the inflation outlook and penciled in three rate cuts for 2024. Against this backdrop, recession fears eased, Treasury yields declined and bonds rallied further.
However, in January, Fed Board Chair Jerome Powell set out to temper the market's high hopes for aggressive near-term easing. He noted that although rate cuts were likely in 2024, they weren't imminent, given inflation was still above target. Yields shifted higher on this news.
Meanwhile, outflows from municipal bond funds slowed during the period. Muni supply/demand dynamics generally remained favorable, and ratings upgrades continued to outpace downgrades. But declining tax revenues pressured some state's budgets, including California's.
Overall, municipal bonds delivered solid gains for the six-month period and outperformed U.S. Treasuries. California munis modestly lagged national municipal bonds, while high-yield munis broadly outperformed investment-grade securities.
Remaining Diligent in Uncertain Times
We expect market volatility to linger as investors navigate a complex environment of persistent inflation, still-tight financial conditions, political uncertainty and slowing growth. In addition, the Israel-Hamas war and other tensions in the Middle East complicate the global backdrop and represent additional considerations for our investment teams.
Our firm has a long history of helping clients weather unpredictable and volatile markets, and we're determined to meet today's challenges. Thank you for your trust and confidence in American Century Investments.
With appreciation and respect,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2
| Fund Characteristics |
| FEBRUARY 29, 2024 | |
| Yields | |
| 7-Day Current Yield | 2.67% |
| 7-Day Effective Yield | 2.71% |
| Portfolio at a Glance | |
| Weighted Average Maturity | 26 days |
| Weighted Average Life | 26 days |
| Portfolio Composition by Maturity | % of fund investments |
| 1-30 days | 74% |
| 31-90 days | 21% |
| 91-180 days | - |
| More than 180 days | 5% |
3
| 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 September 1, 2023 to February 29, 2024.
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 mutual 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 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 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.
4
|
Beginning Account Value 9/1/23 |
Ending Account Value 2/29/24 |
Expenses Paid
During Period(1)
9/1/23 - 2/29/24
|
Annualized
Expense Ratio(1)
|
|
| Actual | ||||
| Investor Class | $1,000 | $1,013.60 | $2.50 | 0.50% |
| Hypothetical | ||||
| Investor Class | $1,000 | $1,022.38 | $2.51 | 0.50% |
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 366, 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.
5
| Schedule of Investments |
FEBRUARY 29, 2024 (UNAUDITED)
|
Principal Amount
|
Value | |||
| MUNICIPAL SECURITIES - 99.3% | ||||
| California - 99.3% | ||||
| Abag Finance Authority for Nonprofit Corps. Rev., (Lakeside Village Apartments), VRDN, 2.35%, 3/7/24 (LOC: FHLMC)(LIQ FAC: FHLMC) | $ | 450,000 | $ | 450,000 |
| Abag Finance Authority for Nonprofit Corps. Rev., (Public Policy Institute of California), VRDN, 2.95%, 3/7/24 (LOC: Wells Fargo Bank N.A.) | 1,300,000 | 1,300,000 | ||
| Alameda Public Financing Authority Rev., (Alameda Point Improvement Project), VRDN, 3.05%, 3/7/24 (LOC: Wells Fargo Bank N.A.) | 1,300,000 | 1,300,000 | ||
| Bay Area Toll Authority Rev., VRDN, 2.50%, 3/7/24 (LOC: Sumitomo Mitsui Banking Corp) | 350,000 | 350,000 | ||
| California Educational Facilities Authority Rev., (California Institute of Technology), VRDN, 2.27%, 3/7/24 | 460,000 | 460,000 | ||
| California Educational Facilities Authority Rev., (California Institute of Technology), VRDN, 2.40%, 3/7/24 | 500,000 | 500,000 | ||
| California Enterprise Development Authority Rev., (Community Hospice, Inc.), VRDN, 3.29%, 3/7/24 (LOC: Bank of Stockton and FHLB) | 1,895,000 | 1,895,000 | ||
| California Health Facilities Financing Authority, 3.37%, 5/8/24 | 4,000,000 | 4,000,000 | ||
| California Housing Finance Agency Rev., (Montecito Village Affordable LP), VRDN, 3.05%, 3/7/24 (LIQ FAC: FHLMC) | 1,515,000 | 1,515,000 | ||
| California Infrastructure & Economic Development Bank Rev., (Goodwill Industries of Orange County), VRDN, 3.35%, 3/7/24 (LOC: Wells Fargo Bank N.A.) | 180,000 | 180,000 | ||
| California Infrastructure & Economic Development Bank Rev., (Kennfoods USA LLC), VRDN, 3.36%, 3/7/24 (LOC: Bank of the West and BMO Harris Bank N.A.) | 520,000 | 520,000 | ||
| California Infrastructure & Economic Development Bank Rev., (Los Angeles Society for the Prevention of Cruelty to Animals), VRDN, 2.57%, 3/7/24 (LOC: Bank of New York Mellon) | 500,000 | 500,000 | ||
| California Infrastructure & Economic Development Bank Rev., VRDN, 3.34%, 3/7/24 (LOC: MUFG Union Bank N.A.) | 1,300,000 | 1,300,000 | ||
| California Municipal Finance Authority Rev., (Garden Grove Pacific Associates A California LP), VRDN, 2.40%, 3/7/24 (LOC: FHLB) | 150,000 | 150,000 | ||
| California Municipal Finance Authority Rev., (Pacific Meadows Senior Housing LP), VRDN, 3.35%, 3/7/24 (LOC: FHLMC)(LIQ FAC: FHLMC) | 1,850,000 | 1,850,000 | ||
| California Public Finance Authority Rev., (Hoag Memorial Hospital Presbyterian Obligated Group), VRDN, 3.65%, 3/1/24 (LIQ FAC: JPMorgan Chase Bank N.A.) | 1,400,000 | 1,400,000 | ||
| California Public Finance Authority Rev., (Sharp Healthcare Obligated Group), VRDN, 2.35%, 3/7/24 (LOC: Royal Bank of Canada) | 1,000,000 | 1,000,000 | ||
| California Statewide Communities Development Authority Rev., (Marvin & Bebe L Zigman), VRDN, 2.51%, 3/7/24 (LOC: Wells Fargo Bank N.A.) | 400,000 | 400,000 | ||
| California Statewide Communities Development Authority Rev., (Rady Children's Hospital Obligated Group), VRDN, 2.75%, 3/7/24 (LOC: Northern Trust Company) | 500,000 | 500,000 | ||
| California Statewide Communities Development Authority Rev., (Southside Brookshore Associates LP), VRDN, 3.29%, 3/7/24 (LOC: East West Bank and FHLB) | 7,290,000 | 7,290,000 | ||
| Calleguas-Las Virgenes Public Financing Authority Rev., VRDN, 2.75%, 3/7/24 (LOC: Wells Fargo Bank N.A.) | 500,000 | 500,000 | ||
| City & County of San Francisco, 3.35%, 5/7/24 | 5,300,000 | 5,300,000 |
6
|
Principal Amount
|
Value | |||
| Los Angeles County Capital Asset Leasing Corp., 3.23%, 3/6/24 (LOC: U.S. Bank N.A.) | $ | 4,000,000 | $ | 4,000,000 |
| Los Angeles County Capital Asset Leasing Corp., 3.20%, 4/1/24 (LOC: U.S. Bank N.A.) | 1,500,000 | 1,500,000 | ||
| Los Angeles Department of Airports, 3.15%, 4/15/24 (LOC: Bank of America N.A.) | 1,176,000 | 1,176,000 | ||
| Los Angeles Department of Water & Power System Rev., VRDN, 3.65%, 3/1/24 (SBBPA: Bank of America N.A.) | 1,100,000 | 1,100,000 | ||
| Los Angeles Department of Water & Power System Rev., VRDN, 2.25%, 3/7/24 (SBBPA: Barclays Bank PLC) | 1,000,000 | 1,000,000 | ||
|
Mizuho Floater/Residual Trust Rev., VRDN, 3.67%, 4/4/24 (LIQ FAC: Mizuho Capital Markets LLC) (GA: Mizuho Capital Markets LLC)(1)
|
2,770,000 | 2,770,000 | ||
|
Mizuho Floater/Residual Trust Rev., VRDN, 3.67%, 4/4/24 (LOC: Mizuho Capital Markets LLC)(1)
|
3,970,000 | 3,970,000 | ||
| Modesto Rev., (VO Associates A California LP), VRDN, 2.56%, 3/7/24 (LOC: FHLMC)(LIQ FAC: FHLMC) | 3,270,000 | 3,270,000 | ||
| Modesto Rev., (Westdale Commons A California LP), VRDN, 2.43%, 3/7/24 (LOC: FNMA) | 1,200,000 | 1,200,000 | ||
| Municipal Improvement Corp. of Los Angeles, 3.35%, 3/5/24 (LOC: U.S. Bank N.A.) | 2,000,000 | 2,000,000 | ||
| Municipal Improvement Corp. of Los Angeles, 3.25%, 4/8/24 (LOC: U.S. Bank N.A.) | 1,000,000 | 1,000,000 | ||
| Rancho Water District Community Facilities District No. 89-5 Special Tax, VRDN, 2.39%, 3/7/24 (LOC: Wells Fargo Bank N.A.) | 1,555,000 | 1,555,000 | ||
|
RBC Municipal Products, Inc. Trust Rev., VRDN, 3.30%, 3/7/24 (LOC: Royal Bank of Canada)(LIQ FAC: Royal Bank of Canada)(1)
|
3,000,000 | 3,000,000 | ||
| Reedley COP, (Mennonite Brethren Homes, Inc.), VRDN, 3.30%, 3/7/24 (LOC: Bank of the Sierra and FHLB) | 2,220,000 | 2,220,000 | ||
| Regents of the University of California Medical Center Pooled Rev., VRDN, 3.65%, 3/1/24 | 800,000 | 800,000 | ||
| Regents of the University of California Medical Center Pooled Rev., VRDN, 3.70%, 3/1/24 | 500,000 | 500,000 | ||
| Riverside County GO, 3.875%, 10/18/24 | 5,500,000 | 5,505,832 | ||
| Riverside County Housing Authority Rev., (Pacific Inland Communities LLC), VRDN, 2.50%, 3/7/24 (LOC: FNMA)(LIQ FAC: FNMA) | 2,400,000 | 2,400,000 | ||
| San Diego Housing Authority Rev., (Park & Market Apartments Obligated Group), VRDN, 2.85%, 3/7/24 (LOC: Bank of America N.A.) | 4,600,000 | 4,600,000 | ||
| San Francisco City & County Airport Comm-San Francisco International Airport Rev., VRDN, 2.40%, 3/7/24 (LOC: Barclays Bank PLC) | 900,000 | 900,000 | ||
| San Mateo Joint Powers Financing Authority Rev., (San Mateo), VRDN, 2.55%, 3/7/24 (LOC: Wells Fargo Bank N.A.) | 880,000 | 880,000 | ||
| Santa Clara County Financing Authority Rev., (El Camino Hospital), VRDN, 2.40%, 3/7/24 (LOC: Wells Fargo Bank N.A.) | 250,000 | 250,000 | ||
|
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 3.67%, 3/7/24 (LIQ FAC: Mizuho Capital Markets LLC)(GA: Mizuho Capital Markets LLC)(1)
|
3,400,000 | 3,400,000 | ||
|
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 4.08%, 3/1/24 (LOC: Barclays Bank PLC)(LIQ FAC: Barclays Bank PLC)(1)
|
1,720,000 | 1,720,000 | ||
|
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 3.35%, 3/7/24 (LOC: Deutsche Bank AG)(LIQ FAC: Deutsche Bank AG)(1)
|
2,830,000 | 2,830,000 | ||
|
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 3.43%, 3/7/24 (LOC: Bank of America N.A.)(LIQ FAC: Bank of America N.A.)(1)
|
2,400,000 | 2,400,000 | ||
|
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 3.43%, 4/4/24 (LOC: Bank of America N.A.)(LIQ FAC: Bank of America N.A.)(1)
|
4,000,000 | 4,000,000 |
7
|
Principal Amount
|
Value | |||
|
Tender Option Bond Trust Receipts/Certificates Tax Allocation, VRDN, 3.38%, 3/7/24 (LOC: Barclays Bank PLC)(LIQ FAC: Barclays Bank PLC)(1)
|
$ | 5,690,000 | $ | 5,690,000 |
|
UBS Auction Rate Preferred Shares Tender Option Bond Trust Rev., VRDN, 3.44%, 3/7/24 (LIQ FAC: UBS AG)(GA: UBS AG)(1)
|
2,001,000 | 2,001,000 | ||
|
UBS Auction Rate Preferred Shares Tender Option Bond Trust Rev., VRDN, 3.44%, 3/7/24 (LIQ FAC: UBS AG)(GA: UBS AG)(1)
|
2,760,000 | 2,760,000 | ||
|
UBS Auction Rate Preferred Shares Tender Option Bond Trust Rev., VRDN, 3.50%, 3/7/24 (LIQ FAC: UBS AG)(GA: UBS AG)(1)
|
5,497,000 | 5,497,000 | ||
| University of California Rev., VRDN, 3.50%, 3/1/24 | 150,000 | 150,000 | ||
| University of California Rev., VRDN, 3.50%, 3/1/24 | 4,650,000 | 4,650,000 | ||
| Yolo County Rev., (Beckett Hall, Inc.), VRDN, 2.95%, 3/7/24 (LOC: Bank of the West and BMO Harris Bank N.A.) | 2,050,000 | 2,050,000 | ||
| TOTAL INVESTMENT SECURITIES - 99.3% | 115,404,832 | |||
| OTHER ASSETS AND LIABILITIES - 0.7% | 825,683 | |||
| TOTAL NET ASSETS - 100.0% | $ | 116,230,515 |
| NOTES TO SCHEDULE OF INVESTMENTS | ||
| COP | - | Certificates of Participation |
| FHLB | - | Federal Home Loan Bank |
| FHLMC | - | Federal Home Loan Mortgage Corporation |
| FNMA | - | Federal National Mortgage Association |
| GA | - | Guaranty Agreement |
| GO | - | General Obligation |
| LIQ FAC | - | Liquidity Facilities |
| LOC | - | Letter of Credit |
| SBBPA | - | Standby Bond Purchase Agreement |
| VRDN | - | Variable Rate Demand Note. The instrument may be payable upon demand and adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The date of the demand feature is disclosed. |
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $40,038,000, which represented 34.4% of total net assets.
See Notes to Financial Statements.
8
| Statement of Assets and Liabilities |
| FEBRUARY 29, 2024 (UNAUDITED) | ||
| Assets | ||
| Investment securities, at value (amortized cost and cost for federal income tax purposes) | $ | 115,404,832 |
| Cash | 82,298 | |
| Receivable for investments sold | 250,000 | |
| Receivable for capital shares sold | 92,910 | |
| Interest receivable | 515,443 | |
| Other assets | 1,525 | |
| 116,347,008 | ||
| Liabilities | ||
| Payable for capital shares redeemed | 66,517 | |
| Accrued management fees | 45,043 | |
| Dividends payable | 4,933 | |
| 116,493 | ||
| Net Assets | $ | 116,230,515 |
| Investor Class Capital Shares | ||
| Shares outstanding (unlimited number of shares authorized) | 116,225,553 | |
| Net Asset Value Per Share | $ | 1.00 |
| Net Assets Consist of: | ||
| Capital paid in | $ | 116,225,559 |
| Distributable earnings (loss) | 4,956 | |
| $ | 116,230,515 |
See Notes to Financial Statements.
9
| Statement of Operations |
| FOR THE SIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED) | ||
| Investment Income (Loss) | ||
| Income: | ||
| Interest | $ | 1,896,440 |
| Expenses: | ||
| Management fees | 289,099 | |
| Trustees' fees and expenses | 4,822 | |
| 293,921 | ||
| Net investment income (loss) | 1,602,519 | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 1,602,519 |
See Notes to Financial Statements.
10
| Statement of Changes in Net Assets |
| SIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2023 | ||||
| Increase (Decrease) in Net Assets | February 29, 2024 | August 31, 2023 | ||
| Operations | ||||
| Net investment income (loss) | $ | 1,602,519 | $ | 2,684,769 |
| Net realized gain (loss) | - | 5,554 | ||
| Net increase (decrease) in net assets resulting from operations | 1,602,519 | 2,690,323 | ||
| Distributions to Shareholders | ||||
| From earnings | (1,602,519) | (2,684,769) | ||
| Capital Share Transactions | ||||
| Proceeds from shares sold | 29,003,593 | 57,670,089 | ||
| Proceeds from reinvestment of distributions | 1,569,651 | 2,623,976 | ||
| Payments for shares redeemed | (34,221,981) | (59,907,094) | ||
| Net increase (decrease) in net assets from capital share transactions | (3,648,737) | 386,971 | ||
| Net increase (decrease) in net assets | (3,648,737) | 392,525 | ||
| Net Assets | ||||
| Beginning of period | 119,879,252 | 119,486,727 | ||
| End of period | $ | 116,230,515 | $ | 119,879,252 |
| Transactions in Shares of the Fund | ||||
| Sold | 29,003,593 | 57,670,089 | ||
| Issued in reinvestment of distributions | 1,569,651 | 2,623,976 | ||
| Redeemed | (34,221,981) | (59,907,094) | ||
| Net increase (decrease) in shares of the fund | (3,648,737) | 386,971 |
See Notes to Financial Statements.
11
| Notes to Financial Statements |
FEBRUARY 29, 2024 (UNAUDITED)
1. Organization
American Century California Tax-Free and Municipal Funds (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Massachusetts business trust. California Tax-Free Money Market Fund (the fund) is one fund in a series issued by the trust. The fund's investment objective is to seek safety of principal and high current income that is exempt from federal and California income taxes.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations - The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually. Investments are generally valued at amortized cost, which approximates fair value. If the valuation designee determines that the valuation methods do not reflect an investment's fair value, such investment is valued as determined in good faith by the valuation designee.
Security Transactions - Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income - Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.
Income Tax Status - It is the fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Distributions to Shareholders - Distributions from net investment income, if any, are declared daily and paid monthly. The fund may make capital gains distributions to comply with the distribution requirements of the Internal Revenue Code.
Indemnifications - Under the trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
12
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., and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.
Management Fees - The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), and extraordinary expenses. The fee is computed and accrued daily based on the daily net assets of the fund and paid monthly in arrears. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all funds in the American Century Investments family of funds that have the same investment advisor and distributor as the fund. For purposes of determining the Investment Category Fee and Complex Fee, the assets of funds managed by the investment advisor that invest exclusively in the shares of other funds (funds of funds) are not included. The rates for the Investment Category Fee range from 0.1570% to 0.2700% and the rates for the Complex Fee range from 0.2500% to 0.3100%. The effective annual management fee for the period ended February 29, 2024 was 0.49%.
Trustees' Fees and Expenses- The Board of Trustees is responsible for overseeing the investment advisor's management and operations of the fund. The trustees receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund's officers do not receive compensation from the fund.
Interfund Transactions - The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $2,000,000 and $1,000,000, respectively. The interfund transactions had no effect on the Statement of Operations in net realized gain (loss) on investment transactions.
4. Fair Value Measurements
The fund's investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.
•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.
•Level 3 valuation inputs consist of unobservable data (including a fund's own assumptions).
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
As of period end, the fund's investment securities were classified as Level 2. The Schedule of Investments provides additional information on the fund's portfolio holdings.
13
5. Risk Factors
The fund focuses its investments in a single state and therefore may have more exposure to credit risk related to the state of California than a fund with a broader geographical diversification.
6. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
14
| Financial Highlights |
| For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | ||||||||||||||
| Per-Share Data | Ratios and Supplemental Data | |||||||||||||
| Income From Investment Operations*: | Distributions From: |
Ratio to Average Net Assets of†:
|
||||||||||||
|
Net Asset
Value,
Beginning
of Period
|
Net Investment Income (Loss) |
Net
Realized
and
Unrealized
Gain (Loss)
|
Total From
Investment
Operations
|
Net Investment Income |
Net Realized Gains |
Total Distributions |
Net Asset
Value,
End
of Period
|
Total
Return(1)
|
Operating Expenses |
Operating Expenses (before expense waiver) |
Net Investment Income (Loss) |
Net Investment Income (Loss) (before expense waiver) |
Net
Assets,
End of
Period
(in
thousands)
|
|
| Investor Class | ||||||||||||||
|
2024(2)
|
$1.00 | 0.01 |
-(3)
|
0.01 | (0.01) | - | (0.01) | $1.00 | 1.36% | 0.50% | 0.50% | 2.72% | 2.72% | $116,231 |
| 2023 | $1.00 | 0.02 |
-(3)
|
0.02 | (0.02) | - | (0.02) | $1.00 | 2.21% | 0.50% | 0.50% | 2.18% | 2.18% | $119,879 |
| 2022 | $1.00 |
-(3)
|
- |
-(3)
|
-(3)
|
- |
-(3)
|
$1.00 | 0.19% | 0.28% | 0.50% | 0.18% | (0.04)% | $119,487 |
| 2021 | $1.00 |
-(3)
|
-(3)
|
-(3)
|
-(3)
|
- |
-(3)
|
$1.00 | 0.01% | 0.11% | 0.50% | 0.01% | (0.38)% | $127,418 |
| 2020 | $1.00 | 0.01 | - | 0.01 | (0.01) | - | (0.01) | $1.00 | 0.53% | 0.42% | 0.50% | 0.55% | 0.47% | $134,252 |
| 2019 | $1.00 | 0.01 | - | 0.01 | (0.01) |
-(3)
|
(0.01) | $1.00 | 1.08% | 0.50% | 0.50% | 1.06% | 1.06% | $162,022 |
| Notes to Financial Highlights |
(1)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(2)Six months ended February 29, 2024 (unaudited).
(3)Per-share amount was less than $0.005.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.
†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.
See Notes to Financial Statements.
| Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don't have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting American Century Investments' website at americancentury.com/proxy. A description of the policies is also available on the Securities and Exchange Commission's website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on americancentury.com/proxy. It is also available at sec.gov.
Portfolio Holdings Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) each month on Form N-MFP. The fund's Form N-MFP reports are available on its website at americancentury.com and on the SEC's website at sec.gov. The fund also makes its complete schedule of portfolio holdings for the most recent first and third quarters of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.
16
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative |
1-800-345-2021 or 816-531-5575 |
| Investors Using Advisors | 1-800-378-9878 |
| Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
| Telecommunications Relay Service for the Deaf | 711 |
| American Century California Tax-Free and Municipal Funds | |
|
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
|
|
|
This report and the statementsit contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
|
|
|
©2024 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-91774 2404 |
(b)None.
ITEM 2. CODE OF ETHICS.
Not applicable for semiannual report filings.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semiannual report filings.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semiannual report filings.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable for semiannual report filings.
ITEM 6. INVESTMENTS.
(a)The schedule of investments is included as part of the report to stockholders filed under Item 1 of this Form.
(b)Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
During the reporting period, there were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board.
ITEM 11. CONTROLS AND PROCEDURES.
(a)The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(b)There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
(a)(1)Not applicable for semiannual report filings.
(a)(2)Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as EX-99.CERT.
(a)(3)Not applicable.
(a)(4)Not applicable.
(b)A certification by the registrant's chief executive officer and chief financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX- 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Registrant: | American Century California Tax-Free and Municipal Funds |
| By: | /s/ Patrick Bannigan |
| Name: | Patrick Bannigan |
| Title: | President |
| Date: | April 25, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Patrick Bannigan |
| Name: | Patrick Bannigan |
| Title: | President |
| (principal executive officer) | |
| Date: | April 25, 2024 |
| By: | /s/ R. Wes Campbell |
| Name: | R. Wes Campbell |
| Title: | Treasurer and |
| Chief Financial Officer | |
| (principal financial officer) | |
| Date: | April 25, 2024 |